Cardano (ADA) Founder Charles Hoskinson Uses Someone Else’s NFT as Profile Pic- A week ago, (ADA) founder Charles Hoskinson praised NFTs for having many use cases.
- NFTs play an important role in Cardano’s upgraded Ecosystem despite the market plunge in mid-2022.
- Hoskinson claims he paid the NFT artists “in exposure” and “historical association.”
Mr. Charles Hoskinson, the rowdy founder of Cardano (ADA) blockchain and CEO of the London headquartered blockchain tech company IOG, changed his Twitter profile picture to an NFT drawing of his portrait. However, the change was not to a usual pre-owned NFT avatar but rather a right-click saved .jpeg picture of someone else’s NFT.
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#NewProfilePic pic.twitter.com/X1AKNXsOHD
— Charles Hoskinson (@IOHK_Charles) January 3, 2023
Charles Hoskinson Pays Artists in Exposure
Despite the ongoing battle around NFT artists’ royalties, the Cardano founder reassured worried crypto enthusiasts that he’s “paying artists in exposure.” Additionally, Mr. Huskinson explained that “the artist and NFT owner don’t mind because it increased the value of their work and product having the historical association with me.”
However, the bold move wasn’t left unnoticed, as some crypto enthusiasts were offended by the irresponsible stance of the founder of one of the largest blockchain companies. For instance, graphic designer T-Rex complained that Mr. Huskinson’s old-school way of changing profile pictures is “not the right stance to take at all. Let’s face it, you could probably change the owners’ life by actually buying and owning the NFT?”
Sorry Charles, this isn’t the right stance to take at all. Let’s face it, you could probably change the owners’ life by actually buying and owning the NFT?Next time you produce something you’d expect to charge for, and make your livelihood from—I’ll just copy and paste it?
— T-Rex (@t_rex____) January 3, 2023
Cardano NFTs Keep a Steady Record
On the other hand, NFTs on Cardano (ADA) blockchain have been doing relatively well compared to the overall NFT market slump of 2022. To illustrate, ClayMates By Clay Nation NFT collection surged 61.9% in sales over the last 30 days. With $461,731 in monthly sales and an average hold extended by 55.2%, the most successful NFT collection on the ADA blockchain is back in the spotlight.
This comes just a few weeks after iconic rapper Snoop Dogg and his son Champ Medici released their first music video for ClayMates NFT. The song comes from an EP dedicated to crypto, which can also be purchased as an NFT. On top of that, Charles ‘Crypto Cowboy’ Hoskinson is featured in the clip on a private jet on the way to his fancy ranch in Wyoming.
The music video for Bron and Bronny by @SnoopDogg & @champmedici is out now!Shot at @IOHK_Charles ranch in Wyoming with the clay animation sequences created by us. Enjoy the full video here https://t.co/MnxCwvAjplLet’s go! #Music #Claymation #Cardano
— Clay Nation (@claymates) November 21, 2022
On the Flipside
- Despite the immense backlash from NFT enthusiasts, the owners of the NFT avatar granted permission for Mr. Hoskinson to use the saved image.
Why You Should Care
ADA is the 9th largest blockchain in the current crypto space. Founder Charles Hoskinson left (ETH) to build his own blockchain, which is highly focused on scalability, research, and Web3 development, including the NFT market.
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Elon Musk, the CEO and founder of Tesla, has once again demonstrated the ‘Musk’ effect as he directly influenced the price of the cryptocurrency, SHIBA INU. Earlier this week, the tech billionaire tweeted about the arrival of his new Shiba Inu Puppy names ‘Floki’. This resulted in SHIBA INU surging to 40 per cent on Friday morning. At the time of this article, the coin was trading green at 34.58 per cent over a 24-hour period. Over the course of the week, the coin had traded up by 25.92 per cent. The price of SHIBA INU stood at $0.000009046, with a market cap of $3.07 billion and a trading volume of 1,101 per cent.
It should also be noted that SHIB jumped 21 per cent after its recent listing on Coinbase, according to TechStory. This comes after Coinbase put it out there that the platform is looking to add all the tokens. Thus far, SHIB has proven to be a fan favourite, leading Coinbase to pour in added support for the altcoin in terms of deposits and withdrawals in order to maintain liquidity.
Parallelly, the long-time running favourite cryptocurrency of the Tesla CEO, Dogecoin has also been seeing an upward trend recently. At the time of this article, the price of the altcoin stood at $0.2572 which indicated that it was trading green at 4.64 per cent over the past 24 hours. The coin was also trading green over the course of the last seven days at a rate of 0.75 per cent, with a market cap of $33.39 billion. It is not just Dogecoin that has seen a positive change but also related altcoins such as Baby Doge, following the tweets Musk had recently put out.
This is not the first time that Musk’s Twitter feed kicked up a storm in the cryptocurrency world. There seems to be some form of invisible force that drives the prices up and down with each comment that the electric car maker issued on his social media.
In May of 2021, Dogecoin prices soared after Musk said that he was working with the developers to improve efficiency as a means of payment. The altcoin which was initially brought into being as a meme initially, rose to prominence as it traded over 30 per cent following that tweet and reached prices as high as $0.56 according to reports by Bloomberg.
Bitcoin, one of the most popular and highest-ranking coins on the market, is also subject to the infamous ‘Musk’ effect. In fact, one could argue that the Musk effect got its infamy from the cause-and-effect relationship with Bitcoin. Either way, the same period in 2021 saw Bitcoin prices dip well below the $45,000 mark after the billionaire said that Tesla might divest what at one point was a $1.5 billion stake in the digital asset.
In the end, Bitcoin did steady after Musk said that Tesla didn’t sell from its holdings in the token. Inversely, when attending an event called ‘The B Word’, alongside Twitter CEO Jack Dorsey, Musk had said that he wanted to see Bitcoin succeed and that outside of his holdings in SpaceX and Tesla, Bitcoin was the largest. This saw the price of Bitcoin surge from its all-time low to above $32,000 on July 22. Bitcoin rose almost 8 per cent on that day following Musk’s comments.
The tech billionaire has often been the source of the fluctuating price of crypto, especially over the last few months. With his interest now fixed on SHIBA INU and Dogecoin, one can only speculate as to the rise in popularity that these coins might see in the near future. However, one thing is for certain, the ‘Musk’ effect is a very real thing, so keeping an eye on his next tweet is definitely a must for crypto investors.
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- Musk puppy pic was only one factor in Shiba Inu coin’s breakout week Fortune
- SHIB coin: why is the Shiba Inu cryptocurrency surging? Fast Company
- SHIB coin: Will Shiba Inu coin’s value stay high? Deseret News
- Shiba inu took 14 months to hit a market value of $12 billion. It took dogecoin 6 times as long to reach that milestone. Markets Insider
- Why Shiba Inu (SHIB) Is Up Over 300% This Week The Motley Fool
- View Full Coverage on Google News