Welcome to fromcrypto Crypto, previously often known as Chain Response.
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Good day and welcome again to the fromcrypto Crypto publication. I have been out for the previous week so no publication has gone out, however we’re again to common information and a few recent recurring segments and options – so in the event you like what you see (or do not), let me know at jacquelyn@ techcrunch.com.
This is what was the largest information this week: the worth of bitcoin jumped over $60,000 and the Coinbase app crashed, Telegram launched a plan to pay out rewards utilizing toncoins on the TON blockchain, and Nigerian cryptocurrency customers confronted issues with some exchanges. Let’s get all the way down to it.
This week on web site 3
- Aptos of former Meta workers is testing Hong Kong’s crypto urge for food
- Bitcoin is so excessive it crashed Coinbase
- Telegram is launching advert income sharing utilizing toncoins subsequent month
- Cryptocurrency customers in Nigeria will briefly lose entry to Binance, Kraken and Coinbase
- Starbucks Odyssey group leaders see NFTs as one of the best ways to construct model loyalty
Tough numbers
The crypto market was very excited this week as the 2 largest cryptocurrencies by market capitalization, Bitcoin and Ether, jumped 23.6% and 18% respectively for the week, in response to information from CoinMarketCap. The whole market capitalization of cryptocurrencies elevated by 19.4% in seven days to $2.34 trillion.
The current bounce within the worth of Bitcoin, together with the upcoming Bitcoin halving and the spot approval of Bitcoin ETFs in early January, which boosted demand, has many crypto market gamers questioning if the granddaddy of cryptocurrencies is about to hit a brand new all-time excessive or if this restoration is short-lived. – lived
Our favourite “Crypto Twitter” put up.
ICYMI, final week plenty of crypto folks have been tweeting about emails from Satoshi Nakamoto, the creator of Bitcoin. Satoshi has stated plenty of attention-grabbing issues, however this put up on X by Dragonfly Capital companion Tom Schmidt received plenty of consideration and even precipitated some Bitcoiners to exit and purchase pineapple jalapeno pizza in his honor. Which brings me to the query… would you eat it?
Thanks for the images: Tom Schmidt on X(opens in a brand new window)
Newest sub
Chain Response prepares a month-to-month sequence delving into numerous matters and matters within the area of cryptocurrency. This month we give attention to NFTs.
Since there was no publication final week, we’re highlighting final week’s episode the place I interviewed Steve Kaczynski, co-author of “The All the pieces Token” and co-host of the online 3 morning present Espresso with Captain.
He additionally co-authored the primary Harvard Enterprise Evaluation article on NFTs. As well as, he consults with companies and types on constructing their web3 methods, together with his function at Starbucks, the place he’s the Group Lead for its NFT-focused Starbucks Odyssey loyalty program.
Steve labored in communications and advertising and marketing roles for over 15 years earlier than becoming a member of the world of web3.
Jacquelyn and Steve mentioned what received him involved in NFT, how necessary it’s to construct an understanding of the sector, and why communities matter greater than minimal costs.
In addition they delved into:
- Future adoption for Bored Ape Yacht Membership
- Rising Starbucks Loyalty Program Primarily based on NFTs
- What companies and types must know in regards to the web3
- The way to get began within the NFT house
BONUS: For this week’s episode, we’re re-sharing an interview I had in June 2023 with Jack Lu, CEO and co-founder of Magic Eden.
Once we recorded this episode, NFT gross sales have been down about $640 million initially of the month in comparison with at the moment, with February 2024 NFT gross sales reaching $1 billion for the primary time since February 2023.
Trying again on this interview, we determined that this episode was a terrific addition to the NFT sequence so as to add context to what a loopy yr it has been and the way a lot issues have modified (and a few issues have stayed the identical) – particularly for folks , who’re constructing the NFT house.
Magic Eden initially began as a Solana-based NFT buying and selling platform, however has expanded its assist to different blockchain networks comparable to Polygon, Ethereum, and Bitcoin. In June 2022, Magic Eden raised $130 million in a Collection B spherical that secured its unicorn standing.
We mentioned why the NFT market expanded its assist to different blockchains, its assist for BRC-20 tokens, and the way the corporate plans to remain aggressive in an ever-changing market.
We additionally talked about:
- NFT market volatility
- license charges
- Web3 recreation extension
- Recommendation for the NFT group
Describe Chain response on apple podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes and depart us a overview in the event you like what you hear!
Comply with the cash
- Crypto safety startup Silence Laboratories secures $4.1 million in funding
- Initia raises $7.5 million in seed spherical to simplify blockchain improvement
- Asymetric Monetary has a plan to unlock the trillion-dollar potential of Bitcoin with a devoted DeFi fund
- Crypto pockets and alternate backpack raised $17 million in Collection A strategic spherical
- Ethereum-based Etherfi has raised $27 million in a spherical led by Bullish and CoinFund
This listing was compiled primarily based on data from Messari in addition to fromcrypto’s personal reporting.
What else are we writing?
Do you need to department out from the world of web3? Listed here are a couple of fromcrypto articles that caught our eye this week.
- Why VCs put money into startups that assist different startups shut down
- Do not ignore Asian expertise
- Mark Zuckerberg urges Large Tech in Asia to double down on AI chips
- The Apple Automotive That By no means Was: A Timeline
- Tim Prepare dinner says Apple will “break new floor” in GenAI this yr
