Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum

Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum
Bitcoin traded higher on Monday (Shutterstock)
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Updated 02 May 2022

Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum

Crypto Moves — Bitcoin, Ether up;  Seattle opens world’s first NFT museum

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, up 2.73 percent to $38,948 at 8.00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,855, up 3.14 percent, according to data from Coindesk.

World’s first NFT museum in Seattle

The world’s first permanent non-fungible token art museum has opened in Seattle, aiming to pull back the curtain on blockchain-based digital art.

NFTs are digital assets that exploded in popularity recently, with their artworks selling for millions of dollars. NFTs exist on a blockchain, a record of transactions kept on networked computers.

The museum opened its doors on Jan. 14 and has been providing an outlet for artists, creators, and collectors to display their NFTs in a physical setting while aiming to educate the public about this relatively new market for digital art.

“We realized the impact of being able to look at this type of art in a way where you actually slow down and see all the details,” said Jennifer Wong, a co-founder and curator at Seattle NFT Museum.

Local digital artist Maksim Surguy attended the opening of the museum’s ‘Climate Conversation’ exhibition on April 16, which featured his designs sold as NFTs online but can also be printed physically.

“Previously, if you make a digital artwork or physical artwork, there were a lot of limitations about who can see the artwork or how they can own it,” said Surguy, who worked in Seattle’s tech industry and ventured into crypto-based art a year and a half ago.

Panama passes bill to permit crypto assets

On Thursday, lawmakers in Panama’s National Assembly approved a bill to regulate the use and commercialization of crypto assets in the Central American country renowned as a hub of offshore financial services.

The bill opens the door to private and public use of crypto assets and will make it possible for people to pay their taxes with cryptocurrencies. However, experts warned it could heighten Panama’s reputation as a place lacking financial transparency.

The legislation is broader in scope than measures passed by El Salvador, which made bitcoin legal tender last year, said independent lawmaker and promoter of the bill Gabriel Silva.

“We’re seeing the emergence of many different crypto assets like works of art,” he said. “That’s why we didn’t want to limit ourselves only to cryptocurrencies.”

The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats.

Under the new legislation, Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country.

(With inputs from Reuters)