Welcome to the February 25th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em examine cryptocurrency news headlines and ask, yet again: “Is this a thing?”
This week’s crypto news wrap-up has stories featuring JP Morgan, Snoop Dogg, Salesforce, and Julian Assange – so it’s safe to say that there’s something for everyone. Let’s get right into the biggest cryptocurrency news items of the week.
JP Morgan steps into the metaverse
It looks like a major bank has just stepped into the metaverse. JPMorgan Chase, the largest bank in America, just opened a lounge in Decentraland. The lounge is named Onyx, a nod to the bank’s blockchain-based platform.
There’s even a portrait of Jamie Dimon in the lounge. Dimon has been the CEO of JPMorgan Chase since 2005 and has also criticized cryptocurrencies in the past, claiming they “have no intrinsic value.” This isn’t that surprising considering the bank has been vocal about the immense potential of the metaverse.
If you had to guess, do you think major banks will follow JP Morgan into the metaverse?
Neil says:
No, I don’t. I think a lot of banks are bullish on the metaverse, but I still feel like it’s a bit early. I feel like metaverse early adopters will lean toward the creative side: artists, gaming developers, and fashion brands. I think banks still have time, and JP Morgan might be first, but it won’t force anyone else’s hand.
Em says:
Which came first, the chicken or the egg: companies sinking money to make the metaverse happen? Or the metaverse happening so companies sink money? Either way, it seems like the metaverse is happening. Whether it’s today or tomorrow, I think the other banks will all have to jump in if they don’t want to miss out.
Bottom line:
Neil thinks this isn’t a thing, Em disagrees.
Who do you agree with?
Snoop Dogg creating first metaverse record label
Many rap fans were excited to hear Snoop Dogg had acquired Death Row Records. For those who don’t know, Death Row Records is a legendary hip-hop label that helped launch the careers of artists like Dr. Dre, Snoop Dogg, and 2Pac.
It looks like Snoop Dogg wants to turn the record label into an “NFT label” and hopes to be the first major record label in the metaverse. Snoop Dogg isn’t a stranger to the space, and he might end up raising over $125 million with his latest NFT collection. This was made possible thanks to a partnership with Gala Games, a blockchain gaming platform.
What do you think about the Death Row rebrand? Can a metaverse record label be successful right now?
Neil says:
Look – if anyone is staking their claim in the metaverse early, it’s Snoop Dogg. Salute to him and his success, but I think it’s a bit early for music acts to be “broken in” in the metaverse. The metaverse has to become more popular for this to really work, and NFTs are easier to market with established artists, not rookies.
Em says:
I hope people in the metaverse like Snoop cause it seems like he’s angling to be king of the whole place. As far as the record label goes, if it’s a successful one, I don’t think it matters how they run it — the music is what’s important, the tech is just a vehicle.
Bottom line:
Neil thinks it’s a “too early” thing, Em thinks it’s a “bigger picture” thing.
Who do you agree with?
Salesforce employees protesting NFT plans
Salesforce is planning on exploring NFT initiatives, and a lot of employees are upset about it. Hundreds of employees signed a letter protesting the move, citing environmental and economic concerns.
Employees also cited the rise of NFT scams as another reason to protest the move. Salesforce plans to create an “NFT Cloud” where users can create NFTs and list them on NFT marketplaces. Salesforce claims it will be holding a “listening session” to hear about employee concerns.
Do you really think that hundreds of employees will walk away from Salesforce jobs over NFTs, or is this just more about taking a “moral” stance?
Neil says:
I think there are many people who hate NFTs and say so all over social media, but I sincerely doubt whether all these people are walking away from their jobs. I don’t see Salesforce caving here, but employees are certainly allowed to express themselves. It’s one thing to have an opinion, and another to walk away from a job position.
Em says:
I’m not really too surprised by this because its product is largely used by nonprofits with some kind of cause. It would make sense that its employees would be willing to herald a cause as well. And honestly, these days it seems like upward pressure from a small but vocal group often works. We’ll see if it does and the company changes its tune.
Bottom line:
Neil thinks the protest is a “it will blow over” thing, Em it’s a “we’ll see” thing.
What do you think?
The DAO to free Julian Assange
Julian Assange remains one of the most controversial figures in the world, with some people believing he’s a hero and some arguing he’s a traitor. Assange is the founder of Wikileaks, an international nonprofit focusing on news leaks and offering otherwise classified information to the masses.
Assange is currently working to appeal his extradition to the United States. The AssangeDAO has now raised $53 million in Ethereum in support of Assange, which is more than the amount raised by the ConstitutionDAO several months ago. The funds were raised thanks to an NFT auction for an NFT collection called Censored, created by Assange in collaboration with digital artist Pak.
Do you think crypto has the power to help Assange fight his legal battles? If so, would that be a huge victory against critics who claim “Web 3.0” is a marketing scam?
Neil says:
I think that these DAOs to help people with legal battles are definitely interesting, and we know Ross Ulbricht also has a DAO. If the world could see that crypto can help someone as well-known as Assange, then yes, I think that would be a pretty big move to show DAOs do have value, whether you like Assange or not.
Em says:
It’s apropos that the new way of crowdfunding through DAOs would be harnessed for Assange. Back in the Wikileaks days, crypto was how Assange was able to keep it funded, and now things are coming full circle. I think this is the type of thing crypto is perfect for and should be used for.
Bottom line:
Neil thinks this can be a validation thing, Em thinks it’s a “full circle” thing.
Who’s side are you on?
Colorado accepting Bitcoin for state taxes
There is still a lot of debate about crypto regulation in the United States, but it looks like Colorado is proving to be a bit more crypto-friendly than most states. The state will soon accept Bitcoin and other cryptocurrency for state-related tax payments.
In a CNBC interview, Colorado governor Jared Polis said he expects Colorado will begin accepting crypto “by the summer.” The state hopes for additional innovations, such as accepting Bitcoin for other state-related payments. Polis was clear that Colorado would immediately convert the crypto into dollars to maintain current accounting standards.
Is this a major move, or is this just more of a symbolic move as we wait for more concrete legislation? Should more states be doing this, or should crypto enthusiasts care more about the bigger picture first?
Neil says:
There are a couple of states out there with pro-crypto legislation, but it doesn’t look like these local initiatives are really working out (check out our “bad idea” of the week). I think paying taxes in BTC is a big step for a state, but it’s not really that significant or historical. We need clear federal legislation that offers regulation but supports innovation.
Em says:
Is it just me or does it seem highly ironic to use crypto to pay taxes? Considering the purpose of crypto in the first place — to exit the central bank and fiat game — the fact that we now want to use it to bow before the central bank is horrifying and hilarious at the same time.
Bottom line:
Neil thinks it’s not a thing, Em thinks it’s an ironic thing.
Who’s side are you on?
Bad idea of the week: Miami’s cryptocurrency proves to be mediocre
In a previous crypto news-wrap up, we debated about Francis Suarez and his plans to launch a Miami-focused cryptocurrency. Now it looks like the MiamiCoin has been losing steam. In fact, it recently reached an all-time low.
MiamiCoin has lost over 90% of its value since its debut, so it’s extremely hard to declare it as anything other than a complete failure. In a Fox Business interview, Suarez tried to frame the coin as a success since it has “generated $20 million in revenue” for Miami. Suarez claims $5 million will be used for rent stabilization funds.
He says he “never obsessed over the price” and pointed out there are still “use cases to be utilized” with respect to MiamiCoin.
Okay, it’s been several months, and the price is at an all-time low. Is it time to admit MiamiCoin is now bad PR for crypto, instead of the good PR many believed it would be?
Neil says:
Yeah, this is pretty much a complete failure. You’re the mayor: you have all the business and government partnerships to help make this a success. If you aren’t showing the value of MiamiCoin, it’s going to just eventually be worth nothing. It is definitely a “bad PR” thing at this point.
Em says:
We know crypto is volatile and most of crypto is down right now, so this is not much of a surprise. If you’re gonna be the first on something like this, go all in. That does seem to be what Suarez is doing. But it’s still quite funny to watch government endeavors go so classically as they always do.
Bottom line:
Neil thinks it’s a failure thing, Em thinks it’s a government thing.
What do you think?
Meme of the week
As always, Em brings you this beloved meme of the week:
And that’s our crypto news wrap-up!
Will JP Morgan still charge overdraft fees in the metaverse? Who will be the first rapper to sign a metaverse record deal, and will Salesforce cave under the pressure or stick to their NFT plans?
Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.
See you in March!!!
