Despite the recent downturn in the cryptocurrency market and NFTs, the use-cases for NFTs are constantly expanding. NFTs are here to stay, and with the current diminishing prices, it signals a good buying opportunity for investors. But with NFTs being a new technology, buyers and sellers are still facing difficulties because most platforms make it very hard to find the right NFTs. A company called LUDO is currently developing its own platform to simplify the user experience in the near future. Today, with no optimization or aggregation on marketplaces, organic exposure, SEO, or proper advertising, it is tough to find the right NFTs. But with the tools Ludo is developing for the space, they will change all of that. NFTs have become immensely popular in the last two years, recording a 200x surge in trading volume to reach $21.5 billion by late 2021. However, such growth has also led to a saturation in the market. The NFT space has become so massive and crowded that discovering promising projects is like finding a needle in a haystack. Leading NFT marketplaces like OpenSea and Rarible have successfully connected buyers and sellers, but, at the same time, their scope is mostly limited to front pages and promotions. This creates a gap, especially because existing NFT marketplaces are seldom creator-friendly. Most NFT marketplaces focus on high trading volumes above everything else, including customer turnover. But while ‘trending’ projects get much push from the platform’s algorithm, others remain undiscoverable. Therefore, with no search option helping buyers easily find projects they like, it is virtually impossible to find smaller projects that are not in the top 100. At the same time, creators find it difficult to sell their NFTs unless they are super trendy or have a massive marketing budget. Everything would be different if there was a ‘explore’ section helping buyers find projects according to their tastes and interests. This would also significantly empower creators, increasing their chances of a sale. This is where Ludo comes in. LUDO, An All-In-One NFT Platform Ludo is a data-driven metasearch engine aggregator that feeds user data to help NFT collections achieve maximum discoverability. With a set of profiling tools and features that help unique projects stand out from the crowd and reach buyers with similar interests. Users enjoy a metaverse experience tailored to their needs based on a proprietary AI-based profiling algorithm or connecting their digital wallets. One could think of Ludo as being the new optimizer for the space, in the same way, Google optimizes ads and search functions according to the users’ profiles. Ludo is an app store that recommends similar apps to users who have a liking for them, this could be NFTs, metaverse collectibles, and other non-fungible items. This can help creators like you get the best value for all kinds of NFTs without relying on viral marketing alone. In conclusion, marketplaces like Opensea are platforms where ANY buyer could buy from ANY seller. This leads to saturation and discoverability problems for creators. However, Ludo is a tool that would help connect the RIGHT buyers to the RIGHT sellers based on user profile data and preferences, opening new exciting opportunities for both.
Bitcoin funding rates have been dropping over the last couple of weeks. Even as the price of the digital asset had plummeted, causing some to call it being on ‘discount’, these funding rates have refused to move out of the negative territory. The past week has proven to be no different given that funding rates have exited the neutral territory entirely and remain low. Funding Rates Refuse To Budge Coming out of the last week has been a hard one for the crypto market. The bloodbath had sent the majority of the coins in the crypto market into the red and bitcoin had touched the $20,000 level for the first time since December 2020. Through this has come panic across investors and the funding rates have reflected this panic. Related Reading | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market The past week had come to a close with funding rates sitting well below neutral. This follows the trend for the 7-day period where the funding rate had trended below neutral each day. It sat at 0.013% as of Tuesday. Not the lowest point so far but it marked the second-lowest point for the month of June. This decline in funding rates follows what Arcane Research refers to as an orderly sell-off in the derivatives markets. It is no surprise given the liquidation volumes that rocked the market on Monday and Tuesday, touching above $1 billion in a 24-hour period and setting a new daily liquidation event record. Funding rates remain low | Source: Arcane Research The research and analysis firm also notes that investors are approaching the market with caution. This is due to the “current market structure with increased contagion risks related to Celsius and the pressuring macro backdrop.” This caution comes as no surprise given that investor sentiment now resides in extreme fear, meaning there is no room for careless abandon in a market such as this. Bitcoin Open Interest Turns The Other Way Even with the funding rates low, other metrics are surprisingly not doing as bad. One of these is the bitcoin’s open interest in the perpetual markets. This metric remains high even though the price of bitcoin has plummeted close to 2017 highs. Historically, BTC-denominated open interest has been known to decline in line with the market. This has not been the case with the most recent bitcoin crash. Instead of falling, open interest had hit multiple new all-time highs even as the sell-offs had continued. This suggests that some investors had believed that the bottom was in and tried to take advantage of it. But this was not the case. Open interest on the rise | Source: Arcane Research Nevertheless, open interest in perpetuals was at 298,500 BTC as of Tuesday. It is in stark contrast to the last major market crash that took place back in December, where open interest in perps had declined to 190,000 BTC as the price of the digital asset had fallen. Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills This increase in open interest suggests that if the bitcoin bottom is not in already, then it may very well be reached soon. Although it is important to keep in mind that a metric like this on its own cannot give a full picture of when the bitcoin bottom will be reached. BTC drops to $21,000 | Source: BTCUSD on TradingView.com Featured image from Arabian Business, charts from Arcane Reseach and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
The renowned global crypto-trading platform LBbank Exchange has listed TheRandomDao on its platform. The brain behind the smart contract project is Huang Zheng, a 12-year old Chinese boy who’s been learning programming since the age of six. Huang surprised the crypto community when he recorded himself and then uploaded a video of himself working on […]