• NFTs have a ‘digital first sale’ problem due to outdated copyright laws.
• Short interest is rising on China tokens while Bitcoin treads water just above $23,000.
• Prices for Bitcoin, Ethereum and other Chinese tokens are in the red as of March 1st.
NFTs Have a ‘Digital First Sale’ Problem
Non-fungible tokens (NFTs) have been gaining considerable attention lately, but their widespread adoption is being hindered by outdated interpretations of copyright law. These interpretations are mired in an era before blockchain technology existed and fail to recognize the concept of digital-first sales which could revolutionize the art world and beyond.
Short Interest Rising on China Tokens
As Asian markets opened on March 1st, several China tokens were seeing declines in price. Web3 ecosystem token Neo was down 8%, Conflux’s CFX token was down 12.5%, and Filecoin’s FIL token declined 5.5%. Short interest has been increasing rapidly on these tokens, with NEO split 50/50 between long and short positions while CFX has slipped into a majority short position at 52.71%. FILECOIN’s FIL is nearly even between long and short positions as well.
Bitcoin & Ether Prices In The Red
The top two cryptocurrencies, Bitcoin and Ether also began trading lower today as well. Bitcoin opened trading at $23,141, down 1.3% while Ethereum dipped 22 points to $1,607 or 1.4%. Other crypto prices from CoinDesk Market Index (CMI) showed an overall decline of 18 points or 1.6%.
Gold Price Rises As Treasury Yield Falls
In contrast to the negative sentiment seen in crypto markets today, gold prices rose 14 points to $1,831 or 0.8% according to COMEX spot price data . Meanwhile treasury yields fell back towards recent lows with 10 year yields reaching 3 .92%, down 0 from yesterday’s close .
Despite weak performance in many crypto markets today , gold prices continue to rise as investors seek safe haven assets amid economic uncertainty . Copyright legislation will need to catch up with modern technology before NFTs can fully realize their potential , leaving digital artists unable to capitalize on their creations until then .