The world’s first permanent non-fungible token (NFT) art museum, which aims to “lift the veil” on Blockchain-based digital art, has launched in Seattle.
NFTs are a type of digital asset that has recently gained prominence. NFT artworks have recently sold for millions of dollars. The Seattle museum’s goal is to educate the public about the relatively nascent NFT industry.
“We really realised the relevance of being able to stare at this type of art in a way that allows you to slow down and appreciate all the subtleties,” Jennifer Wong, co-founder and curator of the Seattle NFT Museum, explains.
Local digital artist Maksim Surguy attended the inauguration of the museum’s ‘Climate Conversation’ exhibition. His works are available online as NFTs, but they may also be printed in person.
“Previously, whether you created a digital or physical artwork, there were a lot of constraints on who could access the artwork or how they could own it,” says Surguy, who works in the IT business in Seattle and began researching crypto-based art a year and a half ago.
NFTs are digital tokens that reflect ownership of valuable real-world goods such as works of art. According to one research, the global NFT business is expected to hit $21 billion by 2022.
In other news, Panama’s National Assembly has passed legislation to control the use and marketing of crypto assets. Experts have expressed concern that it may ruin Panama’s reputation as a place with limited financial openness. According to an independent legislator, the proposal is broader in scope than the legislation enacted by El Salvador last year.
Panamanians will now be permitted to utilise crypto assets as a form of payment for any civil or commercial transaction that is not prohibited by law in the country, according to the new law.
The country is on the European Union’s list of tax havens, and the bill would not make it appear more open, according to one expert.
He noted that Panama was already in a bad condition, and that these payment methods circumvent the due diligence procedures that foreign organisations are encouraging Panama to utilise.
The Assembly passed the bill with 38 votes in favour, two abstentions, and no votes against it. It will now be signed by President Laurentino Cortizo.
According to Jose Fabrega of CryptoSPA, a centre for crypto and Blockchain services, the legislation may also dissuade organisations who have already built barriers from using cryptocurrency in the future.
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.