Crypto craze Financial News

NFT trading craze where names are bought and sold for eye-popping sums is providing a multi-million-dollar lifeline for speculators shivering in the bleak crypto winter. «Domain» names such as coin.crypto (which has sold for $100,000) and beer.eth (which fetched $39,000) are a new breed of NFTs that owners can use to replace the jumble of 16 random numbers and letters that form their digital wallet addresses. It might seem a lot of money for the crypto equivalent of a custom car plate, yet backers say these names could become valuable real estate in the years to come with the advent of Web3, a much-hyped vision of a future internet built on blockchain. Right now the trading market for these alternative assets is providing rich — and risky — pickings for some investors who are scooping up buzzy domains with the aim of flipping them for a profit in the secondary market on NFT platforms like OpenSea.

FTX rode the crypto craze to a billion dollars in revenue last year while expanding its global footprint through a flurry of acquisitions, according to internal documents seen by CNBC.

Cryptocurrencies are attracting a lot of attention from academic institutions as they become increasingly accepted as an alternative to conventional assets. The University of Cincinnati (UC) in Ohio, United States, has even established courses around cryptocurrency as part of its curriculum.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

As a first-hand witness to, and victim of, the turn-of-the-century dot-com boom and bust, the present crypto craze is seriously alarming. The ingredients are similar enough to evoke a strong sense of déjà vu.

By Kunal Doley