Daily Archives: 29. Dezember 2022

• Lawyers, bankers, and other advisers involved in the Celsius bankruptcy case collectively earned $53 million in four months.
• Kirkland & Ellis was billed the most significant amount at $20.1 million for 212 days.
• White & Case earned $10.2 million by participating in the case for 94 days.

Crypto lender Celsius declared bankruptcy on July 14, 2022, after being one of the companies affected by the ripple effect of the Terra-Luna crash and paying out its DeFi loans to Aave, Compound, and Maker. This led to the hiring of five different advisors to assist in the case, who collectively earned $53 million in administrative expenses in four months.

Kirkland & Ellis was the highest paid advisor, earning $20.1 million for 212 days of work, at a rate of $166,000 per day. White & Case was the second highest paid advisor, earning $10.2 million by participating in the case for 94 days, at a rate of $109,000 per day. Huron Consulting and Jenner & Block also earned significant sums of money for their services. Huron Consulting earned $6.3 million for 83 days of work, at a rate of $76,000 per day, and Jenner & Block earned $1.9 million for 32 days of work, at a rate of $59,000 per day.

The advisors‘ fees demonstrate the high cost of bankruptcy cases, which can quickly add up when multiple lawyers, bankers, and other advisers are involved. Nevertheless, the advisors‘ fees provided a much-needed source of income in the midst of an economically trying time.

• Total NFT market cap has grown by 11,664% in the last two years, from $85 million in December 2020 to $10 billion today.
• Dozens of NFT platforms have been launched in the last couple of years, with giants like Apple, Reddit, Starbucks, Winamp, and MetaMask entering the NFT field.
• Recent studies indicate that the NFT industry is likely to grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%.

The Non-Fungible Token (NFT) market has seen an incredible growth in the past two years, with the total market cap increasing by 11,664%. In December 2020, the NFT market cap stood at a mere $85 million, but it has now grown to an impressive $10 billion. This growth has been driven by the launch of dozens of NFT platforms, with giants such as Apple, Reddit, Starbucks, Winamp, and MetaMask entering the NFT field. This is indicative of the increasing popularity and acceptance of NFTs as a legitimate asset class.

The NFT market has been particularly resilient during the bear market, with some areas such as Sports NFTs recording impressive growth rates. This is further confirmed by recent studies, which indicate that the NFT industry will grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%. The current NFT spend value, which is at $3.42 billion, is expected to reach $18.22 billion by 2028.

The incredible growth of the NFT market has been fueled by the emergence of stronger technology, more acceptance of the asset class, and increasing public awareness. The growth of the NFT market also serves to validate the use cases for blockchain technology. This is further evidenced by the increasing number of major companies and organizations that are utilizing blockchain technology to explore new use cases.

The future of the NFT market looks bright, and the increasing acceptance of the asset class is likely to spur further growth. As more companies and organizations continue to explore the use cases for blockchain technology, the NFT market is likely to be the beneficiary of this growth. With the current total market cap of $10 billion, it is safe to say that the NFT market is here to stay.