The future of Crypto - Football, Miami NFTs and more đŸ
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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.
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Football Teams Transfer Player Using USDC đ” âœïž
Banfield, an Argentian Football club, just sold their star midfielder to Sao Paulo, one of the biggest teams on the continent, solely in crypto.Â
Whatâs happening - Argentina player, âThe Drillâ transferred Giuliano Galoppo to Brazil for 8 million USD Coins ($USDC) with crypto exchange Bitso. This is the first time any player in the world has been bought/sold in an all-crypto deal.
Crypto is growing rapidly in developing nations like Argentina. For example, Bitso processed $1 billion in crypto remittances between Mexico and the U.S. in the first half of 2022.
The gov isnât too happy with this though. The current country's foreign exchange restrictions mean exporters have to convert their US dollars into Argentine pesos within five days of the transaction. The club has been asked to do the same. Oh, and with that, they also face a ban for 90 days from accessing the official exchange market to buy players.
Why Care: With more unstable government currencies and their unstable markets, this could just be the start of a wave of large crypto transactions across various verticals in developing countries across the globe.Â
Gary âVee friendsâ up with a16z đ€
Gary Veeâs project, VeeFriends just raised $50M and is currently sitting as one of the top NFT collections.
Whatâs happening - Gary Vee, known for his work in digital marketing and social media, has now partnered with A16Z, one of the largest crypto funds, for their Veefriends project. To give some context, VeeFriends is one of the top NFT collections and only 9 NFT collections have more sales according to Cryptoslam.
Here are the top reasons A16Z invested:
Every NFT holder gets access to Veecon, an already successful multi-day web3 conference
The team is solid. Gary vee and his team want to continue building their web3 IP for 20+ years.Â
VeeFriends is the next big thing in IP. Imagine owning a part of Mickey Mouse before Disney became big.
Why care - VeeFriends Series 1 & 2 have done $630m in sales in their first year of existence. But itâs left us wondering... if the IP succeeds, does the value accrue for the NFT holders or the holding company that owns the IP?Â
City of Miami To Drop 5k NFTs đŒ
Whatâs happening - The Miami city government is partnering up with TIME, Mastercard and Salesforce, to launch a collection of nearly 5,000 NFTs designed by 56 local Miami artists, to represent the cityâs 56 square mile area.
In short, some of the highlights include:
Mastercard - offer special event access at restaurants and private cultural tours in the city for all NFT holders
Salesforce - manage the primary sales process with its own soon-to-be-released NFT cloud platform
Time - help define the cityâs NFT strategy and execute the project
With this utility built into the project, the city of Miami hopes that IRL (in real life) experiences made for NFT holders will encourage people to explore the city on their own, driving more foot traffic â and potentially revenue â into the city.
Why care - Thereâs no guarantee Miamiâs dreams of a Web3 oasis will succeed. But if it gets even halfway there, it could serve as a leader and model for other major cities in the U.S. â and the world â to sponsor NFT launches, and become a part of a unique future.
Crypto Bytes âż
Christieâs, the world-renowned auction house has launched a venture capital arm, and itâs set to focus on the Web3 space.
The Italian government will provide $46 million in subsidies for blockchain projects.
The producer of the classic Disney film Tron drops a trailer for the upcoming NFT collection called Cryptosaurs AI.
Binance Introduces NFT Ticketing for football fans with (S.S. Lazioâ) where fans can âstart the new 2022/23 season with cutting-edge NFT tickets.â
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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.