Happy New Year!
Holiday season is over and so is the flu that took a hold over me last month. I started 2024 with a swim in the cold ocean and no resolutions :) Bitcoin, on the other hand, started the year with an ETF approval and the second highest price on it’s anniversary.
Here’s what happened this week in blockchain, crypto and web3:
On the 15th anniversary of the Bitcoin network, the closing price of Bitcoin was the second-highest ever recorded for this date. Only in 2022 was the anniversary closing price higher. This suggests a potential positive trend for Bitcoin's value in the coming years. One other notable development is the rise of Bitcoin ATMs, which became operational in October 2013. Despite a drop in their number after the 2021 bear market, there are currently about 34,000 Bitcoin ATMs worldwide.
Yesterday 10th January 2024, something big happened in the crypto world. Eleven spot Bitcoin Exchange-Traded Funds (ETFs) got approved. This is a big deal because people have been waiting for something like this since July 1, 2013, when the Winklevoss twins first applied for a Bitcoin ETF. The expectation is that massive capital inflows will occur now that ETFs are open for trading. This and the Bitcoin halving event later in the spring will have notable impact on Bitcoin’s price and volatility.
With AI becoming a hot topic with both positive and negative reactions, blockchain reacts, with Polygon, in collaboration with Fox, introducing 'Verify', an open-source protocol built on Polygon's blockchain. It aims to authenticate digital media content, ranging from articles to images, helping to counter the spread of AI-fabricated media. A natural reaction I might say, giving that it’s becoming difficult to distinguish between AI and human generated content.
According to Boston Consulting Group, Web3 technology is shifting towards more practical applications, enhancing rather than replacing existing company tech stacks. Web3 technologies are being utilised across multiple industries, from aerospace to retail, offering innovative solutions and enhancing business operations. This widespread adoption highlights the versatility and potential of Web3 in various sectors.
Alright, let's make it clearer. In the aerospace industry, companies are using Web3 to share information securely and keep an eye on airplane parts all over the world. Car manufacturers are incorporating Web3 to allow cars to communicate with each other and to make buying and selling cars safer and more transparent.
In retail, shops are adopting Web3 to trace where their products come from, ensuring they're ethically sourced, and to prove their authenticity to customers. In healthcare, hospitals are applying Web3 to manage patient records safely, making it easier to share these records securely when needed. Web3 is bringing about new ways in finance and banking, creating alternatives for lending and saving without traditional banks. Education sectors are issuing digital certificates that are secure and easy to verify, while real estate is making use of Web3 to streamline property transactions.
Lastly, in entertainment, artists are connecting directly with their audiences and ensuring fair payments, while supply chains in various industries are using Web3 for tracking products from manufacturing to delivery. The energy sector is also getting a boost, with people trading excess renewable energy locally. So, Web3 is really shaking things up across different fields, making operations more secure and efficient
Louis Vuitton launched a $41,000 NFT drop, transforming its iconic Treasure Trunk into digital tokens. The brand announced that its Web3 platform would continue to release two to three NFT collections annually for at least the next three years. This included digital versions of products like the Speedy 40 and a miniature virtual trunk from their Spring/Summer 2024 collection.
Brands across various sectors are leveraging Web3 to revamp their loyalty programs by integrating NFTs. This new approach allows customers to own their interactions with the brand in the form of NFTs, enhancing customer engagement and loyalty. It adds a new dimension to traditional loyalty programs by offering customers tangible assets that can have real value and can be traded or collected.
Financial tip of the week
Head to Investopedia to learn more about what is an ETF.
Feeling adventurous? Here’s the list of approved Bitcoin Spot ETFs my crypto explorers :) Six of these ETFs are listed on the Chicago Board Options Exchange (CBOE). Three are on the New York Stock Exchange (NYSE). Two will trade on Nasdaq.
Weekly challenge
Have some fun on Louis Vuitton website here and immerse yourself in their digital world.
Wrap up
This week's news showcases the dynamic and rapidly evolving nature of the Web3, crypto, and blockchain sectors. We're seeing a shift towards practical applications and increased financing, indicating a maturing market.
We welcome your feedback and suggestions for the next issue. Let's keep exploring the exciting world of Web3 together!