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Bitcoin ‘Epic Sat’ That Sold for $2 Million Used to Inscribe Art in Ordinals – With AI Voice by Grimes

AltcoinUpdates Staff

Published

9 months ago

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Bitcoin 'Epic Sat' That Sold for $2 Million Used to Inscribe Art in Ordinals - With AI Voice by Grimes

A Bitcoin “epic satoshi”, or a particularly rare version of the smallest denomination of BTC, was sold for 33.3 BTC in April – about $2.1 million at the time. It has now been used to enroll a Ordinals feature featuring music and the AI-generated voice of Canadian electronic pop artist Grimes (aka Claire Boucher).

An “epic satoshi” or “epic sat” is an extremely rare satoshi – that is, 1/100,000,000 of a BTC – that is generated during each Bitcoin halved. The quadrennial event halves the amount of Bitcoins earned by miners (who support the network). And these epic sats are said to be particularly valuable to collectors when NFT-as ordinals are inscribed in them.

Bitcoin Ordinais Project Bubble Book inscribed his art in the last epic via inscription 70,634,325, which was entered on Sunday. The “Spikes” series inscribed in the epic satoshi comes through the pseudonym Nurowho says they are one doctor became a Bitcoin enthusiast and founder of Nuro Realm, Cypherpunk Labs and Blob Army.

Nuro explained that the “Spikes” collection investigates the exploration of the mind, brain and reality while preserving consciousness in Bitcoin. He added that “Spike #1” was entered into the sat epic and was created in collaboration with software developers and Ordinals enthusiasts. Eloc Remarc, BoppletonIt is Bifetoshi.

“We are experimental artists working at the intersection of art, science and technology, so it has been a dream of ours to place our work in an epic setting and inspire the community to experiment and create new art,” said Nuro. Decrypt. “We believe everyone is an artist, you just need to find your medium.”

“Spike #1,” Nuro said, is the first “neurogenerative” 3D audiovisual piece about Bitcoin Ordinals and includes its inscribed brain data that manipulates the art in the inscription.

“Neurogenerative” is a reference to generative AI and neurographic art. Neurographic art refers to art designed to work with the subconscious mind. Projects like the startup Neurotech Prophetic use generative AI to engage the subconscious mind and lucid dream during sleep.

Nuro said the idea to use Grimes’ Elf Tech AI technology came about after a spoken word project didn’t have the effect he wanted, and Eloc suggested he take a look at Grimes’ AI voice.

“It’s original art and music that we made that uses Grimes’ free and open style. [Elf Tech] AI voice for some of the vocals,” said Nuro.

In April 2023, Grimes announced the launch of Elf Tech and offered anyone who used their voice a 50% royalty on AI-generated music using their voice. “Feel free to use my voice without penalty,” Grimes wrote on Twitter. In other words, Grimes is not personally involved in this project, but her technology is available for any creator to use.

“I looked into it and saw that she’s a badass cypherpunk who said ‘Fuck copyright, use my voice without penalty,’” Nuro said, paraphrasing Grimes’ own statements. “So I tried it and loved the spirit and how it sounded to give it a more cosmic and digital vibe. So I’ve been using it ever since along with my own voice and Steaktoshi’s.”

Nuro said that although the Elf Tech program was easy to use, calling it fun and unpredictable, it had its problems, including downtime and upload issues. Nuro is not new to the world of Bitcoin art: in February Cypherpunk Labs and Nuro Realm collaborated with Deezy Labs and Superbosses gallery to launch his San Francisco gallery dedicated to Bitcoin Ordinals art.

In April, the last of the four “epic sats” was mined by Bitcoin mining pool ViaBTC and was auctioned on cryptocurrency exchange CoinEX. It was expected to yield a considerable sum, as Ordinal collectors value assets derived from rare satoshis. And indeed, in the end, there was a winning bid of 33.3 BTC, or $2.1 million in value at the time of the sale.

Following the inscription of the Spike #1 Ordinal, a “child”The version was recorded as the EPIC•EPIC•EPIC•EPIC Rune #66429 using the Rune Token Protocol which was half-released by Ordinals creator Casey Rodarmor.

Since launch, EPIC•EPIC•EPIC•EPIC has seen just over $1 million in trading volume via a prominent marketplace Magical Edenwith a market value of almost US$50 million at the current price of 79 satoshis (about US$0.05 in Bitcoin).

Edited by Andrew Hayward

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AltcoinUpdates Staff

We are the editorial team of Altcoin Updates, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Altcoin Updates, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

AltcoinUpdates Staff

Published

6 months ago

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25 July, 2024

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Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.

Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.

In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.

On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.

The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.

“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.

Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.

The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.

“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.

That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.

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Bitcoin

How systematic approaches reduce investor risk

AltcoinUpdates Staff

Published

6 months ago

on

25 July, 2024

By

How systematic approaches reduce investor risk

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

July 24, 2024, 5:30 p.m.

Updated July 24, 2024, 5:35 p.m.

(Benjamin Cheng/Unsplash)

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Bitcoin

India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report

AltcoinUpdates Staff

Published

6 months ago

on

25 July, 2024

By

Amitoj Singh

“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”

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Bitcoin

Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

AltcoinUpdates Staff

Published

6 months ago

on

25 July, 2024

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.

Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.

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