Guggenheim Co-founder Needs to Construct a ‘Blockchain Tower’ in NYC with an NFT Museum

Todd Morley, the co-founder of economic companies large Guggenheim Companions, is constructing a “blockchain tower” in New York. The tower will incorporate a wi-fi community designed to “enhance blockchain-based communication and buying and selling within the metropolis,” he instructed Bloomberg TV.

JDS Growth Group will construct the tower in partnership with Morley’s present challenge Overline Network. Overline develops an interoperability protocol connecting completely different blockchains, together with Bitcoin, to the world of decentralized finance (DeFi). 

It’s unclear whether or not Morley shall be erecting a completely new constructing or just repurposing an current construction. In keeping with The Architect’s Newspaper, the renderings he has used to show the challenge have been “proven elsewhere,” and the “involvement of JDS Growth all point out that it’s the similar practically full tower alluded to beforehand.”

The thought is that with the assistance of Overline, which makes use of a proprietary consensus mechanism known as Proof-of-Distance, anybody inside a sure radius of the skyscraper can have entry to the community. Sooner or later, the community may very well be scaled to extra buildings within the metropolis.  

“Overline Community has developed a brand new technique to decentralize wi-fi communication that can be utilized at a pace that will enable even crypto mining,” he mentioned.

Blockchain tower to accommodate NFT museum

The tower can even incorporate the “world’s largest NFT museum,” devoted to digital artwork tokens. Morley mentioned that it could be “type of the utility operate inside a constructing reasonably than simply proudly owning bricks and mortar.” 

Non-fungible tokens, or NFTs, are cryptographically distinctive tokens linked to digital content material akin to photos or music, offering proof of possession and lending shortage to digital media. They’ve exploded in recognition in current months, with gross sales volumes surging and NFT artworks breaking data at auctions.

Morley revealed that he personally invested in Bitcoin; nonetheless, he instructed Bloomberg TV that Ethereum, the second-largest cryptocurrency by market cap, “has a a lot greater utility via good contracts,”

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