Mastercard joins the NFT club š³š¤
GM, Happy Monday!
This is Cryptonite, your twice-a-week shot to stay updated about the crazy world of crypto. We hit you with whatās relevant, upcoming and funny ā minus the FUD.
Letās get startedĀ š„
āThere are some things money canāt buy. For everything else, thereās Mastercardā š³Ā
Card payment giant Mastercard has partnered with crypto platforms like Sandbox, Moonpay, Mintable, Spring, Nifty Gateway and ImmutabeX, to help its 2.9 million cardholders purchase NFTs.Ā
Usually, to buy an NFT, a typical process looks like this -Ā
Go to the platform and convert fiat (eg Rupees) to a token like Eth -> Transfer to a wallet (like Metamask) -> Go to a platform like OpenSea -> Buy NFT -> Pay Gas fees (think of it as a fee, every time you make a transaction)Ā
Yup, thatās kinda complicated.Ā
Mastercard simplifies that by skipping directly to the part where you buy your NFT on platforms like Mintable. Think of it as a way for them to get more users to invest and learn more about Web3.
Similarly, Visa has launched an NFT creators platform to help small businesses create and sell digital goods earlier in April this year.
Why care? If youāve never bought an NFT but have always wanted to jump into this space, this is your best way of ātesting the watersā. Next time keep an eye out for your favourite Spongebob or Bugs Bunny digital collection!
Why Crypto love sports ā¤ļø
UFC has signed a 5-year marketing deal, worth $100 million with blockchain company Vechain ā making it their fourth partnership with a Web3 company. Vechain works with giants like Walmart and BMW etc.
A sponsorship with UFC meant increased visibility for VeChain. As per the deal, its brand logo will now feature in fighting arenas, fightersā apparel, and UFC content on all social platforms ā which reaches over 200 million users worldwide.Ā
Why care?Ā - The push by crypto companies into sports aims to get their names in front of more audiences. Sports advertising is a high priority because its heavily young male audience is the same one that has invested in crypto. In 2021, Crypto.com also partnered with teams and sports leagues including the NBAās Philadelphia 76ers, Paris Saint-Germain soccer club, and Formula 1 racing. With cricket and IPL bringing in the eyeballs, weāre sure to see a sponsorship deal coming this way.Ā
Markets go cold š š„¶
Cryptocurrencies are taking a real beating. The most popular digital currency, Bitcoin, is trading below $26K ā an 18-month low and down 43% from last year.Ā
Other currencies like Ethereum are also losing steam. Ether is trading at its lowest level since February 2021 ā down almost 12% to $1,350.
Yeah, itās a complete massacre. But VCs like A16z is still pumping cash into the market, to build and come up with new projects with real-world utility.
Our take: Altcoins and Projects with no real-world utility will struggle and maybe even evaporate from the market during this meltdown. We say HODL and build. Thatās all.Ā
Crypto Bytes āæĀ
London- based Farfetch is the latest luxury fashion brand to accept crypto payments with 7 different crypto assets.Ā
Mila Kunis and Indian animation studio Graphic India have launched a Web3 franchise called the Armored Kingdom for creating comics, gaming, and animation for the world.
Nigeriaās largest stock exchange, Nigerian Exchange Ltd will launch a blockchain-based trading platform next year for settling trades.Ā
The English Premier League Files Crypto and NFT Trademarks. Itāll cover the creation and sale of digital assets, virtual clothing, cryptocurrencies, and media files verified by NFTs.Ā
Ethereum-based NFT game Illuvium has managed to sell almost 20,000 digital land plots worth over US$72M. The game is set to launch later this year.Ā
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1 DISCLAIMER:Ā
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.