MoMA Launches NFT Project 🗃️

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• MoMA Launches NFT Project 🗃️

• Latin America Embraces Crypto 🤝

• Ex-BlackRock Director: Bitcoin ETF Within 6 Months 🤑

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

MoMA Launches Postcard NFT Project To Encourage Art On-Chain

The Museum of Modern Art (MoMA) is launching an NFT project called "MoMA Postcard" which will involve NFTs on Tezos that will debut later this month. MoMA invited 15 artists to collaborate on the first postcards, titled "First 15," to be minted as part of the project. The museum's move reflects a growing interest among major art institutions in establishing longer-term relationships with blockchain and the digital art ecosystem.

This program by MoMA follows a trend in the art world, as seen with the Musée d’Orsay partnering with the Tezos Foundation for blockchain-backed artworks and on-chain digital artists. The choice of chain is interesting given most NFT volume occurs on Ethereum; transaction cost is likely a concern which could possibly explain their choice. Artists will be invited to create NFTs inspired by the museum's Impressionist and Post-Impressionist masterpieces and aims to foster connections and conversations within the digital art world.

Report: Latin America Shows Exceptional Crypto Growth Across The Board

In a joint report published by University of Cambridge and the Inter-American Development Bank, it was revealed that there was significant growth in the Latin American and Caribbean (LAC) crypto ecosystem from 2020 to 2022. The study found that the crypto industry in LAC more than doubled since 2016, with 175 companies in 2022, of which 100 were headquartered or incorporated in the region.

Brazil, Argentina, and Mexico host the largest number of crypto companies in LAC, leading in exchanges (74%), digital payment firms (41%), and crypto custody solutions (27%). The report emphasizes that regulatory challenges are a significant hindrance to a more developed crypto industry in the region. Despite the ongoing crypto winter, there's growing optimism in the region, with talent and excitement in local communities and efforts to professionalize the industry and expand beyond its niche.

Ex-BlackRock Director Expects Bitcoin Spot ETF To Be Approved By April 2024

Former BlackRock managing director Steven Schoenfield, now CEO of MarketVector Indexes, predicts that the SEC will approve a Bitcoin spot ETF within "three to six months." It is Schoenfield’s belief that the SEC may approve all ETF applications simultaneously, avoiding giving any entity a first-mover advantage. Schoenfield notes a change in the SEC's delaying tactics and the Grayscale lawsuit which suggest it may lead to the approval of Grayscale Bitcoin Trust's conversion into an ETF.

Schoenfield believes there are several firms outside of BlackRock deeply committed to tradable digital assets. If approved, there will be significant competition in the approval process. MarketVector Indexes has estimated that spot ETF approval could result in a "$150 to $200 billion inflow" into Bitcoin investment products over three years, potentially doubling or tripling the current assets under management in Bitcoin products.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.