Crypto News Dec 1, 2021

  1.  A history of cryptocurrency, from gaming tokens to a $2tn market

The origins of digital assets — such as bitcoin and ether, non-fungible tokens, smart contracts and the thousands of “shitcoins” out there — can be traced back to video games where avatars played and sometimes worked, acting out fantasy lives imagined by their human creators. It may seem unlikely today, when cryptocurrency markets are worth more than $2tn, that their ancestry lies in World of Warcraft and Second Life, the once-popular virtual-reality games. In the early 2000s, former child actor Brock Pierce, a US presidential candidate in 2020, realised that gamers were happy to buy tokens to reach the next level instead of completing tasks to earn them.

Bitcoin led the crypto market to its third straight day of recovery from a “Black Friday” sell-off amid diminishing fears. Short-term momentum is improving, although buyers will need to clear $60K to sustain the uptrend. Bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges. As discussed in Monday’s Asia First Mover, investors are waiting for the latest updates about the omicron coronavirus strain and its potential impact on the global markets, crypto included.

Grayscale Investments is launching a product that will solely and passively invest in solana to ride on the eye-popping gains the cryptocurrency has seen since the beginning of the year. Solana, a layer-one protocol, is widely viewed as a competitor to fellow smart-contract platform ethereum, which has been plagued by high fees and slow transactions. The Grayscale Solana Trust, the 16th investment vehicle from the world’s largest digital currency asset manager, is available to individual and institutional investors.

Sneaker giant Adidas is stepping into the world of cryptocurrencies. The German multinational shoe and sportswear company announced its partnership with cryptocurrency exchange Coinbase. This development comes two days after the Sandbox tweeted about the popular shoe company and shared a video clip of Adidas real estate in the Sandbox metaverse. Interestingly, two days ago, Adidas bought a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, hinting that the company will offer virtual reality products.

Avalanche, saw its AVAX token rise 70% in November, the top performing layer 1 platform with a market capitalization of $10 billion or greater, according to data from Messari. Among the largest cryptocurrencies, AVAX was the second-biggest gainer overall, behind’s CRO token, which more than tripled in price during the month. Interest in so-called layer 1 tokens heated up during November as several top blockchain protocols pushed incentive programs, while gas fees on Ethereum network remained near all-time highs.

The word ‘metaverse’ catapulted into the collective consciousness of the world after Facebook recently announced it was rebranding itself as Meta. The renaming was undertaken as a nod to the term metaverse, which has been discussed in tech circles as the next big revolution after the Internet. Simply put, the metaverse is the creation of a virtual universe where avatars of human beings will be present through technology. Such metaverses can be created by various companies for various reasons: entertainment, education and business.

A day after Twitter CEO Jack Dorsey resigned, famed tech blogger Jane Machun Wong cracked a way to add Ethereum to Twitter’s Tip Jar feature that is rolling out now. The development is interesting because Dorsey, who has been a major Bitcoin supporter, has refused to invest in Ethereum on multiple occasions. Wong’s advanced tech skills left crypto enthusiasts excited with some saying Dorsey’s departure may be a start of a pro-Ethereum approach at the company. Wong’s advanced tech skills left crypto enthusiasts excited with some saying Dorsey’s departure may be a start of a pro-Ethereum approach at the company.

Avalanche (CRYPTO:AVAX) traded at a market cap of $5 billion or below. It was big enough to gain attention but not enough to rank as a top-tier cryptocurrency. However, Avalanche began to pick up significant momentum in August 2021. It plateaued a couple of months later after vaulting past several other cryptocurrencies based on market cap. Some might have thought that Avalanche was out of steam. Instead, it was only taking a breather. Avalanche recently edged past Shiba Inu in market cap. Its unique blockchain architecture makes Avalanche attractive.

AMC’s efforts to rebound from near-bankruptcy by appealing to cryptocurrency enthusiasts have continued with the announcement that it’s giving away 86,000 non-fungible tokens (NFTs) to American members of its AMC Stubs A-List, Premiere, and Investor Connect platforms who pre-order tickets for Spider-Man: No Way Home. MC says it commissioned 100 different NFTs from Cub Studios as part of this promotion. The company recently started to accept payments via Bitcoin, Ethereum, and other cryptocurrencies as part of a broader push to modernize its online purchasing options.

  1. For Sale: $10M Yacht, DOGE Accepted 

The owners of Italian-built Vianne said in a statement Monday that prospective buyers will be able to buy the vessel with bitcoin (BTC), ether (ETH), dogecoin (DOGE) as well as SOL, FTM, BNB or “top tier” non-fungible tokens (NFT) from the CryptoPunk or Bored Ape Yacht Club collections. Vianne is listed for $10 million and can be chartered this winter for $196,000 per week in the Caribbean. She features a sky-deck jacuzzi and can accommodate 12 guests. The ability to pay for this superyacht with cryptocurrency is a sign of a broader embrace by the luxury goods industry – be it Dolce & Gabbana or Sotheby’s.