John Cena calls his own NFT sales a ‘catastrophic failure’

World Wrestling Entertainment offered 500 gold tier packages with Cena’s NFT for $1,000, but only a fraction of them sold.

Professional wrestler and actor John Cena said fans only purchased 7.4% of his World Wrestling Entertainment, or WWE, nonfungible tokens (NFTs) that he made available last month.

Speaking at Florida Supercon 2021 on Sept. 12, Cena said it was a mistake to market his WWE NFTs as part of a package with physical collectibles — a hat, shirt, wristbands, belt, towel, autographed picture, and the digital collectible. The organization offered 500 gold tier packages with the NFT for $1,000, but only a fraction of them sold.

“I talk a lot about failure — this idea failed,” said Cena. “Myself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.”

He added:

“We sold 37 of them. It was a catastrophic failure.”

Cena and WWE released two tiers of NFTs for the wrestling star: a 24-hour auction of a “John Cena Platinum NFT” and the 500 limited edition NFTs as part of the aforementioned package of physical collectibles the following day. The platinum NFT reportedly sold for $21,000, with the highest bidder receiving VIP tickets — with accommodations — to WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles.

The WWE veteran promoted the crypto space on social media long before the surge in popularity over NFTs. Before the 2017 Bitcoin (BTC) bull run — when the price was in the $4,000s — he tweeted a picture of the physical token. Retired professional wrestler The Undertaker, part of the WWE until 2020, has also been featured in NFT collections.

Related: YouTuber trades Tesla Roadster for NFT

It’s unclear if wrestling fans were deterred by the price of the NFT — Cena, himself, estimated the digital artwork to be worth roughly $500 — or just the physical collectibles. In July, an entrepreneur launched simultaneous auctions for a job application from Apple co-founder Steve Jobs and an NFT of the same. The physical paper ended up selling for $343,000, while the final bid for the NFT was 12 Ether (ETH), or roughly $27,460 at the time.

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Avalanche (AVAX) just hit a new ATH, but what’s really behind the price surge?

AVAX price soared to a record high as heavy inflows enter the protocol through its cross-chain bridge and institutional investors pledge $230 million in funding for the rapidly expanding Avalanche ecosystem.

On Sept.16 Avalanche (AVAX) price hit a new all-time high at $68.89 and over the last few months the project has risen to challenge the Ethereum (ETH) network’s dominance among smart contract platforms. According to the project’s website, the layer-one protocol capable of surpassing 4,500 transactions per second (TPS) with a time to finality of less than 2 seconds.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $32.10 on Sept. 7, the price of AVAX has rallied 111% to establish a new all-time high on Sept. 16 as its 24-hour trading volume spiked 200% to $2.8 billion.

AVAX/USDT 4-hour chart. Source: TradingView

Three reasons for the surging price of AVAX include the recent completion of a $230 investment round by large capital funds, the continued migration of liquidity to the Avalanche network and new integrations and protocol upgrades that help improve the user experience.

Big funds back Avalanche

The jump in momentum seen in AVAX price on Sept. 16 came following the announcement that a handful of large funds including Polychain Capital, Three Arrows Capital and Dragonfly capital took part in a $230 million funding round for the project.

This marks the largest investment into the Avalanche ecosystem to date and indicates that larger institutional players are starting to take a keen interest in the Ethereum competitor.

The Avalanche network is cross-chain compatible with Ethereum meaning any tokens or projects that operate on Ethereum can fully migrate to the Avalanche ecosystem and take advantage of its higher throughput capabilities and lower transaction costs.

With no definitive date on when Eth2.0 will be fully operational or what its final capabilities will be, networks like Avalanche now have an opportunity to make the case for why they are a better choice, which could lead to an increase in their market share.

Liquidity migration and rising TVL

A second reason for the building strength seen in AVAX has been the continual migration of assets from networks like Ethereum to Avalanche to participate in its growing decentralized finance ecosystem.

Evidence of the asset migration can be found in the total value locked (TVL) data provided by Defi Llama, which shows that the TVL on Avalanche has been climbing rapidly since Aug. 19 and reached a new record high of $2.17 billion on Sept. 16.

Total value locked on Avalanche. Source: Defi Llama

The rise in TVL is largely due to the launch and growth of several successful decentralized finance (DeFi) protocols on Avalanche including Benqi (QI), Trader Joe (JOE) and Pangolin (PNG).

Related: Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high

Partnerships and crypto-related integrations

A third factor that has helped boost the value of AVAX has been a series of partnership and integration announcements that have excited investors and put the spotlight on the project.

The Avalanche NFT ecosystem has seen an influx of interest thanks to a partnership with the sports card and memorabilia company Topps, which launched its “Inception” NFT digital collectibles series on the network.

There is also a vote underway in the Aave community, one of the top DeFi protocols in the cryptocurrency ecosystem, to see if investors want to see AAVE launch on the Avalanche network. A vote of approval could lead to a further increase in TVL on Avalanche as assets held in AAVE on Ethereum have the potential to be migrated to AAVE on Avalanche.

According to data from Cointelegraph Markets Pro, market conditions for AVAX have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AVAX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AVAX spiked into the green and reached a high of 86 on Sept. 13, around 24 hours before the price increased 40% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Hedera Hashgraph rallies 150% in a week as its ecosystem expands

New partnerships, NFT integration and a market-wide surge in altcoin prices back HBAR’s recent 150% rally.

Real-world adoption and blockchain integration is the ultimate goal of any serious fintech protocol looking to offer workable solutions to some of the biggest challenges in finance and data transmission.

Hedera Hashgraph, a public network that uses a distributed ledger technology known as Hashgraph to increase scalability and lower transaction costs.

HBAR/USDT 4-hour chart. Source: TradingView

Two of the main reasons for the recent rise in HBAR include a growing list of ecosystem partners and the introduction of NFT minting capabilities to the network.

Hedera partnerships expand HBAR’s availability

The Hedera partnership program is an offshoot of the Hedera community that aims to roll more integrators, technology partners and enterprise applications to Hedera’s blockchain.

A scroll through the project’s Twitter feed shows that the partnership program lured new partners like the London School of Economics and Political Science and the Indian Institute of Technology Madras to the Hedera governing council.

Other recent partnership announcements include collaborations with Fobi, Dropp, and Filecoin, which has launched a $200,000 developer grant project in conjunction with Hedera designed to help advance Web3 interoperability.

Related: Indian university joins Hedera decentralized governance council

NFTs come to the Hedera network

The second source of excitement for the Hedera protocol has been the introduction of nonfungible token (NFT) minting capabilities on the network.

The NFT sector has been one of the hottest trends in 2021 and while the price action and trading activity for NFTs have declined significantly from their August highs, the sector is likely to expand in the near future.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for HBAR on Sept. 4, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. HBAR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for HBAR climbed into the green zone on Sept. 4 and reached a high of 72 around 72 hours before its price increased 147% over the next seven days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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US and Singapore companies collaborating: Okcoin partners with Hodlnaut

“We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto,” said Khairi Azmi.

Singapore-based crypto lending platform Hodlnaut will partner with United States crypto exchange Okcoin in an effort to drive adoption and crypto transactions among users.

In a Wednesday announcement, Hodlnaut said the partnership would allow its users and those on Okcoin to purchase cryptocurrencies and earn rewards on their holdings. The lending platform said Singapore-based users already use Okcoin as a fiat on-ramp solution to go from the Singapore dollar to Bitcoin (BTC) and Ether (ETH).

“We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto,” said Okcoin’s Singapore general manager, Khairi Azmi. “We believe that this partnership will contribute positively to the crypto ecosystem for consumers.”

According to the announcement, Hodlnaut users will have the opportunity to earn $10 in Bitcoin — roughly 0.00022 BTC at the time of publication, based on a price of $44,524 — for signing up for the platform and fulfilling certain Know Your Customer and trading requirements. Okcoin users signing up for Hodlnaut will also be able to earn a bonus in fiat.

Related: Okcoin secures regulatory approval in Malta and the Netherlands

Founded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has expanded to serve users in more than 190 countries. Though its headquarters are in the United States, Okcoin moved into Singapore in 2020 and allows customers to trade Singapore dollar pairings for BTC and ETH.

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US lawmakers propose adding digital assets to ‘wash sale’ rule and raising capital gains tax

If passed, the plan would raise the capital gains tax rate for “certain high income individuals” to 28.8%, while eliminating the “wash sale” loophole for crypto users.

Democrats in the U.S. House of Representatives have proposed tax initiatives to fund a $3.5 trillion spending package which could potentially affect crypto users. 

According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to 25% for “certain high income individuals.” A surtax of 3.8% on net investment income would seemingly apply to the proposed changes, bringing the U.S. capital gains and dividends tax rate to 28.8% for wealthy crypto users.

In addition, the tax plan would add digital assets to the “wash sale” rules, which prohibit investors from claiming capital gains deductions on certain assets repurchased within 30 days of a sale, “previously applicable to stock and other securities.” Existing tax laws under the IRS consider cryptocurrencies as property in wash sales — which some crypto users have been able to use to avoid capital gains — while the proposal from U.S. lawmakers would close this loophole.

If passed and signed into law, the plan would require crypto users to report taxes according to the new wash sale rules starting on Dec. 31, while the capital gains tax rate would apply to transactions made after Sept. 13. However, the bill for the $3.5 trillion spending package has not yet been finalized. In April, President Joe Biden’s administration suggested raising the capital gains tax rate for wealthy individuals to 43.4%.

Related: Senators add crypto taxes to infrastructure deal to raise $28B in extra revenue

The tax plan from House Democrats follows the passage of an infrastructure bill in the Senate suggesting implementing tighter rules on businesses handling cryptocurrencies and expanding reporting requirements for brokers. Many Democratic and Republican lawmakers have pushed for amending the language in the bill to clarify the role of cryptocurrencies, while the House is scheduled to vote on the proposal by Sept. 27.

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