Solana is bringing crypto to a store near you đ đ€Ż
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This is Cryptonite, your twice-a-week shot to stay updated about the crazy world of crypto. We hit you with whatâs relevant, upcoming and funny â minus the FUD.
Letâs get started đ„
Solana brings Web3 to NYC đ
Whatâs happening - One of the biggest problems for crypto projects has been getting mass adoption or awareness. Now, Web3 is tackling that with its own version of the Apple Store - Solana Spaces.
Whatâs the goal behind it? Every person who comes can learn:
how Solana works
what Web3 is
how to set up your own wallet
buy your own NFT
Theyâve also put up other stations that give tutorials on platforms like STEPN, a play-to-earn app, and Magic Eden, an NFT marketplace. There, people can also check out Solanaâs Saga mobile phone.
Why care? The way to drive mass adoption is to make Crypto approachable and easy to understand. When you see a brand IRL, it builds out trust and an approachability factor to it. We think a few more spaces like this are on the way!
Meta believes in Crypto đšđŒâđ»
Meta just announced its quarterly earnings, and it doesnât look good. Their Metaverse/ VR division suffered huge losses of $2.81 billion.Â
Whatâs happening - Facebook Reality Labs (FRL), Metaâs division separate from Facebook, Instagram etc or their entry into the metaverse, has been hit hard with more losses. This sounds bad, but you know who sees the good in this? Mark Zuckerberg.
Mark Zuckerberg, Metaâs CEO, believes that this is a long-term game and that a $3 billion loss is insignificant in the long run. Zuckerberg said, âI feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions, over time.â
Why care: Weâre with Mark on this. With time, better projects will come up with more opportunities for companies like Meta. The first mover advantage will help companies like Meta to build their own empires on in this new space.
Crypto prices rise with inflation scares đ
If you donât already know, the US has been raising its interest rates every few weeks to keep inflation in check and see that theyâre all not headed for a recession.Â
Whatâs happening - The Fed just announced interest rates were jumping up by 75 basis points, and told us that we should expect a few other rounds of increase in rates. They're also no longer providing clear guidance on future rate hikes. Decisions will be made meeting by meeting. Hallelujah!
How did the crypto market react to this?Â
So luckily, in the past 24 hours, the crypto market rose around 9.2% and if we look a little closer:Â
Bitcoin spiked up around 9.6%,
ETH jumped by 15%!Â
Solana is jumped by 10.8%;
Even meme-coins DogeCoin and Shiba Inu both rose by 6.8%.Â
Weâd say, although this is positive news, donât count on it. This sudden spike in the crypto market could lead to dropping prices in the future. Keep an eye on the space, because price dips may also happen soon.Â
Crypto Bytes âż
Cadbury steps in with the Cadbury Gems Junior NFT initiative, with each eventual sale going towards sponsoring underprivileged children's education.
The Walking Dead has released NFTs in the form of animated walkers which are all 1/1 originals and will decompose over time.
You Can Now Earn Bitcoin by Playing Solitaire and Sudoku. Two large game developers are teaming up to reintroduce three classic games with crypto.
Recur which helped Nickelodeon get into Web3, has now set its eyes to bring the classic worldwide icon, Hello Kitty, into the NFT space.
San Francisco-based Web3 Startup Unstoppable Domains Secures $65M in Funds to help people buy ENS domains.
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DISCLAIMER:Â
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.