Welcome to This Week in Crypto, your go-to source for the latest developments and insights from the world of cryptocurrencies. In this edition, we delve into the exciting world of digital art with the CryptoPunks phenomenon, where NFTs bridge the gap between the digital and the tangible. We’ll also explore the resurgent cryptocurrency market amid the buzz surrounding Bitcoin ETFs, shedding light on what’s driving the upward momentum. Additionally, we’ll unpack the findings of a comprehensive Coinbase report, revealing how younger generations are redefining their financial aspirations in a rapidly evolving landscape. Join us on this journey through the ever-dynamic crypto sphere.
CryptoPunk NFT Owners Can Now Own Physical Prints of Their Digital Art
CryptoPunk NFT owners now have the rare opportunity to transform their digital art possessions into tangible, physical prints. Avant Arte, in collaboration with Yuga Labs, the brand owner of CryptoPunks, launched a 48-hour sale for owners of the iconic NFTs to claim their physical copies.
Two distinctive collections are offered. “Punk-On-Chain” allows owners of on-chain CryptoPunks to commission print copies of their NFTs, contingent upon verifying their ownership. Meanwhile, the other “10,000 On-Chain” collection welcomes all collectors, enabling them to purchase a print that displays all 10,000 CryptoPunk characters. Each print carries a Yuga Labs holographic sticker for authentication, and “Punk-On-Chain” prints boast a QR code linked to a blockchain-based Certificate of Authenticity, while “10,000 On-Chain” pieces come with a physical CoA containing a QR code for digital verification.
CryptoPunks, pioneered by Larva Labs in 2017, stands as one of the first NFT collections generated algorithmically, offering art through blockchain technology. With the lowest-priced CryptoPunks trading at around $78,000, and the entire collection commanding a market capitalization exceeding $782 million, the convergence of digital and physical art in this limited-time offer promises to be a memorable moment for the NFT industry as a whole.
Crypto Market Resurges as Bitcoin Hits New High Amid ETF Anticipation
In a remarkable turn of events, the cryptocurrency market is experiencing a notable upswing, with Bitcoin leading the charge. Bitcoin’s price surged above the $35,000 mark last week, a level it hadn’t seen since May 2022. This sudden surge comes amid a resurgence of interest in forthcoming spot exchange-traded fund (ETF) approvals and a significant uptick in trading volumes across spot markets.
Interestingly, the enthusiasm isn’t limited to just heavyweight cryptocurrencies like Bitcoin and Ethereum. Meme coins have also joined the recent rally, with Dogecoin, Shiba Inu, and Pepecoin posting impressive gains. Dogecoin has seen an 8% increase over the last 7 days to $0.07, Shiba Inu saw a 11% increase in the last 7 days to $0.000008017, and Pepecoin is trending with a 61% increase in the last week, currently at $0.000001198 at the time of writing.
While these memecoins have made headlines for their remarkable surges, it’s important to note that market sentiment remains speculative, and this upward trend may be subject to fluctuations as the cryptocurrency landscape evolves.
Younger Generations Embrace Crypto as an Alternative to the Traditional American Dream, per Reports
A new report by Coinbase offers insights into the shifting perspectives of younger generations, namely Gen Z and Millennials, concerning the traditional American dream and the financial system. The findings reveal a growing dissatisfaction among young Americans who perceive the conventional path to prosperity as increasingly unachievable due to factors like rising housing costs, inflation, and an outdated financial system. Consequently, they are embracing unconventional approaches to financial independence, with cryptocurrency at the forefront of their vision for a revamped American dream.
The report underscores the younger generation’s active pursuit of alternative economic opportunities and their efforts to lay the groundwork for a redefined American dream. Cryptocurrency emerges as a key element in their vision, seen as a tool to modernize the existing financial system. Notably, nearly 38% of young Americans view crypto and blockchain as vehicles for economic opportunities beyond traditional finance, compared to 26% of older generations. A significant 31% of the youth already own cryptocurrency, while only 12% of older demographics hold cryptocurrency. Additionally, 38% of young individuals anticipate cryptocurrency as the future of finance, compared to 28% among older generations.
Young Americans not only invest in cryptocurrency but also seek education in this field, recognizing its potential for future job prospects. Moreover, their political influence is set to grow, as Millennials and Gen Z make up approximately 40% of the current voting-age population, with projections indicating that they will become the majority of voting-age Americans by 2028.
