Bloomberg dedicated a monumental full-length feature piece that honours the innovations of blockchain and the crypto space. The four-chapter read details how the world undeniably came to want, and need, crypto. Effortlessly connecting the dots between ledgers, databases, money, and trust, this is a must-read if you sometimes feel you still don’t fully understand crypto yet.
Markets Spotlight
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
News Snaps
Reddit makes waves with new NFT marketplace. CoinDesk reports that the popular social platform’s NFT marketplace has gained traction with an astounding 2.5 million new wallets created since the marketplace launched in July.
Axie Infinity’s AXS token gets a major unlock. According to CoinDesk, play-to-earn (P2E) game Axie Infinity recently launched a campaign unlocking almost US$200 million in AXS tokens for early investors and supporters of the project. While some expected the recent unlock to cause a sell-off in the asset, it seems that a short-squeeze occurred and has made some positive price action on AXS.
Filecoin launches new upgrade. The popular decentralised digital storage cryptocurrency has launched a Web3 data-storage solution for carbon offsets. With this, Filecoin aims to improve upon traditional storage solutions for digital environmental assets and reduce its own environmental impact. See Cointelegraph for more.
CEO of Ark Investment Cathie Wood was an early Bitcoin buyer. Cathie Wood recently revealed that she made a US$100,000 purchase of Bitcoin when it was at US$250 and has HODLed it to this day. Wood was sold on the idea of Bitcoin once she read Bitcoin’s white paper by Satoshi Nakamoto. Check out Yahoo Finance for the full story.
Polkadot co-founder Gavin Wood steps down from Parity Technologies. Gavin Wood, co-founder of the Polkadot project, is stepping down as the CEO of blockchain builder Parity Technologies. He plans to focus more on Polkadot, stating that he wants to make Polkadot “more relevant to large swathes of the population.” Visit Cointelegraph for the details.
What’s Ahead
MoneyConf takes place 1-4 November. MoneyConf, dubbed ‘The evolution of finance’, is a conference where leading banks, startups, and tech firms meet to explore new ways that can change their industries.
NFT Spotlight
Relive UK-based 3D visual artist Visualdon’s striking retro-futuristic sci-fi 3D art — a collection of surreal, vivid animations and loops — from his “Adventures in Space” drop in 2021.
I find it easier and more natural to work when I want, and rest and relax when I need to. Whether that’s day to day or over long periods, I find it’s a much more natural rhythm for me — and I’m a lot happier and more productive doing that.
Visualdon, on why he quit the 9-to-5 gig
Read Crypto.com’s full interview with Visualdon or relive his Adventures in Space.
Product Picks
Fiat Wallet has been integrated with the Target Price Orders feature
You can now place an order to buy or sell crypto at your preferred price using fiat currency instead of crypto. This development grants you greater control and flexibility over your trades. After setting a target price, you won’t have to watch the market around the clock or worry about missing an opportunity. Check the Help Centre for full details.
DeFi Wallet is integrated with Top 9 chains on Swap
You can swap on the top 9 blockchains by TVL for over 1,100 tokens using the built-in Swap feature with no service fees charged. Enjoy the flexibility to select the preferred speed and slippage by launching DeFi Wallet.
Crypto Level Up
The Metaverse
A virtual world, a game, or just another Web3 hype? What exactly is the Metaverse?
A brief history. The term ‘metaverse’ was first mentioned in Neal Stephenson’s 1992 sci-fi novel “Snow Crash” to describe a computer-generated universe.
Beyond virtual reality. Today, the Metaverse comprises blockchain, interactivity, gaming, artificial intelligence, network, and the Internet of Things.
Big players. Microsoft, Standard Chartered, Gucci, Sotheby’s, and other big players are already stepping foot in the Metaverse.
Bright future. Goldman Sachs has estimated that the Metaverse, still a work in progress, could ultimately be a US$8 trillion opportunity.
Learn more about the Metaverse
Crypto IRL
Wealth is the ability to fully experience life — and enjoy the rewards you deserve, too. — Our friend @martin_mosler and his sunlight-kissed Crypto.com Icy White Visa Card at the beach with a seafood meal and cocktails.
Decoder
Proof of Work (PoW) — The Proof of Work (PoW) consensus mechanism is a method of validating transactions, which requires miners to solve complex mathematical problems and add new blocks to the blockchain. PoW is generally regarded as the most reliable and secure of all the consensus algorithms. However, it has drawn criticism for its high costs, energy-intensive process, and limitations with regard to scalability, leading many to seek out alternatives like Proof of Stake (PoS).
This Week in Crypto History
China renews interest in BTC. Back in 2019, China had a major sway over the price of Bitcoin. Xi Jinping came out in support of blockchain technology and wanted to embrace digital finance in the hopes of gaining an edge over major countries. Off these words, Bitcoin saw large price action, rising from US$7,500 to nearly US$10,000.
Although it left the space completely in May 2021, banning all mining in the country, China had a great influence on BTC price action prior.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
