CryptoPunk #8348, a rare NFT with seven traits, has been used to secure a $2.75 million loan, marking a historic milestone in NFT financing. The loan was facilitated by the NFT lending platform GONDI and carries a six-month term with a 20% interest rate. Seedphrase, the NFT collector behind the deal, retains ownership of the NFT as long as the loan is repaid on time.

Originally purchased for 85 ETH in 2020 (worth $18,000 then), the CryptoPunk is now valued at millions and has become an integral part of Seedphrase’s digital identity. The deal demonstrates the evolving legitimacy of NFTs as an asset class, offering liquidity akin to traditional art assets like a Picasso.

This deal highlights the growing maturity and marketability of NFTs as collateral in digital finance.

Ripple’s Partnerships Propel XRP Toward $1.43 With $4.28 Target in Sight

XRP’s price surged 10.5% to $1.43 on Nov. 27, driven by strategic partnerships, record-high open interest in XRP futures, and bullish market indicators. Ripple’s collaboration with Archax to launch a tokenized money market fund on the XRP Ledger highlights its role in advancing tokenized finance, a market projected to reach $16 trillion by 2030.

Open interest in XRP futures hit a near all-time high of $2.06 billion, signaling strong investor interest and increased market activity. Additionally, XRP’s price action shows a bull flag pattern, a bullish technical indicator suggesting a potential rally to $4.28. However, the overbought relative strength index (RSI) at 82 warns of a possible short-term pullback to $1.28 or lower before further gains.

Art Blocks Achieves Decentralization Milestone: 90% of NFTs Now Fully On-Chain

Art Blocks, a leading platform for on-chain artwork, has achieved a milestone by making 90% of its NFT artworks viewable directly on the Ethereum blockchain without relying on the company’s backend. This advancement ensures the permanence of these digital artworks as long as Ethereum exists, independent of Art Blocks’ continued operation.

Most of the artworks, created using programming tools like p5js and threejs, are now fully decentralized. However, about 10% of pieces still require third-party support for visualization. The company’s founder, Erick Calderon, hailed this move as a “major leap forward,” emphasizing its importance for the preservation and evolution of digital art.

Art Blocks will continue to use its centralized generator for online viewing but sees this on-chain accessibility as pivotal to advancing the infrastructure for a new era in art history. The announcement coincides with the platform’s fourth anniversary.

📊 CRYPTO PRICES 7D 💰

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