Is the US Creating a Digital Greenback? This Week’s High Bitcoin & Crypto Information

Welcome to Nonfungible Tidbits, a weekly roundup of stories in crypto, NFTs and their associated realms.

Our lead story this week is the opportunity of a US Central Bank Digital Currency or ‘digital greenback.’ We’ll additionally cowl the million-dollar NFT of a cartoon rock that by chance bought for lower than a penny and declining Google searches for NFTs.

Stay tuned for extra subsequent week.

US contemplating centralized cryptocurrency

Biden signed an govt order final week directing numerous federal companies to provide you with coverage suggestions on cryptocurrency. The order included a name to discover a US Central Bank Digital Currency, a kind of cryptocurrency managed by the federal government. Part of Biden’s technique consists of making certain any US CBDC is inline with the nation’s priorities and democratic values, in response to the order’s reality sheet. 

The Federal Reserve has been researching CBDCs for some time now. In January, the Fed launched a report that delves into what a CBDC may appear to be within the US. Countries throughout the globe, together with Australia, China and Brazil, are additionally engaged on CBDCs of their very own.

Read CNET’s full story on a possible US Central Bank Digital Currency.

Owner of $1 million rock NFT by chance sells it for lower than a penny

There’s an NFT assortment referred to as EtherRock that accommodates NFTs of clipart rocks, each a barely totally different colour. Last 12 months, an EtherRock NFT bought for 400 ether, or about $1.3 million on the time. Earlier this month the proprietor of an EtherRock NFT by chance listed the NFT on the market for 444 wei as an alternative of 444 ether. Wei is the smallest denomination of ether, like pennies are to {dollars}, with one ether containing 1,000,000,000,000,000,000 wei. This means the proprietor of the EtherRock NFT bought an NFT doubtlessly value over one million {dollars} for lower than a penny. People are actually utilizing bots to provide them an edge when shopping for NFTs, and a bot snapped it up instantly after it was listed. 

Google searches for NFTs are falling quick

Searches for NFTs on Google plunged over the primary few months of 2022, in response to a latest report from Statista based mostly on Google Trends information. Google searches for NFTs rose in December 2021 and reached a excessive level in January 2022. Since then, there’s been a pointy drop-off. Currently, Google Trends reveals solely one-third of the search quantity for NFTs as January’s. 

Despite what seems to be declining curiosity in NFTs from Google Search customers, Meta (Facebook) Founder Mark Zuckerberg stated NFTs are coming to Instagram throughout a chat he gave at South by Southwest in Austin, Texas. 

Thanks for studying. We’ll be again with loads extra subsequent week. In the meantime, I encourage you to learn this characteristic on how cryptocurrency and NFTs are funding Ukraine’s resistance in opposition to Russia by Roger Cheng. Roger additionally recorded an interview sequence with Alex Bornyakov, deputy minister of digital transformation for Ukraine, which you will discover embedded within the story.