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According to Fox News: U.S. Treasury Secretary Benson said that we are moving forward with the vote on the tax bill (the "Big, Beautiful Bill") today.On July 1, Vincent Starmer, an economist at Commerzbank, pointed out that although the eurozone inflation rate reached the ECBs 2% target in June, it may decline again in the coming months. The previous rebound in inflation was mainly driven by oil prices - the escalation of the Israeli-Iranian conflict caused oil prices to soar by more than 10% in the short term. Starmer said that as oil prices fall at the end of the month, the inflation rate may also decline simultaneously. But he also pointed out that given the uncertainty of US tariff policy, the ECB is expected to suspend action later this month. Starmer added that the ECB is likely to cut interest rates in the fall because tariff measures will curb European exports and put downward pressure on commodity prices.Ideal Auto (02015.HK): In the 26th week of 2025 (June 23-June 29), Ideal Auto’s weekly sales volume was 8,000 vehicles.On July 1, SERES announced that its sales of new energy vehicles in June 2025 were 46,086 units, a year-on-year increase of 4.44%; the cumulative sales from January to June were 172,100 units, a year-on-year decrease of 14.35%.On July 1, the new Bank of Japan member Masuichi Koichi made a clear statement at his inauguration press conference on Tuesday, supporting the gradual and cautious interest rate hike policy of Governor Kazuo Ueda. The member, who started his five-year term, said: "In terms of the current economic situation, the time is not yet ripe for accelerated interest rate hikes. I fully agree with the governors views and we must act prudently." These remarks show that Kazuo Uedas policy stance has won support on the nine-member committee as he waits for the impact of US tariffs on economic data. Masuichi Koichi replaced former member Toyoaki Nakamura, who voted against Uedas rate hike decisions three times.

The bonfire of the NFTs

Jimmy Khan

Jul 05, 2022 15:00


The NFT dream has suffered a severe non-fungible blow, yet it is still alive.


As cryptocurrency-rich speculators invested billions of dollars on the hazardous assets, driving up prices and profits, the market sparkled magnificently last year. Currently, six months into 2022, it is awful.

On the biggest NFT platform, OpenSea, monthly sales volume plummeted to $700 million in June from $2.6 billion in May and a long cry from the high of over $5 billion in January.


NonFungible.com, which records sales on the Ethereum and Ronin blockchains, reports that by late June the average NFT sale had dropped to $412 from $1,754 at the end of April.


According to Gauthier Zuppinger, co-founder of NonFungible.com, "the crypto bear market has undoubtedly had an influence on the NFT area."


He said, "We have seen so much hype and conjecture about this sort of asset. Now that individuals are aware they won't become millionaires overnight, we are seeing some type of reduction.


Together with cryptocurrencies, which are often used to pay for the assets, the NFT market has fallen at a time when central banks have raised rates to fight inflation and risk appetite has waned.


In the first half of the year, Bitcoin has lost almost 57 percent of its value, while Ether has lost 71 percent.

Death spiral or dip?

Critics claim that the fall proves it was foolish to invest in such assets, which are tradable blockchain-based records connected to digital media like photographs or videos, often original works of art.


The Malaysian businessman who paid $2.5 million for an NFT of Jack Dorsey's first tweet last year found it difficult to sell it again in April after only receiving offers of a few thousand dollars.


The downturn, according to Benoit Bosc, global director of product at cryptocurrency trading company GSR, is the ideal opportunity to create a corporate NFT collection—the digital version of the fine art that conventional banks show to wow customers.


GSR spent $500,000 last month acquiring NFTs from what Bosc refers to as "blue-chip" collections, or those with sizable internet fan groups.


Among his purchases are an NFT from the Bored Ape Yacht Club and a collection of 10,000 cartoon monkeys from the American firm Yuga Labs, which was supported by celebrities like Jimmy Fallon and Paris Hilton.


Bored Apes has garnered so much attention that Yuga Labs funded $285 million in April by selling tokens that they claim can be swapped for land in a virtual world based on the game that has not yet been released.


But according to market watcher CryptoSlam, the average selling price for a Bored Ape fell to around $110,000 in June, halving from its high of $238,000 in January.


Bosc installed three displays in his New York office to show off his NFTs, which include different pixelated figures and a Bored Ape he paid $125,000 for.


For us, it's also a branding exercise, according to Bosc. It is possible to build "respectability, authority, and influence" in the crypto community by owning a valuable NFT and using it as your social media profile photo, he claimed.

game over or continue?

However, since the period of low interest rates that encouraged investors to make hazardous bets is coming to an end, the future of NFTs is decidedly dubious.


According to some industry observers, NFTs' impact on the art market will decrease. NFTs are expected to revolutionize the gaming industry, for example by enabling gamers to own in-game assets like avatar skins, even if the much-hyped vision for a blockchain-based metaverse hasn't yet come to pass.


The next great thing in blockchain technology, according to Modesta Masoit, chief financial officer of blockchain tracker DappRadar, is gaming.


However, this perilous fusion of gambling and financial speculation can encounter problems. According to John Egan, CEO of technology research company L'Atelier, most players like games without NFTs or "play-to-earn" elements.


Although NFTs were largely exempt from the ground-breaking new crypto legislation adopted by the European Union last week, Spain is separately attempting to impose restrictions on the manner in which video games trade virtual assets for real money.


In the meanwhile, Axie Infinity, the largest NFT-based game, has seen the value of its in-game token drop to less than half a cent from a high of 36 cents last year.


According to Egan of L'Atelier, the NFT market is not likely to rebound in its present state.


In the end, he said, "exceptional sums of money are being paid for very restricted assets that don't actually provide any cash flow."


However, he said that the core idea behind developing distinctive digital assets is still "fundamentally vital" and would have "huge implications" for the financial industry in the future.