• John Knopf, an Emmy Award-nominated landscape photographer, was an early adopter of NFTs.
• He co-founded FOTO, a collective geared at training artists to work in Web3.
• FOTO has hundreds of members and has partnered with Time magazine on its own NFT drops.

John Knopf’s Journey With NFTs

John Knopf is an Emmy Award-nominated landscape photographer who works for National Geographic and was an early adopter of non-fungible tokens (NFTs). While he initially came into crypto during the heady days of the NFT bull market thinking he could make a „quick buck,“ he quickly became enthralled with the potential of distributed networks. Together with seven other prominent photographers – Alejandro Cartagena, Ben Strauss, Cath Simard, Dave Krugman, Isaac „Drift“ Wright, J.N. Silva and Ravi Vora – Knopf helped found FOTO, a collective geared at training artists to work in Web3.

FOTO Collective

The idea behind FOTO is to elevate digital art as it advances the art form and provide professional training for aspiring photographers and digital artists alike. The collective boasts hundreds of members of amateur and professional artists today. Knopf curates members‘ art to exhibit at sponsored galleries and events; however he makes „no money from the artists whether their work sells or not“. In 2021, Time magazine partnered with FOTO on its own NFT drops while Knopf’s work has also been featured at several esteemed galleries around the world such as Aperture Foundation in New York City as well as DoBe Art Fair in Los Angeles.

Minting NFTs At The Ends Of The Earth

Knopf believes that good photography requires both technical skills and artistic sensibility which makes it uniquely fit for experimentation with blockchain technology like minting NFTs which can be done anywhere on earth including remote locations where internet access may be limited or unreliable making them incredibly difficult to create but highly valuable due to their scarcity value. This process is also much easier than ever before thanks to modern technology such as smartphones that allow users to easily take photos from any location around the globe without needing expensive equipment or special software programs which can be quite costly especially if you are creating multiple pieces of artwork over time.

Digital Culture & Crypto Communities

Knopf believes that digital culture plays a major role in advancing Web3 technology through his involvement with FOTO by turning an industry into a community using crypto benefits everyone involved including photographers looking for new ways to showcase their artwork online but also collectors seeking out unique pieces they can invest in over time without having worry about traditional financial institutions getting involved which can have fees associated with buying or selling artwork through them versus using blockchain based platforms like Ethereum or Bitcoin where transactions happen nearly instantaneously without any third party interference..

Conclusion: Turning An Industry Into A Community Using Crypto

John Knopf is proof that good photography requires both technical skill and artistic sensibility making it uniquely fit for experimentation in Web3 thereby allowing anyone regardless of experience level or geographical location access exciting opportunities within this space through his involvement with FOTO by turning an industry into a community using crypto which benefits everyone involved including photographers looking for new ways to showcase their artwork online but also collectors seeking out unique pieces they can invest in over time without having worry about traditional financial institutions getting involved which can have fees associated with buying or selling artwork through them versus using blockchain based platforms like Ethereum or Bitcoin where transactions happen nearly instantaneously without any third party interference..

• Silvergate Bank, a crypto-friendly bank, recently announced that it would shut down
• The news caused Bitcoin and other major cryptocurrencies to decline
• Bitcoin dropped below $21K for the first time in seven weeks

Silvergate Bank Shutdown Shakes Crypto Markets

Bitcoin and other major cryptocurrencies declined as the crypto-focused lender’s crisis continued to unfold; ether sinks 7%.

Bitcoin Dips Below $21K

Bitcoin dropped about 6% in the past 24 hours to sink below $21,000 for the first time in seven weeks as investors continued to fret about the fallout from crypto-friendly bank Silvergate Bank’s implosion.

Silvergate Bank Closure Causes Widespread Panic

On Wednesday Silvergate Capital (SI), the parent company of the lending focused bank, said that Silvergate Bank would „voluntarily liquidate“ its assets and shutter operations. This shook up investors and caused Bitcoin and other major cryptocurrencies to plunge.

Price Impact of Silvergate Bank Closure

The largest cryptocurrency by market capitalization traded as low as $20,050 on Thursday, its lowest level since Jan. 14, before regaining some ground to hover just over $20,370, off more than 7.6% over the past 24 hours.

Expert Commentary On Price Drop

Tactive Wealth Advisor Eddy Gifford shares his reaction saying: “This remains a tough environment for crypto given the fallout from Silvergate ― it’s really shaking investor confidence.”

• Silvergate, a principal bank in the US crypto industry, recently took out loans from a federal mortgage program.
• Silvergate reported a loss of $1 billion in the fourth quarter of 2022 and has additional loan repayment obligations.
• The news was met with mixed reactions from the crypto community, as it goes against Bitcoin’s original mission to avoid bailouts.

The Crypto Community Reacts to Silvergate’s Federal Loan

Silvergate is one of the most important banks in the U.S. crypto industry, providing services for getting dollars into the sector. Recently, it was revealed that Silvergate had taken out loans from a Federal Home Loan Bank – news which was met with mixed reactions among members of the crypto community.

Bitcoin’s Original Mission: No Bailouts

When Satoshi Nakamoto released Bitcoin’s codebase in 2008, it was understood that this alternative financial system would adhere to predetermined rules: no bailouts. So when Silvergate took out this loan, many saw it as a betrayal of Bitcoin’s original mission and were not happy about it.

Silvergate Reveals Unfavorable Financial Projections

In addition to its federal loan obligations, Silvergate reported losses of $1 billion in Q4 2022 and may be “less than well-capitalized.“ This announcement had serious implications for investors and those who use its services to get dollars into the crypto economy – leading some to question whether or not it will survive these unfavorable projections.

The Future Of Silvergate Remains Uncertain

Given its looming debt repayments and dismal financial outlook, there are questions surrounding how long Silvergate can remain afloat without government intervention or other assistance. It remains unclear what will happen with this key player in the U.S. crypto market going forward and whether or not it will make good on its financial obligations without further help from outside sources like government bailouts or private investment funds.

Conclusion

Silvergate’s decision to take a federal loan has been controversial within the cryptocurrency community due to Bitcoin’s original mission statement of avoiding all forms of bailouts or government intervention in order to foster financial independence for users around the world. With unfavorable projections looming over its future success, only time will tell if this key player in U.S.-based cryptos survives or fails under increased pressure from creditors and investors alike looking for their return on investments made through services provided by them

Coinbase Joins the Ethereum Layer 2 Rat Race

• U.S. exchange Coinbase is launching a layer 2 network in collaboration with Optimism on its Massachusetts Institute of Technology (MIT)-licensed OP Stack.
• The project, Base, aims to reduce ETH transaction fees to 1 cent and integrate with other blockchains like Solana, Avalanche and Polygon.
• Coinbase intends to “decentralize” the protocol over time which could become a moneymaker for the company that has long looked to diversify its balance sheet.

Background Information

Coinbase’s most recent quarterly report showed a company in transition, with its core revenue stream of transaction volumes drying up amid the crypto winter. At the same time, it’s seeing growth in other potentially profitable business lines such as staking and service fees.

Coinbase Master Plan

Base is part of Coinbase’s „Master Plan“ to bring 1 billion people into crypto by „buying, building or investing“ projects in the „open financial system.“ It is intended to serve as a springboard for this plan by reducing ETH transaction fees and integrating with other blockchains like Solana, Avalanche and Polygon.

Features of Base Protocol

The Base protocol will initially charge fees in the 10-50 cent range depending on usage levels but aims to eventually reduce those costs even further while also leveraging Optimism’s congestion reduction technology. This means that users who opt into using Base will be able to send transactions quickly without having to wait for them to be confirmed by miners on Ethereum’s main chain.

Conclusion

By launching Base, Coinbase hopes not only to grow their own customer base but also help contribute towards an industry trend of pushing down transaction costs across different networks through interoperability solutions like layer 2 scaling networks and low-fee sidechains. With increasing competition from large tech companies like Facebook entering into the space, it remains yet seen if how successful these efforts will be but it is clear that Coinbase is taking steps towards positioning itself as leader in blockchain infrastructure development within the space going forward.

• Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.
• The collapse of crypto exchange FTX and its trading arm Alameda Research has prompted startups to postpone their token launches.
• An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) suggested that the U.S. central bank monetary had not yet succeeded in taming price increases that have bedeviled the economy for more than a year.

Markets

Bitcoin shifted from flying high above $25,000 to sinking to $23,618 over the course of Thursday according to CoinDesk Market Index (CMI). Ethereum (ETH) was also down 3.2% at $1,646 while S&P 500, Gold and Nikkei 225 were down 1.4%, 0.4% and 0.7% respectively at the same time.

First Mover Asia: Crypto Momentum Falters as Bitcoin Retreats to $23.6K

The collapse of crypto exchange FTX and its trading arm Alameda Research has increasingly prompted startups to postpone their token launches as part of the fallout from this incident, according to Sam Reynolds‘ consideration on a rising trend of crypto startups postponing their token launches..
An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) further suggested that the U.S Federal Reserve monetary policy had not yet succeeded in taming inflation prices which have bedeviled the economy for more than a year now..

Insights

Alameda Research ranked among the crypto industry’s largest market makers before its collapse with its parent company FTX, prompting startup token launch postponements across the board.. Investment Bank D DA Davidson analyst Chris Brendler also downgraded Coinbase stock (COIN) rating from buy to neutral due to worries about regulatory uncertainty and potential lawsuits against Coinbase caused by Ripple’s legal battle with US Securities Exchange Commission..

Impact

The news resulted in investor sentiment shift towards skepticism regarding inflation rates, Federal Reserve Monetary Policy and other related issues causing Bitcoin prices retreat below $23k again after temporarily soaring past 25k earlier on Thursday.. Meanwhile cryptocurrency companies are being forced into delays due uncertain market conditions resulting from these negative events..

Outlook

It remains unclear if investor sentiments will hold up or if investors will be able move past this setback quickly as new developments arise within both cryptocurrency industry and traditional markets alike… However one thing is certain – these economic uncertainties have left an undeniable impact on both current market conditions as well as future outlooks for digital asset related businesses across all industries

• Federal Reserve Board Governor Christopher Waller noted that U.S. financial system has been kept out of the crypto’s drama due to the separation of crypto from banks.
• Waller is hopeful that the sector can work out its recent issues, such as the FTX collapse and other firm failures, without causing significant damage to the U.S. banking system.
• He believes that if banks are to be involved in crypto, they must have clear business models, risk-management systems and corporate governance structures in order to protect themselves from potential failure.

U.S Regulators Prefer Keeping Crypto Apart From Banks

Federal Reserve Board Governor Christopher Waller noted that the separation between crypto and banks has kept U.S financial system out of crypto’s drama and he is hopeful that the sector can work out its recent issues without causing any significant damage to it. He added that this may be attributable in part to limited connections between the two ecosystems.

Waller’s View on Prudent Innovation

Waller said he supports prudent innovation in finance while also being concerned with banks engaging in activities with heightened risks such as fraud and scams, legal uncertainties and inaccurate disclosures. If a bank wants to involve itself in cryptocurrency it must be very clear about customer’s business models, risk-management systems and corporate governance structures so that they don’t get hurt if there is a crypto meltdown.

Crypto Industry Maturity

Waller believes that with time digital assets industry will mature and will work out its transparency, governance, and risk management issues successfully which will allow for more opportunities for interaction between this industry and traditional banking system .

Crypto Sector’s Recent Issues

The cryptocurrency sector has had some recent issues including FTX collapse which caused no major harm to US banking system because of lack of connection between them according to Waller . However still these kinds of incidents raise concerns about safety within this industry .

Conclusion

In conclusion , it seems like US regulators prefer keeping crypto apart from banks which appears beneficial due to lessened risks associated with it . With time , Waller expects digital assets industry will mature leading more chances for interactions between traditional banking system & cryptocurrency sector .

Summary

• Nigerians are paying a premium for Bitcoin, but probably more for the stability of the U.S. dollar than for crypto itself.
• The high premiums were attributed to cash withdrawal limits imposed by the Nigerian government on its citizens as it swapped old bank notes for new ones.
• Nigeria’s bitcoin premiums typically reflect discrepancies between official and unofficial U.S. dollar exchange rates in the country.

Bitcoin Premiums in Nigeria

Nigerians are paying a premium, but probably more for the stability of the U.S. dollar than for bitcoin, an analyst told CoinDesk. It all started when a number of media outlets drew attention to the high premiums, which they attributed to cash withdrawal limits placed by the Nigerian government on its citizens as it worked on swapping old bank notes for new ones. But if bitcoin demand went up as a result of the cash jam in the country, the premiums should have spiked as the ATM limits were imposed in early December – yet there was no substantial increase seen at that time.

US Dollar Exchange Rates

Nigeria’s bitcoin premiums are not a new phenomenon and they typically reveal the discrepancies between official and unofficial U.S. dollar exchange rates in the country. Although the government sets an official rate, due to chronic currency devaluation problems, locals can get much higher prices on unofficial local forex markets and this is likely contributing to Nigeria’s inflated Bitcoin prices compared to global averages..

Bitcoin Demand Not Driving Premiums

As such, it seems that while Bitcoin may be gaining traction in Nigeria – with some saying it could become Africa’s biggest crypto market – Nigerians‘ demand for Bitcoin is unlikely driving these high premiums we are seeing today; rather it is simply reflecting their desire for stability offered by US Dollars over their own local currency..

Conclusion

In conclusion then, these inflated Bitcoin prices suggest that Nigerians are still opting to pay more money just to ensure access to US dollars over their own vulnerable naira currency – rather than viewing cryptocurrency as an attractive alternative investment option within their economy at this time..

• Emails obtained by CoinDesk have shed new light into the dispute over the ownership of WazirX, India’s largest crypto exchange.
• In November 2019, Binance, the world’s largest crypto exchange by trading volume, published a blog post saying it had purchased the Indian exchange.
• However, last summer, when WazirX landed in hot water with the Indian government, Binance took steps to publicly distance itself from WazirX, amending the original blog post to say the transaction was limited to an agreement.

The rivalry between two of the world’s largest crypto exchanges, Binance and WazirX, has been escalating, with emails obtained by CoinDesk providing more insight into the debate over who owns the Indian exchange.

The story began in November 2019, when Binance, the world’s largest crypto exchange by trading volume, published a blog post claiming to have acquired WazirX, India’s largest crypto exchange. WazirX’s executives openly discussed the acquisition, and there seemed to be no dispute over its ownership.

But last summer, WazirX ran into trouble with Indian authorities when its Mumbai office was raided by government officials who suspected the exchange of helping 16 fintech companies launder money. In response, Binance quickly took steps to publicly distance itself from WazirX, amending the original blog post to clarify that the transaction was limited to an agreement.

The emails obtained by CoinDesk suggest that Binance and WazirX may have had different interpretations of the agreement. WazirX’s founder and CEO, Nischal Shetty, said in an email that Binance had “no legal rights or obligations” to the Indian exchange, while Binance CEO Changpeng Zhao argued that the exchange was still a part of the Binance family.

The emails also raised questions about the timing of the WazirX acquisition. According to the emails, Shetty claimed that the deal was completed in October 2019, while Binance said the agreement was finalized in December.

The back-and-forth between Binance and WazirX about ownership could have devastating effects for the Indian exchange and its users. If Binance is found to have a stake in the exchange, it could be subject to increased scrutiny from Indian regulators. On the other hand, if Binance is found to have no ownership in WazirX, it could be seen as a breach of trust and have a negative impact on the exchange’s reputation.

The debate over the ownership of WazirX has become increasingly heated in recent months, and it remains to be seen how the situation will play out. What is certain is that the outcome could have far-reaching consequences for the Indian crypto market.

• The Indian Government’s apex public policy think tank, NITI Aayog, has launched a blockchain module in partnership with crypto-focused 5ire and Network Capital.
• The project is under the aegis of NITI Aayog’s Atal Innovation Mission, which has Atal Tinkering Labs in more than 10,000 schools in India.
• International Fund for Agricultural Development Director Advit Nath joins CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De for a conversation about using blockchain to reduce poverty and hunger in developing parts of the world.

The Indian Government’s apex public policy think tank, NITI Aayog, has partnered with crypto-focused 5ire and Network Capital to launch a blockchain module. The project is under the aegis of NITI Aayog’s Atal Innovation Mission (AIM), which has Atal Tinkering Labs (ATL) in more than 10,000 schools in India. The purpose of AIM is to create and promote a culture of innovation and entrepreneurship.

The launch of the blockchain module was announced on Monday and it was accompanied by an online launch event. Dr. Arvind Panagariya, Vice Chairman of NITI Aayog, said it was a major milestone for the government’s mission to promote the use of blockchain technology for the benefit of Indian citizens. He added that the project would provide an opportunity to explore the potential of blockchain technology to create innovative solutions and products.

5ire said in July it raised $100 million in Series A funding from U.K.-based conglomerate Sram and Mram. The firm specializes in blockchain-based products and services such as enterprise applications, digital payments and digital asset management. Network Capital, on the other hand, is a mentorship and career exploration platform.

In addition to the launch of the blockchain module, International Fund for Agricultural Development Director Advit Nath joined CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De for a discussion about using blockchain to reduce poverty and hunger in developing parts of the world. The discussion focused on how blockchain technology can be used for social good and how it can help create sustainable solutions for people in developing countries.

The blockchain module is part of NITI Aayog’s efforts to promote the use of technology for the benefit of the people. The launch of the blockchain module is expected to create a platform for innovation and allow the government to explore the potential of blockchain technology to create innovative solutions and products. It is also expected to help create a more efficient and secure financial system in India.

Overall, the launch of the blockchain module is a major milestone for the government’s mission to promote the use of blockchain technology for the benefit of Indian citizens. 5ire and Network Capital will provide the necessary support and mentorship to help the government make the most out of the platform. The discussion with International Fund for Agricultural Development Director Advit Nath will further help the government to explore the potential of blockchain technology to create sustainable solutions for people in developing countries.

• Bitcoin’s 180-day call-put skew has crossed above zero for the first time since 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options.
• This is a sign of confidence in the cryptocurrency’s latest bull revival and suggests that expectations for bitcoin’s price over the next six months have turned positive after a long time.
• By Omkar Godbole

The long-term sentiment on the bitcoin (BTC) market has turned bullish, with the cryptocurrency showing its biggest weekly percentage gain in two years. This surge in enthusiasm has been reflected in the recent movements of the 180-day call-put skew, which has crossed above zero for the first time since the start of 2021.

The call-put skew measures the price for calls relative to puts and is a good metric to gauge the market’s sentiment. When the skew is positive, it suggests that the market expects a rise in bitcoin prices over the next six months, as bullish call options become more expensive relative to bearish put options. This is exactly what has happened in the past few days, with the call-put skew crossing above zero for the first time in 2021.

The recent uptick in the call-put skew is yet another sign of confidence in the cryptocurrency’s latest bull revival. The market is now pricing in higher bitcoin prices for the next six months, suggesting that expectations for its price have turned positive after a long time.

The bullish sentiment is further reinforced by the fact that bitcoin is currently trading above its 50-day moving average for the first time since October last year. The 50-day moving average is an important indicator of the market’s long-term direction and is usually seen as a sign of a bullish trend.

The recent surge in bullish sentiment has been driven by institutional investors, who have been accumulating large amounts of bitcoin over the past few months. This influx of institutional money has been a major factor in driving up the price of bitcoin and is likely to continue to do so in the coming months.

Overall, it appears that the market is increasingly confident in the prospects of the cryptocurrency and that the long-term outlook is looking increasingly positive. This is further evidenced by the call-put skew crossing above zero and suggests that the market is pricing in higher bitcoin prices over the next six months.