64th Edition
Oct 22, 2022
This week in The Flippening, TL;DR
- Reddit and Polygon: a match made in heaven.
- South Africa welcomes crypto into its financial products purview
- Ripple promises- Ripple delivers
🔊 Top Highlights of the Week
3 Million Reddit Users Jump on the NFT Avatar Bandwagon
Reddit introduced NFT avatars at prices ranging from $9.99 to $99.99 for its users in July 2022. The collection is sold out!
And if that doesn’t say enough about Reddit’s contribution to the NFT space, the company even airdropped free Polygon NFTs to users who had made a significant contribution to its success over the years.
Our Takeaway: The move into NFTs was considered a dangerous one when it was announced, but they proved all those naysayers wrong, eh? Successes don’t get much more resounding than this one. And Reddit does not want to slow down, at least for now. All aboard the blockchain train, then!
South Africa Joins The Party; Declares Crypto a Financial Product
South Africa’s Financial Sector Conduct Authority (FSCA) has decided that crypto assets will now be subject to its financial regulations. It has offered a few exemptions in its regulation to make it easier for unlicensed businesses to transition to being licensed without losing money.
Our Takeaway: Regulations help build trust in retail investors and promote fair market practices. So don’t be surprised if we see a significant rise in crypto investors from South Africa. When it comes to the blockchain space, we always say “The more, the merrier!”
Ripple announces winners of $250 million grant to NFT creators
Ripple stands on its promise of supporting NFT creators that are growing the development of the XRP ledger. The winners of the grant will help in growing the XRP NFT community.
Our Takeaway: The fact that Ripple is delivering its promise amid the bear market is really encouraging for investors as well creators. It gives out a strong statement that the project is doing well on its finances, despite being in a constant tussle with the SEC.
Other Highlights 🔊:
- The global police organization Interpol launches its own metaverse. It could likely indicate that the watchdog has its eyes on the virtual world, too, now.
- Former Celsius Exec Joins JPMorgan as New Crypto Policy Head. That is quite a bit comic, especially when the CEO of JP Morgan keeps criticizing cryptos every other month!
- The Israeli government is looking at options to test digital bonds based on blockchain technology. Way to go!
- After its Ethereum index fund, asset management giant, Fidelity, brings Ether trading for institutional clients. ‘Slow and steady wins the game,’ seems to be Fidelity’s motto!
Numbers to know in crypto and blockchain
- 10 blockchain based games witnessed more than 100,000 unique users in the past 30 days.
- 2.7 + Million wallets were created in Polygon to collect Reddit avatars. These wallets have a combined value of more than 2.7 Million USD.
- 24,000 ATMs in Brazil will allow users to withdraw the stablecoin, USDT (Tether)
The past week was a period of correction. Cardano is onto its second consecutive bad week. We can expect a short period of such corrections leading to the FOMC meeting on November 2 in the anticipation of a further rate hike.
DeFi managed to stay in the green despite the market correction. Although most of the top cryptos witnessed some sell-off, the sectors remained less impacted.
Coin of the week
Uniswap: $UNI
We have our eyes set on one of the largest DeFi tokens this week. Uniswap is running an exciting fund-raise of $165 million, which has attracted the attention of a16z as well. The hype is definitely building, and poses as a good investment for the long run.
Featured - Mudrex Coin Sets
The macroeconomic conditions are still uncertain. The prevailing notion is that the US Federal Reserve might announce a further rate hike in its upcoming meeting. The UK inflation numbers that came out last week were the highest in the past 40 years. These are likely to have an impact on the equity markets.
However, the decreasing correlation between equities and crypto is a good sign! There are a couple of reasons why this is healthy for investors. First, it signals that the asset class is maturing. And second, crypto investments can now actually help in beating inflation. Investing in sectors seems to be a prudent alternative to investing in individual cryptos. With cryptos such as Uniswap, and Aave showing promising updates, the DeFi sector can be a good investment now.
DeFi 10: This Coin Set invests in well-diversified tokens in the Decentralized Finance space.
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Here we are at the end of our 64th edition. We hope you liked reading it. The team would love to hear back from you.
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