As crypto market grows amid inflation fears caused by fresh taxation legislation and CPI reports from the US, more metaverse tentacles are penetrating the real world.

Hedge Against Inflation Shock?
The past week has been a rollercoaster for all crypto users and watchers. Bitcoin briefly touched the price of US$69,000, Ethereum also surged to a new all-time high of over US$4,800. And as alt coins also rallied accordingly, the total crypto market capitalization was pushed to more than US$3 trillion. 

Bitcoin price skyrocketed just minutes after the US Bureau of Labor Statistics revealed that the consumer prices grew in more than 30 years last month. A separate real-earnings report issued almost simultaneously showed a 1.6% decrease in real average weekly earnings over the 12 month period (ending October). All this helped rise another wave of substantial inflation fears: since the beginning of the pandemic, both private and institutional investors largely favoured Bitcoin over gold and considered it as a legitimate hedge against longer-term inflation concerns.

Human One Is Born
Now, to metaverse updates: a human is born! Beeple, arguably the most famous digital artist today, just sold his first physical artwork at a live Christie’s auction in New York. The piece which went under the hammer for almost US$29 million is called Human One, and is called by its creator the first portrait of a human born in the metaverse. It is actually a well-sized booth displaying a video sculpture of a walking figure in an astronaut suit, wading through vibrant digital bushes consisting of Beeple’s art. Not only Human One by Beeple’s will connects the world of digital art and physical environments, bridging the two ecosystems, it also is an example of a new generation of art, a changing, evolving art piece. “While the piece was sold last night, the piece is not complete,” the artist told WIRED magazine. “I’m going to continue changing and updating the piece for the rest of my life.»

Another famous auction gig just tied itself to a fancy collaboration of crypto and artistry: the Sotheby’s house which recently launched its own NFT Metaverse Marketplace announced that it would have real-time bids in ETH for its upcoming auction of Banksy paintings.