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Topics - Zemx

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1
Active bitcoin miners may see their profitability double following the 28% downward difficulty adjustment in mining on July 3, according to several mining sites.

The North American hash spread – an index invented by digital asset financial services platform BitOoda to measure the difference between bitcoin mining revenue per megawatt-hour and the cost of the needed power – has almost doubled to $449 from $225.

“Mining economics have improved significantly,” Sam Doctor, chief strategy officer at BitOoda, wrote Monday in a newsletter.

Such projections follow the record downward adjustment in the Bitcoin blockchain’s mining difficulty. The adjustment process, which was coded into the network’s original programming, is designed to stabilize the blockchain by incentivizing miners back to the network whenever there’s a significant drop in the hashrate, which is the amount of computational activity working to secure data and finalize transactions.

China’s recent crackdown on the crypto industry forced many miners to shut down, cutting the total hash power by more than half from record levels earlier this year. The seven-day average hashrate fell to 84.3 exahashes per second on Friday, before the difficulty reset, the lowest since September 2019. But it has since jumped back to about 90.7 exahashes per second, according to Glassnode.

Miners may see similar profitability levels as in April, when bitcoin was trading at nearly double its current level, according to an analysis by Glassnode. While prices are much lower now, fewer miners are splitting the revenue.

Meanwhile, as some Chinese miners have been selling their mining computers or “rigs” at discounts, prices for the machines have dropped. According to Luxor Mining, newer and next-generation rigs have lost 32% of resale value, while the oldest machines saw price declines of 36%.

Remaining miners will continue to see profitability boosts, until the infrastructure catches up, according to industry experts.

“It’s become both easier and more profitable to mine bitcoin,” said Nick Spanos, co-founder of Zap Protocol, an infrastructure provider for decentralized apps. “That’s a recipe for enticing more miners back in.”

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2
Bitcoin’s mining difficulty fell by 28% today, the largest drop in the network’s history. The decline shows the severe impact of China’s recent crackdown on its Bitcoin miners.

Mining difficulty measures the computational power required to validate Bitcoin transactions and consequently how hard it is to earn new Bitcoin. The network adjusts the difficulty each fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition.

Today’s difficulty mining drop follows China’s crackdown on Bitcoin miners, which were responsible for an estimated 65% of the network’s hash rate. Well before the government started to shut down miners last month, Bitcoin’s hash rate peaked at 198 EH/s (i.e. a lot) on April 15. After the crackdown, the hash rate sunk to 89 EH/s.

Chinese miners are now emigrating en masse or selling mining machines to foreign mining farms. But until China’s Bitcoin miners find new homes, non-Chinese miners stand to benefit from the reduced difficulty, which makes it cheaper and easier to mine Bitcoin.

“All other miners who continue to operate gain a commensurate amount of market share and therefore daily block rewards,” Ben Gagnon, chief mining officer at Toronto-based Bitfarms, told Decrypt.

Peter Wall, CEO of London-based Argo Mining, told Decrypt that while miners in the West are trying to capitalize on the gap left by the Chinese crackdown, the market for mining sites is booming.

“Displaced Chinese miners are searching the globe for appropriate hosting sites for their machines, and that means, in places like North America, power and space are at a premium like never before,” he said.

The Chinese government crackdown and subsequent exodus of miners have contributed to a halving of Bitcoin’s price (from about $64k to $33k). The reduced hashrate also means that there aren’t as many computers backing the network, making it less secure.

But the crackdown is good for Bitcoin in the long run, said Josh Goodbody, who used to lead Huobi’s mining sales in the West before he became COO of crypto custodian Qredo. He said the network is now less reliant on the Chinese government.
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3
The CEO of iMining, a crypto mining firm, Khurram Shroff has recently released a statement revealing that the crypto ban in China is good news for Canada and the rest of the world. According to Khurram, the crypto crackdown in China will help in the diversification of the mining spots of cryptocurrencies and hence contribute to the development of the industry.

iMining CEO Khurram Shroff Says China Crypto Ban Will Help in Diversification
The regulatory crackdown on the cryptocurrencies and the businesses associated with crypto trading and mining of China has estranged major mining companies.

One of those companies is an Investment company named IBC Group which is based in Dubai and is reportedly having plans to end their BTC and ETH mining operations in the country.

Revealing further, the officials of IBC Group have said that they will be distributing their business to different locations in the world such as Kazakhstan, Canada, UAE, and South American countries while relocating its headquarters to Toronto, Canada.

Addressing this crackdown as a temporary situation and hurdle in the journey of cryptocurrency, Khurram Shroff said:

“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

Crypto Crackdown in China Will Encourage Decentralization
Mentioning the carbon footprint issue of Bitcoin, China took the decision of imposing a ban on all the activities associated with cryptocurrencies.

In addition to this, the tightening of the cryptocurrency regulations after the ban led to a significant fall in the crypto market and raised concerns over the future of cryptocurrency.

However, it should be noted that the experts from the crypto industry share a common belief that though the crypto crackdown will initially be challenging and inconvenient, the migration of the mining business out of China will help in the decentralization of crypto.

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4
According to Slush Pool, the oldest cryptocurrency mining pool, Bitcoin’s difficulty may reach a maximum negative adjustment of 25 percent based on recent block times.   
The important metric determines how hard it is for miners to find new blocks and earn rewards.       

As of now, a 20 percent drop is on the cards. It would already be the cryptocurrency’s biggest difficulty adjustment ever, which will in turn translate into the biggest increase in profits.

Slush Pool estimates that the profitability of the remaining ASIC miners will skyrocket beyond the most optimistic projections for 2021:

While hundreds of thousands of ASICs sit idle in trucks, cargo ships, planes, and warehouses, those that remain online become more valuable.

For instance, the Antminer S19 Pro will be able to churn out 86,700 satoshis per day following the upcoming difficulty adjustment that will take place in about a week.   

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5
Quick Take
Popular NFT marketplace Rarible has secured $14.2 million in a Series A round led by venture capital funds Venrock and CoinFund.
The platform also announced it will launch a marketplace on the Flow blockchain in an effort to take NFTs mainstream.
NFT marketplace Rarible has raised $14.2 million in a Series A round led by venture capital funds Venrock and CoinFund, with participation from 01 Advisors, a venture and advisory firm.

In tandem with the news, the platform also announced it will launch a marketplace on the Flow blockchain in a bid to take NFTs mainstream. Flow also powers the popular NFT basketball platform NBA Top Shot.

According to Rarible co-founder Alexander Salnikov, the marketplace plans to partner with several low-cost and environmentally-friendly blockchains.

“Flow has a fantastic track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences,” Salnikov said in a statement. “As a blockchain, Flow enables easier access and lowers the entry barrier for consumers and brands via gasless minting, low-cost transactions, and scalability. As we enter the next stage, pursuing to further pioneer the mass adoption of NFTs, we see Flow as a perfect partner for this journey.”

According to Salnikov, the Series A funding will be used to make new hires as well as to continue developing the marketplace. More specifically, the Rarible team plans to adopt a layer 2 solution to bring down gas costs, which will make it easier for any digital artist to enter the space and sell their work. The team also plans to make the consumer experience more user-friendly and seamless by allowing users to carry out transactions using a debit or credit card.

Lastly, the team is working on launching a decentralized protocol that will be governed by its own DAO, which it says will "place decision-making power in the hands of our community."

The Rarible marketplace, which launched in 2020, experienced a significant increase in trading activity with the NFT boom that took place earlier this year. However, it also encountered some issues with user verification, and some artists complained that already verified users with large followings were gaming the platform via wash-trading.

Following the reports, the marketplace introduced buyer and seller fees to discourage wash trading, and the Rarible team said it has created more avenues for users to report "pointless transactions."

While there has been an overall decline in NFT transactions, Salnikov said he doesn't believe the hype around the digital collectibles is dying.

"Even at the height of all the publicity and hype around NFTs, less than 1 percent of the world was in the market — and that is still true today," he said.

"NFTs provide such a utility for artists, giving creators digital rights to their work, and I don't see that going away any time soon — in fact, I believe more and more creators are going to be taking advantage of this and the adoption of NFTs will continue to grow," he added.


© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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6
The Winklevosses support the green Bitcoin trend
The carbon credits bought by the company with $4 million will stop over $341,000 metric tons of carbon from being thrown into the atmosphere of the planet.

Currently, Gemini holds a staggering 250,843 Bitcoins worth over $8 billion in custody for its customers.

CEO Tyler Winklevoss stated that the company intends to help create a better world with both crypto and a clean environment.

The Bitcoins of the customers are stored in hot wallets (the ones that are connected to the Internet) and are used for transactions. Those require verification from miners and substantial energy consumption.

Elon Musk has set the “green Bitcoin” trend
Tesla CEO Elon Musk was the first to draw massive and painful attention to the carbon footprint issue in the crypto industry when he suspended Bitcoin payments accepted by Tesla.

That pushed the BTC price down significantly last month.

Later on, Musk and MicroStrategy CEO Michael Saylor met with the reps of major Bitcoin mining companies in the US and set up the Bitcoin Mining Council.

US miners committed to more transparency about their operations and using as much green energy as they can find.

As reported by U.Today, Elon tweeted that Tesla will resume accepting the flagship cryptocurrency as soon as the amount of green energy used by the mining community reached 50 percent.

China joins Elon Musk, miners are leaving for other countries
China has also started clamping down on crypto miners, depriving them of access to energy and forcing many of them to leave the country for Canada and other friendlier jurisdictions.

Canaan mining giant is already setting up an office in Kazakhstan. Bitmain is also planning a full shift overseas, as covered by U.Today previously.

This Chinese crackdown on BTC miners has made the overall Bitcoin hashrate plunge, made the Bitcoin network weaker and pushed the BTC price down to the $28,000 level.

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7
Mining farms outside of China can cover no more than 5-10% of the capacity of companies that are rapidly exporting their mining equipment outside of mainland China, considers the Chinese cryptocurrency journalist Colin Wu.

Most of the new farms outside of China are still under construction. While, after the mining ban, there are from 1 to 2 million idle Bitcoin mining machines in China.

There are currently at least 1 to 2 million idle Bitcoin mining machines in China. Idle mining farms outside China can only solve 5%-10% of them, most of the new farms are still under construction.

— Wu Blockchain (@WuBlockchain) June 24, 2021
Wu also notes the placement cost in foreign farms and data centers has increased significantly. In parallel, the electricity cost in the key mining areas has also increased. Some of the farms' hosts even require 10% of the mined coins.

In Wu's opinion, not all miners will be able to find their new place outside of China. It may cause another industry crisis.

The Great China Exodus
On May 10, the Department of Industry and Information Technology of the Chinese province of Qinghai instructed mining companies to suspend all current operations. Miners from the Shandong Technopark in Xinjiang Province received an order to immediately stop their activities.

Regulators will monitor the implementation of the order and promise to 'pursue miners' who 'try to disguise the production of digital currencies under data processing centers, supercomputers or computing centers.'

The authorities explain their actions by implementing measures to assess the energy saving of investment projects, as well as the directive of the State Council of China on maintaining financial stability by combating mining and trading BTC.

According to Colin Wu's subscribers on Twitter, there are still places within China to store mining equipment before leaving China. Moreover, these are unofficial locations. For most companies, mining in China is over.

Unofficially yes, small places exist. For most though, mining in China is over and large companies are making other arrangements in other countries, and storing their machines in the interim.

— Miner Daily (@DailyMiner) June 24, 2021

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8
Quick Take
Reddit is selling three unique “CryptoSnoos” NFTs built on the Ethereum blockchain.
The sale is open on the NFT platform OpenSea and closes on July 1.
Social media giant Reddit is auctioning off a very limited number of non-fungible tokens (NFTs) built on the Ethereum blockchain.

Named "CryptoSnoos," the NFTs are a collection from Reddit that features its alien mascot Snoo. Snoo was originally created as a doodle, but after a few revisions became Reddit's alien mascot. Reddit is currently auctioning off three CryptoSnoos, which have the "Legendary" tag, meaning one of a kind.

The three CryptoSnoos NFTs are dubbed Original Block, Helium, and Snooprematic. NFTs are unique tokens on a blockchain that certify the uniqueness of digital goods. The three NFTs are currently on sale on the NFT platform OpenSea, and their auction ends on July 1.

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9
কিছুদিন যাবত আমি দেখতে পাচ্ছি বাংলা সেকশনের অনেক জুনিয়র এবং নতুন ইউজার গুলো  ট্রেডিং সম্পর্কে জানার চেষ্টা করছে। যারা ট্রেডিং সম্পর্কে জানতে চান তাদের জন্য আজকের এই গাইডলাইন।


ট্রেডিংয়ের জন্য সাপোর্ট এবং রেসিস্টেন্স একটি গুরুত্বপূর্ণ বিষয়। এই ক্ষেত্রে ক্রিপ্টোকারেন্সি ট্রেডিং বা ফরেক্স ট্রেডিং হোক না কেন।

সাপোর্ট এবং রেসিস্টেন্স বের করার জন্য ভিন্ন ভিন্ন নিজস্ব প্যাটার্ন রয়েছে। যার উপর নির্ভর করে প্রত্যেকেই নিজ নিজ পদ্ধতিতে সাপোর্ট এবং রেসিস্টেন্স এরিয়া গুলো খুজে বের করে।

চলুন দেখে নেওয়া যাক সাধারন দৃষ্টিতে সাপোর্ট এবং রেসিস্টেন্স এরিয়া গুলো।


সাপোর্ট এবং রেসিস্টেন্স
উপরের ছবিতে দেখতে পাচ্ছেন কোন কোন এরিয়াকে সাপোর্ট এবং কোন গুলোকে রেসিস্টেন্স হিসেবে ধরা হয়েছে।

যখন মার্কেট উপরের দিকে মুভ করে একটি জায়গা থেকে আবার ব্যক করে তখন মার্কেট নিচের দিকে ব্যক করার পূর্বে সর্বচ্চ যে জায়গা থেকে ব্যক করেছে তাকে রেসিস্টেন্স হিসেবে ধরা হয়।

প্রতিটি রেসিস্টেন্স এরিয়া সেলারদের অধিক উপস্থিতিকে বুঝিয়ে থাকে।

আবার অপর দিকে মার্কেট যখন মুভ করে ডাউন যেতে যেতে একটি জায়গা থেকে আবার উপরের দিকে যেতে শুরু করে তখন যে জায়গা থেকে আবার মার্কেট উপরের দিকে যেতে শুরু করে তখন সেই এরিয়াকে সাপোর্ট হিসেবে ধরা হয়।

প্রতিটি সাপোর্ট এরিয়া বাইয়ারদে অধিক উপস্থিতিকে বুঝিয়ে থাকে।

এইভাবে মার্কেট যতবার উপরে এবং নিচের দিকে যেতে থাকবে ততবারই একটি করে সাপোর্ট এবং রেসিস্টেন্স তৈরি করতে থাকবে।

10
The Bitwise 10 Crypto Index Fund has bought $502,428,024 worth of mostly bitcoin and eth as well as other cryptos.

Katherine Dowling, the COO at Bitwise 10, said in a filing with the Securities and Exchanges Commission (SEC) that 1,048 investors contributed towards this half a billion.

The fund is traded on OTC Markets and has a similar structure as the Grayscale Bitcoin Fund (GBTC), but instead of being limited to just bitcoin it has other cryptos.

In particular eth makes up 25% of the Bitwise fund, with bitcoin at 69%. Other cryptos are at less than 5% in total, including BCH, Litecoin, Chainlink, the very new Polygon, Stellar, Uniswap, Filecoin and EOS at less than 1% each.

The fund began trading just this December with it quickly growing from an initial $120 million of assets under management.

Much of this half a billion was probably around that time as the filing was amended, with the fund now reaching $664 million in assets under management and a market cap of $683 million.

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11
Ethereum whales have started moving the world’s second-most valuable digital asset in substantial amounts amid market volatility. ETH touched a low of nearly $1,700 yesterday, the lowest level since March 2021.

According to the latest data posted by Whale Alert, the leading crypto analytics and blockchain tracking platform, a large Ethereum wallet moved 81,760 ETH from a digital wallet to cryptocurrency exchange Binance. According to the current price of Ethereum, the total value of the transaction stands at around $160 million.

Bank Account Alternative. Business Account IBAN.

The mentioned transfer was executed on Tuesday 22 June at 14:02 UTC. The movement from the whale Ethereum account was highlighted by Etherescan. During the latest market volatility, the number of transfers by whale Ethereum addresses has increased significantly.

“Ethereum’s top 10 non-exchange whales continue to hold record levels of ETH and are even inching upward despite the dip below $1,900 Monday. Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs,” crypto analytics firm Santiment mentioned on Twitter.

Santiment added that the top 10 Ethereum addresses are currently holding more than 19.5 million coins.

Ethereum 2.0
While ETH is currently facing a tough challenge in the form of a bearish crypto market, the deposit contract of Ethereum 2.0 is steadily attracting a large amount of ETH. According to Etherescan, the staking contract of Ethereum 2.0 (ETH’s network upgrade) now has more than 5.7 million coins with a total value of over $11.5 billion. The deposit contract of ETH 2.0 crossed 5 million ETH for the first time in May 2021. The latest surge in the staking number shows that the ETH community is fully supporting the upgrade from the current proof-of-work network to an improved proof-of-stake network.

As of writing, Ethereum is trading near $2,000 with a market cap of over $230 billion. The current market dominance of the world’s second-largest digital currency stands at around 17%, down from the recent high of more than 19% in May 2021.

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12
Non-fungible token (NFT) issuing protocol Charged Particles is partnering with SportsIcon to produce crypto-collectibles featuring legendary Italian goalkeeper Gianluigi ‘Gigi‘ Buffon, it said in a release shared with CryptoSlate.

Charged Particles is a protocol that allows users to deposit ERC-20 tokens(ANY tokens) into an NFT. A scarce NFT (e.g. Art, Collectible, Virtual Real Estate, In-Game Item, etc.) can now be transformed into a basket holding a number of other tokens.

 The Principal amount can be time-locked inside the NFT, and through integration with Aave’s aTokens, the programmable yield from these DeFi yield-generating assets is just a few clicks away.

Buffon NFTs
Buffon, 43, is an Italian professional footballer who plays as a goalkeeper for Serie B club Parma. He is regarded as one of the greatest goalkeepers of all time and has made over 1,100 professional career appearances.

And his NFTs are coming. “We are excited to announce a collaborative Nested NFT with SportsIcon, The Guild NFT, and Gigi Buffon,” said Charged Particles in the release.

It added, “We’re absolutely thrilled to be a part of this and are eager to unveil what we’ve been working on in the upcoming weeks.”

The Gigi Buffon Nested NFTs is coming this July, featuring 5 NFTs nested inside a single NFT. Each NFT will focus on the most amazing moments of Gigi Buffon’s career.

Joining in on the collaboration is crypto-artist collective ‘The Guild,’ which continues to set itself apart in the NFT Space and is launching the second “Nested NFT” with Charged Particles.

SportsIcon creates iconic NFTs centered around the careers of the world’s greatest athletes, like Gigi Buffon, who many consider being the greatest goalkeeper of all time. “Through SportsIcons relationship with Buffon, and our relationship with The Guild NFT; we’re able to come together for the first of many amazing collaborations!” said Charged Particles in the regard.

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13
Despite the fact that Bitcoin (BTC) is still up 'year-to-date', it erased almost half of its price in Q2, 2021.

Worst three months for Bitcoin (BTC) since 2018 Crypto Winter
Skew, an analytical group that tracks crucial indicators for crypto derivatives markets, shares the statistics of Bitcoin's quarterly performance on Twitter.

#bitcoin up 10% year-to-date but on track for worst quarter since Q1 2018 pic.twitter.com/z3PpsAlIJK

— skew (@skewdotcom) June 22, 2021
According to their latest tweet, Bitcoin (BTC) lost 45,91% in Q2, 2021. In Q1, 2018 after reaching the 2017 high of over $19,000, Bitcoin (BTC) retraced 49,89%. This disaster is the worst result in Bitcoin's (BTC) latest eight years.

At the same time, Bitcoin (BTC) 'year-to-date' price dynamics is surprisingly positive. Today, the flagship cryptocurrency is up 10% compared to early January, 2021.

As covered by U.Today previously, none of the summer months 'loves' Bitcoin (BTC). Typically, March and August bring the most painful news for Bitcoin (BTC) bulls.

All eyes on $31,000 level
Today, on June 22, Bitcoin (BTC) yet again touched the bullish stronghold at $31,000. In June, this level established itself as a reliable support amidst increasing selling pressure.

Bitcoin (BTC) price is plummeting as China intensifies its crackdown on crypto. Bitcoin (BTC) mining has been banned in the majority of provinces including strategic ones.

Also, all major banks are prohibited from interacting with crypto-oriented services including exchanges. Analysts explain this witch-hunt by either political or environmental issues.

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14
Both Crypto- and non-Cryptospheres are discussing a "death cross" that appeared on bitcoin (BTC) charts, which is seen by some traders as a bearish signal that indicates lower prices to come. However, it seems there is no actual proof that death cross means or "confirms" anything that is about to happen, but is instead displaying what has already been set in motion.

The media, traders, charters, analysts, and other insiders are keeping a close eye on the charts, after bitcoin has formed a death cross - which means its average price over the last 50 days descended below the price of its 200-day moving average (MA).

While a golden cross allegedly indicates a bull price movement, the death cross is a technical chart pattern that, as some believe, indicates the potential for a major sell-off. The name comes from the X shape which is created when the short-term moving average drops below the long-term moving average.

This follows a number of announcements from China that may prove to be detrimental for the crypto industry. Chinese central bank said that all the nation’s biggest commercial banks, as well as the giant Alipay, have agreed to help it enact a stronger crackdown on crypto, while many major mining farms in the vital province of Sichuan are set to close as well.


Jeffrey Kleintop, Chief Global Investment Strategist for Charles Schwab & Co., is quoted by Bloomberg as saying that this crackdown "perhaps does take away some of [BTC's] luster," adding that it can certainly create some volatility. "No one is sure the extent of the crackdown and China is an important player in the Bitcoin market," he said.

That said, this death cross may not signal that much pain to come at all.

"There has been much talk of the “death cross” as BTC 50-day moving average crosses below its 200-day moving average, yet there is no statistical evidence as this event being a sell signal," wrote Jeff Dorman, the Chief Investment Officer (CIO) of US-based investment management firm Arca.

Also, according to Financial Markets Operator at Quantum Economics, Imran Yusof, the death cross "doesn’t presage anything," including the beginning of a downtrend. He argues that MAs are lagging indicators, while MA crossovers - which are very important to some, particularly mainstream financial news media - are merely lagging indicators of lagging indicators. A lagging indicator, such as the simple moving average, is a financial signal that occurs only after shifts in the underlying price had already happened.

Therefore, said Yusof,

"This means lagging indicators serve only to confirm a trend that is already underway. They do not predict trends."

Another reason why moving average crossovers are not that useful, per Yusof, is that different exchanges and charting service providers have their own proprietary sources for price data, and these sets of data can lead to a similar shape on charts over the same time period, but with MAs not crossing at the same time - so which chart is one to look at?

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15
The 70s era star vocalist of the Mamas & the Papas, Michelle Phillips, is auctioning off non-fungible tokens (NFT) for charity.

Phillip’s is auctioning off original artwork as an NFT to benefit the charity The Painted Turtle. The NFT includes a video of the singer drawing a group portrait of the band and the digital image. In addition, the digital image features her signature and a special message to the winning bidder. 

The original, physical copy of the drawing will be in the Rock and Roll Hall of Fame. Ten copies of the NFT are listed at a minimum of $10,000 each, which at the time of writing equates to 5.1 ETH. The auction runs through June 29 via ViciNFT on OpenSea.

ViciNFT, the corporation managing the auction, leads the industry in digital asset management of artists and businesses. Its clients span the emerging non-fungible token (NFT) scene, blockchain development, and crypto-based auctions.

Bill Gladstone, a partner at ViciNFT, commented on the Phillips auction: “Michelle represents the essence of the California musical and cultural transformation of the 1960s which has impacted the world for more than fifty years.”

ViciNFT requires all NFT auctions to have a philanthropic component, with 25% of the profits going to selected charities. The same goes for Phillips’ auction, which will benefit The Painted Turtle, a charity that organizes free camps for children with serious medical ailments.

Lou Adler founded The Painted Turtle in 1999 with his wife Page and actor Paul Newman. Adler produced music for the Mamas & the Papas and commented on the NFT as a “priceless treasure for the winning bidder.”

Celebrity NFTs on the Rise
Michelle Phillips is among the growing number of high profile artists involved with the NFT market.

Recently, the music industry’s interest in NFTs skyrocketed and entire album projects appeared on the market. For the music industry, NFTs offer another opportunity for artists to market merchandise. The popular electronic musician Grimes turned her digital art into the one of the highest grossing NFTs in the industry.

Even record labels are jumping on the craze to create NFT concert tickets in an attempt to reduce ticketing fraud.

In the case of Phillips, it’s not just the music-related memorabilia that is up for grabs. Along with the NFT video and digital art, successful bidders are invited to dinner with the singer and her friends in Westwood, California. Also in attendance will be the CEO of The Painted Turtle and members of ViciNFT.

Michelle herself commented on the auction, “I am delighted to be able to help so many children through these auctions.” Regarding the dinner, she added, “I am hoping Lou Adler and several of my other friends will join the special dinner that will be held for the winning bidders on September 2021 at my favorite Italian restaurant PASTINA in Westwood California.”

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