Morning Minute | Citi Works with Avax to Unlock a $10T Market

 Morning Minute | Citi Works with Avax to Unlock a $10T Market

TylerD's Market Summary

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๐Ÿ’ฐ Bringing the $10T Private Investment Market Onchain with Avax

Real World Assets (RWAs) have been one of the biggest buzz words around the crypto and web3 space for the past year.

Tokenizing and bringing various kinds of collectible and assets onto the blockchain certainly has the potential to be insanely big.

Well this week, we got new results from a major financial institution about an RWA experiment - and the results were very positive.

What Happened?

Citi just completed a massive RWA tokenization experiment with Avax, aimed at unlocking the $10T private investment market.

You can read the full report here, but in brief summary:

The Experiment

  • Citi tested the tokenization of a private equity fund by bringing it onto the blockchain (using Avalanche Spruce).
  • The fund distribution rules were encoded into the smart contract and a variety of transactions were conducted by hypothetical clients, testing for automation capabilities, compliance and more.

The Results

  • The proof of concept successfully showed how smart contracts enable greater automation and operational efficiencies compared with historical practices.
  • And they were able to so while also providing for a better compliance and control environment for all parties who transact with these funds (very important in tradfi).

What They're Saying

Enter Maredith Hannon Sapp, Head of Business Development, Digital Assets, at WisdomTree:

“We believe blockchain-enabled finance is the future of the industry, and this Proof-of-Concept showcases the ability to explore the transferability of tokenized funds and related compliance in different markets.

And regarding Avax's role, enter Mark Garabedian, Director, Digital Assets & Tokenization Strategy, Wellington Management.

“The Avalanche Spruce test network has proven to be an ample technical sandbox environment for coming together with partners and exploring the potential of blockchain technology within our industry."

Why It Matters

The big idea here is to bring the benefits of new digital technology into the traditional financial world, but in a way that's safe and follows all the necessary regulations.

It's going to take time given the speed at which these large institutions are forced to operate. Huge money is at stake here. But the use cases and benefits of blockchain are clearly there.

Kudos to Citi, Avax and the other partners who worked on this for testing it out and proving the benefits.

More and more traditional finance products will come onchain - it's just a matter of time.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

๐Ÿ’ฐ Token, Airdrop & Points Tracker

Introducing a brand new section, highlighting any major token or airdrop news from the day.

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

๐Ÿš€ NFT Total Volume (ETH)

  • MAYC (1,610 ETH, 4.07 ETH Floor)
  • BAYC (1,396 ETH, 22.84 ETH)
  • Pudgy Penguins (1,251 ETH, 19.96 ETH)
  • DeGods (1,112 ETH, 2.85 ETH)
  • Azuki (440 ETH, 6.43 ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Beeple Spring Collection (61%, 7 ETH Floor)
  • Bond Bears (45%, 78 ETH)
  • DigiDaigaku (17%, 4.93 ETH)
  • CyberKongz Genkai (14%, 0.1 ETH)
  • Valeria Land (14%, 0.41 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today has drops spanning PFP collabs, BTC, memes and art.

The highlight is likely the Hans Dehlinger drop with Expanded.Art. They are dropping the 1st release of his highly coveted ‘cubes’ series in almost 40 years, and it will also be the first-ever on-chain drop. For the set, 10 new 1/1 pieces will mint on Foundation - read more here.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Doodles - gshock (9:00 a.m. ET)
  • PNGS (9:00 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Hans Dehlinger - LINE CUBES (12:00 p.m. ET)
  • Hidden Punks (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.