Weekly Review
“Rodeo” is a word that emerged from the Spanish verb rodear, which means “to go around” or “to surround.” In the 19th century, it became a word signifying a particular type of competitive “round-up,” usually with lots of games and contests centered around riders on horses or bulls, a variety of local or regional “ranch hands” “caballeros” “cowboys” or “vaqueros,” engaging in various tests of skill in circular spaces called “arenas.” The areas of expertise were considered important by ranching peoples in the United States, Mexico, and eventually, throughout Central and South America. These would be things like lassoing escaped calves or riding unruly animals or culling cattle from a herd or racing on horses etc. Celebratory diversion merged with holiday events to create exciting and colorful gatherings that became great fun for spectators and participants alike. And, of course, there were many prizes and awards to offer as the winning goal point of the activity and focus of audience's attention.
This week at Community DAO, we have been increasingly ensconced in the development of our internal writing and design team’s growth in Africa. And what we are finding is that by creating a “rodeo” like atmosphere through rotating writing and design contests at this level, we are attracting more excitement into the project. This cultivation of an active internal team itself is an end focus for Community DAO, next to marketable protocols, or the financing and operation of the Commtower, or official mission of any sort. By focusing on exciting themes and contests for our internal marketers, we indirectly create more excitement for the overall project. And this week, we are already seeing spikes in our Twitter following and Discord member growth, despite the still permeating market slump, worrying bigger players and prime movers in the US and other major world economic spheres currently. We will keep barrelling forward!
We have created a “Gallery” page within our website to keep an ongoing record of weekly contest design results: https://commdao.org/gallery/ In addition to paying out $RVN and $C0MM awards for top selections, we are also now minting the top 3 performing designs into NFTs on the Ravencoin blockchain. We are then sending these NFTs back to the designers to hold as trophies or to be able to trade on exchanges or to one another. In this way, we are also building out exemplary international use cases for Ravencoin, as most of our squad is from Nigeria or Ghana, in Western Africa, although anyone can join from anywhere on the planet.
As of last week, we also began adding another game element connected to the “rodeo” vibe we have been promoting: the digital pinata. Essentially, this is a weekly grab bag of NFTs donated or purchased off of various Ravencoin NFT exchanges like the Ravenist or NFTRVN. As part of our weekly, more structured payouts for the design contests, these are more like surprise gifts to our active members. Some of these pieces might be worth a lot or part of a growing project worth collecting on at an early stage. They may also be pieces from various partnerships we are collaborating upon, as a way of sponsorship or advertising or connecting with members of our community’s most frequent contributors. Getting comfortable sending/receiving coins, tokens, as well as collectible asset NFTs is a part of learning the new methodologies available with the new web3 paradigm. If you have some interesting NFTs you would like us to add to the mix, send them here: RKtNtQLs2non7f3oto5cL5tfFYdzBC9orv
That’s all for the review this week. Let’s let the rest of the community speak, as it grows bigger each week…
Best, Dow
Stats
Twitter Followers: 1,185
Discord Members: 441
Danoskie’s Developments
Negative Bubbles and Shocks in Cryptocurrency Markets
In a world filled with people in need and searching for ways to cash out big checks, people who are attempting to become successful get more frustrated than they were before they began their search.
When it comes to cryptocurrencies, dips and project rug pulls are viewed as the explosives and shocks of the digital market.
Cryptocurrencies, from the history of their existence, are not risk-free investments. Some analysts consider them a 50/50 game, just like a final soccer game of the world cup football competition.
Many have felt concerned about the losses some people around them have experienced, making it hard for them to discuss how they might invest in cryptocurrency.
Although many people fear losing money in crypto investment, many others are reaping massive profits from their long-term investments. Some of these people have been the inspiration for many others to succeed in the cryptocurrency world.
Bitcoin is the first and most trusted cryptocurrency in the world. In so many people's minds, the mention of cryptocurrency is not as popular as the mention of Bitcoin. Many people would like to invest in crypto, but they don't know which one or any other token other than Bitcoin.
This put them in harm's way without prior warning. A good example is a time when BTC touched above $60,000 due to some strong investments and sales made through cryptocurrency. If people who don't know about the reason for the season were to observe the chart as of December 2021, they would be sure to invest massively in Bitcoin, hoping to multiply their investment.
Bitcoin's big drop isn't surprising. As the saying goes, "What goes up must come down."
Bitcoin's price fell by roughly 20% week over week, and later by around 30% from its all-time high of nearly $65,000 within a week. This was approximately 50% of its actual price, which left many investors frustrated and angry. The market cap of the coin dropped below $1 trillion. During this period, the decline was less severe for Ethereum, and other low-level tokens gained ground. As of today, Bitcoin is worth three times less than what it was sold for a few months ago.
Another incident is the case of Axie Infinity (AXI) token price, which caught fire after a short period of hack. Axie Infinity is a non-fungible token-based online video game developed by Sky Mavis, a Vietnamese studio known for its in-game economy which uses Ethereum-based cryptocurrencies. Players of Axie Infinity collect and breed digital pets known as Axies, who are inspired by axolotls.
If there were a need for people to stop investing in cryptocurrency, the Axie Infinity hack would have solved the dispute, but that's history now. There are more people investing in cryptocurrency projects, trading at volume three times higher than what was traded when Axie Infinity was at its peak.
While some people were crying over their losses, others gained significantly from their investments in low-level cryptos like those of COTI, AVA, and KAVA.
Also, Dogecoin has blessed many people with its over one thousand-fold increase in price after Elon Musk's magic finger swung it above some barriers. This happened before BTC hit its all-time high of $65,000.
Rumblings and shocks continued as many rich people slept with their wealth in devices, only to wake up poor as a result of investing in Do Kwon's Luna blockchain main token (LUNA), which broke into fragments due to a breakdown of the algorithm.
To prevent a loss of funds, Binance initially prevented people from trading Luna to other tokens or coin.
Many people were unable to access their money, even though the algorithm was publicly announced to have failed its primary duties.
LUNA, which had sold at about $160, crashed down to $4 in less than a week. It continued to fall until it reached $0.0002, even after Do Kwon announced that he had sold all his Bitcoin reserves in order to control the dive.
Today, most cryptos are selling at a price that is at least 1/3 lower than the price three months ago.
Cryptocurrency's volatility shows that its owners are not ready to make it a trusted financial institution for the world's adoption and as a means of holding funds for security.
Therefore, there is a need for more DAOs to solve these issues, just as stable coins have become the best means of making a fair payment for services offered to clients.
The Positive Effect of Cryptocurrencies on Nigeria’s Economy
Introduction:
A cryptocurrency, often known as a crypto-currency or simply a "crypto," is a type of digital money that operates as a means of exchange over a computer network and is not supported or maintained by a single central organization, such as a bank or government.
Individual currency ownership records are kept in a digital ledger, a computerized database that uses strong encryption to secure transaction records, regulate the production of new coins, and confirm ownership transfers. Although different classifications have been given to cryptocurrencies, including classification as commodities, securities, and currencies, despite their name, they are not considered to be currencies in the traditional sense. In reality, cryptocurrencies are generally seen as a separate asset class.
Unlike paper money, cryptocurrency is not physically present in the world and is often not created by a centralized authority. In contrast to a central bank's digital money, cryptocurrencies often employ decentralized control (CBDC). A cryptocurrency is often regarded as being centralized when it is generated, minted, or issued by a single issuer. Each cryptocurrency functions through distributed ledger technology, which commonly uses a blockchain and acts as a public record of financial transactions when it is done with decentralized governance. Macroeconomic variables and conventional asset classes with moderate sensitivities to cryptocurrency returns include currencies, commodities, and stocks.
Reactions in the global economy, including in nations like Nigeria, have been caused by the development of cryptocurrencies as a cybernetic medium of exchange.
There have been numerous benefits and negative commentary on cryptocurrency and the Nigerian economy's significance. However, using its governing framework, the Nigerian government institutions like the Central Bank of Nigeria and the Securities and Exchange Commission attempt to prohibit the use of cryptocurrencies.
However, its legal position is still uncertain, unlike in nations like Morocco and Algeria, where trading in bitcoins is expressly forbidden and is subject to heavy fines. The primary goal of the warnings is to inform the populace of the distinction between legitimate currencies that are issued and guaranteed by the government and cryptocurrencies, which are not. Legislators have urged the regulatory bodies to expedite efforts to present a legal framework for cryptocurrencies in Nigeria in response to the actions taken by the Central Bank of Nigeria and the Securities and Exchange Commission.
THE POSITIVE EFFECT OF CRYPTOCURRENCIES ON NIGERIA'S ECONOMY:
Effect of Cryptocurrency on Fiscal and Monetary Policy in Nigeria
Realistically, the effective administration of cryptocurrencies could raise tax income production in an economy with a highly developed financial industry, which would improve the government's budgetary projections.
Additionally, cryptocurrencies coexist with conventional money. The current amounts are negligible and do not call into question the dominance of official currency. But as algorithms advance to reduce cryptocurrency volatility, their use and popularity tend to grow. The coexistence of other recognized currencies would result from this.
Effect on Agriculture
Significant problems in agriculture could potentially be resolved by blockchain technology. The difficulty with blockchain is finding use cases and business models that are both viable and attractive. Blockchains have a huge potential to establish and expand access to financing in the agricultural sector, which could drastically address food scarcity and enhance food security.
Providing Educational Opportunities
Education opportunities are also being facilitated by cryptocurrency in Nigeria. In Nigeria's Sanga region, a new school will be built as part of the #BuiltWithBitcoin initiative, which is being spearheaded by the bitcoin marketplace Paxful. Peer-to-peer cryptocurrency trading is available on the Paxful platform. Nearly 1.1 million blockchain transactions each month are performed by Nigerians on the network.
100 to 120 children between the ages of 3-6 will attend the new school. It will serve as a venue for adult education in the evenings. The school will also include solar electricity and water well as additional amenities. Additionally, the community may purchase the well's water at a discount. Many Nigerians looking for a path out of poverty have been greatly impacted by the rise in cryptocurrency transactions. Nigerians are making the most of the educational opportunities and extra income that cryptocurrencies provide. The unforeseen advantages of cryptocurrencies in Nigeria give people who are poor hope.
Banking Accessibility
The number of bank accounts lacking in Nigeria is about 60 million. Due to limits imposed by local banks, people who do have bank accounts can only withdraw a maximum of $100. A movement toward mobile banking and cryptocurrency investing has resulted from the obstacles. According to statistics from 2017, 71 percent of Nigerians access the internet and communicate using their mobile phones. Nigerians can exchange their cash for cryptocurrencies through mobile services like Xend Finance. Stablecoin, which has low transaction costs, is one cryptocurrency that has gained popularity. Having your money protected against depreciation is another advantage of using stablecoins.
Increased Supplemental Income
Nigeria's economy is currently working to recover after being severely hampered by the 2016 recession. The unemployment rate increased by 27.1% in the country during the second quarter of 2020. Since average incomes have been falling for six years in a row, analysts expect 2021's average income to climb by less than 2%. The naira, which serves as the currency of the nation, experienced a 24% decline in value in 2020. Some Nigerians sought additional money as a result of the economic crisis.
Conclusion:
Research has produced a number of recommendations for the government's response to enacting legislation governing cryptocurrencies, from the development of state-owned cryptocurrencies to their outright prohibition. The danger of the majority of these recommendations is that they could lead to future struggles for dominance and superiority among nations as a result of different perspectives and approaches to the legislation. Given this, it is more expensive to disregard the viability of cryptocurrencies than it is to ignore the hazards associated with doing so in the future, particularly in developing nations like Nigeria.
Despite the fact that many financial regulatory bodies casually warned the public of the dangers of using digital currencies, the market for these coins is booming as more and more people and businesses are starting to accept them as payment.
It is therefore possible to draw the conclusion that a sizeable percentage of people are now convinced that digital currency is real and valuable. Though Nigeria's law enforcement may face a number of new difficulties as a result of the appeal of digital currencies to cybercriminals, it is generally advisable to support their use as a tool for national growth in the digital age.
The percentage of Nigerians who buy and trade cryptocurrencies is 32%, according to a 2020 survey. Nigeria ranked third globally in terms of trading volume in 2020, accounting for $400 million in bitcoin transactions. Up till now, cryptocurrency use in Nigeria has improved the lives of the country's poorest residents. For instance, Tola Fadugbagbe, a Nigerian investor in cryptocurrencies, attributes his escape from poverty to technology. Fadugbagbe used to struggle to make ends meet working odd jobs for minimum wage, but now he can afford to build his own home and buy a farm thanks to cryptocurrency trading.
Non-Fungible Fungi 🍄🍄🍄
Everything you need to know About DAOs
D A O are 3 letters every web3 bro can’t stop saying, but what are DAOs? Are DAOs what they claim to be? Why should you join one?
What are DAOs?
DAOs are Decentralized Autonomous Organizations. That’s already a mouthful full. DAOs are a group of people with a common goal, mission, and vision who decide to achieve it in a decentralized way. A common meme definition of a DAO is a group chat with a shared crypto wallet.
Imagine you are a Drake fan, which we expect you to be, then you gather with a bunch of friends who are also die-hards together. Say the goal of this DAO is to have at least one member of the DAO in every Drake show no matter where in the world it is.
So you create some form of chat and decide to pull together your crypto resources to fund every trip. You build the site in public and do everything transparently. Everyone has a right to vote for who gets to represent the DAO in every show based on the amount contributed.
In its simplest and most basic form, this is a DAO. Yes, it can get complicated and instead of going to shows, you’re investing in protocols and need lawyers in the DAO, devs, designers, a balanced governance model, and a lot more other things.
“The whole phrase is a misnomer. They’re not decentralized, not autonomous and they are not organizations,” Monsterplay blockchain consultancy founder David Freuden tells Magazine.
Now you must be wondering, why are they called DAOs if they aren’t what the full meaning is? The initial idea of what a DAO is supposed to be is completely different from what it is today.
The vision for DAOs was for them to be actually decentralized (no boss), autonomous (run by code), and organization (a perfectly flat organization). DAOs were compared to the Uber narrative, which was:
The Uber cars are driven by AI and the entire process involved no humans, apart from passengers, of course. You pay with crypto, which goes through the smart contract and then sends the crypto to the contract wallet.
Basically, a self-driving Uber with no employees. However, this narrative quickly changed when the first ever DAO was formed. The name? THE DAO.
The DAO was supposed to be an investment DAO investing in web3 native projects but it failed after it was hacked and had its treasury stolen. It was also being attacked by the SEC, tagging the tokens as security.
Why DAOs should not be Decentralized Autonomous Organizations
This sounds counterintuitive as it’s right in the name of DAOs to be DAOs.
Decentralized
We aren’t saying DAOs shouldn’t aim for decentralization. They should, but a perfectly decentralized DAO would barely get anything done. Imagine being in a DAO with 100 designers, and the task is to design a logo. 100 people from 100 different backgrounds designing would definitely lead to 100 different ideas, with everyone wanting their ideas to be heard. What would take a few designers 2 hours could take the collective a day.
A solution around this is to break the team into bits and delegate tasks but at that moment, it isn’t “perfectly flat” because processes need to be added, which by all means is the best route for DAOs. An 80% to 90% decentralized system and a 10% to 20% centralized system seem to be a perfect balance.
Autonomous
No, DAO should really never aim to be autonomous. Why? In its current form, DAOs are about community. Once it becomes an autonomous organization, we lose that and become a collective of code.
Autonomous processes are nice. Having a bot classify different new members into guilds is a perfect use of autonomy but anything more, and we lose the DAO’s essence.
Organizations
Well, to be honest, they can choose to be organizations but the community just sounds and feels better :)
Why should you join a DAO?
Simply put, ownership, freedom, and working on what you love. DAOs are the gateway to long-term wealth, where builders and value creators get rewarded and others are left to speculate. DAOs are an even playing field for everyone where talent speaks volumes and graduating from Harvard doesn’t.
The girl from a slump in Nigeria has got an equivalent playing field as the dude who graduated from Harvard as long as they both have a laptop, internet connection, a Discord account, and use Voice. Equality!
DAOs have the ultimate working conditions!
Working/contributing to a DAO is a mix of working, learning, networking, comfort, and having fun. It’s a “perfect” balance.
Imagine having the ability to contribute to both Discord's code base and Google’s code base. They aren’t competitors, so there really shouldn’t be a problem. In the current web2 world, you get fired. In the web3 DAO-filled world, you’re loved by both DAOs!
You get the freedom to choose what you want to work on and at what time. DAOs offer you flexibility where you’re rewarded according to the value-added over time spent.
The BeeHive Mind
Investing in Physical Real Estate or Virtual Real Estate Business
The world is becoming more digitalized, making it easier to redefine certain definitions given to already existing entities. With the development of cryptocurrency, words that had been defined in the dictionary have gone extinct, making it a continuous process to adjust the meanings of all alphabetical words in the dictionary.
The previous definition of real estate only referred to physical properties, such as land, houses, pools, and ponds. This was redefined by web3, which allowed everyone to move their properties from one location to another in a simpler manner than what the physical world allows. Both types of real estate are purchased with either physical cash or digital currencies, and legal rights are obtained to grant permission for usage. Other similarities include sharing the same city with other people, having a close-knit neighborhood, and making friends.
The proper definition of real estate business is the buying, selling, and renting of real estate to those who need it more than you do. It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for a commission.
At this point, one should ask oneself, 'Who can own real estate?' It's quite simple in the physical asset sector, whereby an individual may own a large variety of inherited properties and decide to sell them on the basis of his or her preferences. But in the crypto world, these assets are regulated and moderated by many entities that oversee everything that happened. There are standards for everything, and pricing is set for the public to review.
Differences between physical real estate and virtual real estate
In the real world, our habitat is simply the basis of our existence and can not be replaced. It offers everything to us, such as a place to eat, breathe fresh air, perform some maintenance and hygienic standard, and most especially, a place on which web3 experience is built. A person is nothing without the real world. Metaverse real estate can be said to be focused on retailing the properties of the real world, rewriting some already existing laws, and recreating physical assets and social activities. These have made life easier for many who found it pleasurable, but in an actual sense, it is not necessary to sustain life.
Metaverse has no previous data dating back to BC and is recorded to have been founded in 2003. More well-known platforms and new promising platforms are springing up within the last five years or so. That means there is just not a lot of data to model to help determine values or future potential right now, making it all highly speculative. The physical world real estate businesses have real estate records of some sort that go back thousands of years, covering all angles of investment and pleasure.
In as much as the cryptocurrency exchanges and sites try their best to analyze the total number of cryptos sold and/or bought, the NFT projects and marketplaces have few, little, or no records of how these digital assets are being moved around from one owner to the other. In general, there's no central governing body tracking the ownerships of these digital assets, which are essentially anonymous to anyone but the owner. This makes virtual assets more meaningful and secretive because your record of property ownership stays with you in a portable virtual wallet to which only you have access. So, the user should be careful not to lose his/her login details, since there is no central authority that keeps a master list.
Physical real estate offers lots at a specific price for everyone. The price can be reduced even when the lots are not fully occupied because of some people who have no proof of transactions. This is not applicable in the Metaverse real estate business. Lots are occupied from the beginning till the last lot, and everyone is accountable for the lots they own or transfer to another owner within the ecosystem.
In the case of scarcity of plots and platforms, the physical real estate may run out of lands and plots to offer to customers on a specific platform or all the available platforms within a region or location, creating no room for continuous exploration of the habitat but an explosion of the population within the region or location. This is a different case when it comes to Metaverse crypto projects. At Metaverse, users may dive from one platform to another and may equally maintain assets on all platforms they've invested in without spending much or any money on maintenance.
There are many doubts and misconceptions about the utility of virtual real estate crypto projects, as well as doubts about their long-term viability. In addition, the existing financial institutions are very much in opposition to Metaverse's success, acting as a tall brick wall between Metaverse and its mass adoption.
The definition of real estate is dissociated from that of virtual real estate, and as time goes on, the majority of the world's population will need more space in the Metaverse than what they think about in reality. So, dive in now while the early days of Metaverse crypto projects are still going on to get the most out of it.
Review of Bitcoin Lightning Torch From Genesis
In this article today, I will be giving an in-depth review of Bitcoin’s Lightning torch, how it started, what it really means, and why it has already gotten widespread in many countries.
The lightning torch idea was born when a big player in the Bitcoin community as of March 2018, with the pseudonym “Holdanaut”, brought the idea of a second-layer protocol in a bid to introduce the community and functionality aspects.
The torch, at the last count, had about 139 participants from about 40 countries. Holdanut then chose to use the tippin.me app to make his idea real, creating a virtual type of Olympic torch that has been moved around from one recipient to another.
The first torch was a huge success, as at the time the torch got to the last recipient, it had garnered lots of traction. The success of this Lighting torch test got more people interested in the Lightning Network. The experiment has attracted a wide range of people, including developers, merchants, and even exchanges.
As a result of the torch innovation, the Bitcoin Lightning project took off. It was incorporated with other wallets, and now things have moved so fast that using the Bitcoin Lightning doesn't really have to be on the initial wallet it started with again.
The torch made sure Bitcoin technology got widespread hence reaching a wider population than its competition. It has also been a surprise that Lightning wallets are more widely used than regular Bitcoin wallets that record transactions on the blockchain.
The Lightning torch is an experiment by the bitcoin community. Bitcoin Lightning is a new technology that has had some setbacks in usage because of how complex it seems. However, the good side about this technology is that it offers improvement to our financial processes, particularly the way we make transfer of money around the world. This Bitcoin Lightning seeks to make people make payments without any involvement from third parties and make faster payments since there are no middlemen.
What is Bitcoin Lightning Torch?
The Bitcoin Lightning torch concept is similar to how the Olympic flame is relayed from city to city before the games begin, signifying movement and unity. In the Bitcoin Lightning torch network, participants take turns in showing different aspects of this technology by investing in the project.
On Twitter, which is a social media platform, the torch has been passed monetarily to the tune of 10,000 satoshis paid to respective accounts before the torch. When converted to USD, this equals about $0.034. This experiment goes with the tag “LN Trust chain.” If a person has this coin, they should pass it along to the next person instead of keeping it for themselves.
The Lightning torch has fared very well, in spite of the hacks and crypto attacks that seem to pose a great threat. It is remarkable that the people who have been moving the torch have been doing it faithfully without trying to keep the money for themselves.
So this is how it works: the person who initiates the torch is called Hodlonaut, who pays a total of 1000 satoshi to the first recipients via the Lightning network. In that same order, the individual who receives it then adds 1000 satoshi and makes it 2000 satoshis. The individual passes it to the next person and the ripple continues until the cycle is completed.
This project could have failed time and time again, but the project has tried to show us that we could actually trust other humans and the project. The torch had an impressive first season, reaching a price of 3.2 million satoshi and worth about $115 when converted to USD.
One of the numerous reasons why this project has done well is because when an individual passes the torch, he passes it to someone he knows and can guarantee the safety of the coin because he trusts the person will not elope with the money.
The downside to this is that as the Lightning torch increases in popularity, it becomes harder and harder to pass around. This project started off with the aim of aiding small payments and not gargantuan amounts. From another perspective, the network is still evolving. The project has shown great progress, with time the hitches and inconveniences that surface when the torch is bigger will be solved and the whole process will be seamless.
The Lightning Network has continued to improve from the previous torch rotations and seasons in terms of user experience, consumer and merchant adoption, and helping to aid new startups with the Lightning system.
It is worth noting that the torch has attracted so many famous and influential people into its fold, including Jack Dorsey, the former CEO of Twitter; Andreas Antonopolous, a renowned Bitcoin evangelist; Rosa-Maria Ryyti, a former Miss Universe; Jameson, Mati Greenspan, and many others.
At the end of everything, we must remember that the torch helps us build our team spirit and share in our uniqueness and collective strength. The first torch was passed to Venezuela because of the economic depression and hyperinflation. Bolivia was helped as well.
In a high moment of the Lightning Torch, an Iranian Bitcoiner passed the torch to an Israeli recipient. This created a symbol of unity between these countries known to be at odds with each other.
In 2019 Bitfinex became the first exchange group to support the Lightning Network. After a while, other exchanges integrated the Lightning Network on their platforms and exchanged Lightning payments.
The Bitcoin Lightning Network is actually a project that has been tested to provide a platform for easy and functional transactions without involving third parties and intermediaries.
Blockchain transactions are normally completed by the broadcasting of nodes in the network, thereby solving the Bitcoin scalability problem and creating records that cannot be altered. On the Lightning Network, satoshi is being passed around. Here, payments are relayed through a chain of several users and recorded on the blockchain. The beautiful experiment has everyone focused on the collective win rather than holding back money for individual gratification. Thank you!
Ambassador Report
Letting the world know about us is our mission. We're the marketers and we won't fail in sending the right messages to our listeners and viewers all over the world. By the way, happy summer season.
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Summer Fun Design Contest - 8/6/22
50 RVN/ 500 C0MM awarded for each selected design. 100 RVN/ 1000 C0MM awarded for best performing design. Top 3 performing memes minted as NFTs.
Foundation Top 5 picks for Best “Summer Fun” Designs
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Marketing Top 5 picks for Best “Summer Fun” Designs:
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Most Liked Summer Design On Twitter:
Congratulations, Banacubana!
Kirton Call
[From Reversal Of Fortune: Cryptocurrency investors weathering sharp market downturn - By Christina Lee Knauss (cknauss@scbiznews.com) - Charleston Regional Business Journal - July 25th-August 7, 2022, pg13, 15]
Temperatures outside may be in the 90s right now, but investors in the world of cryptocurrency are weathering a very different kind of season.
The digital currency world is experiencing a downturn those in the field refer to as a “crypto winter,” and some experts are saying this one might be far more painful than similar downturns since crypto first became a big thing internationally with the introduction of Bitcoin, now the world’s largest cryptocurrency, in 2009.
A crypto winter is a stretch when the prices of Bitcoin and what is now thousands of other cryptocurrencies worldwide contract and remain low for an extended period. Two previous such winters have occurred in the recent past, according to an article from the World Economic Forum: one in 2014 and another in 2017-18 after an extended bull market for crypto in 2017.
The idea that cryptocurrency isn’t doing well right now might seem strange to casual observers who don’t follow the market but remember stories from late 2021 when a months-long bull market for crypto caused Bitcoin to reach its highest value ever of more than $69,000 in November. Other cryptocurrencies - even ones that started off as a joke like Dogecoin - experienced similar sharp rises in value.
The crypto markets took off because buyers worldwide flush with cash from COVID-19 stimulus payments, pay raises and increased savings decided to put their funds into crypto. This time, not only tech-savvy individuals got into the market, but many more investors crossed over from the traditional markets as well.
Then it all fell apart, starting back in the spring. How badly? The value of Bitcoin as of July 18 was $22,073.50.
Cryptocurrency, once hoped to be immune to inflation and other factors that roil the traditional markets, proved that it had a weak immune system. What caused it? A fatal trifecta of spiraling inflation, worldwide economic upheaval due to the pandemic and the war in Ukraine, and rash decisions all around – from individual crypto investors all the way up to major crypto hedge funds.
Prior to 2019, the crypto economy was more correlated with the price movement of Bitcoin and not necessarily the larger financial market,” said Connor Borrego, founder and product manager at Missouri-based digital marketing firm Unipro who has done extensive work with digitally based properties like NFTs and cryptocurrency. “Now crypto is a lot more connected with the larger markets, and things hurting the stock market are also hurting crypto. Cryptocurrency companies like other tech companies are taking a huge hit right now.”
The past few months have seen a rash of huge high-profile company failures in the crypto world, from the crash of Terraluna stable coin - cryptocurrency that was tied to the US dollar - on June 1 to the liquidation and bankruptcy filing from Three Arrows Capital, a large crypto hedge fund. Celsius, a company that offered yields of more than 18% on its crypto accounts, recently revealed problems with liquidity and had to suspend withdrawals to prevent the crypto version of a bank run.
A recent article in the U.K. publication The Guardian described distraught investors in the United Kingdom who have had to check into rehab facilities for “cryptocurrency addictions” and resorted to online primal-scream rooms to vent over the thousands of pounds and Euros they have lost in the crypto market…
What the industry is seeing is actually the kind of downturn and radical correction that often happens in markets that get too hot too fast, according to Reid Tymico, a professor in the finance department at the University of South Carolina in Columbia who has been investing in crypto and studying the field since 2017…
This crypto winter is providing a hard reality check for people who treated cryptocurrency like an economic fantasy world, Tymcio said.
[From NFT Rental: A New Monetization Model For the Metaverse Powered by Double Protocol Medium - Double Protocol]
Just like physical real estate, the virtual real estate sector won’t be complete without the ability to rent out a space in a metaverse land. This is more like the final piece necessary to match the virtual with the physical real estate sectors. As this innovation gathers steam in the ongoing NFT trend, Double Protocol has seized the initiative as one of the first movers in assembling a cutting-edge platform to lead the future of NFT rentals.
Double Protocol is an NFT rental platform that enables the lending and renting of in-metaverse land NFTs. The Double NFT rental platform provides an avenue for NFT holders to monetize their virtual properties by temporarily leasing them for a specific period of time in exchange for an agreed-upon fee while still retaining ownership of the virtual properties.
NFT rental is a new revenue base for individuals with little or no plans to sell their precious, rare digital collectibles but would prefer to give them out on a short lease. This is by far the biggest use case originating out of NFT which cuts as deep as renting a virtual shopping mall or an entertainment hub for a concert in the metaverse.
With increased adoption in the past few months, Metaverse land is on track to becoming a revenue vehicle for virtual real estate players who are looking to capitalize on acquiring large virtual properties for the sole purpose of putting them out for rent. This will be the absolute turning point for the metaverse.
Outright purchase of a piece of metaverse land may be out of reach for many investors and many more might not see the need. However, the opportunity of renting out the property for the hosting of events or other virtual purposes may be motivation enough to become a metaverse landlord. According to a Goldman Sachs analyst, the metaverse might eventually grow to be an $8 trillion sector in the future. This echoes the rising mainstream interest in metaverse lands…
Virtual property has the potential to revolutionize the real estate sector, with far-reaching and long-term implications. It appears to be logical reasoning to move property ownership and renting to the decentralized digital sphere and create an income base on rental platforms like Double Protocol. We all know how these things work — an increase in demand will do exactly what every free-market economy does: it raises prices and creates more value for market participants…
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