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Nonfungible Tidbits: The week ending March 18th's bitcoin, cryptocurrency, and NFT news.
Welcome to Nonfungible Tidbits, a weekly digest of the latest developments in crypto, NFTs, and related areas.
The idea of a 'digital dollar,' issued by the United States Central Bank, is the focus of this week's top story. We'll also talk about the $1 million NFT of a cartoon rock that sold for pennies on the dollar and the decline in NFT searches on Google.
Next week, we'll have more.
American officials are debating the idea of a centralized digital money.
Last Monday, Vice President Biden issued an executive order instructing government departments to develop cryptocurrency policy recommendations. A call was made to investigate the possibility of a US Central Bank Digital Currency, a form of government-controlled cryptocurrency. According to the order's information sheet, Vice President Biden's plan includes ensuring that any US CBDC is aligned with the country's interests and democratic ideals.
Over the past few years, the Federal Reserve has been studying the potential of CBDCs. In January, the Federal Reserve published a paper on what a CBDC in the United States may look like. Australia, China, and Brazil are all working on CBDCs of their own, as are other countries throughout the world.
The owner of a $1 million rock NFT sells it for pennies on the dollar by mistake.
EtherRock is an NFT collection that includes NFTs of clipart rocks in a variety of colors. It sold for $1.3 million last year, or 400 ether, for an EtherRock NFT at the time. The owner of an EtherRock NFT made the mistake of listing the NFT for sale for 444 wei rather than 444 ether earlier this month. Ether's lowest unit of currency, the wei, is equivalent to a dollar's worth of pennies. One ether is equal to 1,000,000,000,000,000,000 wei. As a result, the EtherRock NFT's owner was able to sell an NFT that could have been valued millions of dollars for less than one cent. Now that bots are being used to provide buyers an advantage when purchasing NFTs, this one was quickly snatched up.
The number of people looking for information about NFTs on Google is rapidly decreasing.
According to a recent Statista study based on Google Trends data, Google searches for NFTs dropped precipitously in the first few months of 2022. In December 2021, Google searches for NFTs began to rise, and they peaked in January 2022. There has been a precipitous decline since then. According to Google Trends, NFT search volume is just one-third of what it was in January.
Meta (Facebook) Founder Mark Zuckerberg stated NFTs are coming to Instagram during a speech he delivered at South by Southwest in Austin, Texas, despite what appears to be waning interest from Google Search users in NFTs.
It was a pleasure to meet you. We'll be back next week with much more. For now, I recommend reading Roger Cheng's piece on how cryptocurrencies and NFTs are supporting Ukraine's anti-Russian opposition in the meanwhile. Also included in this piece is an interview series with Alex Bornyakov, Ukraine's deputy minister for digital development.
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