dogecoin - Pwim.Net

What is Dogecoin?

Dogecoin is an altcoin cryptocurrency founded in 2013 based on the popular Doge meme, and is one of the more colorful coins on the cryptocurrency spectrum.

The Genesis of Dogecoin and Its Connection to Reddit, Twitch, and Tiktok

Founded in 2013 by Billy Markus and Jackson Palmer, Dogecoin was invented initially as a “joke currency” based on the “Doge” meme featuring a Shina Inu dog.

The idea behind the coin was to create a fun and lighthearted cryptocurrency that could reach a large demographic while educating people about cryptocurrencies.

It gained a large community following on social media, primarily on Reddit, and was used as a form of online-tipping on sites like Reddit and Twitch.

Dogecoin was hacked in 2013 after the Bitcoin crash, and millions of coins were stolen, which led to Dogecoin being the most talked about altcoin on Twitter. In 2015, Dogecoin trading volume briefly exceeded that of Bitcoin, but remained at a far lower market capitalization of $13.5 million USD.

In July 2020, a trend on TikTok brought the coin back into the spotlight. A video called for all 800 million TikTok users to invest 25 dollars to Dogecoin to inflate the price to 1 USD and “get rich.” The coin spiked 2000% in trading volume, and its price rose by 96% in a single day. However, the pump didn’t last long, and was followed by a massive dump, with trading volumes peaking to $1.2 billion USD in the sell-off.

The Technology Behind Dogecoin

The framework behind Dogecoin was initially based on Luckycoin, a derivative of Litecoin featuring a randomized block reward.

Dogecoin implemented a similar blockchain to these predecessors, with a Scrypt-based proof-of-work (PoW) algorithm that ensures standard bitcoin mining hardware cannot be used.

In 2014, Dogecoin changed from a randomized block reward to a standard block reward. The Dogecoin block time is 1 minute, which means that a block mining reward of 10,000 Doge is produced every minute.

Instead of miners competing with CPU power and mining pools, Dogecoin mining is based on a lottery system, where the winner of the lottery is selected to finish the next block.

Another unique aspect to this blockchain protocol is the fact that there is no limit to coin production – the network can produce an infinite amount of Dogecoin.

Other Notable Events

The Dogecoin community has been involved in several fundraising events. During the Sochi Winter Olympics, the community raised 50,000 dollars for the Jamaican bobsled team to attend.

The Doge4Water fundraiser was a successful charity event in collaboration with Charity: Water to build a well Kenya.

Dogecoin also sponsored Nascar Driver Josh Wise, raising $55,000 (67.8 million Dogecoins).

What is Tendies (TEND)?

Tendies aims to be the next-generation autonomous and hyper deflationary cryptocurrency. Tendies, has called itself the “Dogecoin of the DeFi age,” and has recently launched its Uniswap pool in July 2020.

Oddly enough, the term “tendies” actually refers to chicken tenders, and could also be referred to the imaginary prizes that can be redeemed for money made from speculative investments.

Tendies is an introduction of a deflationary currency, which is rare to find with national fiat currencies. However, risks remain in this nascent industry as a user has exploited the deflationary STA token on lending protocol Balancer to steal over $500,000 in funds.

Tendies currently has a market capitalization of over $348,000 and ranks 1532nd in terms of market cap, according to CoinMarketCap. Tendies (TEND)’s all-time high price was $3.05 on Sept. 11, 2020, but has plunged to trading at $0.048 at press time. Tendies (TEND) return on investment (ROI) year to date is -93.15%.

The origin of the Tendies crypto

Although the origin of the Tendies (TEND) cryptocurrency remains unclear, but there is a strong connection to 4chan’s imageboard, which has been promoting TEND.

The term Tendies has been popular among Robinhood traders on the subreddit r/WallStreetBets, a forum where memes are shared about trading.

How it works

Tendies started with a total supply of 9 million tokens, and the TEND tokens are continuously transferred from a liquidity pool on decentralized exchange (DEX) Uniswap to a pool on the Tendies website. The TEND tokens have been generated using funds collected during public presales in mid-July 2020. The rate of TEND being transferred everyday is 4 percent.

A user can then request a command to drain the pool, which in turn, the user would receive 1 percent of the pooled tokens. 51 percent of the tokens are then burned, and 48 percent of the tokens remaining are added to the “Tendies Bucket.”

The Tendies Bucket is distributed to the top holders of the TEND tokens every three days. Although only the top holders are qualified for these bonuses, the exact number is yet to be revealed. As the supply of TEND is reduced from the pool from Uniswap and is burned afterward, logically, the TEND token price would steadily increase.

Tendies funds

Tendies funds are not accessible by any team member on the team, with the launch of Uniswap V2. A smart contract has been deployed to ensure that no one can control any TEND tokens. The liquidity pool funds initially were provided by presale funds.

Tendies’ disclaimer expresses that the project is a social experiment and that risks are always present when acquiring TEND, much like the rest of the cryptocurrency market.

Is Dogecoin (DOGE) the New GameStop?

The events happening with respect to the run in the price of the shares of American video game retailer, GameStop has moved many to see the power of owning cryptocurrencies. As Congress moves to hold hearings on the current market conditions, Dogecoin has made a flash bull charge over the last 24 hours with the DOGE crypto price rallying nearly 400%.

What started as a duel between institutional short-sellers and a group of ambitious Redditors organized in the chatroom r/wallstreetbets (r/WSB) has stirred the authorities to back the big money guys on Wall Street at the expense of the guys on ‘main street’ as a Twitter user puts it. This move has angered the Redditors much more.

As the share price of GameStop ballooned to unprecedented highs in 2020 up over 1800%, many brokerage firms and trading apps began halting the trade of the stock, citing the need to protect their customers from imminent losses. The short-sellers had already lost over $5 billion on GameStop since the unifying push by the r/WSB chatters to pump the stock price and the authorities could not have any more of the big money guys lose more cash.

Now the trading platform most trusted by the people, Robinhood has joined the others in halting the trade of GameStop, bringing a remarkable blow to the r/WSB retail army to push the stock price to $500 per share.

The Turn to Crypto and Dogecoin

Seeing the state is coming to the rescue of the short-sellers, the retail army on r/WSB and Twitter apparently decided to turn to cryptocurrencies, the emerging investible asset class that is free from censoring. In a double twist, Dogecoin seems to be the coin the angered investors decided to pump its price.

Following this unprecedented promotion of DOGE, the coin has soared in the past 24 hours, rallying as much as 374% to an intraday high of $0.056 according to CoinMarketCap. Doge is currently trading at 0.043 at the time of writing.

The push in the price of DOGE has zoomed it past a number of the top digital currencies and it is now ranked as the 10th largest cryptocurrency by market capitalization.

Attempts to pump the price of Dogecoin have been made before and perhaps, the zeal of the r/WSB and Twitter retail investors may push Dogecoin to hit $1 in the coming days.

Image source: Blockchain.news

Elon Musk Backs Bitcoin as His “Favourite” Crypto, Dogecoin Becomes First Altcoin to Outrank BTC in Tweet Volume

In the past 24 hours, Dogecoin has exponentially grown on the back of GameStop (GME)’s success, much to the delight of the cryptocurrency community.

Dogecoin (DOGE) rallied and surged by nearly 400%, as reported by Blockchain.news. Along with its success, the cryptocurrency has been heavily tweeted about on social media. THE TIE picks up on this, suggesting through its data that for the first time in history, an altcoin has surpassed Bitcoin in terms of social volume. Per The TIE:

“Dogecoin tweet volume has surpassed Bitcoin over the last 24 hours. This is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24-hour period.”

DOGE’s surge in price and social volume may be attributed to r/WallStreetBets, as the meme-based cryptocurrency has gained traction off the back of the Reddit-pumped stock – GameStop. A Twitter account dubbed “WSB Chairman,” which clarified that it was not associated with the Reddit account responsible for GME shares shooting through the roof, questioned:

“Has Doge ever been to a dollar?”

Has Elon Musk converted to Bitcoin?

DOGE is also allegedly the favorite cryptocurrency of Tesla founder Elon Musk. The billionaire previously touted the cryptocurrency on his Twitter, pumping up the price just with a simple shoutout to “Doge.” The Tesla founder also playfully touted himself as the founder of Doge on social media.

Now, he commented on GameStop’s success, which has been attributed to the work of young day traders and investors who have shorted the stock. Per the billionaire, “u can’t sell house u don’t own, u can’t sell cars u don’t own but u *can* sell stock u don’t own!? (sic) This is bs – shorting is a scam, legal only for vestigial reasons.”

There have been speculations that Elon Musk has been backing Bitcoin previously, with MicroStragy’s CEO offering him advice on how to get started with cryptocurrencies. As reported by Blockchain.news, Saylor previously proposed that Musk allocate a portion of Tesla’s treasury reserve to Bitcoin.

It is safe to say that by now, Bitcoin has definitely piqued the billionaire’s interest. The Tesla founder has now changed his status on his Twitter profile to read “#bitcoin.”

Although the mainstream cryptocurrency has been stagnant all week, it has now recovered and is trading at approximately $36,882 at the time of writing, up a near 18% in the last 24 hours. This bullish behaviour may partially be due to the decentralized sector gaining more recognition in recent days, wth centralized financial platforms being heavily criticized for halting GME shares.

Elon Musk Says "Dogecoin Is The People's Crypto"

Elon Musk, the renowned CEO of Tesla Inc. has once again playfully reiterated that Dogecoin (DOGE), the cryptocurrency based on the meme of a shiba inu, was the way to go.

It is no news that the CEO has a long-standing love for Dogecoin, having playfully touted the cryptocurrency which contributed to its ongoing rally. As market sentiment surrounding DOGE continues to be bullish, Elon Musk has now mentioned Dogecoin again, declaring that the coin is the people’s crypto.

Per his exact words, he said,

“Dogecoin is the people’s crypto,” adding in another tweet that there is “No need to be a gigachad to own” the coin.

As expected, the comments have sparked a new bout of interest among more conservative investors, especially those who made a sell-off in the past week following a massive rally of the coin in a bid to mirror GameStop’s gains in the cryptocurrency ecosystem.

Dogecoin Associated With Pump and Dump Scheme

Despite the massive rally Elon Musk has thrown behind Dogecoin, leading to the cryptocurrency ranking among the top 20 cryptocurrencies, many people have capitalized on these supposed “promotional gestures” to turn the coin into a pump and dump scheme.

Each attempt to promote the coin as a “must-own” crypto usually stirs a massive rally that encourages a lot of people to buy up the coin. Prior to the ongoing movement in the market at the time of writing, Dogecoin saw an increase of about 800% in the past week in which its price soared. The coin has since fallen back to $0.03 from $0.08 after many bears sold off their holdings.

With Elon’s latest accolade for the altcoin, it is rallying more than 53% to $0.05 at the time of writing according to CoinMarketCap. What is yet to be determined is whether this new rally will be another pump and dump scheme that the cryptocurrency is known for.

Does Elon Musk hold cryptocurrencies?

While Elon Musk’s playful praise for Dogecoin is what many in the crypto space have grown accustomed to, the CEO who is also the founder of SpaceX shocked the world when he declared his support for Bitcoin by updating his Twitter profile status with the BTC tag.

As Elon Musk doubled down on his support for Dogecoin, however, the status is no longer bearing the Bitcoin tag. While Musk has touted both Bitcoin and Dogecoin through social media platforms, he has yet to publicly come forward and declare that he, too, owns cryptocurrencies. However, the fact that he may hold some may not be surprising, as Bitcoin and other digital assets have increasingly gained the attention of renowned investors recently.

DOGE Price Frenzy: Mike Novogratz and Peter McCormack Warn Dogecoin Bull Run Will End Poorly

Amid the ongoing bullish rally of Dogecoin (DOGE), Bitcoin bulls, Mike Novogratz and Peter McCormack have warned against the crypto’s unprecedented price rally which according to Novogratz is bound to “end poorly.”

The statement was necessitated after the second massive rally of Dogecoin in weeks, sending the cryptocurrency’s price to $0.0721 per CoinMarketCap’s data.

Per Novogratz words:

“I actually think the $DOGE frenzy is gonna end poorly. Same reason $GME did. Greed and Gravity. $DOGE doesn’t have a purpose. Stay with $BTC, $ETH, defi coins. Plenty of smarter ways to play this crypto rally.”

Peter McCormack also believed that the ongoing bull run as fueled by Tesla CEO, Elon Musk will end badly for many people.

“Financially, this will end badly for some people,” He said, in direct response to one of Musk’s tweets promoting the coin.

The comments from both Novogratz and McCormack comes amid the plans by many in the cryptospace with the aim to turn Dogecoin to be the GameStop of the cryptospace. The target for the pump is usually $1, but the ultimate concern of the critics to the pump is whether Dogecoin creates enough value to warrant that type of valuation.

Will This Bull Run Also End as a Pump and Dump Scheme?

The current bullish run of Dogecoin will have been well applauded if the cryptocurrency had not been tagged with previous pump and dump schemes. The coin which was forked from Litecoin in 2013 has no basic underlying addressable market than to serve as a fun cryptocurrency.

The bull run has often been fueled by promotional tweets from Elon Musk with one of his recent tweets stating;

“Who let the Doge out.”

Many who look up to Elon’s social media comments sees it as an endorsement and act accordingly. The billionaire CEO also sent the price of Bitcoin soaring when he updated his Twitter status with the word Bitcoin.

Just as the price of Dogecoin crashed back to $0.03 some days back after soaring over 800%, profit-takers may also end this ongoing bull run. An occurrence that will not come announced and catch many who bought the coin at the peak off guard, lending credence to McCormack’s warnings.

Dogecoin: Not All Cryptos Are Created Equal

Cryptocurrency, it seems, is having a cultural moment. While those of us who have been on the crypto wagon for years know how rapidly bears can transform into bulls (and vice versa), it seems like the general populace rediscovers volatility every new cycle.

The news of the weekend has, of course, been dominated by the wild volatility of Dogecoin, the one-time (and possibly still) joke crypto based on a popular meme. On Sunday afternoon, the price spiked to $0.087, urged on by supportive tweets from the likes of Elon Musk, Snoop Dogg, and Gene Simmons of KISS.

A quick scan of the popular r/dogecoin channel on Reddit revealed people who were maxing out credit cards, investing life savings, and bragging about having “diamond hands,” a euphemism for holding their positions indefinitely. While a few investors expressed what could be reasonably described as conservatively optimistic views, most were focused on what kind of Ferrari they would buy when Dogecoin hit $1,000.

I don’t think that the Dogecoin mania will end well for anyone other than the earliest investors. Make no mistake; not all cryptos are created equal. If you want to take advantage of the crypto rally of the moment, you’d be better served by investing in Bitcoin. Here’s why:

Scale and Adoption Are The Key To Success

There are two monopolies that governments will defend above all else: violence and currency. The monopoly on violence has, in many respects, has been one of the greatest innovations in human history. Put simply, this refers to the understanding that only government-sanctioned institutions, like the police or military, can use violence in a given territory when appropriate. This monopoly is rarely challenged in advanced countries, and for a good reason.

The monopoly on currency, however, is now under attack. Decentralized finance empowered via the blockchain represents an existential threat to central governments and banks’ ability to control the supply of money. Historically, whenever a monetary challenger has arisen, it has been quickly stamped out by the powers that be.

The story of Bitcoin, however, has been different. Perhaps it was a matter of timing, or maybe it was the system’s fundamentally decentralized nature, but for some reason, Bitcoin took hold.

This small foothold enabled it to grow both in terms of value and adoption. While numerous other cryptocurrencies have followed the path blazed by Bitcoin, none have come close to its notoriety and adoption. Like Dogecoin, smaller currencies may go through dramatic pump and dump cycles that generate buzz, but buzz does not a currency make.

Celebrity Endorsements Are Great, But It’s The Institutional Money That Really Matters

Look, I love Snoop Dogg and Gene Simmons as much as the next guy, but their endorsements don’t mean much in the scheme of things. Dogecoin’s rise is the result of a unique intersection of hype and lack of knowledge.

I don’t mean this as a knock to smaller crypto investors at all. If anything, I’m worried for them in the near-term. In finance, the proof is in the pudding. The movement of assets speaks louder than any tweet.

Of the roughly $700 billion in Bitcoin at the moment, only about 1% of that money is from institutional sources. That’s about to change. Major institutions, like Goldman Sachs, are poised to join the likes of Anthony Scaramucci’s Skybridge Capital and, of course, Tsangs Group as holders of Bitcoin.

This signals that Bitcoin has been, and will likely continue to be, the winner of the crypto “survival of the fittest” battle we’ve been witnessing.

Crypto Is The Future, But Be Careful

I’m a firm believer that cryptocurrency represents the future of the post-nationalist world. Finally free of the intervention and manipulation of central banks, decentralized finance will likely usher in a new level playing field for everyone.

Evolution, however, isn’t always a tidy process. The growing pains can be as wild as they are gruesome. Like many other alternative cryptos, Dogecoin may very well be seen as an evolutionary aberration in the years to come. In the meantime, my advice is to stick with the established currencies and ride the Bitcoin wave into the future.

Image source: Clay Banks on Unsplash

GameStop, Dogecoin and Crypto: Making Sense of The Wild Current Financial News

Unless you’ve been living under a rock for the past week, you’ve heard about the exploits of a rag-tag group of Reddit traders who have upended the status quo of Wall Street.

I’ve been watching these events unfold from Dubai with equal parts wonder and glee. As a professional investor, the absurdity of both Wall Street and Reddit is apparent.

From the crush of Gamestop investors to the meteoric rise of Dogecoin (one-time joke crypto based on a meme), one thing is clear: we’re in uncharted territory. Here’s my take on where we go from here.

Wall Street Got (Deservedly) Screwed…And Made Things Worse

Everyone with even modest exposure to high finance knows that the professionals can access better information and more sophisticated strategies than any small-time retail investor. Investing, on balance, is anything but a level playing field.

For too long, the elites have assumed that the little guys will simply follow their lead and provide liquidity when needed. Of course, it’s never wise to bet on asymmetrical information in the long-run. Eventually, people catch on and set up their own “gotcha” moment.

All is fair in love, war, and investing, and if Wall Street had taken its licks and gone back to business as usual, I’m willing to be that the story would have been forgotten in the next news cycle.

That isn’t what happened. Instead, Wall Street decided to take the cry baby approach and move the goalposts when they lost. This move didn’t go unnoticed, and chaos understandably ensued.

And The Pendulum Swings

Naturally, the response from people, pundits, and politicians was swift and overwhelming. The masses deepened their distrust of Wall Street and gained newfound confidence in their ability to (seemingly) move the markets.

The problem here is that chaos thrives in the presence of irrational exuberance, and things get out of hand. Somehow, the GameStop Redditors’ machinations have morphed into a bull market for Dogecoin (literally a joke cryptocurrency). Adding fuel to the fire are people like Elon Musk, who have demonstrated the ability to initiate massive moves in the market by merely changing a Twitter bio.

Now, we see trades that make the late 90s tech bubble look conservative. How does this play out? The same way it always does, with the little guy getting squeezed. Yes, David gave Goliath a very-much-deserved black eye. However, that doesn’t mean that he’s sparked a revolution.

How I See Things Playing Out

For the most part, history is a game of inches. Much like the markets, trends ebb and flow until they reach a tipping point. I believe that we’re witnessing one of these flow moments, and it will eventually subside. However, there are significant trends that can, and should, draw on going forward.

I’ve been a longstanding advocate of Bitcoin because it’s radically open and decentralized. The populist momentum that drove the pump and dump schemes behind Gamestop and Dogecoin will outlive the passions of the moment. Bitcoin, unlike many other cryptos, represents a reliable and fundamentally strong vehicle for a decentralized future.

The professional class of investors, of which I am undoubtedly a member, should also be mindful of history’s lessons. If the Trump years taught us anything, it’s that populist uprisings are both challenging to quell and damaging to the long-established status quo. Sometimes, the changes that they bring about are positive, but more often than not, they result in increased division and inequality.

If we want to see a more equitable and profitable future, Wall Street must move toward a more inclusive and fair model. If they continue to move the goalposts and play cry baby when their well-established tactics are used against them, they’re only going to deepen the divide.

I’ll be doing my part, continuing to support open and decentralized platforms like Bitcoin well into the future.

Dogecoin (DOGE) now Available for Purchase at 1,800 ATMs in 45 US States

Dogecoin, the meme-based cryptocurrency, can now be purchased directly from Coinflip ATMs in 45 of the 50 US states.

It will be made accessible at 1,800 ATMs across the United States. Bitcoin ATM provider Coinflip recently announced that it has added Dogecoin as an option for purchase due to DOGE’s “popularity and recent mass adoption.” Currently, Coinflip ATMs are installed in 45 of the 50 US states. Coinflip ATMs support Bitcoin (BTC), Ethereum (ETH), BinanceCoin (BNB), Dash, Litecoin (LTC), Link, USDC, and Stellar Lumens (XLM) up to now.

However, with more cryptocurrencies entering the mainstream, it is a huge possibility that the ATM provider will add more crypto assets to its options in the future. Dogecoin gained a lot of traction thanks to Tesla and SpaceX founder Elon Musk tweeting about it. The cryptocurrency rose by 25% within minutes of Musk tweeting a simple “Doge” on his account.

On more than one occasion, Musk has sent Doge on a bullish rally. Previously he said, “Dogecoin is the people’s crypto.”

On top of Elon Musk playfully pumping the coin, DOGE has also received backing from Reddit group WallStreetBets (WSB), who was responsible for GameStop shares shooting through the roof. After GameStop’s hype died down, the retail investors turned their attention towards cryptocurrencies. Thanks to WSB hyping DOGE, the cryptocurrency’s price soared by 85%.

NBA Dallas Mavericks owner Mark Cuban said to Forbes that DOGE gaining attention may be a good thing for the cryptocurrency industry. He explained:

“Doge gives you a better chance of winning than a lottery ticket all while teaching the economics of supply and demand and introducing people to crypto assets. I truly love it as the lowest cost economics teaching tool available that entertains at the same time.”

Currently, the meme-based cryptocurrency is up approximately 4% in the last 24 hours and its market capitalization has overtaken that of Wrapped Bitcoin (WBTC), sitting at $6.6 billion.

Dogecoin Accepted as Payment by NBA's Dallas Mavericks as Owner Mark Cuban Invests in NFT Platform

Dogecoin (DOGE) will continue gaining traction, and it will soon be entering the NBA thanks to seasoned investor and owner of Dallas Mavericks – Mark Cuban.

Dallas Mavericks will be accepting Dogecoin payments for tickets and merchandise purchased online. The NBA team and BitPay – one of the world’s biggest cryptocurrency payment services – will partner up to enable Dogecoin payments by fans.

The hype Tesla founder Elon Musk has created for Dogecoin seems to have carried on and snowballed, as the meme-based cryptocurrency has entered mainstream adoption. The Mavs are not the only ones who have embraced Dogecoin as a form of payment. Earlier this week, Coinflip ATM provider announced that the Shiba-Inu token will be made available for purchase across 45 states in the U.S., on 1,800 machines.

Before DOGE, the Dallas Mavericks have been accepting Bitcoin as payment for almost two years. Although the NBA franchise has been very forward-thinking with cryptocurrencies, it is not the first in the league to accept cryptocurrencies – In 2014, the Sacramento Kings announced that it will accept Bitcoin payments for tickets and merchandise.

Mark Cuban embraces crypto and NFT wave

Dallas Mavericks owner Mark Cuban previously disclosed that he himself had bought DOGE initially so that his son could teach him about crypto. He said:

“For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you.”

Mark Cuban, the owner of NBA Dallas Mavericks and a billionaire investor, has been among the market bulls embracing the cryptocurrency wave. Cuban appears to favour Ethereum over Bitcoin, however, having only warmed up to the “digital gold” asset recently.

The Dallas Mavericks’ Dogecoin announcement comes as Cuban revealed that he recently invested in Mintable, an NFT platform. The NFT company took to Twitter to announce that the seasoned investor has backed its services, saying:

“It’s official! Mark Cuban has invested in Mintable & we are now proud to be one of the Mark Cuban Companies!”

Cuban said that in his opinion, NFTs were potentially going to replace physical collectibles at some point. He himself has gotten ahead of the game by launching his very own NFT-based “Mark Cuban mini-series.”

What are NFTs?

NFTs are non-fungible tokens that have been all the rage as of lately. They are tokens that are used in several applications, where you can find digital items such as crypto art, digital collectibles, and online gaming accessories. NFTs are one of their kind and are what StadiumTalk dubs “the Mona Lisa of baseball cards,” as each token is unique and irreplaceable.

Most NFTs run on the Ethereum blockchain, and they represent physical assets that have been tokenized. Currently, the hype around NFTs has led to an explosion of digital art being sold via blockchain technology.

Recently, a Banksy art piece worth $95,000 was bought by a blockchain company. The Banksy painting was digitized by Injective protocol. The process involved burning the painting to then create a digital representation of the art using blockchain technology.