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After first quarter frenzy, NFT market shows signs of stabilising By Reuters

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After first quarter frenzy, NFT market shows signs of stabilising By Reuters



© Reuters. FILE PHOTO: Humanoid robot Sophia, developed by Hanson Robotics, holds a brush during a demonstration before her non-fungible token (NFT) artwork is auctioned, in Hong Kong, China March 16, 2021. REUTERS/Tyrone Siu/File Photo

By Elizabeth Howcroft

LONDON (Reuters) – After a frenzied first quarter for non-fungible tokens (NFTs), the market for blockchain-based digital assets ranging from art and videos to songs and tweets slowed in April, platform and product data shows.

An NFT artwork fetched $69.3 million at Christie’s in March, in the first ever sale by a major auction house of a piece of art that does not exist in physical form.

While anyone can view an NFT, whose ownership status is recorded on blockchain, the buyer has the status of being the official owner, a kind of digital bragging right.

A surge in interest in NFTs in 2021 is attributed to people spending more time online with cash to spare during lockdown.

Meanwhile, cryptocurrency price gains over the past few years have also created a new group of crypto-rich speculators looking for the next big thing.

But after explosive growth in February and March, NFT sales volumes generally dipped in April.

On OpenSea, a major NFT marketplace, monthly sales were $93.6 million in April, having hit almost $150 million in March, compared to $95 million in February and $8 million in January.

A year ago volumes were steady at around $1 million a month.

Graphic: NFT sales on OpenSea NFT sales on OpenSea https://graphics.reuters.com/CRYPTO-NFTS/DATA/dgkplyroxvb/chart.png

Sales data from NonFungible.com, a site which aggregates transactions from the blockchain, shows weekly trading volumes in April were below March’s peak, but substantially higher than pre-2021 levels.

And on Nifty Gateway, an NFT marketplace owned by Gemini, monthly sales of $60.9 million were less than half of the $144 million in March, but significantly more than in January when then totalled $8.75 million.

Gemini is owned by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

Graphic: Weekly NFT sales volume https://graphics.reuters.com/CRYPTO-NFTS/DATA/gjnpwdqnbvw/chart.png

The U.S. National Basketball Association’s Top Shot marketplace, which allows fans to buy and trade NFTs in the form of video highlights, also saw its explosive sales in the first quarter of the year slip in April.

But participation remains high, with 324,000 unique buyers in April, up from 30,800 in January.

Graphic: NBA Top Shot sales https://graphics.reuters.com/CRYPTO-NFTS/DATA/xegpbxzxdpq/chart.png

Although individual “moments” fetching six-figure sums have caught headlines, Top Shot said that the average sale price in April was $65, compared to $157 in March, $182 in February and $80 in January.

Overall, sports-related NFTs saw the most sales in April, followed by games and NFTs related to online virtual worlds known as the “metaverse”, NonFungible.com said.

Graphic: Number of NFT sales by category https://graphics.reuters.com/CRYPTO-NFTS/DATA/oakpewdkypr/chart.png





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Oil Edges up As OPEC Downplays India Covid; API Report Awaited By Investing.com

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Oil Edges up As OPEC Downplays India Covid; API Report Awaited By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Oil prices edged higher on Tuesday after OPEC said it hoped for demand recovery in the second half if India gets out of its Covid situation by then. 

Also supporting the market were expectations that the U.S. government will report a second straight weekly drawdown in crude stockpiles, and pump prices of gasoline at seven-year highs after the shutdown of the country’s largest fuel pipeline due to a cyberattack.

Offsetting some of the positive sentiment was the festering coronavirus situation in India, the third largest importer of oil.

“The Covid crisis in India, which shows few signs of easing, is adding to the oil market’s woes. The seven-day average of new daily cases is at a record high, and global health authorities are already warning over the country’s variant, which is of international concern,” said Sophie Griffiths, who heads U.K. and EMEA research at online broking portal OANDA.  “Pressure continues to mount on Prime Minister Narendra Modi to impose a national lockdown in a bid to contain surging cases.”

States in Southern India have threatened to stop sharing medical oxygen with each other, fiercely protective about holding on to whatever they have as their hospitals swell with the sick, and infections skyrocket. 

The United States remains the most Covid-infected country with more than 32.7 million positive cases and over 582,000 deaths since the global outbreak of the pandemic in March 2020. But India has quickly caught up as number two in just over a month, having 23 million cases and almost 250,000 deaths.

OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the Covid crisis in India.

The Organization of the Petroleum Exporting Countries said In a monthly report that demand will rise by 5.95 million barrels per day this year, or 6.6%, just as it forecast last month. The report however warned of “significant uncertainties,” mainly around the pandemic.

New York-traded , the benchmark for U.S. crude, settled up 36 cents at $65.28 per barrel.

London-traded , the global benchmark for crude, finished up 23 cents, at $68.55. 

Separately, the oil trade will be looking out later in the day for an idea of what last week’s crude and petroleum stockpiles might have been from an inventory snapshot due from the API, or American Petroleum Institute.

The API snapshot, scheduled  for release at 4:30 PM ET (20:30 GMT), comes before Wednesday’s official report from the U.S. Energy Information Administration on supply-demand of petroleum products for the week ended April 16.

According to a consensus of analysts tracked by Investing.com, U.S. crude likely fell by 2.8 million barrels during the week ended May 7, versus the drop of 8. million barrels noted in the previous week to April 30.

likely rose by 600,000 barrels versus the rise of 737,000 in the prior week, consensus shows.

And stockpiles of , made up of diesel and , likely declined by 1.1 million barrels last week after dropping 2.9 million barrels a week earlier.





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Ark’s Cathie Wood predicts ‘serious correction’ in commodities By Reuters

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Ark’s Cathie Wood predicts ‘serious correction’ in commodities By Reuters



© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford

By David Randall

NEW YORK (Reuters) – The sell-off in high-growth stocks since the beginning of the year does not signal the end to the tech rally that began during the coronavirus pandemic in 2020, said Ark Invest’s Cathie Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund last year.

Wood, whose flagship fund suffered its largest outflows on record last week, said in a webinar Tuesday that she sees spiking commodity prices as a sign that businesses are double or triple ordering supplies as they try to restart their global supply lines.

Fears of inflation have weighed heavily on growth stocks since the start of the year and helped bolster value stocks, which tend to benefit from rising commodities and higher interest rates. The Russell 1000 Value index is up 16.3% for the year, while the Russell 1000 Growth is up 3.9% over the same time.

“The scramble is more today than what we’ve seen in any other cycle,” Wood said, predicting that “we will have a very serious correction in commodity prices” once the global economy fully reopens.

Deflation, rather than inflation, will likely be the dominant theme in global markets in the years ahead due to technological innovation, Wood said. Yields for the benchmark 10-year Treasury will likely stay within a range between 1.5% and 3%, she said, while oil prices are unlikely to go above $70 per barrel.

rose 0.5% to slightly more than $65 in midday trading Tuesday.

While the investor rotation into value stocks has been “powerful,” high-growth stocks remain attractive, Wood said.

“Many consider what has happened in the last 3 months to be the equivalent of the tech and telecom bust. We do not believe that this is the case in the least,” she said.

ARK Innovation rose 2 percent in afternoon trading Tuesday. The fund is down 14.7% since the start of the year and is down 31.5% over the last 3 months.

Investors pulled nearly $714 million out of ARK Invest in the week that ended May 5, the largest dollar amount on record and its largest decline in percentage terms since December, 2018, according to data from Refintiv Lipper.

Wood, however, remains bullish that growth stocks such as Tesla (NASDAQ:) Inc will continue to outperform over the next 5 years despite their recent declines.

“If I loved it up there and it’s 35% less expensive it must be a steal,” she said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. senator asks firms about sales of hard disk drives to Huawei By Reuters

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U.S. senator asks firms about sales of hard disk drives to Huawei By Reuters



© Reuters. FILE PHOTO: The Huawei logo is seen at the IFA consumer technology fair, in Berlin, Germany September 3, 2020. REUTERS/Michele Tantussi/File Photo

WASHINGTON (Reuters) – A senior Republican U.S. senator on Tuesday asked the chief executives of Toshiba (OTC:) America Electronic Components, Seagate Technology, and Western Digital Corp (NASDAQ:) if the companies are improperly supplying Huawei with foreign-produced hard disk drives.

Senator Roger Wicker, the ranking member of the Commerce Committee, said a 2020 U.S. Commerce Department regulation sought to “tighten Huawei’s ability to procure items that are the direct product of specified U.S. technology or software, such as hard disk drives.”

He said he was engaged “in a fact-finding process… about whether leading global suppliers of hard disk drives are complying” with the regulation.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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