Usually we like to end the week in a lighter tone, but there’s just too many updates for us to get through.
Top Crypto Headlines
Essential BTC, ETH, AVAX Updates
All About The Metaverse: A New $400 Million Fund
Minting NFTs Just Got A Lot Better
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
💎 Dips and Pumps
Analysts are struggling to pinpoint fundamental reasons for the decline in BTC.
Particularly given that stock markets are doing very well. The S&P 500 rose to a new record and tech companies are also making big gains.
Biden is due to pick the next chair of the Federal Reserve but this isn’t seen as having too much impact for crypto.
So the battle of the bears seems to lack purpose and conviction.
It is presumed to be a general nervousness about VanEck’s Spot Bitcoin ETF being rejected and Joe Biden signing off on the Infrastructure Bill. The Infrastructure Bill has some harsh terms in place for crypto.
Also possible former Secretary of State Hillary Clinton calling cryptocurrencies a destabilising force at the Bloomberg event may have triggered selling.
From a fundamental perspective, adoption for ethereum also continues: we’ve recently heard news that TIME magazine is going to hold ETH on its balance sheet.
A lot of corporations argue that they want to hold crypto on their balance sheet but that there are too many complications. It’s hard enough to report simple things such as sales and costs, let alone digital assets!
TIME magazine might lead the way for many other corporations to follow.
AVAX printed new All Time Highs yesterday, despite the overall market conditions.
This was fuelled by Ava Labs’ deal with Deloitte.
The consulting giant announced a strategic alliance with Ava labs to build an Avalanche blockchain based platform for easing disaster recovery red tape.
A huge update for Avalanche adoption.
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🥊Round 3: The Battle Ensues
If you were holding any metaverse plays when Facebook announced that it would be rebranding to META, you were probably ecstatic. Weeks later, this new narrative is holding strong even while the rest of the market corrects. Many people have expressed their disdain that Facebook wants to reign over the metaverse, but only a few have pointed out the irony of where this idea may have originated.
Facebook and its creator, Mark Zuckerberg have a sorted past. It begins with the fact that the website originally launched after Zuckerberg was hired to build a website where friends could stay connected, by his Harvard classmates, the Winklevoss twins. The movie, “The Social Network” is based on this real-life drama.
After suing Zuckerberg, the Winklevoss’s were awarded a combination of Facebook shares and cash totaling $65 million. With that, they went all-in on bitcoin and founded their exchange, Gemini.
Within a few years, Zuckerberg became interested in crypto and began his quest to create Libra, which would have been like a stablecoin. Before the release, another movie hit the scene but this time it was a Netflix documentary. “The Big Hack,” highlighted how big tech was using customer data, and after its release, regulators and politicians opposed the idea of Facebook launching a cryptocurrency.
Six months before the Facebook rebrand, in an interview Cameron & Tyler identified an upcoming trend called the metaverse. After funding Gemini for 7 years (with a valuation of $7.1 billion), they recently raised $400 million to build their metaverse. This round of the fight is costing them a 25% stake in their company and their first non-Winklevoss board member. Maybe it is time for a Zuckerberg v Winklevoss match in Dubai!
Minting an NFT can be an arduous ordeal. The steps, processes and fees can be prohibitively cumbersome when setting down the path to digital publication. Thankfully, as demand for NFTs grows, so do solutions aimed at simplifying and streamlining the creative process.
OpenSea has been Ethereum’s biggest NFT platform for quite a while.
OpenSea’s collection manager allows creators to publish NFTs without paying as upfront, instead delaying the gas cost until the NFT is transferred on-chain, i.e., purchased or transferred.
For your first listing on OpenSea, two one-time transactions must be completed: account initialization and authorization of OpenSea’s access to the item.
Buyers pay gas fees when purchasing fixed-price NFTs. Sellers pay them when choosing to accept offers.
If using Ethereum, OpenSea’s highest volume blockchain, that’s a lot of gas. OpenSea has made some progress in the move toward ease of use and cost reduction, but it may be too little too late if NFTs see a mainstream migration away from Ethereum dominance.
Mint Authority will support pre-sale mints, public mints, 1/1 minting, whitelisting, fair launch, and airdrops.
There are no restricted files, with 11 supported file types.
The minting process consists of four steps:
Sign up and create a profile.
Upload file(s) to be minted.
Share the link.
A good indicator of any market is product presence. The more applications available, the stronger the interest.
We are still in the early stages of the NFT boom, so start expecting the bar to be raised in minting methods and marketplaces.
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