Lamborghini-Backed GT Team to Certify Car Parts With NFTs

Lamborghini-backed racing team Vincenzo Sospiri Racing GT recently announced the use of NFTs to certify and qualify factory car parts.

In a statement released on Tuesday, the company mentioned that the NFT-enabled pilot program in partnership with Go2NFT could also be extended to verify related merchandise and other official products.

Lamborghini’s development of the NFT platform marks the start of the company’s long-term plan to introduce NFT functionality into the ecosystem, with the ultimate goal of “transforming cars into digital assets in the form of NFTs”.

BTC mining yield continues to decline

The short-lived recovery quickly lost steam, and the main cryptocurrency market fell again on Tuesday.

BTC is again range-bound near the key psychological support level of $20,000.

BTC’s latest K-line reversal near $20,500 made its price go down all the way.

Fortunately, BTC successfully held the $19,500 range and avoided further losses.

At the time of writing, the largest cryptocurrency by market capitalization has lost 2% of its value in the past 24 hours and is now just under $20,000, and will encounter immediate upside resistance in the $20,200-$20,500 range.

A close above that range and a firm footing could open the door to further gains.

Although the volatility in the spot market has eased slightly, the unfinished bear market has kept miners under pressure.

Currently, the daily revenue of BTC mining has dropped from a peak of $62 million in November 2021 to $18 million.

As an industry that relies on one commodity for income, BTC mining tends to follow a cyclical pattern.

Excessive investment in production capacity, especially after 2021, when yields are on the rise, in the context of weak spot prices and macroeconomic uncertainty, will greatly reduce mining revenue.

The sales pressure of miners will eventually cause some miners to shut down, reduce production capacity, and then enter a new cycle, and BTC’s mining revenue will start to rise again.

In the alternative currency market, ETH is still in step with BTC, currently sitting above the $1,100 mark.

Most major altcoins were in decline after Tuesday’s recovery lost steam.

Lido staking ETH, which sparked a lot of buzz last month, has largely emerged from the decoupling crisis, although there is still a loss of value equivalent to about 3%.