Read in the Digest
- The Metaverse is a $1 Trillion Opportunity, Adidas Finds its First Crypto Partners, MetaWars Launches the ‘First’ Cross-Game Metaverse Launchpad
- Cathie Wood is Testing a New ‘ARK On Steroids’ Strategy
- Dogecoin Shorts on Bitfinex Hit All-Time High, Traders Expecting Squeeze
- NFT Newsbites: NFT Becomes Collins Dictionary Word for the Year, Christie’s to Auction on OpenSea, NFT Yacht Sells for $650,000
The Metaverse is a $1 Trillion Opportunity, Adidas Finds its First Crypto Partners, MetaWars Launches the ‘First’ Cross-Game Metaverse Launchpad
Since Facebook’s corporate rebrand as Meta, the metaverse has grown to become one of the most talked-about topics. A recent Grayscale report shows that the rate of active metaverse users has increased by more than 10 times between May 2020 and June 2021.
In the report “The Metaverse, Web 3.0 Virtual Cloud Economies,” Grayscale writes that the “market opportunity” in making the metaverse available for the masses may be worth over $1 trillion. The report adds that capitalists are already looking to take advantage of the sector.
Confirming the increasing number of entrants into the metaverse, Adidas has announced its first-ever crypto partners. Adidas is lacing up to enter the metaverse by partnering with Coinbase, and one of the first metaverse platforms, the Sandbox.
Looking into the future, MetaWars has launched a Launchpad portal to revolutionize GameFi. The MetaWars Launchpad is the first platform that will allow gamers to transfer their characters, currencies, and assets between game worlds.
- The metaverse is not a new concept, being around for almost three decades. Neal Stephenson coined the term in1992
Why You Should Care
Although in its early stages, the metaverse has already shown signs that it could change how we work, play, and interact in the future
Cathie Wood is Testing a New ‘ARK On Steroids’ Strategy
American investor and the founder, CEO and CIO of Ark Invest, Cathie Wood, said her firm is internally testing out a strategy that would take her $19.44 billion ARK Innovation ETF (ARKK) to the next level.
She explained that the strategy would involve shorting stocks in the big benchmark indexes — a more aggressive bet on the old guard being upended by new technology in the years ahead.
Wood believes that those benchmarks were where the bigger risks were longer-term. In her interview on Wednesday, she opined that the strategy, now available for employees, can be likened to “Ark on steroids.”
- While Wood admits that there are gains in the strategy like technologies, the bigger wins were still several years out
Dogecoin Shorts on Bitfinex Hit All-Time High, Traders Expecting Squeeze
Dogecoin, which started as a joke, now ranks as the 10th largest cryptocurrency. As the DOGE price declines steadily, the number of margin DOGE short positions hits a new all-time high on Bitfinex.
The news was shared by Sir Doge of the Coin, as he advised the Doge community to squeeze. In a short squeeze situation, many investors short a stock (bet against it), but the price of the stock ends up shooting up instead.
The GameStop saga is a very popular short squeeze event. The short squeeze helped pull GameStop and AMC out of bankruptcy, as many hedge funds placed their bets against GameStop.
In addition, the DOGE experienced one of its biggest bull runs in 2021 as GameStop outperformed expectations. Now, the DOGE community is hoping that a short squeeze would pull Dogecoin, which is 70% down from its ATH, to new highs.
- The price of Dogecoin is showing no signs of bullish momentum, with DOGE dropping by 30% in the last month
Why You Should Care
NFT Newsbites: NFT Becomes Collins Dictionary’s Word for the Year, Christie’s to Auction on OpenSea, NFT Yacht Sells for $650,000
The 2021 NFT hype has officially been endorsed, as Collins Dictionary chose “NFT” as its Word of the Year. The UK-based dictionary company defines NFT as;
- non-fungible token: a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible
The NFT space has set another record with the sale of The Metaflower Yacht for $650,000 (149ETH). The NFT Yacht, which was created by Metaverse developer, Republic Realm, has become the most expensive NFT item in The Sandbox metaverse.
Continuing the trend, the British auction house, Christie’s, has partnered with the NFT marketplace, OpenSea, to auction a series of non-fungible tokens to art collectors around the world rather than its website. Christie’s is behind two of the biggest NFT sales, Beeple’s “Everydays” collage and “Human One” sculpture.
- While NFT has become one of the biggest spaces in crypto today, some investors still believe digital arts are overpriced and overhyped
Why You Should Care
The popularity and use cases for NFTs are growing at a breakneck pace, which could lead to greater adoption of digital art.