As a reminder, the Cameo platform was founded in 2017 and quickly gained "unicorn" status among startups, reaching a capitalisation of a billion dollars. The app's popularity stems from the fact that anyone can pay for a star's public address with a text they've written here.

How NFT tokens are used

NFT will launch on February 17 on the OpenSea trading platform. The tokens will sell for 0.2 ETH or $528 at the current price of the cryptocurrency. Buying a unique token will give the user a ticket to the platform’s new membership club. Digital artwork from artists Burnt Toast, Vinnie Hager and Luke McGarry will be available here.

In addition, NFT Cameo Pass holders will unlock access to future offline and online events, including parties at Cameo House, hosted in Beverly Hills. They will also get the chance to meet many celebrities, participate in Q&A sessions or purchase exclusive fan merchandise. According to Decrypt’s sources, Cameo will be reinvesting revenue from the sale of NFT into future Web3-based projects. The platform will devote a significant part of its activities to finding new decentralised solutions in delivering a better user experience.

Digital artworks that NFT owners will receive from Cameo

NFTs are not only becoming popular in their own right, but also as part of the modern art scene. One of them was a 400-pound cube of gold right in the middle of New York’s Central Park. It was installed by artist and artist Niklas Castello as a promotional event for his own cryptocurrency and NFT. The Castello Coin Cryptocurrency (CAST) is not yet available on CoinMarketCap, but it is already for sale on Castello’s official website at $0.45 per token. However, US residents cannot participate in the purchase of tokens due to restrictions from financial regulators. There is also a minimum investment threshold of $1,144 for investors.

Castello Coin official website

The Castello Cube was cast in Switzerland using 999.9 gold. It is not for sale, but is estimated to be worth at least $11.7 million. The art object, which resembles a stool in size, was installed in Central Park for one day. The entire time the art object was closed in the evening, it was closely guarded.

Castello cube

According to the artist’s official website, the cube connects “the classical world with the digital world” with the aim of getting more people involved in the cryptocurrency industry. He considers CAST “digital gold” and created the token in Switzerland – like the cube itself. CAST was developed by DSENT AG, a Swiss blockchain company.

The scope of Castello Coin is still quite difficult to pinpoint. The marketing campaign says that the coin is intended to “promote artistic talent, invest in exclusive products” and buy NFTs. Also on 21 February, Castello will be auctioning off several NFTs, information on which has not yet been disclosed.

Artist Niklas Castello

The gold cube could be considered a physical representation of the CAST token and perhaps even the crypto market as a whole. Bitcoin is often referred to as “digital gold” because investors see it as a safeguard against inflation, just like precious metal. The cryptocurrency’s blockchain also forms information into ‘blocks’. In this way, Castello’s gold block could be, in a sense, a perfect physical metaphor for cryptocurrency.

Be that as it may, what is happening with cryptocurrencies and NFT is not approved by everyone. The day before, J.P. Morgan Asset & Wealth Management’s chairman of market and investment strategy Michael Chambalest published his own study titled “The Maltese Falcon”. It’s an obvious reference to the 1941 American film in which the main characters search for a treasure that turns out to be nothing at the end. This is how Chambalest characterises Bitcoin, cryptocurrencies, NFT and other digital asset industry trends.

What are cryptocurrencies being criticised for?

The analyst began with the popular claim that Bitcoin is “digital gold” and a better means of savings. According to him, he understands why cryptocurrency has gained such status – it’s all due to low credibility of the traditional financial system, which has already been brought to the brink of global financial crises by banks several times.

However, the “myth” is shattered by Bitcoin’s volatility and correlation with other assets. Here’s a quote from Chambalest on this, published in Coindesk.

Bitcoin’s volatility is still ridiculously high, with it often rising when stock market volatility is also rising.

Bitcoin volatility compared to the S&P500 stock index

The second point of the study is international crypto remittances. Here, digital assets captured only 1 per cent of the transaction market when bank transfers and payment systems are taken into account. Still, crypto makes sense for those who don’t have a bank account at all – Chambalest acknowledges this fact.

The third point of criticism is the DeFi sphere. Here’s a quote about it from the study.

From what we can tell, most DeFi is simply crypto-loans with excessive collateral to other cryptocurrency holders so that the latter can either buy more cryptocurrency or gain liquidity from the increased value of cryptocurrency assets without paying capital gains taxes. Either way, this does not appear to be the type of lending activity that could survive a significant sustained decline in the crypto market.

Number of confirmed Bitcoin transactions per day

That said, the expert criticised NFT for its excessive concentration of assets in the hands of a small number of people. As an example, he mentioned four users of the SuperRare platform who hold 16,000 works. Apparently, they realised the potential of the niche before the others.


We believe that the cryptocurrency and NFT token industry does not deserve excessive criticism. Still, this sphere seriously develops the world and opens new opportunities for users. That's why its disadvantages can be forgiven at least because of its novelty and innovativeness.

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