Bankless ROLLUP: Bitcoin NFTs | Canto | FOMC Interest Rates | Blur OpenSea Royalties
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Feb 3, 2023 Dive into the intriguing world of Bitcoin NFTs and the recent Ordinals protocol that's shaking up traditional views. Explore the dynamics of Layer 2 tokens like Canto and the implications of rising interest rates on the crypto market. The conversation also touches on competitive NFT marketplaces OpenSea and Blur, revealing the tensions over creator royalties. With humor sprinkled throughout, enjoy insights on crypto privacy, taxation complexities, and the excitement surrounding upcoming blockchain events.
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ETH Deflationary Trend
- ETH supply is at an all-time low since the Merge, while the price is at a high.
- This deflationary trend is driven by high demand for block space, leading to ETH burns exceeding issuance.
Market Reaction to Fed Decision
- The Federal Reserve raised interest rates by 0.25%, a smaller hike than previous ones.
- Markets responded positively, suggesting that the worst of the rate hikes may be over.
Layer 2 Token Surge
- Layer 2 tokens like Optimism, Immutable X, and Matic saw significant price increases.
- This reflects growing interest and adoption of Layer 2 scaling solutions.