Dispatch #25: NFTs are getting SPICY

5 min read

In this patch of your weekly Dispatch:

  • From Beeple to Grimes, NFTs are sizzling hot
  • Citi says your hard-HODLed BTC could be the preferred currency for trade
  • Crypto exchanges exceed $1T in trading volume for the first time
  • Fixed Terms are the latest addition to our Earn suite

The Big Idea

NFTs are heating up

Last week we mentioned Beeple’s record-setting $6.6M sale of “Crossroads” via Nifty Gateway, as well as his Christie’s Auction, where bidding is currently up to $3.5M.

It’s not just Beeple, however. Over the weekend, EDM artist Justin Blau (aka 3LAU) auctioned a collection of 33 NFTs (partially coded by the artist himself) for $11,684,101 and rock band Kings of Leon is planning to launch the first NFT album.

Grimes jumped on the train and made $5.8M, selling WarNymph – a set of 10 items named after the Goddess of Neo-Genesis who “battles the destructive force of obsolete ideas.” The same battle we fight in the crypto space, essentially. :)

Meanwhile, on Clubhouse, everyone from Diplo to Deadmau5 to Paris Hilton has been chattering about NFTs.

The question of course is: is this a bubble? Yet another crypto speculative froth that is going to separate people from their money?

Perhaps a better question is: what parts of it are a bubble, and what parts of it are real? Perhaps there is over-exuberance at something new leading to frothy prices, but also a real disruption laying underneath?

Whatever the case, it feels like we’re at the beginning, not the end of this story.

The Latest In…


Late last week, we got a peek under the hood of Coinbase. Their S1 filing painted a picture of growing revenue and, illuminatingly, a significant shift towards institutional investors as the drivers of the market.

The forthcoming Coinbase IPO isn’t only relevant for investors in that company. It represents the most significant public market overlap with crypto markets yet and could have a price-setting function that helps other institutions in the market as well.

The Latest In…


At this point, what institutions aren’t talking about or getting into Bitcoin? Last week we had a JPMorgan analyst note suggest a 1% allocation to BTC. Then this week, Citi released a 108-page report suggesting that Bitcoin could be the preferred currency for international trade in the future. Morgan Stanley announced that after two years, it was re-opening its crypto trading desk. The hits just keep on coming!

The Latest In…

Nexo’s Earn Suite

As more and more institutions dip their toes into crypto, the space is becoming increasingly long-term focused. In direct response to that, there are now two ways to earn on your assets with Nexo: FLEX and Fixed.

Fixed Terms allow you to earn our highest savings yields – 8% on crypto and 12% on fiat – when you choose to create a term on your cryptocurrencies and fiat for 1 and 3 months, respectively. Like with our FLEX Terms, your interest compounds daily. As for the payout – you receive all your interest in one sitting at the end of the period. For all the details, head over to our blog.

The Latest In…


After a rough last week of February, Bitcoin seems to be in focus again. Still, it’s worth noting some perhaps unexpected actions among alts. First of all, while everything else was dumping last week, Cardano became the third biggest coin by total market cap before giving way to USDT. What’s more, everyone’s favorite puppy saw its first new developer commit in years. Yep, DOGE actually has developer attention back on it. Talk about being Meme’d back to life.

The Latest In…


Here’s an interesting one. At the beginning of the week, news broke that China would be forcefully stopping crypto mining in the Inner Mongolia region over energy concerns. Bad news, right? Not according to many Bitcoiners, who pointed out that Inner Mongolia has some of the dirtiest, coal-powered mining of any part of China. To them, this offers inducement for mining to move toward renewables and other forms of stranded energy that would otherwise be lost. Who would’ve thought…an assist from the Chinese government.

The Week’s Most Interesting Data Story

February Stats Round-up

By just about every measure, last month was amazing. On the price front…well, you know what happened with the price. But what about volume? February was the first month with more than $1T in trading volume overall on crypto exchanges. Of that, DEXes saw a record $73B in volume! Ethereum mining broke $1B for the first time, while Bitcoin miners also saw an ATH of $1.36T. Bull market vibes, baby.

Hot Topics

What the Community Is Discussing

The mainstream acceptance keeps coming, with TV’s Mr. Wonderful advocating for a 3% Bitcoin allocation.

Goldman Sachs announced that their trading desk is getting back in the crypto game. Not everyone’s sure how good that is.

Finally, some macro guys getting in the game rather than just trying to pooh-pooh everything.

Our Take

@AntoniNexo This Week

  • Antoni didn’t believe in unicorns until @NexoFinance became one. That’s right! According to the latest CV VC Top 50 Report, covering the leading blockchain companies in Switzerland’s Crypto Valley, we are now amongst the 11 unicorns in the Swiss canton of Zug, alongside Ethereum, Cardano, and Polkadot!
  • It was a bumpy week for Bitcoin and many wondered what caused all the ups and downs. Never one to keep his analysis to himself, Antoni told Bloomberg on Tuesday that “[s]ome speculative over-leveraging […] triggered this mini correction, the rebound from which we’re seeing today as new players are quickly buying into the market.”
  • Later this week, we eagerly watched BTC regain $50K. According to Antoni, the return of the stimulus-fueling activities in the US and elsewhere is very good for scarce assets such as Bitcoin, so don’t be fooled by the inevitable market corrections.

What to Watch for Next Week:

  • Will more BTC skeptics change their minds? Looking at you, Mark Cuban and Peter Schiff.
  • Is DOGE adoption really on the rise?
  • Is Apple buying Bitcoin?

Let Your Crypto Work For You

The only cryptocurrency account that lets you borrow instantly in 45+ fiat currencies and earns you daily interest on idle assets

All set. Share only with your best friends!