The crypto market is down 46% from its all-time high in May, but shrewd investors are celebrating the dip in prices.

Because the IRS classifies digital currencies like bitcoin as property, losses on crypto holdings are treated much differently than losses on stocks and mutual funds, according to Onramp Invest CEO Tyrone Ross. With crypto tokens, wash sale rules don’t apply, meaning that you can sell your bitcoin and buy it right back, whereas with a stock, you would have to wait 30 days to buy it back.

This nuance in the tax code is absolutely huge for crypto holders in the U.S.

For one, it paves the way for tax-loss harvesting.

“One thing savvy investors do is sell at a loss and buy back bitcoin at a lower price,” explained Shehan Chandrasekera, a CPA and head of tax strategy at crypto tax software company CoinTracker.io. “You want to look as poor as possible.”

The more losses you can rack up, the better it is for the investor in the long run.

“You can harvest an unlimited amount of losses and carry them forward into an unlimited number of tax years,” Chandrasekera added.

Because the wash sale rule doesn’t apply, investors can harvest their crypto losses more aggressively than with stocks, because there’s no baked-in waiting period.

“I see people doing this every month, every week, every quarter, depending on their sophistication,” he said. “You can collect so many of these losses.”

Accruing these losses is how investors ultimately offset their future gains.

When an individual goes to liquidate their crypto stake, they can use these collected losses to bring down what they owe to the IRS through the capital gains tax.

Quickly buying back the cryptos is another key part of the equation. If timed correctly, buying the dip enables investors to catch the ride back up, if the price of the digital coin rebounds.

So let’s say a taxpayer purchases one bitcoin for $10,000 and sells it for $50,000. This individual would face $40,000 of taxable capital gains. But if this same taxpayer had previously harvested $40,000 worth of losses on earlier crypto transactions, they’d be able to offset the tax they owe.

It’s a strategy that is catching on among CoinTracker users, according to Chandrasekera.

But he cautioned that thorough bookkeeping is essential.

“Without detailed records of your transaction and cost basis, you cannot substantiate your calculations to the IRS,” he warned.

This content was originally published here.

  • BTC, ETH jump to the top of recent ranges as shorts squeezed
  • BTC strongest since June, ETH at three-week peak
  • Talk of Amazon acceptance, big investor remarks a help – brokers

HONG KONG/SINGAPORE, July 26 (Reuters) – Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment.

Bitcoin rose as far as 12.5% to hit $39,850, its highest since mid-June during the Asia session, while ether hit a three-week peak of $2,344. On the heels of bitcoin’s best week in almost three months, the move put the squeeze on short sellers.

Last week, cryptocurrency enthusiast and Tesla (TSLA.O) boss Elon Musk said the carmarker would likely resume accepting bitcoin once it conducts due diligence on its energy use. It had suspended such payments in May, contributing to a sharp crypto selloff. read more

Twitter (TWTR.N) boss Jack Dorsey also said last week that the digital currency is a “big part” of the social media firm’s future and, on Sunday, London’s City A.M. newspaper reported – citing an un-named “insider” – that Amazon is looking to accept bitcoin payments by year’s end. read more

Brokers said that taken together the remarks were enough to finally lift the market from the floor of support where it has held steady since a May plunge, while data also pointed to heavy short-seller liquidations – suggesting many might have given up.

“Over the last five trading sessions we’ve seen general near-term bullishness in the market, driven by key technicals, as well as recent positive comments,” said Ryan Rabaglia, global head of trading at digital asset platform OSL.

“With a record $1.2 billion in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive,” he said.

Bitcoin was last up 8% at $38,064, putting it within sight of resistance around June’s $41,341.57 peak just a week after it was testing support at $29,500.

Ether was last up 5% at $2,304.

Reporting by Alun John in Hong Kong and Tom Westbrook in Singapore; Editing by Christopher Cushing and Jacqueline Wong

This content was originally published here.

Artificial intelligence to explore the biomolecular world
Credit: Ecole Polytechnique Federale de Lausanne

EPFL scientists have developed AI-powered nanosensors that let researchers track various kinds of biological molecules without disturbing them.

The tiny world of biomolecules is rich in fascinating interactions between a plethora of different agents such as intricate nanomachines (proteins), shape-shifting vessels (lipid complexes), chains of vital information (DNA) and energy fuel (carbohydrates). Yet the ways in which biomolecules meet and interact to define the symphony of life is exceedingly complex.

Scientists at the Bionanophotonic Systems Laboratory in EPFL’s School of Engineering have now developed a new biosensor that can be used to observe all major biomolecule classes of the nanoworld without disturbing them. Their innovative technique uses nanotechnology, metasurfaces, infrared light and . The team’s research has just been published in Advanced Materials.

To each molecule its own melody

In this nano-sized symphony, perfect orchestration makes physiological wonders such as vision and taste possible, while slight dissonances can amplify into horrendous cacophonies leading to pathologies such as cancer and neurodegeneration.

“Tuning into this tiny world and being able to differentiate between proteins, lipids, nucleic acids and carbohydrates without disturbing their interactions is of fundamental importance for understanding life processes and disease mechanisms,” says Hatice Altug, the head of the Bionanophotonic Systems Laboratory.

Light, and more specifically infrared light, is at the core of the biosensor developed by Altug’s team. Humans cannot see infrared light, which is beyond the visible light spectrum that ranges from blue to red. However, we can feel it in the form of heat in our bodies, as our molecules vibrate under the excitation.

Molecules consist of atoms bonded to each other and—depending on the mass of the atoms and the arrangement and stiffness of their bonds—vibrate at specific frequencies. This is similar to the strings on a musical instrument that vibrate at specific frequencies depending on their length. These resonant frequencies are molecule-specific, and they mostly occur in the infrared frequency range of the electromagnetic spectrum.

“If you imagine audio frequencies instead of infrared frequencies, it’s as if each molecule has its own characteristic melody,” says Aurélian John-Herpin, a doctoral assistant at Altug’s lab and the first author of the publication. “However, tuning into these melodies is very challenging because without amplification, they are mere whispers in a sea of sounds. To make matters worse, their melodies can present very similar motifs making it hard to tell them apart.”

Metasurfaces and artificial intelligence

The scientists solved these two issues using metasurfaces and AI. Metasurfaces are man-made materials with outstanding light manipulation capabilities at the nano scale, thereby enabling functions beyond what is otherwise seen in nature. Here, their precisely engineered meta-atoms made out of gold nanorods act like amplifiers of light-matter interactions by tapping into the plasmonic excitations resulting from the collective oscillations of free electrons in metals. “In our analogy, these enhanced interactions make the whispered molecule melodies more audible,” says John-Herpin.

AI is a powerful tool that can be fed with more data than humans can handle in the same amount of time and that can quickly develop the ability to recognize complex patterns from the data. John-Herpin explains, “AI can be imagined as a complete beginner musician who listens to the different amplified melodies and develops a perfect ear after just a few minutes and can tell the melodies apart, even when they are played together—like in an orchestra featuring many instruments simultaneously.”

The first biosensor of its kind

When the scientists’ infrared metasurfaces are augmented with AI, the new sensor can be used to analyze biological assays featuring multiple analytes simultaneously from the major biomolecule classes and resolving their dynamic interactions.

“We looked in particular at lipid vesicle-based nanoparticles and monitored their breakage through the insertion of a toxin peptide and the subsequent release of vesicle cargos of nucleotides and carbohydrates, as well as the formation of supported lipid bilayer patches on the metasurface,” says Altug.

This pioneering AI-powered, metasurface-based biosensor will open up exciting perspectives for studying and unraveling inherently complex biological processes, such as intercellular communication via exosomesand the interaction of nucleic acids and carbohydrates with proteins in gene regulation and neurodegeneration.

“We imagine that our technology will have applications in the fields of biology, bioanalytics and pharmacology—from fundamental research and disease diagnostics to drug development,” says Altug.

Explore further

More information:
Aurelian John‐Herpin et al. Infrared Metasurface Augmented by Deep Learning for Monitoring Dynamics between All Major Classes of Biomolecules, Advanced Materials (2021). DOI: 10.1002/adma.202006054

Journal information:
Advanced Materials


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India’s central bank followed China’s lead Tuesday and issued a strong warning about bitcoin and the risks of investing in cryptocurrencies and initial coin offerings.

Despite the advice, bitcoin’s price hit an all-time high of $12,775 Wednesday.

The Reserve Bank of India repeated warnings it first published about bitcoin in , and then again in .

“Users, holders and traders of virtual currencies including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such virtual currencies,” the bank warned.

It also highlighted the risks involved in taking part in ICOs or token sales, which have become a popular way for businesses to raise millions of dollars in a short space of time. Critics say they leave investors open to fraud.

In India trading in bitcoin remains legal, and its soaring value has led to a buying frenzy on Indian exchanges.

The subcontinent is just one of multiple Asian countries to warn its citizens about cryptocurrencies.

On Sunday, Pan Gongsheng, deputy governor of the People’s Bank of China, said: “One day you’ll see bitcoin’s dead body float away in front of you.”

In September the bank banned ICOs and stopped cryptocurrency exchanges from serving local customers

“If we had not shut down bitcoin exchanges and cracked down on ICOs several months ago, if China still accounted for more than 80 percent of the world’s Bitcoin trading and ICO fundraising, everyone, what would happen today? Thinking of this question makes me scared,” Pan said.

Separately, the central banks of Indonesia and Bangladesh have banned the use of bitcoin as a payment tool, while South Korea has banned ICOs as a way of raising money.

Despite increased scrutiny and regulation across the globe, the price of bitcoin has soared 1200 percent since the start of 2017.

The most recent spike comes on the back of U.S. regulators confirming exchanges would be allowed to conduct bitcoin future trading, providing the cryptocurrency with a greater level of credibility in the financial world.

The Chicago-based Cboe exchange announced Monday it will be the first to launch the service Sunday.

This content was originally published here.

Sleeping Bitcoins Worth $40 Million Move- Mystery Miner Spends Another 1,000 BTC From 2010 Block Rewards

On January 10, another strange string of 20 bitcoin block rewards from 2010 was spent after sitting idle for over ten years. The spending of 1,000 decade-old bitcoins worth over $39 million today, follows the recent string of 1,000 units transferred on the 12th anniversary of Bitcoin’s genesis block launch.

Seven days ago an old-school miner spent 20 block rewards from 2010 that held approximately 1,000 decade-old bitcoins. The interesting spending took place on January 3, 2021, on the 12th anniversary of the Bitcoin network’s start.

Following that string of 2010 block rewards moved, on Friday, January 8, a block created on June 21, 2010, was spent at block height 665,055 and was likely a different entity than the mysterious miner news.Bitcoin.com has been following since March 2020. However, two days later after the single block spend, it seems the mystery miner has appeared once again spending a massive 1,000 decade-old bitcoins that sat idle for ten years.

On Sunday, precisely one week later at 1:08 a.m. (EST), 20 block rewards were transferred to this shortened address “3Fwhd.” News.Bitcoin.com leveraged the onchain blockchain parser Btcparser.com, which once again caught the ‘sleeping bitcoin’s’ movements on Sunday morning. The consolidation address that once held 999.999 BTC or over $39 million using today’s exchange rates, shows the coins were then sent to multiple addresses.

Just like the previous string of 2010 block rewards transferred on Bitcoin’s 12th anniversary, the coins were split into fractions of 10 BTC per address. At press time, the bitcoin addresses that hold 10 BTC worth roughly $395k each remain unmoved and sit idle. It is likely that during the course of today, similar to the prior strings of 2010 spends, the 10 BTC addresses will also be drained as well.

As usual, the mystery miner also spent the corresponding bitcoin cash (BCH) block rewards too. ust like the last few string movements of 2010 block rewards, the bitcoinsv (BSV) remains unspent. Similar to the previous ten-year-old 20-block string spends, today’s 1,000 bitcoin move stemmed from blocks mined in August, September, and October 2010.

Alongside the parsed data caught by Btcparser.com, the web portal that hosts the “Satoshi Bags Tracker” shows a visual perspective of the string of 2010 spends. This particular 1,000 coin spend was similar to the string of coins moved on November 7 and 8, 2020, as the two 1,000 bitcoin movements happened back to back over a two-day span.

There have been a number of coincidences and circumstantial evidence that leads this reporter to believe that all the 20-21 block reward spends from 2010 stem from the same entity. The miner or group of miner’s block rewards all derive from the same months ten years ago and usually, the transfers happen very early in the morning (EST).

Following the split of the previous 1,000 BTC spend, the 10 BTC addresses saw the coins spent hours later. The same pattern happened with all the other prior strings of 2010 block reward spends. Further, the corresponding bitcoinsv (BSV) from the previous string spends remain untouched.

Whoever the old school miner is the entity has amassed a great number of block rewards from the time when Satoshi Nakamoto still spent time with the community. So far in 2021, there’ve been around 43 block reward spend from 2010 all spent during the first week of the new year. Further since March 12, 2020, otherwise known as ‘Black Thursday,’ there’s been a total of seven string spends from 2010 spent by this entity.

What do you think about today’s 1,000 bitcoin spend from the 2010 block rewards? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

The American musician, co-lead singer, and bassist for the rock band Kiss, Gene Simmons, has been very talkative about cryptocurrencies during the last two weeks. Just recently, Simmons sat down with Bitcoin.com’s podcast host, Dustin Plantholt and the two discussed a variety of subjects like the Ripple lawsuit, and why the rockstar thinks cryptocurrencies are worth owning.

Gene Simmons Talks Crypto In an Upcoming Bitcoin.com Podcast Exclusive

Gene Simmons is well known for his band Kiss, the rock band that was formed in 1973 by Simmons, Paul Stanley, Peter Criss, and Ace Frehley. Simmons is also known for being an entrepreneur over the years and just recently, news.Bitcoin.com reported on Simmon’s telling his Twitter followers about which cryptocurrencies he owned. Last week, the bass player told his fans he purchased BTC, ETH, LTC, DOGE, XRP, and other digital assets.

This Saturday, Simmons joined Tesla founder Elon Musk and the hip hop artist Snoop Dogg, and started tweeting about dogecoin (DOGE). Additionally, this week the rockstar from Kiss got together with Bitcoin.com’s podcast host, Dustin Plantholt, for a podcast sponsored by exchange.Bitcoin.com. During the conversation, Simmons told Plantholt that unlike most of his peers, he was a bookworm and he read about economics at an early age.

“When I was a kid I started reading stuff, the kind of stuff that the other kids did not read,” the Kiss bassist said during the podcast. “So as you know reading is fundamental and the more information I got, the more questions I had. I learned about capitalism and how it works, how the government prints money. That it was once based on gold, and there lies the value, and then at some point in the past before most of you were born, the dollar was no longer based on gold,” Simmons added. The musician further added:

[The dollar] is based on nothing.

“That’s ok if everything works,” Simmons insisted to Plantholt during the conversation. “Then the world continues to somehow base value on dollars. Even the terrorists want to get paid in dollars and not by local wombat coinage— I’m not the expert and I’m not directing [you] or suggesting that anyone get into cryptocurrency, I’m just telling you what I am doing. The more governments and that includes the United States government, continue to keep printing money which is based on nothing, at some point, you gotta pay the piper.”

‘Crypto Has Roots With the People’

Simmons said that he jumped into the crypto scene three months ago and that he studied Satoshi Nakamoto and the digital asset economy. When asked why it took him so long, Simmons explained that it takes some time for the older generations to get it sometimes, and oftentimes they never truly understand.

For instance, he recalled how older family members never understood how he made money, after she worked a 9 to 5 job day in and day out. Simmons explained that money is changing, similarly to how influencers like the Kardashians have changed the entertainment business.

“I did a little research about Satoshi and where he came from and what it was,” the Kiss frontman said. “It seems to me that the value of things is determined by people. The value of real estate is only based on what people say it is. The value of gold is only what people agree on what it is, and even Wall Street and stocks based [on people’s valuation], you can make your own valuation, but unless people buy the stock, it means nothing,” Simmons stressed.

The Kiss bassist said that “crypto seems to be a friendly neighbor to that, which is that it has much more roots in people.” Simmons also noted that a number of well known individuals have been interested in the crypto space as well. Simmons likes cryptocurrencies because of this attraction and swelling appeal.

“You have your cold wallets, ad infinitum, all this cryptocurrency language nonsense, that the rest of us don’t understand,” he explained during the interview. “But there’s a simple idea, and the simple idea is you’ve got a deck of cards, and cryptocurrency is one of those things. You can pick litecoin, bitcoin… whatever. How it started and what the intent was is not the issue for me. The issue for me and the appeal for me is that people like it. [Notable people] whether it’s Elon, or whether it’s Camron and Tyler, there’s lots of interesting people.”

Ha. That’s great! @dogearmy. https://t.co/aTy1xakzZ2

— Gene Simmons (@genesimmons) February 6, 2021

‘The Buffet People Are Going to Change’

Moreover, Simmons said he had a conversation about bitcoin with Mark Cuban and that crypto deniers are changing or will change soon enough. “I had a discussion with Mark Cuban the other day and he commented on something about bitcoin,” Simmons detailed. “He is changing too, the Buffet people are going to change. You cannot avoid it, I know that Goldman [Sachs] folks are looking at this, institutional money, and Scaramucci is looking at it,” the musician added. Simmons further said:

I don’t believe for a second that most people understand what cryptocurrency is, what it is designed to do, but it is immediate and you don’t have to deal with banks— I like that.

That was only a few minutes of the discussion with Bitcoin.com’s podcast host Dustin Plantholt and Kiss’s Gene Simmons. The conversation delves further for another 25 minutes and during one point of the discussion, Simmons said he believes China is behind the recent Ripple lawsuit. The musician also discussed music piracy and what he thinks about that trend that has grown significantly during the last decade. At the end of the interview, he told people not to give up on money and that he was still into precious metals like gold and silver to this day.

The entire Bitcoin.com podcast with host Dustin Plantholt and special guest Gene Simmons will air on Thursday, February 11, 2021. The episode with the Kiss frontman is sponsored by the leading cryptocurrency trading platform Bitcoin.com Exchange. The platform offers a world-class trading engine, a large variety of crypto assets, and first-rate security that meets the needs of both crypto veterans and newcomers every day.

What do you think about the upcoming podcast with the rockstar legend Gene Simmons? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Stefan Thomas, a German programmer living in San Francisco, owns 7,002 in bitcoins in a digital wallet, which is worth $220 million. But the programmer can’t access the money because he lost his password, according to The New York Times.

He has tried eight times to guess the code, but with no success. Now, Thomas has just two more chances to guess his password correctly before the money is lost.

The hard drive, known as IronKey, where Thomas’ bitcoins are held allows users 10 attempts to correctly guess their password before encrypting the contents permanently.

Bitcoin also can’t help Thomas, since it doesn’t store its users’ passwords. Instead, it gives users their own private IronKey, which only they have access to.

“I would just lay in bed and think about it,” Thomas told the Times. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Thomas was given the bitcoins as a reward for making a 2011 animated video, “What Is Bitcoin?,” explaining the cryptocurrency. The programmer said he lost the paper that the password was written on that year.

Novelty Coins Representing The Bitcoin Cryptocurrency :

Since receiving the gift, Thomas’s bitcoins have fluctuated in value over the years but surged last week.

The cryptocurrency market topped $1 trillion for the first time on Thursday, according to The Independent. Bitcoin drove the market, as its price rose from below $5,000 in late March to $37,000 on Thursday.

The surge led to many cryptocurrency investors selling off their digital currency, which experts believe may have contributed to this week’s plunge in bitcoin value.

For now, Thomas said, he has placed the IronKey in an undisclosed secure facility in the hopes that someday cryptographers will be able to help him crack the password to his digital wallet.

Thomas told the Times that he also moved the IronKey to preserve his mental health. “I got to a point where I said to myself, Let it be in the past, just for your own mental health,” he said.

Thomas is not the only user to have a fortune locked away. According to data from Chainalysis, approximately 20 percent of the existing 18.5 million bitcoin have been lost or abandoned in digital wallets. That equates to nearly $140 billion.

Newsweek reached out to Bitcoin for comment, but didn’t hear back in time for publication.

This content was originally published here.

LONDON (Reuters) – Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.

FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray

The team will sit within the U.S. bank’s Global Markets division, the person said.

The desk is part of Goldman’s activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.

As part of this work, the bank is also exploring the potential for a bitcoin exchange traded fund and has issued a request for information to explore digital asset custody, the source said.

The trading desk reboot comes amid growing interest by institutions in bitcoin, which has soared more than 470% over the past year. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps.

While its price has risen significantly over the past year, bitcoin remains highly volatile. The virtual currency smashed through $58,000 on February 21 then fell back by as much as 25% but has recovered some lost ground.

This makes the coin and related derivatives attractive for investors willing to take riskier long or short positions as they hunt for yield in a record-low interest rate environment.

Non-deliverable forwards are a type of derivative that allows investors to take a view on bitcoin’s future price.

Goldman first set up a cryptocurrency desk in 2018, just as bitcoin’s price was falling from record highs, muting investor interest in digital coins.

Since then, market infrastructure for bitcoin and other large cryptocurrencies has significantly matured, with many established financial institutions offering products and services, including CME Group Inc, Intercontinental Exchange Inc and Fidelity.

The developments have helped to attract more mainstream companies to the sector, ranging from those offering crypto services to retail or institutional investors, to companies opting to hold bitcoin on their balance sheets

Last month, electric car manufacturer Tesla Inc said it had bought $1.5 billion worth of bitcoin, while Bank of New York Mellon Corp said it had formed a new unit to help clients hold and transfer digital assets.

Reporting by Anna Irrera, Iain Withers and Lawrence White in London. Editing by Rachel Armstrong and Jane Merriman

This content was originally published here.

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The NFT Oasis creator Provenonce has raised $4.4 million to enable virtual reality creators to reach the mass market via VR art galleries.

The company has created a gathering place in VR that is like a hub for artists. It has a pretty art gallery in the clouds that has showcased the art of more than 200 artists and musican’s since April. Every week, events are held in awe-inspiring virtual environments and the exhibits are streamed to the outside world.

Formed in March 2021, the Provenonce’s NFT Oasis is a platform that fuels the decentralized creator economy — combining non-fungible tokens (NFTs), virtual reality (VR), and decentralized finance (DeFi) in an ecosystem to give artists more creative freedom, business control, and financial success.

While VR adoption itself is still in its early stages, the artists inside the VR experience can broadcast whatever they are doing to the world outside VR via social media. The company sees the platform as a bridge to the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.

Will O’Brien, CEO of the Provenonce, said in an email to GamesBeat that he had previously retired from the games business (he worked at places such as Big Fish Games in the past), but he came back for this momentous opportunity.

Above: Artists can show off their art in the NFT Oasis gallery.

Image Credit: NFT Oasis

“I believe this is a moment in time to change the world and radically disrupt an industry that has been exploitative to artists,” O’Brien said. “We have a very big vision to launch the decentralized, and abundant, creator economy. NFTs are the wedge, VR is the stage, and blockchain is the infrastructure on which we will make this the reality.”

Based in Silicon Valley, O’Brien said the human experience is driven by stories, and it’s how we remember our history, cultural relevance, and things like art, music, and real estate. The goal is to create custom virtual worlds where artists can show off their art.

“Over the last few decades, companies have tried to bring users into virtual reality,” said O’Brien. “We are using VR as a stage for creators to broadcast out to the masses. This includes live performances, art walks, fireside chats, and other events — all of which are contributing to grow an artist’s cultural relevance and economic opportunity. Think about MTV when it launched, and how that format allowed artists to reach the next generation in so many ways.”

Above: NFT Oasis has more than 200 artists showing off wares.

Image Credit: NFT Oasis

Prior to the round, O’Brien funded the company himself. He said Provenonce has raised funding from a total of 32 individuals, family offices and funds in the U.S., Europe, the Middle East, and Asia. This diverse and influential group of investors enables a strategic base which connects the established art and music world with the new innovators in NFTs and DeFi.

Some of the investors in this round are:

Bringing the NFT movement to life in virtual reality

O’Brien said the possibilities for expression are endless in the NFT Oasis. Artists can host gallery exhibitions and panel discussions with guests joining from around the globe. Collectors can curate their own custom galleries in fantastical virtual worlds. Designers and programmers can be hired to build virtual experiences for creators, while independent generalists can work in a decentralized gig economy to support events and help creators gain more recognition. Creators can talk to each other in their own voices.

The flagship platform for the NFT Oasis is AltspaceVR, a social VR platform owned by Microsoft. All of the best social features of a virtual world are included, such as custom avatars, real-time voice and interaction, and events. Users can access the NFT Oasis on an Oculus VR headset and PC/Mac, or watch live and recorded content on any social media platform.

The NFT Oasis is also an opportunity for musicians. Since inception, the platform has seen performances from artists including Grammy-winner Imogen Heap, pianist Greg Spero, and K-pop stars Aweek, Lee Eun Bi, and Hayeon. Musicians can use a range of technologies, from green screen to motion capture, to bring their performances into the metaverse, hold concerts for thousands of attendees in VR, and livestream to the masses.

Above: Will O’Brien self-funded NFT Oasis for a while and now it has 32 investors.

Image Credit: NFT Oasis

Artists have already begun to embrace blockchain technology for decentralized identity and NFTs. NFTs have exploded in applications such as art, sports collectibles, and music. NBA Top Shot (a digital take on collectible basketball cards) is one example. Built by Dapper Labs, NBA Top Shot has surpassed $700 million in sales, just seven months after going public. And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million. Gaming has a couple of new unicorns, or startups valued at $1 billion, in Animoca Brands and Forte. NFTs are now selling at a rate of $23 million a week, though the initial hype around NFTs is dying down.

The next stage of decentralization will be in the legal, financial, and community layers, O’Brien said. NFT Oasis is launching a smart contract-based system for creators and communities to establish the economics of their work and permissions of their metaverse experiences.

Every creator in the NFT Oasis will be minted a Provenonce token which is their access key to NFT Oasis’ “metaverse.” Via this token, a creator can determine how proceeds from creative pursuits are earned and distributed. Traditional entertainment contracts can be brought onto the blockchain, and innovative new approaches, like Decentralized Autonomous Organizations (DAO), can be deployed to create abundant models for engaging fans and scaling communities.

The founders

NFT Oasis is wholly-owned and operated by Provenonce. The founding team includes O’Brien, Greg Edwards, Jesse Nolan, and Patrick Booth.

O’Brien was previously cofounder of BitGo, which was acquired by Galaxy Digital for $1.2 billion. Prior to BitGo, O’Brien was an executive for  Big Fish Games, which was acquired for $885 million by Churchill Downs and later sold to Aristocrat for $990 million. He a limited partner and adviser at Blockchain Capital, an angel investor in dozens of early stage companies, and an advisor to an elite group of startups and funds in Silicon Valley, Europe, and Korea.

Edwards, lead designer, was previously the lead designer for an award-winning project that brought Burning Man to VR in 2020 with over 90,000 user sessions and 200 virtual worlds created by the community. Edwards was previously a new media producer for CBS, and also worked with Oculus and Goldenvoice to produce and develop the first VR music festival experience for the Coachella Music Festival.

Nolan, head of product and culture, is a multi-disciplinary creative director. His music project “Caught a Ghost” has over 100 million streams and placements. And Booth is head of blockchain and community. He has tokenized his life work since early 2017 as a Solidity smart contract developer and full-stack engineer. He has also been a technical analyst for Cryptoblood.io and Gokhshteinmedia.com.

The company has 10 people and five advisers.

GamesBeat

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