Bonjour! Decrypt sent a team to NFT Paris and we were blown away by the 10,000+ NFT degens who descended on the city. Panel chats were held in front of the Eiffel Tower with Web3 execs from giant brands, while artists and creators showed off their projects—from dynamic NFTs to metaverse games to collections with new utility. At our own booth, Decrypt conducted more than 20 interviews with big names like Yat Siu, Tom Sachs, Sebastien Borget, gmoney, and Jonathan Perkins of SuperRare. Stay tuned all this coming week for the full videos.
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Bitcoin holders aren’t selling. Earlier this week, blockchain analysis firm Glassnode said that the “old supply” of BTC—that is, coins that haven’t moved from wallets in at least six months—hit 14.99 million BTC, or $370 billion worth at the time.
That’s the second-highest all-time mark, following a record of 15.029 million BTC in December, and it suggests that Bitcoin investors are taking a long-term view of the market. The near-peak coincides with BTC’s returning value, as Bitcoin broke above $25,000 this month for the first time since June 2022. The price dipped on Friday, however, amid hot U.S. inflation data.
💰 Coin of the Moment
Stacks (STX) has been described by its creators as a “layer 1.5” solution built on top of Bitcoin to power NFTs, DeFi apps, and more.
And amid the recent rise of NFTs on Bitcoin (called Ordinals), Stacks is seeing massively renewed interest, with its token up 115% over the past week and the network’s transaction count rising. Stacks co-founder Muneeb Ali called Ordinals “complementary” to Stacks’s own NFTs earlier this week, suggesting that it could help scale the burgeoning Bitcoin NFT market. We’ll see if collectors agree.
Ava Labs Founder and CEO Emin Gun Sirer has been working on proof-of-work cryptocurrencies since before Bitcoin. He talked to Dan Roberts and Stacy Elliott about how Avalanche avoided the FTX crisis and how much damage SBF has done to crypto’s image with VCs, why institutions still aren’t backing away from crypto, how Avalanche will succeed in the long run, and trying to cater to both Wall Street institutions and DeFi degens.
