The market is at it again. Bitcoin dropped below $56K this week (at time of writing), but analysts were quick to jump in with optimistic outlooks. This slight market correction can be compared to Bitcoin market patterns from 2017, which serves to both assuage investor trepidation and imply that the bear market is still far out on the horizon. (Cointelegraph)
One investor didn’t miss out on this fresh opportunity to buy the dip. It’s reported that the world’s third-largest Bitcoin whale scooped up 1,647 BTC on November 17th, roughly $99 million worth of the asset, while it was down by 11%. This whale now owns approximately 2,977 BTC, further proving that fluctuation in the crypto market is meant to inspire gains rather than losses. (Cryptopotato)
Speaking of gains, the Avalanche network saw an all-time high this week, breaking $100 for the first time in its history. This incredible milestone spurred with news that there are officially over $10 billion in funds locked into various DeFi projects on the Avalanche protocol. Avalanche launched their Blizzard project earlier this month, which garnered $200 million to help grow the ecosystem and infuse more capital into up-and-coming DeFi and NFT projects. (Decrypt)
They’re just in time. The race between networks to enhance and build out the metaverse is serving as fuel for the NFT fire. The KuCoin exchange announced the creation of the KuCoin Metaverse Fund this week, a $100 million fund that will center around funding metaverse development projects. Johnny Lyu, CEO of KuCoin, sees the metaverse as being the next frontier of the internet, “poised to change the way we work, connect, shop, entertain and have social interactions.” (Cryptopotato)
“The concept of Metaverse has remained at the theoretical level since it was proposed in the last century,” said Lyu. “It was not until the birth of the blockchain that Metaverse became the next migration destiny for mankind. It’s no doubt that Metaverse will reverse our lifestyle.” (Businesswire)
Sandbox (SAND) also emerges into the metaverse right on time with Sandbox Alpha, its highly-anticipated, play-to-earn metaverse event. The project has been in development for four years and is now finally launching on November 29th, right at the peak of the metaverse zeitgeist.
Only five thousand users will get an all-access Alpha Pass NFT that will give them full reign over the medieval-themed metaverse. In terms of estimated value, the amount of ETH necessary to buy land in the Alpha NFT metaverse is the equivalent of buying real-world real estate. Creators highly suggest playing in the sandbox before snatching up the precious NFTs. (Cointelegraph)
This news sent the SAND token to an all-time high on Tuesday, and this could be just the beginning. Sandbox Alpha is only at the start of its evolution, with many stages of release planned for the future. It seems the world of metaverse gaming is still in its fledgling years, with projects like this one paving a promising path forward.
It doesn’t stop at the metaverse, either. Crypto continues to have a growing place in the world of sports. Perth Heat, the Australian baseball team, is partnering with OpenNode to create a Bitcoin payment system for its staff and players. All payments will be sent using the Lightning Network and the system will also allow Bitcoin payments for merchandise, sponsorships, and more.
Perth Heat CEO, Steven Nelkovski, claims the team made this move to “inspire others to embrace a monetary system that demands value creation to thrive.” The team has even appointed a Chief Bitcoin Officer, who added to Nelkovski’s statement:
“The club has already established an initial position in BTC to help secure its digital property rights on the world's most secure monetary network and will continue to reinvest available capital into Bitcoin. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.” (Cointelegraph)
This initiative isn’t lost on the Australian population, which welcomes crypto into their mainstream commerce with open wallets. A survey by Crypto Wallet revealed that a fourth of Australian crypto users plan on using crypto to make payments while holiday shopping. Even better, 53% of those people said they would consider gifting crypto assets to loved ones, which is definitely better than socks. (Cointelegraph)
From the mall to the baseball field, and especially to the metaverse, crypto is building the foundations for years of positive change to come. The idea that a parent would buy their child crypto as a holiday present demonstrates, possibly better than any other example, how much the mainstream population trusts crypto. It’s beautiful to think of those parents gifting children a foundation for their future, something that could one day buy their first home or send them to college. In many ways, crypto represents hope to people. Whether you’re an online gamer or just taking your kids to little league, everyone is getting in the crypto game. Safe to say, expect home runs all around.
Top market movers as of November 19, 2021
- The Voyager Token (VGX) +48%
- Avalanche (AVAX) +30%
- Decentraland (MANA) +23%
- Enjin Coin (ENJ) +20%
Forbes > "What Is A DAO—And Why Is One Trying To Buy The U.S. Constitution?"
Benzinga > "OpenSea Nearing $10B Valuation Four Months After Having A $1.5B Valuation: Report"
Blockworks > "BTC Sells-off as Metaverse Tokens Show Strength: Markets Wrap"
Coindesk > "ConstitutionDAO Outbid for First Printing of America’s Founding Document in Sotheby’s Auction"
Benzinga > "CELEBRITIES THAT OWN BORED APE YACHT CLUB NFTS"
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