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Save the NFTs: FOIL holds offline NFT Auction with first NFT movie & uncensored digital art

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Save the NFTs: FOIL holds offline NFT Auction with first NFT movie & uncensored digital art

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The year 2021 has proven its booming NFT sector, while various NFT marketplaces appear, the market is expanding into a multi-billion industry, but the technology seems to be just warming up before it catches up with the global NFT revolution.

The current issue of NFT is the answer to the question: where the digital art content is actually stored? Foil Network has brought the solution to this problem by introducing the Pure NFT, where a non-fungible token contains all the data on-chain. The media content is not detached or stored on third-party servers. Making it impossible to have the NFT altered, damaged, replicated, or completely lost. Introducing the  Pure NFT technology as a functional solution was the primary goal of the private NFT auction.

Foil Network in cooperation with Prometheus held an offline auction downtown Moscow on July 15, 2021, gathering NFT artists and collectors into a private event of uncensored digital art; right next to the Kremlin.

The event has gathered quite a few artists, representing their NFT works for the first time, such as Sergey Elkin, world-famous caricature artist, Ruslan Sokolovskiy, a famous blogger, musicians like Outkast band and Hohlov Sabatovskiy, online education platform, who created documentary movie dedicated to NFT artists and influencers from Russia and unveiling the most important know-how from the top NFT communities and artists of Russian NFT scene.

The NFT lots of offline auctions combined different digital art and collectibles from famous social media bloggers. A massive collaboration with NFT256, a group artwork made by 256 NFT artists in a dedicated third NFT of portrait series, called “Pangea”. NFT256 artists created a portrait made out of 256 combined digital artworks.

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The “Golden NFT Ticket” of Outkast, has been sold for over $13,000 USD and included a collectible all-inclusive  VIP ticket, special digital content from world-famous miniature sculptor Salavat Fidai, a personally signed CD by the band and the artist himself and VIP passes to all upcoming concerts of the band.

“Catching up with Malevich” was created by Sergey Elkin, a Russian cartoonist and architect, recognized by millions of daily newspaper and magazine readers. The genius representation of Malevich in terms of seeing the NFT art, has impressed the collectors as well as the crowd.

A documentary movie “NFT – The Art of Selling Art” became the first ever NFT-produced film. It is a documentary about NFT art and how it is possible to sell digital art over the NFT marketplaces, told  by the industry artists and activists, such as Brickspacer and other emerging digital artists from Russia .

The documentary was sold for over $13,500 US along with the authenticity and broadcasting rights right in the crypto asset, a non-fungible token.

NFT is an emerging ‘art’ and real representation of physical value, now a part of the crypto community, as much as the art impacts the evolution of society and development of any civilization. The NFT market capitalization is growing rapidly as the year 2021 has proven, the 2021 annual sales volume has already exceeded $2.5 billion.

Digital art is the way to enjoy masterpieces and collect art without leaving your home. NFTs are having their highest demand and interest, as collectors and speculators spend over $200 million on an array of NFT-based artwork in a month.

Foil Network is a baas-oriented (Blockchain-as-a-Service) elastic blockchain with NFT storage and marketplace with NFT wallet and on-chain content storage. FOIL plan to continue to deliver the excellence of the Pure NFT standard, compared to regular ‘dispieced’ NFT assets, while integrating into various NFT Marketplaces and supporting NFT artists, who plan to create NFTs on-chain, with media content stored in one crypto asset.

Foil Web Wallet is not just a crypto wallet, but a fully capable web application with integrated DeFi and NFT services. Crypto wallet users are able to create and mint NFTs, participate on the NFT marketplace and DeFi NFT staking. FOIL’s unique cross chain technology offers full support of the integrated cryptocurrencies. For example Dogecoin, in order to widen the range of defi services for Dogecoin community, such as including earning $FOIL in Dogecoin staking and making and receiving payments for NFTs.

Foil Blockchain is ready to expand its services and offer the NFT platform for NFT Marketplaces with full integration and NFT storage capacities. After a successful initial seed round, the ecosystem is ready to be deployed on third-party platforms and $FOIL native crypto gains special attention due to the unique technologies behind the elastic chain.

Find out more about Pure NFT developed on FOIL and how it can solve emerging storage issues of the booming NFT market:

https://foil.network

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Source: https://zycrypto.com/save-the-nfts-foil-holds-offline-nft-auction-with-first-nft-movie-uncensored-digital-art/

Blockchain

Tesla Reports $23 Million Impairment From Its Bitcoin Holdings

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Tesla, Elon Musk’s electric car manufacturer, released its quarterly earnings results, reporting more than $1 billion in profits for the first time since its launch.

It’s not all fun and games, though. To the delight of Elon’s crypto Twitter fans-turned-haters, Tesla’s investment in Bitcoin made it $23 million in losses after the markets crashed during the second quarter of 2021.

Oddly enough, the only mention of bitcoin appears in the “profitability” section of the report, mentioning the loss.

“Positive impacts were partially offset by growth in operating expenses including increased SBC, Model S/X ram (negative margin in Q2), additional supply chain costs, lower regulatory credit revenue, Bitcoin-related impairment of $23M and other items.”

Tesla Lost $23 Million… But Did It?

The $23 million loss might seem digestible considering Tesla invested about $1.5 Billion in Bitcoin. An almost 50% drop from its ATH could certainly trigger concern among investors, especially those who fear for a continuation of the downtrend that could accelerate upon Bitcoin’s drop below $30K.

However, this stat may be due more to the exploitation of a legal loophole than to an actual monetary loss.


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According to the US norms, accountants must record the value of their cryptocurrency investments at the time they are procured. If cryptocurrencies go up in price, nothing happens as long as the company hodl. The business only has to record the transaction in case of a sale. However, when prices go down, the company must record the decrease in its investment as an impairment charge.

Therefore, even though sales gains may be recorded, the tax incidence may be softened by the declines during the time the company hodled its tokens.This is due to the classification of cryptos as an “indefinite-lived intangible asset.”

In short, Elon haters probably don’t have much to celebrate, as it’s really all about a technicality… Although on second thought, $22 million seems like spare change for the world’s wealthiest man.

The Musk Effect

Tesla’s Bitcoin purchase was crucial to the Bitcoin price history.

After a brief exchange of tweets between Elon Musk and MicroStrategy CEO Michael Saylor, Tesla announced a massive purchase that put it on the podium of publicly traded companies with the most significant Bitcoin holdings.

As a result, the price of bitcoin skyrocketed at a frenetic pace, reaching an ATH in April 2021. At that point, Tesla had made more money with Bitcoin than it did with its entire car production.

However, another Tesla decision contributed almost decisively to killing this trend, driving bitcoin to its most significant decline since late 2017. The company’s announcement to stop taking payments in Bitcoin because of its environmental implications caused a panic in the markets that ended with a nearly 50% drop as the days passed.

However, recently Elon Musk acknowledged that Tesla could accept Bitcoin again if the network becomes environmentally friendly enough. After an online conference with the CEO of Twitter and a dose of optimistic rumors related to the possibility of Amazon accepting Bitcoin, cryptocurrencies had a significant rally today.

It seems that the “Musk Effect” is still alive after all.

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Source: https://cryptopotato.com/tesla-reports-23-million-usd-impairment-q2-2021/

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Blockchain

Tesla Reports $23 Million Impairment From Its Bitcoin Holdings

Published

on

Tesla, Elon Musk’s electric car manufacturer, released its quarterly earnings results, reporting more than $1 billion in profits for the first time since its launch.

It’s not all fun and games, though. To the delight of Elon’s crypto Twitter fans-turned-haters, Tesla’s investment in Bitcoin made it $23 million in losses after the markets crashed during the second quarter of 2021.

Oddly enough, the only mention of bitcoin appears in the “profitability” section of the report, mentioning the loss.

“Positive impacts were partially offset by growth in operating expenses including increased SBC, Model S/X ram (negative margin in Q2), additional supply chain costs, lower regulatory credit revenue, Bitcoin-related impairment of $23M and other items.”

Tesla Lost $23 Million… But Did It?

The $23 million loss might seem digestible considering Tesla invested about $1.5 Billion in Bitcoin. An almost 50% drop from its ATH could certainly trigger concern among investors, especially those who fear for a continuation of the downtrend that could accelerate upon Bitcoin’s drop below $30K.

However, this stat may be due more to the exploitation of a legal loophole than to an actual monetary loss.


ADVERTISEMENT

According to the US norms, accountants must record the value of their cryptocurrency investments at the time they are procured. If cryptocurrencies go up in price, nothing happens as long as the company hodl. The business only has to record the transaction in case of a sale. However, when prices go down, the company must record the decrease in its investment as an impairment charge.

Therefore, even though sales gains may be recorded, the tax incidence may be softened by the declines during the time the company hodled its tokens.This is due to the classification of cryptos as an “indefinite-lived intangible asset.”

In short, Elon haters probably don’t have much to celebrate, as it’s really all about a technicality… Although on second thought, $22 million seems like spare change for the world’s wealthiest man.

The Musk Effect

Tesla’s Bitcoin purchase was crucial to the Bitcoin price history.

After a brief exchange of tweets between Elon Musk and MicroStrategy CEO Michael Saylor, Tesla announced a massive purchase that put it on the podium of publicly traded companies with the most significant Bitcoin holdings.

As a result, the price of bitcoin skyrocketed at a frenetic pace, reaching an ATH in April 2021. At that point, Tesla had made more money with Bitcoin than it did with its entire car production.

However, another Tesla decision contributed almost decisively to killing this trend, driving bitcoin to its most significant decline since late 2017. The company’s announcement to stop taking payments in Bitcoin because of its environmental implications caused a panic in the markets that ended with a nearly 50% drop as the days passed.

However, recently Elon Musk acknowledged that Tesla could accept Bitcoin again if the network becomes environmentally friendly enough. After an online conference with the CEO of Twitter and a dose of optimistic rumors related to the possibility of Amazon accepting Bitcoin, cryptocurrencies had a significant rally today.

It seems that the “Musk Effect” is still alive after all.

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Source: https://cryptopotato.com/tesla-reports-23-million-usd-impairment-q2-2021/

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Goldman Sachs Files for “DeFi” ETF to Track Tech Giants

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The banking giant filed an application with the U.S. Securities and Exchange Commission (SEC) on July 26 for a DeFi ETF that would offer exposure to public companies.

According to the filing, the proposed fund called the “Goldman Sachs Innovate DeFi and Blockchain Equity ETF”, seeks to provide investment results that closely correspond to the performance of the Solactive DeFi and Blockchain Index from the German indices provider.

The details were thin on the ground but the fund will invest at least 80% of its assets into securities, stocks, and fintech firms featured in the index.

DeFi Fund Without The DeFi

It appears that Goldman may be a little confused over the definition of “DeFi”. A closer look at the Solactive Index reveals that it is largely comprised of U.S. tech giants and international telecoms companies.

Of the top twenty components in its July 23 report, not one of them could be described as a DeFi or blockchain project or organization. The top three were Nokia, Facebook, and Google’s Alphabet.


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Also in the list of stocks tracked were payments giants Visa, Mastercard, and PayPal, tech giants Microsoft, IBM, and Intel, and Chinese e-commerce and telecoms monopolies Baidu, Alibaba, and Tencent.

Hardly what anyone would describe as “decentralized finance”.

It is not the first time Goldman Sachs has got its wires twisted over the crypto industry.

Confusion Reigns at Goldman

In a June 14 report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, the bank concluded that Bitcoin is not “a long-term store of value or an investable asset class”.

They contradicted a May 21 report titled “Crypto: A New Asset Class?” which was largely positive about them with the global head of digital assets at Goldman, saying “Bitcoin is now considered an investable asset”.

Earlier this month, analysts at the investment bank outlined their reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin. It also reported that 45% of the ultra-rich are interested in crypto.

In April, Goldman added Bitcoin to its year-to-date returns report, and in March, the bank filed for a Bitcoin ETF with the SEC according to crypto custody firm New York Digital Investment Group (NYDIG).

Now it seems that Goldman has equated DeFi with the likes of Facebook, Google, and Microsoft!

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Source: https://cryptopotato.com/goldman-sachs-files-for-defi-etf-to-track-tech-giants/

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