In your nightly crypto news wrap-up, we bring you the top crypto stories. Jerome Powell came out with a hawkish statement on inflation as Elon Musk says America is already in a recession; Do Kwon pushes his Terra Revival proposal live even though 92% of the Terra community voted “no”. Aave has opened its decentralized social media company Lens protocol on the Polygon blockchain, and crypto regulation becomes a topic with the G7.
What We Discuss:
0:27 Jerome Powell
2:03 Terra Revival Proposal
2:45 G7 Regulation
3:18 Lens Protocol
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Facebook Doubles Down on Its Venture Into Crypto and the Metaverse
Facebook is doubling down on its venture into crypto and the metaverse with its decision to rebrand as Meta Platforms. While the concept of metaverse has been gathering momentum for years, the decision to rebrand as Meta Platforms catapulted it into the mainstream. Today, it’s mentioned in virtually every media outlet. But what is it exactly? And how will it change the world? Read on for an explanation. Until then, stay tuned.
Entrepreneurs are going to be the driving force behind the metaverse. They will provide services, create content, and do useful things in the metaworld. To be successful, they need to monetize these services. For example, online cinemas could issue tokens to view movies for a certain time period. Tokens could also serve as passes for events or to another planet. And, because of their centralized nature, entrepreneurs will need to develop new ways to make money with the tokens.
Video game developers are already embracing the concept, creating small versions of the metaverse. Fortnite is one such example. The game has over 350 million users, and it hosted Travis Scott’s virtual concert, which was watched by 12 million gamers. In addition to being an exciting social space, the metaverse could also be a good place for the entertainment industry. Amos Whitewolf was a top-ranked player in Axie Infinity for months in 2021. He then reinvested his play-to-earn winnings into the startup, and got his sisters hooked.