Clever Crypto Report: 1.7.22
This week in crypto news
Hey everyone,
Sorry I didn’t send an update last week, I was deep in the rabbit hole of researching Metaverse projects.
I’ll send a separate post with some of my findings from that work, however, it’s ongoing. The Metaverse is exploding and an extraordinary amount of new games, projects and businesses are launching every day.
So many new things have happened in crypto-land recently, so here a few highlights from the past week or so.
Terra LUNA is HOT right now, as the need for stablecoins that are secured and can be used in banking like transactions is big.
Disney gets in the Metaverse via a patent.
Tether froze $160M of $USDT.
In this issue..
1 - Terra to invest $139 in DeFi apps for UST use cases
2 - Disney files metaverse patent
3 - clothing retailer The Gap launches NFT around hoodie
4 - Stablecoin issuer Tether froze $160M worth of USDT
5 - Jack Dorsey wants to build new crypto mining hardware
7 - Top coins of the week and what’s trending.
1 - Terra is going to deploy $139M in funding to expand the different DeFi uses for UST. The funds will be invested for projects to run on Ethereum, Solana and Polygon. The goal here is the expand the reach and use of Terra’s stablecoin UST.
It’s a bullish sign that Terra is growing, and has a shot at being a top stablecoin.
2 - Disney files a patent that “would allow the media giant to superimpose digital content on real-world environments, bypassing the need for virtual and augmented reality (VR/AR) head-mounted displays.”
While it sounds like it will be a while before we see anything related to that patent come to life, it’s a bullish indicator that major brands like Disney are investing resources in that direction.
3 - The Gap launched an NFT this week around a mythical character called Frank Ape. They have “gamified” this project which means people are given incentives and rewards to participate and collect multiple NFTs.
It’ll be interesting to see if this type of new venture can bring life back to The Gap. It was a strong brand in the late 90s and early 2000’s, and has not had nearly the popularity of sister brands Old Navy and Banana Republic for some time.
However, I added this to the list to show that retailers of physical products / apparel are continuing to explore NFTs and Metaverse projects.
4 - Tether froze $160M worth of USDT across 3 accounts. This is a big deal because it reinforces the need for a decentralized financial blockchain where funds cannot be seized.
It is entirely possible that the money was owned by shady and bad people.
$160M is a of money, and shady criminals have a lot of money.
However, the fact that law enforcement can tell a crypto currency issuer to seize funds reinforces the need for decentralized and private financial system.
There are many governments in the world that do not have the interest of their citizen’s at heart. Sad, but true.
If you wake up and find yourself living in a nightmare situation with a corrupt government in control, it is important that your funds are secure.
Let the government in good countries find other ways to catch criminals without requiring the banking industry to participate.
There are simply too many ways that could go badly for the honest citizens of the world.
6 - Jack Dorsey was in the news twice recently for his support of crypto. The first mention was around building new hardware to support crypto mining.
The second was to establish a legal fund to fight litigation that gets in the way of software developers building BTC projects. This fund connects to Dr. Craig Wright, whom some believe is Satoshi Nakamoto. I’m continuing to explore Dorsey’s connection to Bitcoin, and what his agenda is…
7 - Top coins of the week + market sentiment.
Fantom, and projects on Fantom were big movers this week…
Moonbeam ($GLMR) showed up on several lists this week…
But…the market is still in a state of extreme fear. A good time to pick up deals, but it’s a volatile time.
