Ron Creevey – founder of the X Studio, a company that broadcasts live performances online for globally recognized brands – says he’s looking to bring more artists to his platform with the launch of the firm’s new non-fungible token (NFT) line.
The NFT Space Appeals to Ron Creevey
An NFT is a digital asset that’s tied to something physical. This physical item could be a song or piece of music, a comic, a famous artwork, etc. Many of these NFTs represent individual stakes in such assets. For example, if you were to buy an NFT of the Mona Lisa (the famous painting by Leonardo da Vinci that’s hanging in the Louvre in France), you would not necessarily own the Mona Lisa itself. Rather, you would own a stake in the digitized version of the painting.
The idea is to spread wealth and ownership opportunities amongst many individuals, thus ending potential wealth gaps and giving more people chances to take part in the ownership of items that prior could only be accessed by the super wealthy. In many ways, NFTs are quite noble.
Ron Creevey says that the X Studio has long been interested in getting involved in the cryptocurrency space. He mentioned in a recent interview:
The X Studio integrates with all global artists within the changing construct of the internet together with web3. This is the direction for The X Studio and that enabled us to become self-sufficient. Artists, labels, and listeners need the appropriate recognition from recording studios, management, and the listening audience. I have been a part of the internet from the beginning when we created the first internet company in Asia and Australia. Plus, on the music side of the business, collaborating with leading artists globally makes me smile. As they say, you can’t chase cool.
The news is all fine and dandy, though one must wonder given recent news and trends if the X Studio is arriving way too late to the party.
Is This the Right Thing to Do?
Not long ago, it came to light that the NFT space isn’t doing all that well. In fact, trading in the space is down nearly 97 percent from the all-time high the arena witnessed during the early months of 2022. This means that in less than a year, trading has virtually disappeared, and we can’t help but question if the NFT space is going to last much longer.
At the end of the day, NFTs are pixelated artforms that somehow picked up steam during the early months of 2020. During that time, NFTs were selling for hundreds of thousands of dollars, and the space had a market cap in the billions, though now, with virtually no activity occurring within its borders, is getting involved in NFTs the right choice for Ron Creevey and his business?
That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.
While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.
Bitcoin’s Hashrate Slips Lower
The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.
There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.
Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.
At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.
Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.
What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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