Welcome to the March 25th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em address the same question every week: “Is this a thing?”
What can you expect from this week’s crypto news-wrap up? Buterin is bothered by where cryptocurrency is headed, Yuga Labs lunges into the metaverse, the metaverse kicks off a Fashion Week, and more.
Vitalik is worried about crypto’s direction
Vitalik Buterin might be 28, but he’s also arguably the most influential figure in the cryptocurrency space. For those who don’t know, Buterin is a co-founder of Ethereum.
He’s making our crypto news wrap-up headlines because of a TIME article pointing out that he’s worried about cryptocurrency and its future direction. He snagged the TIME cover, and TIME also decided to release their magazine as an NFT for the first time ever.
In the article, he admits that crypto has a lot of “dystopian potential.” He recognized that many people were buying “yachts and lambos” and expressed hope Ethereum could offer more sociopolitical solutions like universal basic income, better urban planning, or fairer voting systems.
Any thoughts on his comments? Do you think his concerns are valid? Is there anything you, in particular, are worried about concerning the crypto sector?
Neil says:
Yeah, I’m not going to lie: I like this. Vitalik is one of the biggest crypto figures in the world and I feel like he has valid reasons for these fears and concerns. In a sector where so many people are “shilling” rather than criticizing, I think it’s needed. It’s possible to be pro-crypto while also being honest about the bad things that could potentially happen.
Em says:
Listen, I think Vitalik is probably right to have these concerns. They’re big concerns, and I think society shouldn’t just walk blindly into the new kinds of power that tech development creates. I mean, look at FB and Google. But at the same time, he’s one of the most influential voices in crypto and maybe he’s just creating FUD.
Bottom line:
Neil thinks it’s a necessary thing, Em thinks it could be a FUD thing.
Who do you agree with?
Yuga Labs launches a token, teases a metaverse
Many companies have entered the metaverse even though they aren’t really involved with cryptocurrency at all, but Yuga Labs was a more predictable bet. Yuga Labs is the company that created the Bored Ape Yacht Club, and they are reportedly worth somewhere around $5 billion. According to a trailer released on Twitter, they plan to launch a metaverse in April.
Yuga Labs has had a busy week. In addition to releasing the metaverse trailer, the company also launched ApeCoin, thanks to an airdrop. Many analysts felt like the market was lukewarm toward the launch. In the same tweet featuring the trailer, Yuga Labs hints that the metaverse will be powered by ApeCoin. Other NFT collections also made cameos in the trailer.
BAYC has a high-profile reputation in the NFT space. Should they think twice about the metaverse move if ApeCoin isn’t getting the same love from the markets as their NFT collections have?
Neil says:
Okay, sure – the ApeCoin didn’t skyrocket. I don’t think that’s enough to write off everything Yuga Labs in general, especially when they’re one of the most influential cryptocurrency companies in the world right now. I think it’s possible that their metaverse works out, given the strength of the BAYC community.
Em says:
The trailer is definitely cool for sure. But people were kind of disappointed with ApeCoin; and with the centralization we’ve been seeing recently from Yuga Labs, a lot of crypto enthusiasts are getting frustrated. Hopefully they do some cool stuff, they should just be careful about creating a bad rep for themselves.
Bottom line:
Neil thinks the Yuga Labs Metaverse is a promising thing, Em thinks it’s a “let’s wait and see” thing.
Who do you agree with?
Goldman Sachs trades cryptocurrency over the counter
Several years ago, there was one lingering question in the cryptocurrency world: when was the institutional money coming in? In 2022, we know the institutional money is here, and it looks like Goldman Sachs has just made history. They are now the first major U.S. bank to trade crypto “over the counter.”
How was this accomplished? It all happened because of a partnership with Galaxy Digital. The transaction was completed thanks to a non-deliverable option, or NDO, described as a “Bitcoin-like instrument.” Yueqi Yang, at Bloomberg News, emphasizes that this trade is a “notable step in the development of the crypto market for institutional investors.”
Is this a big deal, or is this one of those milestones that doesn’t matter that much? Does it really ‘validate’ cryptocurrency as an asset class?
Neil says:
This is getting a little tiring for me. A lot of the same financial institutions that were bashing crypto seem to be getting all sorts of PR for being the “first” to do something, or finally “validating” cryptocurrency. No, I don’t think this is some massive milestone – I think it’s good Goldman Sachs PR.
Em says:
This just seems like more ways to bring crypto into TradFi. To me, it kind of has Ok Boomer vibes. Like, let them play with legacy financial instruments. Do we care? No. Crypto is busy doing new things and changing how people relate to money. If they want to come late to the party, let them.
Bottom line:
Neil thinks this is an annoying thing, Em thinks it’s a coin toss thing.
What do you think?
The Decentraland Metaverse Fashion Week is here
We’ve previously reported about fashion trends in the metaverse, but there’s a new event to note: Decentraland’s Metaverse Fashion Week is happening this week. The week showcased around 50 brands (luxury brands and digital brands), including Etro, Elie Saab, Roberto Cavalli, Tommy Hilfiger, and more.
The Fashion Week will take place from March 24-27, 2022. It’s free and open to everyone – and you can expect everything from digital clothes, to virtual catwalks, fashion NFTs, and more. This isn’t the first fashion show in the metaverse, however.
Everyrealm’s fashion show took place in February in the Second Life Metaverse and was sponsored by digital wearables brand Blueberry Entertainment.
Is it essential that the metaverse fashion week be a success, or is it already impressive that so many fashion brands are diving headfirst into the metaverse?
Neil says:
This probably wouldn’t have interested me much until recently, since I’ve started writing about how much the fashion sector is getting involved in NFTs and the metaverse. We’re going to see a WHOLE lot more of this, and it’s the most high-profile fashion metaverse event to date. Let’s see if the fashion week exceeds expectations.
Em says:
I think this is pretty fun — and smart. ‘Cause let’s be real: metaverse fashion is opening the fashion world to a new segment of people. After all, internet nerds aren’t known for their swag and cool factor when it comes to physical, irl fashion choices. We imagine that we’re cool, and now we can be in the metaverse. Hooray!
Bottom line:
Neil thinks this is a cool technological thing, Em thinks it’s a cool inclusive thing.
What do you think???
G2 Esports suing Bondly
There are many play to earn gaming companies embracing NFTs, but not every gaming/NFT partnership works out. In this case, G2 Esports, a European Esports organization, is now reportedly suing Bondly over a botched deal. The two companies originally partnered in June 2021.
The partnership was set to last two years, where Bondly would create NFTs for the organization and act as their “NFT partner.” Bondly also agreed to pay both an annual rights fee and an advance guarantee, but later wanted to postpone the agreement.
G2 Esports is seeking over $5 million in damages. G2 Esports has since moved on to other NFT partnerships, including one with Metaplex.
Any thoughts on this, and what it might mean for future Esports NFT partnerships?
Neil says:
A lot of people are trying to claim this will set a precedent because it’s one of the first big “NFT lawsuits.” Eh, I couldn’t disagree more. There will be all sorts of disputes between companies, whether they are in the cryptocurrency sector or not. I don’t think it will have some massive effect on future partnerships.
Em says:
No one likes to see these kinds of kerfuffles. But at the same time, it’s inevitable and sort of just sifting out bad projects from good ones. It’s bound to happen that sometimes priorities will get misaligned, projects will fail, dust-ups will happen. But I don’t think it’s the end of the world. Most people probably haven’t even heard about this.
Bottom line:
Both Neil and Em agree that this isn’t really a thing.
Consensus!
Bad idea of the week: Tom Brady’s crypto caption
If there’s one thing that the Matt Damon Crypto.com commercial proved; it’s that cryptocurrency companies may want to put more thought into the way that they advertise their products or services. While this isn’t a commercial, it… still seems like a pretty bad move.
When Tom Brady announced his return to football, there was someone who lost out in a very big way: the man who just purchased his pre-retirement football for $518,000. Brady put up an Instagram post featuring an animated Bitcoin in place of a football, with the caption asking FTX to give the fan a Bitcoin. Brady is an equity partner in FTX.
No, Tom Brady isn’t a cold-hearted villain. Tom Brady missed football and returned, but it kind of screws this fan over… completely… out of hundreds of thousands of dollars. On top of that, he makes an Instagram ad (essentially) out of the fact that FTX might “bail him” out of the situation? On top of THAT, the money doesn’t go to the football buyer, but a charity?
I’m not saying he should stop the world to help this guy out, but this does seem like Brady couldn’t care less. The football that was so recently worth over a half a million dollars is now worth somewhere around $20,000.
It’s possible that Tom Brady becomes a billionaire, but he’s worth several hundreds of millions of dollars. The fact that he has a stake in FTX… thoughts? Is 1 Bitcoin better than nothing?
Neil says:
This is so wrong on so many levels. Does Tom Brady have to pay back half a million dollars to the fan because he changed his mind? No. At the same time, does he have to create an Instagram post, tag a company he has equity in, and suggest that a Bitcoin be donated – not to the fan, mind you – but to a charity? It seems like a terrible response to someone who clearly appreciated Brady’s career.
Em says:
People who love Tom Brady love him, and people who hate him hate him. But this was pretty bad. When rich people get roasted for being unselfaware, it’s for things like this. Coming off so blasé and casual about normal people losing big sums of money is not a great look, Brady. Oof. No wonder I don’t like sportz.
Bottom line:
Both Neil and Em agree that Brady deserves to be roasted for this.
Consensus again!
Meme of the week
As always, Em brings you the meme of the week:
And that’s our crypto news wrap-up!
Does it make sense for an influential figure like Vitalik Buterin to voice his concerns publicly about where cryptocurrency is going? Will there be any flops at the Decentraland Fashion Week show? Will the Yuga Labs metaverse be a success compared to the ApeCoin?
Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.
