Bitcoin continues to hover around $40K but altcoins are stealing the show this week. DeFi network activity surged, sending Avalanche to a weekly high of over $97 dollars in an 11% uptick. Not only that, but new stats on the Ethereum network show tremendous growth, reporting that 18.36 million new wallet addresses were added to Ethereum in 2021. For perspective, that means the platform adopted 1.53 million new addresses per month last year. (Cointelegraph)
After all, some pretty unexpected people got into crypto this week, including politicians from both sides of the aisle and SoFi Technologies CEO, Anthony Noto. Even famed investor Warren Buffet, who once referred to crypto as “rat poison squared,” shows investments through his firms in pro-crypto companies. Rodenticide or not, it doesn’t seem to stop Berkshire Hathaway from getting in on the action, albeit indirectly through investing in crypto-geared companies. (Cryptopotato)
It looks like banks are bullish on crypto, too. JPMorgan expressed a growing interest and support for the virtual crypto world in its “Opportunities in the Metaverse” report released earlier this week. The company predicted Metaverse technology will “likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
They went a step further in assuring investors that the bank wouldn’t let this opportunity slide, promising to work toward the “robust and flexible financial ecosystem” necessary to drive the Metaverse into the future.
“Our approach to payments and financial infrastructure will allow that interoperability to grow,” stated the report. “We are building and scaling new emerging technologies to modernize infrastructure and business models including but not limited to tokenization and digital identity.” (Cryptopotato)
In other news, crypto takes on a new role as a tool for democratizing the historically corrupt business space that is Hollywood. Actors, producers, and just about everyone in show biz speak about vast inequalities in the industry. From insiders like Louise Brooks exposing industry oppression and power-bartering in the 1960s to the constant condemnation of the Oscars for lack of diversity, as well as last year’s labor issues highlighted by the IATSE, Hollywood is in serious need of some disruption.
The catalyst behind these issues is, of course, money, something which is siloed by “mega-corporations” and is known for both excluding independent content from funding and visibility and limiting opportunities for minorities. A prime example is the Oscars, which require costly campaigning (anywhere from $3 million to $10 million in expense) to be considered for, putting stakeholders in control of what gets recognized instead of viewers.
Crypto seeks to solve Hollywood’s long-standing problems through the use of decentralized funding platforms. That’s where Hollywood DAO comes in. This new network will serve as both a community treasury for filmmakers and a decentralized movie studio to help artists accomplish their goals. It joins a handful of similar initiatives that are using crypto to take back the art of filmmaking from big business. (Bitcoinist)
"The problem with the system is that it's very centralized," said leading contributor and filmmaker David H Steinberg, citing how stakeholder funding leads to a lack of new content, leaving streaming hubs like Netflix searching for original options. “No one's, like, The system is perfect, I love it the way it is, like, don't try to change it." (Decrypt)
The network is in good company with other film startups in the crypto space such as FF3, NFT Studios, Mogul Productions, and Decentralized Films (supported by the Coppola family). Each in their own way is working to put opportunity back in the hands of the artists through governance voting, NFTs, and more.
Crypto is providing solutions for issues that appear nearly eternal in the scope of culture. Bitcoin has only been around for a little over a decade, while the Hollywood system has attempted equilibrium since the early 1910s. Between cinema, NFTs, and the Metaverse, decentralized finance creates a world where art and money don’t have to be mutually exclusive. It’s doing more than just driving culture, it’s putting it back into the hands of the people who create and consume it. Thanks to crypto, we can fix the cultural gaps of the past in post.
Top Market Movers as of February 18, 2022
- Band Protocol (BAND) +24%
- KNC Legacy (KNC) +20%
- NEO (NEO) +12%
- Qtum (QTUM) +4%
Cointelegraph > "Portugal slowly becoming a ‘haven’ for European Bitcoiners"
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