Plus, Netflix is going down the crypto rabbit hole with a hard-hitting investigation into QuadrigaCX.
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Molly’s Musings 👩💻
Why Are 2010-Era Internet Memes Back?
This week, yet another meme from almost ten years ago sold as an NFT for tens of thousands of dollars.
Side Eyeing Chloe, a video of two sisters who are surprised with a trip to Disneyland (and one is….not impressed), sold for 25 ETH — or about $78,300.
This is not the first time that a very, very old meme has made thousands in the present-day NFT market. Disaster Girl (a girl smirking in front of a burning building) sold for 180 ETH, and Charlie Bit Me (no explanation needed) sold for ETH worth almost $761,000.
The whole point of internet memes is that they usually have a relatively short life cycle — a meme that is funny today will be way less funny next month. So why are 10-year-old memes making such large sums of money in NFTs?
One obvious answer is nostalgia — most of these memes became popular at a time before Instagram and TikTok were the trend-makers, and now, taking these early Internet jokes and selling them in one of the newest, most hyped up marketplaces is a way of connecting the old with the new.
Another answer could be the more selfless, giving-back perspective. We spent countless hours watching these memes for free (i.e., the little girl giving her parents the side-eye wasn’t making millions off of our views), and now technology like NFTs is a way of giving back to these original content creators.
Or, neither of these could be the right answer, and people are just buying these memes as NFTs for the lulz…take your pick.
Bitcoin! 😊 Altcoins! 😺
Bitcoin Shows Resilience Despite China Ban 🇨🇳
The crypto markets have rallied over the weekend — recouping the losses suffered when China announced that all crypto-related transactions are illegal. Bitcoin managed to head back above $44,000 early on Monday, with Ether surpassing $3,100. Some analysts believe Beijing is merely repeating threats that it's made before.
Cardano Will Soon Have Its Own Stablecoin 🥳
Cardano's founder Charles Hoskinson has unveiled Djed, an algorithmic stablecoin that will use smart contracts to eliminate price fluctuations. This could allow the network to play a greater role in the world of DeFi. Djed aims to make transaction fees cheaper and more predictable. But it comes as the U.S. explores plans to crack down on stablecoins. Our story.
NFTs Galore 👾
Another Meme Makes Big Bucks as NFT 💰
First there was Disaster Girl. Then Overly Attached Girlfriend. And Charlie Bit Me. Now, Side Eyeing Chloe — featuring the little girl who looks confused after being told she's going to Disneyland — has made a lot of moolah after being made into an NFT. It sold for 25 ETH, and the family featured in the video now plan to hold on to their crypto. Find out more.
DeFi Never Sleeps 💫
Decentralized Exchange Tokens Boom as Chinese Investors Look for Alternatives
DYDX — DEX dYdX’s governance token — is up almost 36% on the day. DYdX founder Antonio Juliano (a former Coinbase employee) noted that this was the first time that dYdX has outperformed Coinbase.
Robinhood Crypto COO, CTO Hint That DeFi Features Are Coming
After last week’s announcement that Robinhood would soon be allowing deposits and withdrawals of cryptocurrency, the company’s CTO and CEO dropped hints this week that Robinhood may be looking at staking and other DeFi tools in the future.
Andre Cronje Launches Rival to NFT Marketplace OpenSea
And after last week’s OpenSea “insider trading” debacle, Yearn.Finance’s Andre Cronje is putting his own NFT marketplace into the running. Artion launched on the Fantom blockchain this week, and it takes no commission.
How Much Can You Play-to-Earn? 🎲
Kawaii Islands Nets $2.4M in Private Token Sale for its Anime Play-to-Earn Metaverse
This blockchain-based game plans to launch this September, allowing its users to interact in a fantasy game in the cloud — furniture building, home decorating and more can earn Kawaii Islands users real money.
Weekly Roundup: What Happened in Play2Earn Games and NFTs This Week?
In this weekly roundup, CoinMarketCap takes a look at some of the most prominent Play-to-Earn and NFT events in the just concluded week, from Snoop Dogg's foray into NFT art and The Sandbox metaverse, to being able to collect NFTs the next time you dine at Burger King.
No More FUD…😟
Netflix Making QuadrigaCX Documentary 😬
A new show is being made about the collapse of the Canadian crypto exchange QuadrigaCX. The company went bankrupt after its CEO, Gerald Cotten, died on his honeymoon in India. The 30-year-old was the only person with keys to cold storage where client funds worth hundreds of millions were held. Some 76,000 victims are still out of pocket. The full story.
Kentucky Issues Cease-and-Desist Order Against Celsius Network
According to the state’s regulator, Celsius’ interest-bearing accounts are not in compliance with Kentucky’s securities laws — the regulator alleges that Celsius is not disclosing to their customers enough information about their deposits and securities laws.
Huobi to Gradually Expel Its China Users in Wake of Ban; Token Slides to 8-Month Low
This Sunday, crypto exchange Huobi Global announced that it would no longer serve China-based users already on the platform — this news sent native crypto Huobi Token (HT) to an eight-month low.
Who Got the Money? 🤑
PORTAL Finance Successfully Raised $8.5 Million From Industry Heavyweights
The Portal Project — a layer 2 system built to facilitate cross-chain atomic transactions — raised $8.5 million from investors including Coinbase Ventures, ArringtonXRP Capital, OKEx Blockdream Ventures, and more. According to Portal, the funding round was 47x oversubscribed.
Upbit Operator Dunamu Completes $85 Million Financing With a Valuation of Approximately $8.6 Billion
Dunamu has completed a financing round with participation from Altos Ventures, Hana Financial Investment and Saehan Venture Capital.
Cardano Ecosystem Receives $100M to Fund DeFi, NFTs
Cardano’s commercial arm, Emurgo, will be investing the money in order to support startups in DeFi and NFTs, as well as Cardano-focused education programs.
Share Sale Values British Fintech Firm OakNorth at $5 Billion
OakNorth’s shares sale has now left the fintech bank with a valuation more than double its last reported valuation — $5 billion. Sources close to the matter said that Goldman Sachs had acted as an advisor to the deal.
