66th Edition
Nov 5, 2022
This week in The Flippening, TL;DR
- JPMorgan’s love for DeFi
- Instagram’s artistic plans
- F1 team and OpenSea join hands
🔊 Top Highlights of the Week
A historic moment as JPMorgan does a live cross-border trade using DeFi
JPMorgan successfully tokenized Singaporean dollar & Japanese yen deposits. This is the first-ever issuance of tokenized deposits by a bank. These tokenized assets were used in foreign exchange trade. It was part of Project Galaxy, a part of the Monetary Authority of Singapore’s plan to test DeFi .
Our takeaway: A historic moment indeed! Financial giants undertaking such steps translates to crypto going mainstream. However, with plans of creating a CBDC, this initiative might have been a plan to create a centralized version of DeFi.
Instagram enabling creators to mint, sell NFTs on the platform
This is the latest social networking giant that embraces NFTs. Meta’s latest Web3 stint comes in the form of bringing the Instagram audience closer to NFTs. Instagram will be using Arweave for the storage of its creators’ NFTs, and the minting platform will be Polygon.
Our takeaway: We have seen the NFT craze fading over the past year. However, it is also true that the success of any Web3 project lies in widespread adoption. And with Instagram’s mammoth audience gradually gaining exposure to NFTs, we might witness the old charm coming back.
F1 team partners with OpenSea to build racing NFT marketplace
The partnership between Haas F1 team and OpenSea will include the production of a line of branded NFTs and cross promotion during racing events.
Our takeaway: Such partnerships have traditionally worked very well for both parties involved. For eg., the Tezos partnership with F1 team McLaren in 2021 saw a massive spike in demand for Tezos. Racing fans, the adrenaline rush you feel at the last lap can turn into an unique NFT collectible.
Other Highlights 🔊:
- Bitcoin and Ethereum shine after a strong US Jobs Report Data. Interest rate decisions don’t scare us anymore!
- OpenSea unveiled new automated features to prevent scams. Now this is some kickass move.
- Arweave teams up with Meta for NFT storage, AR token spikes 61%. Instagram, Arweave, Polygon- a match made in heaven
- Hong Kong plans to legalize retail crypto trading. This step brings HK a step closer to a global hub for crypto.
TIL: How to be eligible for an upcoming potential Airdrop opportunity 🧐
Arbitrum, one of the largest L2 scaling solutions, could be back with a bang after an initial hype in August.
Their community program, Arbitrum Odyssey was paused amid huge demand and network congestion a few months back. Their official Discord server has started buzzing with talks of the restarting of the Odyssey program. Participating in the Odyssey program is one of the easiest tasks to prove that you’re an active community member. Moreover, all users who complete a task get a free NFT to commemorate the program.
Arbitrum’s ‘guild roles’ are something that unlock if you hold tiny balances of their eco tokens. A twitter user, @hulksmash53, has built a contract that lets you buy tiny quantities of all eco tokens. Find it here.
These are a couple of small steps that you can take right now. With the activity on the Arbitrum mainnet increasing rapidly, this could be the month that the Airdrop gets announced.
It was FOMC day this Friday. FED hikes the interest rate by 70 bps, and the Bank of England raised rates by 75 bps. The crypto market was not the least bit affected. Instead, it had one of the best weeks in a while. Some of the sleeping giants, including BNB, Algorand, Litecoin, witnessed double-digit rallies.
Overall a good week for different sectors. Are we finally coming out of the crypto winter? We will look forward to the coming couple of weeks.
Coin of the week 💸
Polygon: $MATIC
Polygon has hit the bull's eye with its amazing partnership executions!
First Reddit and now Instagram! And that was not all! One of the largest investment banks, JPMorgan, whose CEO has been a long-standing naysayer of crypto, does a DeFi transaction using Polygon!
Such instances of executions not only build trust but help pave the way for a widescale adoption! We would not be surprised if there is a massive rise in trading volumes in MATIC over the coming period.
Featured - Mudrex Coin Sets
The correlation between the equity markets and the cryptocurrency market seems to be decreasing. With both the Federal Reserve and the Bank of England announcing one of the highest interest hikes, the crypto folks didn’t seem to mind. One of the sectors in crypto that outperformed all others was Web3.0.
One of the largest contributors to the rise in this sector was Arweave (AR). The storage for the NFT feature announced by Instagram will be provided by Arweave. Dollar Cost Averaging in the Web3.0 sector could be a prudent investing approach now.
Web3.0: This Coin Set invests in well-diversified tokens in Web3 that have shown strength across different market scenarios.
Here we are at the end of our 66th edition. We hope you liked reading it. The team would love to hear back from you.
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