The world's first permanent non-fungible token (NFT) art museum has opened in Seattle, with the purpose of “lifting the curtain” on Blockchain-based digital art.
NFTs are a sort of digital asset that has lately grown in popularity. Recently, NFT artworks are sold for millions of dollars. The Seattle museum aims to educate the public about this relatively new market of NFTs.
“We really understood the significance of being able to gaze at this sort of work in a way that allows you to slow down and notice all the intricacies,” says Jennifer Wong, co-founder and curator of the Seattle NFT Museum.
Maksim Surguy, a local digital artist, attended the opening of the museum’s ‘Climate Conversation’ exhibition. His works are available as NFTs online, but can also be printed in real life.
"Previously, whether you developed a digital artwork or a physical artwork, there were a lot of restrictions on who could access the artwork, or how they could own it,” says Surguy, who works in the IT industry in Seattle, and began investigating crypto-based art a year-and-a-half ago.
NFTs are digital tokens that represent ownership of works of art and other valuable real-world items. A report says that the worldwide NFT industry is estimated to exceed $21 billion by 2022.
Elsewhere, Panama’s National Assembly has adopted a measure to regulate the usage and marketing of crypto assets. Experts have cautioned that it might tarnish Panama’s reputation as a location with little financial openness. An independent politician said the legislation is larger in scope than that approved by El Salvador last year.
According to the new law, Panamanians will now be able to use crypto assets as a form of payment for any civil or commercial transaction that is not forbidden by law in the nation.
The nation is on the European Union's list of tax havens, and the law would not make it look more open, an analyst said.
He explained that Panama was already in a poor situation, and these payment techniques bypass the due diligence processes that international organisations are urging Panama to use.
The law was adopted by the Assembly with 38 votes in favour, two abstentions, and no votes against it. It now goes to President Laurentino Cortizo for signature.
According to Jose Fabrega of CryptoSPA, a centre for crypto and Blockchain services, the measure might also make institutions that have established hurdles, from employing cryptocurrency with further cooperation.
The price of Bitcoin in the cryptocurrency market fell by 0.44 per cent in the last 24 hours, and it was trading at $38605.05 at 5:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 41.72 per cent, up 0.08 per cent in the last 24 hours.
In the last 24 hours, Ethereum (ETH) was trading at $2,832.52, and fell by 0.56 per cent, while Binance Coin (BNB) rose by 0.75 per cent in the same period, and was trading at $397.45. Solana (SOL) fell by 1.82 per cent to $93.93, and Cardano (ADA) fell by 0.57 per cent to $0.8071.
Among meme coins, Dogecoin was down by 2.13 per cent, and it was trading at $0.1351 at 5:30 pm on Coinmarketcap.com. Its rival, Shiba Inu, was down by 1.01 per cent, and it was trading at $0.00002226. Samoyedcoin was down by 4.90 per cent, and was trading at $0.01555, while Dogelon Mars was up by 1.31 per cent, and was trading at $0.0000009779.
According to Coinmarketcap.com, the global crypto market cap was at $1.76 trillion, a decrease of 0.64 per cent in the last 24 hours, while the total crypto market volume was $84.95 billion, a decrease of 16.90 per cent.
ARTII Token (ARTII) gained the most, increasing by 1,840.99 per cent. It was trading at $0.116 at 5:30 pm, according to Coinmarketcap. In contrast, NINJA INU (NINJA), witnessed the maximum loss and fell by 94.62 per cent. It was trading at $0.00001053.