Big with gold and NFTs: News from the crypto scene

Wiesbaden The intertwining of the art world and the crypto scene is becoming increasingly multifaceted and unmanageable. The latest and most tangible example is a cube made of pure gold, which was parked in New York for 24 hours at the end of last week.

German artist Niclas Castello, who has previously attracted attention primarily through the adaptation of well-known pop art motifs, has lost a 186-kilo cube of pure gold in Central Park. A term used by the crypto scene to mark the start date of an NFT project. Castello’s real name is Norbert Zerbs, he was born in East Germany in 1978 and has also been the husband of TV host Sylvie Meis since last year.

The artwork entitled “Castello Cube” and a material value of about 9.5 million euros was made in a complex process by a well-established bell foundry in Switzerland. It is said to be the largest geometric object in solid gold ever made.

However, the dice is not an end in itself, but is intended to advertise a cryptocurrency. Castello Coin or CAST is the name of the new cryptocurrency issued by Hoga Capital AG from Zug, Switzerland.

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But those who were hoping to buy shares in real gold by buying the virtual currency or NFT will be disappointed. “Although the Castello coin is not backed by the artwork or includes any rights to the artwork or the issuer, the artwork will act as a brand ambassador for the coin,” the White Paper on ICO, the first coin offering, says somewhat awkwardly.

In the next few days, the coin will be offered for 41 euro cents with a minimum investment volume of 1,000 euros. The number of tokens is limited to 440 million, that is, similar to Bitcoin and unlike Ethereum, of which theoretically an infinite number can be minted.

Larva Labs “CryptoPunks”

The collage of 104 of the popular CryptoPunks is said to cost $ 20 to $ 30 million. Sotheby’s accepts cryptocurrencies for this.

(Photo: Sotheby’s)

Sven Wenzel is Chief Marketing Officer and owns, according to his own statement, AG together with Zerbs. Castello Cube belongs to AG, but does not represent security for CAST, he explains: “The dice remain in the company’s portfolio and aim to strengthen the balance sheet through its increase in value. Otherwise, it would be a security token and therefore not tradable on the crypto exchanges. “

How Cube and CAST are related is not so easy to understand. Wenzel: “The artwork acts as a brand ambassador and serves to build trust by giving people something they can touch.” So it’s a symbol and a marketing tool.

Bridge to art and hole inside

But the Castello coin must also build a bridge to art in other ways: “Our goal is not to be a pure payment coin. We want to promote artists around the world, for example from Africa, by investing coins from our society in the creation of works of art, which in turn can be bought primarily by investors. “

The company brochure does not make clear why CAST is particularly suitable as a means of payment for works of art, apart from the use of the less resource-intensive Polygon protocol, but it does say that Castello is one of “the most recognized artists in the world”. Incidentally, the cube is not solid, but hollow on the inside.

But the rattle is part of the crypto industry’s craft, where gigantic sums are pushed back and forth as play money. Yuga Labs is said to be in negotiations with venture capital firm Andreessen Horowitz over the venture capital firm’s investment in the company that launched Bored Ape Yacht Club – BAYC for short; a collection of monkey paintings whose NFTs trade for millions.

The proposed deal is expected to value the company at $ 4-5 billion, according to a study by the Financial Times. Meanwhile, a Buzzfeed journalist had identified the brains behind Delaware-based Yuga Labs based on publicly available documents.

The two young men Greg Solano (32) and Wylie Aronow (35) then complained on Twitter about alleged doxing, malicious disclosure of personal information by the journalist. She then received real threats on social media. The process says a lot about the idiosyncratic understanding of democracy in parts of the crypto scene and their desire for transparency.

The most expensive to date in Ethereum, “Bored Ape”, changed hands last week for the equivalent of nearly three million dollars on the NFT platform LooksRare. This week, a Larva Labs “CryptoPunk” was sold in the company’s marketplace for about $ 8 million.

Nevertheless, the top lots usually end up at the big auction houses. They are among the market drivers who repeatedly achieve sensational prices. Sotheby’s announces the first evening auction dedicated to NFTs on February 23rd. The top party will be a group of 104 “CryptoPunks” offered as a single ticket and valued at $ 20-30 million.

The 104 small images do not form a unit, but are simply purchased, so to speak, in bulk from a crypto address for $ 6 million, if the owner calls himself 0x650d. On his Twitter channel, he shows an advertising video promising a live exhibition, a “VIP Punk Dinner” and a “Live Auction Party”. He and the auction house should certainly have reason to celebrate.

More: Buy NFT 2022: What Investors Need to Know About Buying NFTs

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