Month: March 2022

Bitcoin Mining Difficulty Eyes New ATH As Block Production Ramps Up

Bitcoin mining difficulty has been on the rise as the network has gained more popularity. This is a far cry from what was expected after China, which was known as the mining capital of the world at that point, had laid a blanket ban on crypto mining. Bitcoin miners had been able to successfully set up in other regions of the world and mining activities have ramped up since then.

This time around, it comes along with the growth of blocks mined per hour which has smashed all expectations. Not only has the mining difficulty been affected by this but its effects are being felt all around the mining industry.

Bitcoin Mining Difficulty At New ATH?

Block production rates have risen higher than anticipated to beat the previous target of 6 blocks mined per hour. This number now stands at 6.2 blocks mined in an hour. This increase in block production has led to an increase in mining difficulty which has pushed it towards new all-time highs. Going forward, there is expected to be a 4-5% difficulty adjustment in mining difficulty.

Related Reading | Cardano Turns Bullish In The Short-Term, But Is That All?

If this happens, it will easily send the bitcoin mining difficulty towards a new all-time high. It continues to follow the growing trend that began in August of 2021 after the China ban had gone into effect. It would beat all expectations given that the China ban had seen the bitcoin hash rate crash 50% last year.

BTC hash rate on the rise | Source: Arcane Research
Miners Enjoy More Profitability

The mining difficulty has not been the only thing affected by the increased block production rate. Other things like daily miner revenues have been on the rise. Bitcoin mines saw a 6.86% change in the last week ending on March 28th. This represents more than a $2 million increase over a seven-day period. Also important to note that the same daily revenues had been up 7% in the previous week.

BTC declines to $45,000 | Source: BTCUSD on TradingView.com

Daily transaction volumes also recorded an uptick in the same time period. It grew by a total of 11% touching $6.4 billion in transaction volume per day. It was a result of a recorded growth in the average transaction volume given that transaction volumes per day had only grown 1.5%. The average transaction volume was up 9% in the seven days this data was collated.

Related Reading | SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated

Transaction fees saw the highest growth for the week. Given that there is now more demand for block space, transaction fees had been on a steady climb since then. Daily transaction fees grew 20% and are now sitting at $460,000 per day.

Featured image from Investopedia, chart from TradingView.com
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Quantum Computers Not a Threat to Bitcoin: MIT Review

Sankar Das Sarma – a physicist from the University of Maryland – recently wrote at length about why the capabilities of quantum computing are overhyped at the moment. Specifically, he clarifies that quantum computing has evolved nowhere close to the stage required to break the public key cryptography used in popular technologies today – such as Bitcoin.

A Long Way to Go for Quantum Computing

As written in an opinion piece for Technology Review, Sarma suggests that ‘Quantum Computing’ has become the second most overhyped buzzword next to ‘Artificial Intelligence’. Yet despite the substantial investments into quantum R&D from major institutions like Alphabet, Amazon, and Microsoft, it’s unlikely they’ll be able to produce something of use any time soon.

“Established applications for quantum computers do exist,” states Sarma. For example, there’s a theoretical application of Quantum computing for finding the prime factors of large numbers exponentially faster than existing schemes. This, he explains, is at the heart of breaking RSA-based cryptography widely used for both email and cryptocurrency transactions.

As such, national governments everywhere have devoted great attention and funding to quantum computing. However, what can be conceptualized in theory isn’t always easily built-in practice.

“The most advanced quantum computers today have dozens of decohering (or “noisy”) physical qubits,” said the professor. These qubits are used primarily for a process called “quantum error correction”, which compensates for the fact that quantum states are fast to disappear.

However, a computer that could actually crack RSA would require many millions or even billions of qubits. Only tens of thousands would be used for real computation, while the rest would be used for error correction.

While Sarma calls qubit systems today a “scientific achievement” they cannot yet solve a problem “that anybody cares about.”

“It is akin to trying to make today’s best smartphones using vacuum tubes from the early 1900s… What is missing is the breakthrough of integrated circuits and CPUs leading to smartphones.”

Bitcoin’s Public Key Cryptography

Most cryptocurrencies today use public keys as “crypto addresses” to which any outside party can send their digital assets. However, to send a transaction from that address, one is required to know the private key from which that public key was derived.

While a private key can easily identify a public key it is compatible with, it is currently impossible to decipher a private key just by knowing someone’s public key alone.

Nevertheless, not everyone is careful to keep their private keys safe. A hacker managed to steal $600 million in funds from the Ronin network this week by securing the private keys belonging to 5 of 9 validator nodes on the network.

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter.

Q1 2022 Comes To A Close For Bitcoin

The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards.

Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022

The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to close 2021 only just made it over 30% by comparison.

The quarterly RSI bounced off the moving average | Source: BTCUSD on TradingView.com

By those standards, bulls might still have the upper hand. It also helps that unlike past bear markets, the quarterly Relative Strength Index was able to hold above the RSI-based moving average.

A full year Bitcoin has held above these lines | Source: BTCUSD on TradingView.com

Additional comparison with past bear markets using the Ichimoku show that after each major cycle peak, both the conversion line and base line were immediately lost during the next opening quarterly candle. Bitcoin price holding above these important indicator lines for a full year should confirm it has strong support.

It also spent a year above the middle-band above | Source: BTCUSD on TradingView.com

Donchian channels, which act as an envelope around price action, also demonstrate similar bullish behavior compared to previous cycles. Even the 2019 stopped precisely at the middle band. The past several quarters were able to hold above the key level.

Price action is above the Super Guppy bands | Source: BTCUSD on TradingView.com

The quarterly Super Guppy suggests that Bitcoin price wicked into the several layers of support, and was able to hold above the highest most line. The retest-type situation could lead to a push higher.

Has Bitcoin bottomed? CMF might suggest it has | Source: BTCUSD on TradingView.com

Holders hoping for a bottom might have already witnessed the worst. The quarterly Chaikin Money Flow reached a low at nearly the same extreme as the 2018 bear market bottom. Bitcoin price plunged 50% after already falling from $20,000 to $6,000 causing widespread capitulation across the crypto market.

Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead

Similar capitulation might have been achieved across two large peaks and more than 50% corrections each, at a slower grind than past corrective phases. Considering this, along with several other bullish quarterly signals, the rest of the year still has a strong chance of being green.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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European Union Outlaws All Anonymous Crypto Transactions Involving Exchanges

The European Union today voted in favor of outlawing all anonymous crypto transactions – including from self-hosted wallets – facilitated through exchanges. This rule will apply to transactions of any size, meaning both payers and recipients of even the smallest digital asset payment must be identified.

The Partisan Vote

The law comes as part of a package of anti-money laundering revisions to the EU’s Transfer of Funds Regulation (TFR). It brings rules applying to conventional transactions of over 1000 EUR to the entire crypto sector.

In December, EU ambassadors had shown interest in scrapping the transaction floor on private crypto transactions, as the limit was already easily worked around through crypto anyways.

The vote today was passed by thin margins, with the two relevant compromises passing by 58/52 and 62/51 respectively. In general, the left-leaning Renew and S&D parties voted in favor of the changes, while the right-leaning European People’s Party (EPP) voted against them.

“Such proposals are neither warranted nor proportionate,” said EPP economic spokesperson, Markus Ferber, in an email to CoinDesk. “With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions.”

The party called the latest changes a “de facto ban on self-hosted wallets”.

Effect on the Industry

The vote is in spite of objections from crypto exchanges like Coinbase. The company’s Chief Legal Officer Paul Grewal warned that these changes would undermine self-hosted wallets and unleash a “surveillance regime” against his exchange, and others like it, in a blog post on Monday.

Gregwal also pointed out that the new identity verification requirement for unhosted wallets would be nearly impossible to carry out by exchanges. It would require that they collect and retain extensive data from non-customers.

Patrick Hansen – Business Dev at Defi wallet Unstoppable Finance – believes that the requirements will prove overburdensome, and stifle the growth of the space.

“Most crypto companies won’t be able or willing to transact with unhosted wallets anymore in order to stay compliant,” he said.

The crackdown on illicit finance in crypto has accelerated tremendously following Canada’s Freedom Convoy protest and the start of the Russian-Ukrainian war.

Coinbase now requires information on the recipients of digital asset transactions in Canada, Japan, and Singapore. Meanwhile, US senator Elizabeth Warren has proposed legislation threatening sanctions on crypto software developers for helping facilitate criminal transactions.

However, heads of major blockchain analysis firms including Chainalysis and Elliptic have stated that crypto is not ideal for evading sanctions or processing criminal funds. This is due to its highly transparent nature, which tracks all transactions on a public ledger.

Grayscale Comapres Ethereum to New York City

Given the total addressable market for digital on-chain transactions is far bigger than the current DeFi market size, worth around $200B, Grayscale said DeFi protocols powered by smart contracts are still being undervalued.

The current capital markets alone are 500x more than the DeFi market, Grayscale outlined. In addition, NFT-associated transactions and Metaverse-related applications could critically drive up the value of base chains.

American Cities Analogous to Blockchain Protocols

The report quoted a framework developed by Dragonfly Research, which referred to well-known smart contracts platforms as “digital cities.”

Ethereum is like New York City, the report noted. Though vast, expensive, and congested in certain areas, the network features the most crowded and richest blockchain protocol, “with over 500 apps that command a total value of over $100 billion—more than 10x larger than any other competing network.”

On the other hand, the L2 solution Polygon, built on top of Ethereum, was considered a skyscraper in NYC, which scaled by building upwards. Polygon combines and settles many transactions internally in order to reduce the congestion derived from the base chain.

When it came to Avalanche, the report stated that it is like Chicago because “the network is smaller, transactions are cheaper and less congested, and development is more centralized,” while its ecosystem feels like a “smaller subset of Ethereum’s ecosystem.”

Solana, which operates on a different consensus mechanism and whose speedier L1 chain makes it distinct from Ethereum, is similar to Los Angeles.

Besides, as NFT and the Metaverse continue to gain attention and attract capital, Grayscale believes the combined market cap for DeFi and Metaverse applications is likely larger than the $2 trillion market cap of cryptocurrency. As the operating layers for these applications, smart contract platforms are expected to quickly grow their user bases as well.

Grayscale Put out a New Basket of Altcoins for Investors

Last Tuesday, Grayscale announced the launch of a new diversified crypto fund consisting of major smart contract protocols like SOL, ADA, AVAX, and more.

Grayscale’s other products include its Bitcoin Trust, which comprises the largest Bitcoin fund in the world. It has attempted to convert this fund into a US-based spot ETF but is yet to be approved by the SEC.

Data Shows Bitcoin Investors Afraid To Take Risk As Leverage Remains Low

On-chain data shows Bitcoin investors have been afraid to take risk recently as the leverage ratio has remained low in the last few days.

Bitcoin Leverage Ratio Remains Low In Past Few Days

As pointed out by an analyst in a CryptoQuant post, investors haven’t taken much risk since the surge in the crypto’s price a few days back as leverage in the market is low at the moment.

A relevant indicator here is the “open interest,” which shows the total amount of Bitcoin futures contracts currently open on all derivatives exchanges.

The “estimated leverage ratio” is a metric that’s defined as the ratio between this open interest and the total amount of coins present on all derivatives exchanges (exchange reserve).

What this ratio tells us is the average amount of leverage that each Bitcoin futures investor is currently making use of.

When the value of the indicator is high, it means users are taking on a lot of risk right now. Such values can result in higher price volatility.

Related Reading | Glassnode’s RHODL Ratio May Suggest Bitcoin Market Is Near Capitulation

On the other hand, low values of the ratio indicate investors aren’t using much leverage currently as they look to avoid risk.

Now, here is a chart that shows the trend in the Bitcoin leverage ratio over the past few days:

Looks like the value of the metric is low at the moment | Source: CryptoQuant

As you can see in the above graph, the Bitcoin leverage ratio had a high value a few days back, but the sharp uptrend in the crypto’s price brought it back down as it liquidated shorts.

Since then, the indicator’s value has remained at these low levels. The open interest, on the other hand, is still at a high value, implying investors have still been opening new positions in the market.

Related Reading | Time To Be Fearful? Bitcoin Index Reaches Greediest Point Since Peak

These new positions, however, have low average leverage attached to them as the ratio suggests. This shows that investors have been unsure about the crypto recently, opting to take less risk.

The chart also shows the curve for the funding rates, an indicator that tells us about the ratio of longs and shorts in the market. Currently, the metric seems to be positive, which means there are more long positions in the market.

BTC Price

At the time of writing, Bitcoin’s price floats around $47k, up 10% in the past week. The below chart shows the trend in the price of the coin over the last five days.

BTC’s price seems to have moved sideways in the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Sen. Ted Cruz Introduces a Bill to Prevent the Fed From Issuing a CBDC

The American politician and attorney serving as the junior United States Senator for Texas – Ted Cruz – introduced a bill restraining the Federal Reserve from launching a central bank digital currency (CBDC) directly to the broad society. The legislation was first submitted in January 2022 by Congressman Tom Emmer.

Emer’s Bill Receives Support

Public cryptocurrencies such as bitcoin are much different than centralized CBDCs. The latter are issued and monitored by a government entity or a central bank. In contrast, BTC is decentralized and can be transferred anywhere on a peer-to-peer basis without the need for an intermediary.

The 51-year-old Republican Senator Ted Cruz is, by all means, a bitcoin proponent and a CBDC critic. Recently, he introduced legislation that aims to prohibit the Federal State from developing a direct-to-consumer digital dollar to Americans. He believes that the Fed could use such a product as a surveillance tool, similar to what China does.

The bill also aims to preserve the dominance of the US national currency without competing with the private sector.

“The federal government has the ability to encourage and nurture innovation in the cryptocurrency space or to completely devastate it. This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it,” Cruz stated.

Ted Cruz, Source: New York Times

The Senator’s bill is companion legislation to Congressman Tom Emmer, who introduced his proposal on January 18, 2022. The latter revealed he is “glad” that Ted Cruz has supported his vision.

”The Fed must only craft a CBDC framework that is open, permissionless, and private […] Anything less puts Americans on the road to CCP-style financial authoritarianism,” Emmer maintained.

Why is Ted Cruz Pro-Bitcoin?

The Republican is among the biggest proponents of the primary cryptocurrency among the US political elite. Not long ago, he said he supports the asset because it represents freedom and decentralization, and the authorities cannot control it (a concept completely different from that of CBDCs).

He believes that those merits have become a reason for the total crypto ban imposed in China last year. Additionally, he thinks Elizabeth Warren – Senior Senator of Massachusetts – disregards bitcoin for the “exact same reason:”

“The Chinese communists and Elizabeth Warren both want to control your assets, your savings, your speech, your life, your children, every decision.”

SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated

Up 57% in two weeks and 40% in 30 days, SushiSwap (SUSHI) moves at its own beat. The decentralized finance (DeFi) token trends to the upside on the back of a potential integration with Stargate, the LayerZero implementation.

Related Reading | Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend

At the time of writing, SUSHI trades at $4.80 with a 14% profit in 24 hours.

SUSHI with small gains on the 4-hour chart. Source: SUSHIUSDT Tradingview

LayerZero is a communication protocol that enables direct interaction between different blockchains. Stargate is a bridge solutions running on top of it.

By integrating with SushiSwap, the decentralized exchange (DEC) could unify the liquidity spread across its 16 different versions. In that way, users would access cheaper cross-chain transactions, more security, new products and investment strategies.

If the integration is approved, for example, liquidity providers on this DEX could expand their rewards. In step of receiving a portion of the transaction fees for 1 liquidity pool running on Ethereum, they could collect rewards from all the pools across the SushiSwap ecosystem.

The voting process that will accept or denied this potential integration has begun. Data provided by the DEX’s governance; this voting will end on April 4, 2022.

Currently, a majority of SUSHI holders have voted yes on the proposal with 6.4 million of the token at the time of the snapshot. This represents 99.99% of the votes so far which suggest overwhelming support for this proposal.

The proposal was presented by Tangle and OxMaki and promises to provide a better user experience for cross chain swaps, maximize trading volumes on Sushi pools, and more benefits to the DEX’s treasury. The proponents wrote:

We propose to have Sushi integrate Stargate to facilitate Omnichain native asset swaps and transfers between networks. This will help unlock the power of Sushi by allowing users to move freely between assets and networks.

SushiSwap Signals More Gains

The DEX and its native token seem to be reacting to this announcement. A pseudonym analyst caught the move to SUSHI’s current levels based on an On-balance volume (OBV), a metric used to measure momentum, downtrend break for the daily chart.

As seen below, the analyst believes SUSHI could reach as much as $6 if the token is able to sustain its current momentum. With the apparent imminent approval of the Stargate integration proposal, a continuation of the upward trends seems likely.

$SUSHI – Nice looking setup with a downtrend break on OBV with confluence with a double bullish supertrend. pic.twitter.com/GqyKDeaUO4

— IncomeSharks (@IncomeSharks) March 30, 2022

Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

Additional data provided by Material Indicators (MI) suggest investor with bids orders between $100,000 are dominating the current price action. While this investor class remains optimistic, smaller investors have been selling into this SUSHI rally.

Large investors (purple) buy as retail (yellow) and smaller investors (green and red) sell this SUSHI rally. Source: Material Indicators.
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Carl “The Moon” Runefelt: Bitcoin Will Never Go Below $10K Again (2022 Interview)

Carl Runefelt, better known within the crypto community and perhaps beyond it for his social media name – The Moon – is one of the most popular influencers in the field. He has over 500K subscribers on YouTube and has recently crossed the one million followers milestone on Twitter.

From wild Bitcoin predictions to million-dollars NFT buys, to his recent payment app Kasta, and what he thinks about the criticism he received from his community after showing his new Bugatti while the market was starting to crash in December 2021.

From Sorting Groceries to The Moon in Four Years

Runefelt started his Youtube channel in 2017. Before diving into crypto, he was working at a groceries store in Sweden – where he’s originally from.

“I was working at a groceries store in Sweden. I wasn’t very happy with my life – I thought it was a bit boring. I felt that I wasn’t doing what I was supposed to do.”

It was the Law of Attraction and how visualizing his goals helped him achieve the lavish lifestyle that he lives today – in Dubai.

Before getting into crypto, he was investing the money he had in physical gold and silver. As a 22-year old who was starting his career, it was the inefficient banking system that had him looking for an alternative.

“I was looking for ways to make money on the stupidity and the corruption of the central bankers and I thought that was gold. But then I saw one YouTube video – someone had made a video about YouTube and I saw it and I just immediately thought it was extremely interesting.”

That’s when TheMoon’s channel was born. Now, he’s an investor in crypto, but he’s also doing anything imaginable in the industry, from providing liquidity and farming yields to investing in startups and co-founding his own project – Kasta, which is a payment app. Kasta comes as an alternative to traditional payment solutions that are part of the system that Runefelt wanted to stand against.

Bitcoin Will Never Go Back Below $10K

In December 2019, CryptoPotato had an interview with The Moon. He then predicted that BTC’s price would go to $200,000 as a great hedge against inflation. Back then, the price was hovering around $7,000.

Since 2019, and especially around the COVID-19 March 20 crash, we saw Bitcoin trading heavily in correlation with the global markets, putting the narrative to question in many people’s view.

Nowadays, he maintains that Bitcoin is still a “fantastic hedge against inflation.”

“Bitcoin is the scarcest asset in the whole universe. There is nothing out ther that can compete. However, in the short-term, if you have the stock markets completely collapsed, obviously everything will crash. It’s just how markets work.

I think that long-term, Bitcoin is uncorrelated to the stock market and other markets out there.”

Discussing the possibility of bitcoin going to zero, TheMoon strongly refuted it and even said that he thinks BTC is “never going back down below $10,000.”

“I would suggest that it’s very likely that Bitcoin is going way above a million dollars. I think that even $10 million is where BTC is going.”

Speaking on his 2019 prediction, Runefelt believes that $200K in the next three years is ‘very possible.’

Buying a CryptoPunk Was a Stupid Mistake

Runefelt has been very vocal about spending $1 million for his CryptoPunk NFT.

“The CryptoPunk I did buy, kind of at the top of the market, and that was a stupid mistake.

I kind of regret that I bought it because first of all, I paid a million dollars for it which is way too much for a JPEG, you can say. I have no clue of what its value is right now and I try to maximize its value by at least trying to do some promotion out of it.”

The Controversy and Criticism After Buying His Bugatti

At the end of 2021, while the crypto markets saw sharp declines, Runefelt shared on his Twitter profile that he bought a new Bugatti – his dream car – after selling some of his ETH. Many people criticized the move and hinted that it was done to brag.

I just bought my dream Bugatti with #Ethereum pic.twitter.com/aPjFXaY9WX

— The Moon (@TheMoonCarl) December 29, 2021

In response to this, he explained that the decision came after seeing how much money he made out of Ethereum and that it was time to take some profits and buy his dream car.

“I had a bunch of money that was stored in Ethereum and I thought – why not take some profits, why not buy something that I’ve been dreaming of for years now?”

He argued that none of it is to brag but rather to inspire other people. Did he convince his followers? Time will tell.

Art Through Destruction: Interview With Jake Fried on His Night Vision NFT Series

NFTs have taken center stage in the cryptocurrency industry throughout most of 2021, and they continue attracting massive interest in 2022.

Although there are some popular projects that went mainstream, like the Bored Ape Yacht Club, they tend to be mostly in the profile-picture domain which definitely caught the industry by a storm. Beyond that, though, many argue that NFTs have stronger use cases and unlimited potential.

This is, perhaps, why so many artists are drawn to the field. It democratizes access to fine art and also provides the artist with a global platform for sharing work that’s trackable, immutable, verifiable, and easily transportable.

Jake Fried. Source: Wikipedia

One artist that was drawn to this rapidly growing scene is Jake Fried. Currently working on an NFT project – the Night Vision Series – Fried’s art is unique in its way.

He uses ink and white-out to produce hallucinatory scenery, modifying and shooting the images repeatedly to create mind-bending animations that are designed to evolve at a frenzied pace. Fried’s experimental films have already been widely exhibited across the world, including at the Tate Modern and Sundance Film Festival. On top of that, he has also done commissioned work for some giants such as Netflix.

In this interview, we talk about how it all started, how it changed, and where it’s headed.

Can you introduce yourself and tell us how did your career start? 

Hi! My name is Jake Fried – I’m an artist, experimental animator, and professor. I began my career as a painter, but as I went through the process of layering and modifying images, I realized what truly interested me was the way an image evolved over time, and I changed tracks to become an animator.

Tell us more about your style?

I use ink and white-out, sometimes adding collage and even coffee, to generate hallucinatory vistas, modifying and shooting the images over and over to create mind-bending animations that evolve at a frenzied pace.

Artworks are captured one frame at a time and destroyed through creation. Created physically, yet only a digital record of the process remains, Out of nothing – into nothing.

Can you please share some details of the entire process? 

My work is arrived at slowly over the course of months and is not pre-planned. It becomes itself through the process of making, I try to let the work tell me what’s next. For me, art-making is a discovery process. Otherwise, I have no interest.

What about the experimental films?

My experimental films have been widely screened internationally. This includes the Tate Modern and Sundance Film Festival. Beyond that, I’ve also created commissioned work for clients that include Adult Swim and Netflix.

How did you get into NFTs?

I released my first non-fungible tokens (NFTs) in July 2021 and was immediately thrilled by this new era for artists and collectors.

I have since released several 1/1s on SuperRare and developed a special relationship with Art on Internet (AOI).

Can you tell us more about the Night Vision Series?

Together with AOI, we are releasing the Night Vision Series – a collection of 1440 unique frames.

The Night Vision Series is composed of NFTs, each one of which is a work of art where each frame is named, categorized, and put up for sale – recontextualizing the source work by preserving and documenting Fried’s unique artistic process of “creation through destruction.”

The series took 8 months to complete, showcasing the effort and work that goes into creating the collection. The art is created through destruction, which means that each new frame of animation destroys the previous one.

Jake Fried’s process intends to bridge the tangible with the untouchable and results in a series of handmade artworks that can only be preserved and experienced in a digital medium.

On this website, every frame of Night Vision can be experienced, understood, and also purchased as an individual art piece. Each NFT also includes a membership to Jake Fried Collector’s club.