Swapp’s Weekly Round-Up For The Week Ending October 1st, 2021
The world of cryptocurrency moves fast, and there are dozens of stories published every day. Keeping up with all of it would be a full-time job! So, we’ve decided to keep an eye out for what we feel are the most relevant, interesting, or fun crypto and crypto-adjacent stories and provide our readers with a weekly round-up. This is your round-up for the week beginning Monday, September 27th, 2021.
We all knew that the pandemic would change the way we see movies, but I don’t think most of us expected this change!
Vuele is a global NFT distribution and viewing platform. Vuele held a four-day auction for eleven NFT drops of feature film Zero Contact starring Sir Anthony Hopkins. The auction grossed $93,435. This is the first feature film to be distributed using NFTs.
Hollywood is exploring NFTs and blockchain as a way to finance movies. The makers of Zero Contact were more interested in using NFTs to build fan engagement using crypto artists to create the universe surrounding the movie.
Does this mean no more trips to the movies? Unlikely, but you may see more and more NFT movie drops happening before a film’s theatrical and streaming releases.
Castles don’t pay for themselves you know. The Czech Republic’s Lobkowicz family is looking to NFTs to help them maintain their various castles and the artwork they hold. The 600-year-old noble family – which were once patrons of Beethoven, lost all of their holdings under the Nazis and Communists.
After the fall of communism in the late 1990s, the family reclaimed its property, which included paintings by distinguished artists Bruegel, Canaletto, and Velazquez and manuscripts hand-annotated by Mozart and Beethoven. These pieces are national cultural treasures that cannot be sold or toured internationally without government permission. As a means to generate income and maintain their properties, the Lobkowicz family opens its doors to tourists, attracting 100,000 visitors per year.
The family’s tourism revenue, however, has come to a drastic halt due to the Pandemic. As such, the family has turned to NFTs to try and raise money. People will soon be able to buy blockchain-based proof that they contributed to restoring and maintaining the properties and collections. Several NFT artists have contributed works that will also be sold.
William Rudolph Lobkowicz, the Boston-born prince says, “That’s how we are going to stay around for another 600 years. I can see NFTs as a new frontier.”
I can see it too. There are plenty of defunct royals running around Europe who are house rich and cash poor.
Has the Oracle of Omaha finally met his match? Yes, yes, he has, and that match is apparently a hamster. Mr. Goxx is a crypto-trading hamster. As he does his daily laps on his wheel, he chooses between dozens of cryptocurrencies. Which tunnel he runs toward determines if he will buy or sell. And he’s running for real money!
How is Mr. Goxx doing? Since he started trading in June, his portfolio is up almost 20%. As of September 12th, his picks are outperforming Bitcoin, the Nasdaq 100, Buffett’s Berkshire Hathaway, and the S&P 500. If you’re looking to ditch your financial planner and employ Mr. Goxx, he takes payment in food pellets and wooden chew sticks.
Money managers largely warn clients away from crypto, even though some heavy hitters in the investing world are eager to adopt it. Institutional investors, including pension funds, are not quite ready to play. But that may soon change.
You might think pension funds take a conservative approach to investing, but that’s not true. While conventional wisdom recommends 10% to 20% of a portfolio should be dedicated to “alternative investments,” pension funds are well above that at 30%. And cryptos are a form of alternative investment.
Recently, two Virginia public pension funds announced they were seeking approval for a $50 million investment in a fund that buys digital tokens and cryptocurrency derivatives. It’s easier for everyday investors to buy crypto with platforms as mainstream as Robinhood offering it. While the number of Americans trading crypto still lags those trading stocks, the gap is closing, 13% and 24%, respectively.
Crypto is coming out of the shadows and into the mainstream. The adoption is slow, but it’s accelerating.
The fate of President Biden’s infrastructure package hangs in the balance, but even if it passes, it overlooks the critical issue of data privacy. Data travels via the internet the same way semis loaded with consumer goods travels over roads and bridges, making data modern infrastructure and an essential part of American and global commerce.
Federal privacy laws need to be put in place not only as infrastructure that protects data-driven commerce, but also to replace the inconsistent, patchwork, and vastly expensive state legislation currently in place.
The cost to implement California’s Consumer Privacy Act is expected to reach $55 billion. If half of the states pass their own privacy laws, the cost could be well over a trillion dollars, the same as the entire federal infrastructure package.
It’s past time for the U.S. to see data as part of modern infrastructure and enact national data privacy laws to protect it.
Teenagers and their data are big business for big data. 76% of teens between 13 and 17 use Instagram, 75% use Snapchat, and 66% use Facebook. Teenagers are among the most desirable demographics for advertisers. But the advertising aimed at them is laser-guided now thanks to the glut of information that social media platforms collect and sell, making the advertising more insidious than the commercials 80s teens watched on MTV.
And like junk food, social media apps are designed to be addictive. The more addicted a user is, the more data they are providing. And any addiction is detrimental to physical and mental health, so it’s no surprise that the over-use of social media is associated with a slew of poor health outcomes.
Not only are these companies getting kids hooked, but they’re also monetizing those addictions to the tune of nearly $140 billion a year. Wanting to tap even deeper into a lucrative market, Facebook announced it was developing a new Instagram for kids under 13 that would have various “safety features” in place to protect kids and their privacy.
How will the new app prevent kids from lying about their age? Facebook thought of that! It will use sophisticated AI to spy on certain accounts to prevent this. Ha! Even as a non-parent, I know that’s laughable. Good thing Facebook wasn’t around when I was a kid buying wine coolers with a fake ID, or I would have totally been busted! For every rule, teenagers have five workarounds. What’s more, this spying to prevent lying just means Facebook is violating the privacy of its young users even more!
Of course, there was a lot of pushback against this “Baby Instagram,” but as long as there is money to be made and no comprehensive federal privacy laws in place, your kids are fair game for big data.
Things move fast in Swapp too! Here’s a little taste of our weekly happenings.
We’re excited to launch the Twitter account for our SWAPP NFT platform, which will be available soon.