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The Market āļø (24h %)
*Markets are subject to volatility, so the price may change.
Bitcoin: $29,011.39 (-2.59%)
Ethereum: $1,769.73 (-8.84%)
USDC: $1.00 (-0.02%)
Solana: $42.61 (-11.45%)
Hey Tea Sippers š,
Letās dance because today is FriYAY, but also because the tea just hit your inbox, hehe. Drama has been brewing, of course. Stocks are down, crypto is down, inflation rates are high, and gas prices are high. What do we do with ourselves? Rule #1 is to never panic.
In other news, we canāt forget our dear friend Elon Musk, who is being sued for possible manipulation of Twitterās stock leading to the price ultimately tanking.
I would also like to take some time to give my condolences to the families of those who lost their children in the recent Texas elementary school shooting. Thoughts and prayers go out to those grieving and mourning. Just awful.
We hope that you enjoy the stories we have for you. Grab your tea and start sipping!
Cheers! āļø
1. GameStop is launching a digital wallet for cryptocurrency, NFTs.
GameStop, everyoneās favorite video game store is trying to stay relevant as the world begins to transition technologically. They got a lot of buzz after the stock debacle, and now they are trying to become prominent again. How, this time? They are entering the crypto space. What are they doing?
Offering: They will be launching a digital asset wallet where users can store, send, receive, and use NFTs and cryptocurrency.
This will be fully compatible with Gamestopās NFT marketplace so that users can make purchases directly into it with their GameStop wallets.
The cons: The wallet is self-custody, so for the users that forget information easily, then you are at risk of losing all your assets if you forget your password.
Timing? People are questioning GameStopās decision to join the market amidst declining sales in NFTs and cryptocurrencies as well as the immense competition amongst players like Robinhood and Coinbase, but then again they are looking for any way to stay competitive before its too late, so this may be the only way.
The Big Gulp āļø: Crypto has been making a lot of noise these past few months. This time it is far too big to shove under the rug. Now, we see big corporations implementing blockchain and crypto strategies into their companies so that they stay technologically well versed, but also remain competitive. Letās see if adding this new feature increases the user growth of Gamestop or ultimately leads to their demise.
2. MetaMask, the crypto wallet creates a plan to help out the userās who get scammed.
MetaMask, I know it sounds very techy is a crypto wallet built on the ethereum network. It is a self custody wallet, where the users have full control over their funds, so itās one of those be cautious cases. What exactly should they be cautious of?
Scams! The crypto market is heavily unregulated and with full control and access to your funds, many individuals are susceptible to getting hacked and losing large amounts of funds. Letās not forget, that thereās currently no insurance as well.
Solution. MetaMask is working with Asset Reality a London-based company that specializes in recovering stolen assets. They will help users who succumb to fraud build up an investigation and a case.
Importance? MetaMask has been growing massively since 2020 and now they have reached 30 million monthly active users.
Asset Reality reported that the average amount lost is $25,000 in the event of a hack or scam, and can even amass up to $1 Million.
The Big Gulp āļø: The goal for MetaMask is to make the crypto world more friendly and easier to navigate. They are partnering with investigative services, who are connected with analytic services, to get this done. They want more buy-in and less fear, and if they are one of the fundamental leaders in the space, initiatives like these are essential. Letās see where this goes and how they can convince more individuals to enter the crypto world. Mass adoption, soon?
Extra Tea āļø
All-in- JP Morgan announces they are optimistic about the future of bitcoin and its upside.
Iām Out- Jack Dorsey steps down from the board of Twitter.
Revival- Terra plans to revive the blockchain, with a Terra 2.0.
Go Big- A16z raises a $4.5 billion crypto fund.
Tea Pods āļø
If you have extra time take a listen to this podcast by Coindesk where they discuss A16z recent raise, and the NFL launching an NFT game. Sip some tea in the morning and take a listen!
Cheers!
Sencha Tea Fact of the Week āļø
āEvery 3 seconds a post about bitcoin appears on social media.ā
Since you made it this far!
If you or a friend know anyone interested in the space, feel free to recommend them.
And, if you have any questions, feel free to contact me: Kristian Lamarre.
Cheers!āļø