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<ul class="summary-list"><li><keyword id="164282" type="CITY" weightage="20" keywordseo="Guggenheim">Guggenheim</keyword> cofounder <keyword id="11502701" type="UNKNOWN" weightage="20" keywordseo="todd-morley">Todd Morley</keyword> is building a <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> tower in New York.</li><li>The tower's network will boost blockchain-based communication and trading in the city.</li><li>Morley expects it to be New York's tallest building and house the world's biggest NFT museum.</li></ul>Guggenheim co-founder Todd Morley is backing the development of a blockchain network tower in New York, he told <a href="https://www.bloomberg.com/news/articles/2021-05-24/guggenheim-founder-morley-is-backing-a-new-york-blockchain-tower">Bloomberg TV</a> on Monday evening. Morley, the chairman of blockchain project Overline Network, said the tower is designed to improve <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-fea5cac1-7fff-4942-dcc1-3dbc12080267">blockchain</a>-based communication and trading in the city. It will also be New York's tallest building and house the world's <keyword id="11502702" type="UNKNOWN" weightage="20" keywordseo="largest-NFT-museum">largest NFT museum</keyword>, Morley said. "Blockchain, DeFi, decentralized currencies, all these things are a part of financial services already and so communicating is obviously a big part of that...Overline Network has developed a new way to decentralize wireless communication that can be used at a speed that would allow even <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> mining," Morley told Bloomberg TV. The tower will give anyone in New York access to wireless trading and especially <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-1dc90deb-7fff-6681-163e-eecd0150e3c4">crypto</a> trading, provide a way to announce and showcase new technological advances, and exhibit a vast collection of NFTs. NFTs, or non-fungible tokens, are digital assets like images, video, or audio that are built on blockchain technology, which makes them unique and non-exchangeable. Often, anyone online can still view the items - but only one person can own them, making them popular among collectors. The project is a joint venture between Morley's Overline and real estate developer JDS Group, and is set to begin by the end of the year. Morley said it would be scalable to other cities. Overline is developing further ways to utilise the tower, Morley said. He believes the development of crypto technology and cryptocurrencies will be "good for humanity" as they democratise investing, which will lead to so-called 'dead capital' being unlocked as new possibilities for access are opened up. Commenting on the current market, he said that its illiquidity is linked to its size, and traders will appreciate the volatility. He has also personally invested in crypto, and prefers ethereum to bitcoin due to its smart contracts. Morley also thinks that crypto and blockchain technologies are spilling into other industries and digitisation is crucial for companies to survive today. "You better have a technology strategy or suddenly something shows up and your Walkman looks like an abacus," he said. "The technologies that began as described as bitcoin are moving rapidly into other parts of the world...It's just that the large-scale deployment of that utility function and access to assets hasn't quite happened. And so we're hoping to be leaders in that sense," he commented on Overline's role in the process. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

Guggenheim's cofounder is building a blockchain tower that will host the world's largest NFT museum

<ul class="summary-list"><li>NFT sales have declined nearly 90% from their May 3 peak.</li><li>Just $19.4 million of NFT sales went through this past week compared to $170 million in early May.</li><li>The number of NFT wallets showing daily activity is also down 70% since May.</li></ul>On March 11, the digital artist <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword> sold a <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4">non-fungible token</a> of his magnum opus, titled "Everydays: The First 5000 Days," for a record <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">$69 million</a> at a Christie's auction.The sale sparked a new wave of interest in collectible digital assets that peaked on May 3, when $102 million worth of NFT sales went through in a single day.In the seven days surrounding <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword>' May 3 peak, the market saw $170 million in NFT transactions, according to <a href="https://protos.com/nft-market-bubble-popped-crypto-collectibles-are-over/">data from Protos</a>.This past week, that number fell to just $19.4 million, a nearly 90% drop from May's record high.The number of NFT wallets showing signs of daily activity is also down 70% since early May, falling from 12,000 to 3,900.Not only have sales and interest in NFTs declined but according to Protos, there's been a shift in the type of NFTs buyers are demanding.Sales of digital art have fallen dramatically since Beeple's record sale in March, while sales of <keyword id="11376227" type="UNKNOWN" weightage="60" keywordseo="digital-real-estate">digital real estate</keyword> and other <keyword id="909478" type="PERSON" weightage="60" keywordseo="collectibles">collectibles</keyword> in the so-called metaverse have risen.$3.3 million worth of metaverse NFTs have sold this past week, while just $3 million worth of crypto-art sold, Protos data shows.NFTs have seen their fair share of critics after gaining popularity this year. <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> co-founder Anthony Di Iorio <a href="https://markets.businessinsider.com/currencies/news/ethereum-co-founder-nfts-saturated-crypto-ether-anthony-diiorio-2021-5-1030397885">told CoinDesk</a> in early May that he believed the NFT market had become saturated, and there were a lot of projects that he didn't "find very sexy at all."Di Iorio, who made his fortune as an early bitcoin adopter, added that NFTs are "not interesting" to him, but he thinks "over the next few years, we'll really see how it does provide value."Despite some waning sales and bearish critic opinions, the NFT market still has some life left in it.On May 24, Guggenheim cofounder Todd Morley <a href="https://markets.businessinsider.com/currencies/news/nft-museum-guggenheim-todd-morley-blockchain-tower-crypto-2021-t-1030461562">told Bloomberg TV</a> in New York that he is building a "<keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> tower" that will give anyone in the city access to wireless trading, provide a way to announce and showcase new technological advances, and house the world's largest collection of NFTs.

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Guggenheim's cofounder is building a blockchain tower that will host the world's largest NFT museum

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NFT sales plummet nearly 90% from their peak as collectibles market cools

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