Welcome to Issue #83 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
🎂 Wow Much Celebrate: Dogecoin celebrated its 10th birthday on Wednesday and the market responded with a 17% pump, pushing $DOGE price past $0.0103 and revisiting highs not seen since April, when Elon Musk briefly replaced the Twitter/X logo with the Dogecoin logo. $DOGE, considered to be the very first memecoin, was created in 2013 and currently the 10th largest cryptocurrency based on market cap.
🚗 Trailerjacking: Rockstar Games' highly anticipated Grand Theft Auto 6 (GTA6) was leaked by an anonymous person one day before it was scheduled to be released. The leaked trailer had a text overlay, "BUY $BTC", throughout the entire video. Crypto enthusiasts were thrilled by the leak for putting Bitcoin at the forefront; as Taproots Wizards co-founder Udi Wertheimer wrote, the two-minute video was "more effective than 10,000 hours of laser-eye podcasts".
🇸🇻 Viva El Salvador: El Salvador has become a nation of Bitcoin maxis thanks to President Nayib Bukele, who has pushed the small Latin American country into adopting Bitcoin, by governmental measures such as making $BTC legal tender and also investing the country's funds in Bitcoin. Now the country seeks to attract new Bitcoin-aligned citizens by offering a "Freedom Visa", which gives foreigners a Salvadorean passport and residency if they invest $1m worth of crypto (in $BTC or $USDT) with the country.
This Week in our Blog
Despite crypto trading being a highly international activity, the Western and Eastern spheres seldom overlap. Markets move differently and indeed the Asian crypto landscape looks different and faces different sets of challenges; our deep dive into the present state and the future of crypto in Asia:
NFT Market Bytes
⚠️ Contract Insecurity: Thirdweb, a crypto development platform, disclosed a security vulnerability this Monday that affects a large number of NFTs. The vulnerability, according to the company, is in a "commonly used open-source library for web3 smart contracts". Among the possible affected token standards are ERC-721 and ERC-1155, both commonly used in NFTs. A full list of affected contract types can be found here, along with a mitigation tool to help identify impacted contracts.
🎨 Art Blocks: Ordinals are having a week. Renowned auction hour Sotheby's is currently holding its first-ever Bitcoin Ordinals auction. The auction, which runs until December 13th, features three exclusive pieces from a pixel art series by Shroomtoshi titled "Bitcoin Shrooms". On Thursday, Ordinals sale record was broken by inscription #8 from the Honey Badger collection, which sold on Magic Eden for 10.4 $BTC, worth roughly $450k at time of sale.
👟 Slam Dunk: Sportswear and sneaker company Reebok is making its way into web3 via a partnership with crypto startup Futureverse. The strategic partnership is aimed to extend Reebok's brand presence in metaverse platforms and will result in developing AI-, and blockchain-backed digital content, as well as future fashion items, according to a joint statement made on Thursday.
Tweet of the Week
A Matter of Opinion
This week has seen a lot of euphoria from the crypto community. Airdrops like $JTO heavily rewarded users simply for holding $SOL, memecoins are still on a run, Ordinal sales are breaking records, prominent NFT collections are starting to get swept, and Bitcoin maintains its spot above $42k. The vibe, as they say, feels like we are 'so back'.
While the financial upsides have been the main topic of discussion, it's important for the broader community to remember that the idea of crypto extends far beyond the pursuit of monetary gain. From fostering financial inclusion and driving technological innovation to empowering decentralization and building strong communities, cryptocurrency is a catalyst for positive change.
One of the most transformative aspects of cryptocurrency is that one can come into crypto with very little knowledge or resources and still be able to acquire the tools and develop the skillsets to become a truly sovereign individual. That is, crypto empowers people to take control of their assets and ultimately their own lives.
While the allure of monetary gain is undeniable, it's essential to recognize that cryptocurrency represents a paradigm shift. Real adoption won't come from speculation and trades made on narrative bubbles, but from real innovation, whether it's on a social level (like with DAOs and new forms of decentralized governance) or a technological level.
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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.