Crypto Top 5: NFT Me

Good morning. Happy Veterans Day and thank you to all who have or are currently serving! On this day in 1918 the armistice ending the hostilities of "The Great War" was signed in a railcar outside of Compiègne, France. The resulting treaty, signed seven months later, is now viewed as a failure that contributed to the continuation of conflict in WWII.

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. U.S. Inflation Hit 31-Year High in October as Consumer Prices Jump 6.2%
   U.S. inflation as measured by the consumer-price index (CPI) increased by 6.2% in October from a year ago. That is the largest growth over a 12-month period since 1990 and the fifth straight month of inflation over 5%. Food and grocery prices were hit especially hard, experiencing the the largest price growth for restaurants since 1982 and the largest growth in grocery prices since 1990. “The bigger picture is we’re likely to see inflation climb higher,” she said. “Things are going to get worse before they get better," says Kathy Bostjancic, chief U.S. financial economist at Oxford Economics.
   
2. Twitter Launches Cryptocurrency Team to Explore Bitcoin, Blockchain Uses
   Twitter, led by CEO Jack Dorsey, is launching a crypto team to "to look into ways to help creators on the app to earn money or accept cryptocurrencies such as Bitcoin for payment, and other ways to use blockchain technology." The app already has a feature where users can tip other users in Bitcoin and recently announced that users can verify that they own the non-fungible token (NFT) that serves as their profile picture. Dorsey, who is also the CEO of payments company Square, is a proponent of Bitcoin and crypto both personally and professionally. Square last year acquired around $50 million worth of Bitcoin for its balance sheet and also helps customers accept cryptocurrencies as payments on their platform.
   
3. Discord pushes pause on exploring crypto and NFTs amidst user backlash
   Discord founder and CEO Jason Citron received backlash from users of the popular social media platform after posting a tweet earlier this week that hinted at integration between Discord and crypto wallet MetaMask. Users believe that the company was considering implementing NFT and crypto capabilities into the platform and voiced a range of criticism including environmental impacts and "NFT bros". The company has since walked back on the original tweet with Citron saying "Thanks for all the perspectives everyone. We have no current plans to ship this internal concept. For now we're focused on protecting users from spam, scams and fraud. Web3 has lots of good but also lots of problems we need to work through at our scale. More soon."
   
4. Robinhood says 1.6 million people now on crypto wallet waitlist
   Robinhood currently has 1.6 million people on the waitlist for its cryptocurrency wallet, up from 1 million just a few weeks ago, said chief operating officer, Christine Brown. Users that purchase crypto on the app today do not have the capability to transfer to another wallet or move off the application without selling. The retail broker's crypto wallet, is on track to be launched late in the first quarter of 2022.
   
5. Coinbase CEO Says NFTs Could Be ‘As Big or Bigger’ Than Crypto Trading
   Brian Armstrong, Coinbase CEO, says that the NFT market could rival or even surpass the market for cryptocurrencies. The company, which plans to open its own NFT marketplace in the "next quarter or two" has received 2.5 million email requests to sign up for the platform. In comparison, the largest existing NFT platform, OpenSeas, has 236,000 unique user address interactions over the last 30 days and nearly $2 billion in transaction volume. Coinbase plans to allow users to showcase NFTs on their site and allow others to follow their profiles for updates. Owen Lau, an analyst for Oppenheimer & Co., thinks the move could “be 7% accretive to COIN’s 2023 earnings,” assuming the platform launches this year.

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Ross M. - Memphis, TN

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.