Welcome to the January 14, 2022 edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em take current crypto news topics and answer: “Is this a thing?” It’s three weeks into 2022, and it looks like cryptocurrency headlines are heating back up again.
This week’s crypto news wrap-up includes Arkansas wanting to lure you with Bitcoin, Walmart stepping into the metaverse, trading NFTs with your TV, a DAO wanting to buy a copy of Dune – and more.
Arkansas wants to pay you crypto
Many different cities are hoping to become crypto hubs of some kind, and many of them are home to crypto-friendly politicians eager to appeal to blockchain-related companies and startups. It looks like northern Arkansas is also throwing its hat in the ring.
The Northwest Arkansas Council is offering $10,000 in free Bitcoin to lure newcomers to the area. The goal is simple: attract as much tech talent as possible, and help potentially build the infrastructure for a crypto hub. Applicants have to sign a one-year lease or buy a home to be eligible. Over 35,000 people have applied.
Will this help the Arkansas tech scene?
Neil says:
Salute to Arkansas, and I applaud any region that is trying to attract talent. However – I don’t know. I’ve seen these initiatives come and go, and I’m not sure that giving out free Bitcoin is going to attract anything other than some tech workers. Let’s be honest: for top tech talent, $10k isn’t exactly a huge bartering chip.
Em says:
If there’s gonna be a new tech hub, in less densely populated locations, now’s the time to try to build them. We’re restructuring the workforce anyway in the wake of covid, migration, and huge increases in remote work. Who knows if it will work, but it’s more possible now than ever.
Bottom line:
Neil thinks this isn’t a thing, Em thinks it could be.
Who do you agree with?
Trade NFTs with your TV
We all know that the NFT boom of 2021 was one of the biggest crypto trends in the past year. What if you wanted to do more than just take a look at your NFT collection on your laptop once in a while? Well, very soon, you may be able to purchase – and display – your favorite NFTs on your TV.
Samsung has announced NFT support for its 2022 televisions. The South Korean tech giant announced the feature at CES 2022, and the rumor is that the TVs will support an NFT marketplace aggregator, where users can purchase NFTs, trade them, and even learn about their history.
Will this take off, or is it just a crypto novelty that won’t gain traction?
Neil says:
I think this is one of those strange situations where it’s actually a bit early for this. Samsung is probably smart for announcing NFT integrations this early, but I don’t feel like people are going to start using their TVs to show off their NFT collections anytime soon.
Em says:
There wasn’t a big to-do and celebration when Roku started getting embedded in smart TVs, but now they’re just kind of….a thing. Maybe NFTs will be that way as well. Some things are big and loud and revolutionary… and some things just change, and we barely notice.
Bottom line:
Neil thinks this won’t take off, Em thinks it could be a quiet revolution.
Who do you agree with?
Walmart enters the metaverse
Few companies are more important to the U.S. economy than Walmart, and it looks like the giant retailer is finally getting into the metaverse. It looks like Walmart might also eventually be developing its own cryptocurrency and NFT collections. The company’s trademarks make it clear that it plans on producing and selling virtual goods relatively soon, although exact details haven’t been released.
Thanks to a tweet that went viral several weeks ago, the Walmart metaverse talk has intensified over social media. It was later revealed that Walmart had nothing to do with this video and that it was a proof of concept video from 2017.
Regardless, this is concrete evidence that Walmart wants in on the metaverse trend. Walmart hasn’t elaborated on what its metaverse will look like, instead offering that they are “constantly exploring how emerging technologies may shape future shopping experiences.”
Walmart is a pretty straightforward shopping experience. Does it really NEED a metaverse?
Neil says:
Look, I get it: Walmart’s a big company and they want to be involved in the metaverse somehow. But come on – the metaverse has some exciting things going for itself, but no one wants to go shopping at Walmart in the metaverse. Disney has a metaverse play? Ok, that makes sense: their iconic characters, the movies, the theme parks…but this? I feel like Walmart is just hedging their bets, and not much will really come of this.
Em says:
At this point, I don’t think the public consciousness knows exactly how the metaverse will be used in the future and what it will look like. But if we’re going to find out, we need people to just start building stuff. If Walmart has money to throw around, be my guest. Probably won’t be my favorite spot in the metaverse tho, ngl (ngl=not gonna lie).
Bottom line:
Neil thinks this isn’t a thing, Em thinks we should keep an open mind.
What do you think?
The world’s first NFT restaurant
You’re probably used to the idea of calling days or even weeks ahead of time for a reservation at a famous restaurant. What if the next time you wanted to make a reservation, you needed an NFT to make one? It looks like Flyfish Club, the world’s first “NFT restaurant”, will be opening in Manhattan in 2023.
Who’s behind it? None other than Gary Vaynerchuk, one of the most well-known NFT influencers in the world. Flyfish has sold around $15 million worth of NFTs, and many of these NFTs are trading much higher on the secondary market. The seafood menu will reportedly be “globally inspired.”
Members can even lease or sell their memberships to others when necessary. The restaurant will also feature an omakase room, outdoor space, and a cocktail lounge.
This is a bit of a courageous concept. Do you think it’ll take off, or will this just be a crypto “status symbol” restaurant that loses its appeal soon after it opens?
Neil says:
Normally I’m pretty skeptical about things like this, but I have to say: the idea where an NFT could act as a restaurant membership could definitely work in a place like NYC. It would be interesting to see other restaurants pop up with this model, but I think it’s a cool idea. At the same time, I hope they do something with this idea, rather than just make it an exclusive “cool club.”
Em says:
This is classic GaryVee. I would totally expect him to do something like this. Just jump in, try all the things, do all the things, see what’s popular and what sticks. It smacks a little bit as rich people doing rich people things so it’s a bit *eye roll* but, keep doing you, Gary.
Bottom line:
Neil thinks this could be a cool thing, Em thinks this is mostly just a Gary Vee thing.
Who do you agree with?
Celebrities in crypto hot water
There’s no doubt about it: a lot of money that comes with building a following. Whether you’re a crypto influencer, a movie actress, or a Tiktok star – companies will probably be asking you to promote their products and services. They will often be happy to pay you significant amounts of cash in return for your posting or tweeting about them. After all, brands expect to pay a staggering $15 billion to influencers in 2022.
The problem arises when celebrities get mixed up in promoting investments, and that includes cryptocurrency investments. Two high-profile celebrities, Kim Kardashian and Floyd Mayweather, are facing a lawsuit related to EthereumMax. The $EMAX token is now more or less worthless, and investors are claiming the celebrities purposely touted the token to deceive their followers.
Will this stop shady crypto companies from connecting with influencers, or should we expect to see more of this?
Neil says:
This is the kind of thing that really gives crypto a bad name. When people talk about how crypto is going to change the world, headlines where there are very rich and powerful celebrities pumping and dumping tokens on their followers really end up hurting anyone who believes in the power of blockchain. There will always be scams in crypto, I imagine, but I don’t like the idea of teenage followers losing money because their favorite Youtuber pumped a sh*tcoin.
Em says:
First of all: stop it. That’s directed at everyone. The celebrities that are profiting off the “pump and dumps”. The suckers who get influenced into shitcoins by Kim Kardashian of all people, and, yes, I would even say the regulators who are trying to “protect” consumers. Everyone just wisen up.
Bottom line:
Neil thinks it’s a “lack of regulation” thing, Em thinks it’s a “investors should wisen up” thing.
Who do you agree with?
Bad idea of the week: The Dune debacle
There’s a bad idea somewhere in every crypto news wrap-up, and unfortunately, this week was a bit obvious. SpiceDAO spent $3 million on a rare copy of a proposed Dune adaptation by Alejandro Jodorowsky. The goal was to make the book public, launch an animated series, and sell it to a streaming service.
There’s one major problem – SpiceDAO thought they would automatically get the rights to the adaptation once they purchased the novel. Obviously, this isn’t the case. Twitter also pointed out that a copy was already free and available, and continued to roast the DAO for several days relentlessly.
Let’s face it: this is bad PR. Explain your thoughts when you first heard/read about this story.
Neil says:
This feeds right into the hands of crypto critics. Many people have been critical of the NFT craze because they felt like crypto enthusiasts don’t really respect artist ownership – some artists have had their work stolen, sold as NFTs, and gotten nothing for it. This SpiceDAO scandal is similar: spending millions of dollars without understanding the concept of IP makes the entire sector look foolish.
Em says:
Lolllllllll. This seems like a lack of basic, conceptual research that should have been done way, way before any actions were taken. I’ll be honest it’s a pretty dunkable move. You don’t have to be a savant lawyer to know that buying a book doesn’t equal IP rights. hahahahaha
Bottom line:
Both Neil and Em agree that this is a bad look.
What do you think?
Meme of the week
As always, Em brings you the meme of the week:
And that’s our crypto news wrap-up! Are you excited for the metaverse, and what will you do when you get there first? Are you making any big changes to your cryptocurrency portfolio to account for the growth of the metaverse? Make sure to let us know at @decentralpub on Twitter.
