The Digest

• The Metaverse is a $1 Trillion Opportunity, Adidas (OTC:) Finds its First Crypto Partners, MetaWars Launches the ‘First’ Cross-Game Metaverse Launchpad
• Cathie Wood is Testing a New ‘ARK On Steroids’ Strategy
• Bitfinex’s shortfalls are at an all-time high. Traders expect a squeeze.
• NFT Newsbites: NFT Becomes Collins Dictionary Word for the Year, Christie’s to Auction on OpenSea, NFT Yacht Sells for $650,000

The Metaverse is a $1 Trillion Opportunity, Adidas Finds its First Crypto Partners, MetaWars Launches the ‘First’ Cross-Game Metaverse Launchpad

Since Facebook’s corporate rebrand as Meta, the metaverse has grown to become one of the most talked-about topics. Grayscale recently reported that active metaverse users have increased more than 10x between May 2020 & June 2021.

In the report “The Metaverse, Web 3.0 Virtual Cloud Economies,” Grayscale writes that the “market opportunity” in making the metaverse available for the masses may be worth over $1 trillion. Capitalists may be looking for ways to profit from the sector, according to the report.

Adidas announces its first-ever cryptocurrency partners, confirming the increase in entrants to the metaverse. Adidas has partnered with Coinbase (NASDAQ) and the Sandbox, one of the first metaverse platforms.

MetaWars launched the Launchpad portal in order to transform GameFi. MetaWars Launchpad allows gamers to move their assets, characters and currencies between different game worlds.

Flipsider:

• Metaverse has been around almost 30 years. In1992, Neal Stephenson invented the concept.

What You Need to Care About

Even though it is still in its infancy, signs have already been shown that the metaverse could revolutionize how we interact with one another in the future.

Cathie Wood is Testing a New ‘ARK On Steroids’ Strategy

Cathie Wood (American investor, founder, CEO, and CIO at Ark Invest) said that her company is currently testing a strategy to take the $19.44 million ARK Innovation ETF(ARKK), to the next level.

She explained that the strategy would involve shorting stocks in the big benchmark indexes — a more aggressive bet on the old guard being upended by new technology in the years ahead.

Wood believed that the benchmarks represented where longer-term risks were higher. In her interview on Wednesday, she opined that the strategy, now available for employees, can be likened to “Ark on steroids.”

Flipsider:

• Wood acknowledged that the strategy has some advantages, like technology. But the larger wins took place many years ago.

Dogecoin shortages at Bitfinex reach an all time high. Traders are expecting a squeeze

Dogecoin is now the 10th most popular cryptocurrency. It started out as a joke. On Bitfinex, margin DOGE shorts have reached a record number as DOGE prices continue to decline.

Sir Doge, the Coin was notified and advised the Doge Community to squeeze. Many investors will shorten a stock to bet against it, but then the stock’s price goes up.

A very well-known short squeeze event is the GameStop (NYSE) saga. A lot of hedge funds had placed bets on GameStop in order to pull AMC (GameStop) out of bankruptcy.

The DOGE also experienced its largest bull run in 2021, when GameStop exceeded expectations. The DOGE community hopes that a quick squeeze will pull Dogecoin to new heights, as it is currently 70% lower than its ATH.

Flipsider:

• Dogecoin prices are showing no sign of bullish momentum. DOGE fell by 30% during the month.

What You Need to Care About

Wall Street was not able to resist the power of decentralization demonstrated in the GameStop Saga. Dogecoin’s most notable attribute is its strong community that is not afraid of trying anything.

NFT Newsbites: NFT Becomes Collins Dictionary’s Word for the Year, Christie’s to Auction on OpenSea, NFT Yacht Sells for $650,000

The 2021 NFT hype has officially been endorsed, as Collins Dictionary chose “NFT” as its Word of the Year. NFT is defined by Collins Dictionary, a UK-based dictionary company.

For abbreviations

• Non-fungible token. A unique digital certificate that has been registered on a blockchain. It is used to document ownership of assets such as artworks or collectibles.

The Metaflower yacht, which was sold for $650,000 (149ETH), has broken another NFT record. Republic Realm, a Metaverse developer who created the NFT Yacht has made it the most valuable NFT item in The Sandbox.

Continuing the trend, the British auction house, Christie’s, has partnered with the NFT marketplace, OpenSea, to auction a series of non-fungible tokens to art collectors around the world rather than its website. Christie’s is behind two of the biggest NFT sales, Beeple’s “Everydays” collage and “Human One” sculpture.

Flipsider:

• NFT is a huge space in crypto right now, but some investors believe that digital arts are too expensive and hyped.

What You Need to Care About

NFTs have become increasingly popular and used in a variety of ways. This could increase digital art’s adoption.

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