Beat's Breakdown: NFT Music Projects to FOMC Meeting Impacts this will be a big week.
Innovations and Insights: Exploring the Diverse Crypto Landscape
SUMMARY
Colgate-Palmolive India enters dental education
Magic Eden pioneers cNFTs
CP1919' NFT music project supports UK suicide prevention
Cool Cats in Macy's Thanksgiving Parade
Axie Game Jam 2023 offers game devs $20K in prizes
FOMC meeting approaching volatility incoming
Bitcoin aims to break month-to-date highs
Ether trades at a 27% discount to fair value
Bernard Arnault's LVMH successor decision could impact blockchain adoption.
Saudi Arabia explores settling oil payments in local currencies
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Colgate-Palmolive India is transforming dental education by venturing into the metaverse, offering dental students a unique virtual learning experience. In an exclusive masterclass, students from select dental schools received instruction from industry experts Dr. Sandesh Mayekar and Dr. Svapna Koppikar. The initiative allowed students to explore a virtual dental clinic and was created by Baker-E, an experiential design company. This immersive experience focuses on clinic setup and promotes innovation in dental practices by combining cutting-edge AI technology with dental expertise. Colgate-Palmolive's move aligns with the healthcare sector's trend of adopting innovative educational methods, such as virtual reality programs for nursing education.
Magic Eden is leading the way in adopting Solana's compressed NFTs (cNFTs), offering a cost-effective approach to NFT minting. cNFTs compress data and store it off-chain, significantly reducing minting fees compared to traditional Solana NFTs. This innovation has the potential to enable mass production of digital collections across various industries. Magic Eden's data indicates that creators can mint up to 1 million cNFTs for approximately $110, a substantial cost reduction compared to Ethereum. By supporting cNFTs, Magic Eden aims to boost adoption and accessibility, making NFTs more affordable and accessible to a wider audience, while also paving the way for a scalable NFT ecosystem.
A new NFT music project, 'CP1919,' is set to showcase animated versions of Joy Division's 'Unknown Pleasures' album artworks, accompanied by previously unheard vocal clips from the late lead singer, Ian Curtis. Created by Peter Saville and Stephen Morris, this project revives the iconic album and converts its sonic elements into pulsar form, merging artwork with rare band vocals. The NFTs will be available in two versions, 'Sweeping Sun White 2023' and 'Sweeping Sun Black 2023,' with proceeds supporting the UK suicide prevention charity CALM. This innovative NFT project offers fans a modern interpretation of Joy Division's legacy through blockchain art and multimedia.
Cool Cats will be the first of its kind to appear in the Macy's Thanksgiving Day Parade on November 23 in NYC. They won a spot through a competition. Cool Cats is also expanding into retail with exclusive merchandise available at Macy's stores and online. This move reflects their shift from NFTs to mainstream visibility. The parade will be streamed on Peacock and aired on NBC.
The Axie Game Jam 2023 offers game developers a chance to create Axie-based games with a share of $20,500 in prizes. Participants have two weeks to develop a game based on a theme revealed by Sky Mavis. The competition involves registration, game development using Axie assets, and a voting period by the player community. Prizes include $8,000 for the top game, with additional awards for top contenders and Editor's Choice nominees. The event is an opportunity for creative minds to showcase their talents and potentially partner with Sky Mavis.
As the FOMC meeting approaches, financial markets, including cryptocurrencies, remain range-bound. Investors are eagerly awaiting the meeting's outcome, with the potential for increased market volatility. Despite hints of a potential rate pause by Fed Chair Jerome Powell, uncertainty prevails. The meeting's impact on cryptocurrencies is significant, as rate hikes can lead to increased selling pressure, potentially causing a market-wide crash. Conversely, if rates remain unchanged, a positive market response and short-term rally could occur. The upcoming FOMC meeting on September 20 will provide critical insights into market direction, and the decision could shape the cryptocurrency market's trajectory for the rest of the year.
Bitcoin this week:
Bitcoin needs to break month-to-date highs
FOMC meeting could introduce volatility
Bitcoin's mining difficulty and hash rate are returning to new highs showcasing network strength
New BTC wallets is at its highest since late 2017
Ether is currently trading at a 27% discount to its fair value, according to research firm RxR. Their valuation model incorporates active user adoption of layer 2 scaling networks, providing a more comprehensive view than traditional models that focus solely on Ethereum's mainnet. The model considers Ethereum's scaling networks and mainnet users, attributing a fair value of $275 billion to ETH. This valuation suggests that ETH's current market cap is trading at a significant discount. Layer 2 scaling solutions have become a crucial part of Ethereum's ecosystem, and their increasing activity contributes to ETH's value proposition.
Bernard Arnault, CEO of luxury conglomerate LVMH, is facing a crucial decision about which of his five children will inherit his business empire, worth around $400 billion. Two of his sons, Alexandre and Frédéric, have been proponents of blockchain technology and NFTs within LVMH, pushing for innovations across brands like Louis Vuitton, Tiffany, TAG Heuer, and Dior. If either of them succeeds Arnault, it's likely that blockchain and emerging technologies will play a more central role in LVMH-owned companies, influencing the broader luxury and fashion industries. While Arnault's children maintain an amicable relationship, only one can take over the reins of LVMH, and this decision will have implications for the adoption of crypto and blockchain technology at the highest cultural level.
Saudi Arabia, a new BRICS member, is in discussions with India about settling oil payments in their local currencies, moving away from the US dollar. This shift towards local currencies for oil trade within BRICS nations could impact the global demand for the US dollar and lead to other countries considering similar actions. If Saudi Arabia were to demand that the US pays for oil in Riyals, it could prompt other oil-producing nations to follow suit, potentially leading to alternative trading mechanisms and greater use of local currencies in international oil trade. This shift would also affect foreign exchange markets, causing significant price volatility and impacting the US economy's overall costs. It may result in trade deals being rewritten and a significant transformation in multilateral relations, encouraging more countries to reduce their dependence on the US dollar for global trade.
Happy Monday - Let’s make this week count and stay Interesting my friends.