🤭 Wait, Even Starbucks Is Launching Their NFT Project?? I Am Outta Here.
GM frens and you fellow degens 🥸
I know, I know. It is one of those days where all you see is red with BTC and ETH going down by 8%. It is a lot. Overall market is down. This is impacting stocks as well, especially tech sector. However, I do consider that you have to think about it in long run. Money goes from the impatient one to the patient one. Panic selling has never helped anyone. NFA though. You do what it is best for you.
Our lunch menu for today
🤯 Bitcoin is down below $36k
🤭 Wait, even Starbucks is launching their NFT project?? I am outta here
🧶 Tweet of the day
🗞️ Other news in the space
🤯 Bitcoin is down below $36k
Before we get into Bitcoin, let’s talk about what happened with stocks yesterday. Nasdaq fell off by 5%. For those of you not familiar with it, Nasdaq is an index that represents almost all stocks listed on Nasdaq stock exchange. It is one of the most followed stock market indices in US. It is tech-heavy, meaning that tech companies have a huge impact on it and current volatility in valuations of tech sector companies is causing the big swings.
We might run into the “chicken or the egg” dilemma if we try to figure out who is impacting who, but there is definitely a high correlation between the two. Lot of tech companies have huge exposure in the crypto space, so a volatility in crypto will have an impact on those companies as well as the opposite.
Trading volume is still up there though.
Whenever we face situations like this, it is important to zoom out (zoom out or zoom in, always had issue understand which one can be used in such situations), and see the bigger picture. We have never seen a bigger adoption from institutional investors as much as they are doing it now. I mean, a quick search on Google will give you the results about the adoption that is happening currently.
Fidelity plans to offer bitcoin in its 401(k) retirement funds
2022 could see widespread crypto adoption by financial services companies
Bitcoin-Backed Loans Offered for First Time by Goldman in Coinbase Partnership
🤭 Wait, even Starbucks is launching their NFT project?? I am outta here.
Believe it or not, that is what is happening. I just hope their mint price will not be expensive as their coffee!! On May 3rd, they had their Q2 Fiscal 2022 Results. What usually happens is that they comment results like that and while on the call they got the chance to talk about web 3 space as well and their initiatives in the space. They did post it afterwards in their blog post, if you want it to read it yourself or you can keep reading here where I did a quick summary of it.
First of all, the primary reason why they are doing this is because they have seen the hype about NFTs. All that “we care about community”, this and that is nonsense to me, otherwise, they would’ve made their coffee cheaper. So, this is just another income source for them. Web 3 space is all about you having a piece on everything you use and that is not what traditional companies aim to do. I mean.. Children as young as eight picked coffee beans on farms supplying Starbucks.
Anyways, let’s get back to the summary of what they said about this NFT initiative. They had this concept “Third Place” for a while now. What it means that after home and work, Starbucks is your third place you go to. Somehow, they are trying to bring the same concept in a global digital community as stated in their blog post.
What if Starbucks could create a new, global digital community – a community defined by collaboration, experiences, and shared ownership – all centered around coffee to start, and then perhaps expanded into the many of the areas Starbucks has played in over the years as a coffeehouse; art, music, books and beyond?
The way they see it is more like a digital collection than any type of ownership (hint: just a way to sell you more stuff). They also bring into discussion a membership pass with special perks (perks, meaning creative ways to sell you more stuff).
We plan to create a series of branded NFT collections, the ownership of which initiates community membership, and allows for access to exclusive experiences and perks. The themes of these collections will be born of Starbucks artistic expressions, both heritage and newly created, as well as through world-class collaborations with other innovators and like-minded brands.
🧶 Tweet of the day
So for those of you who are not familiar with it, Jack Dorsey (founder of Twitter) sold his first tweet as an NFT. The biggest bid was $2.9 million at that time. He came back now trying to sell it, but nowhere near to what he paid initially for it.
🗞️ Other news in the space
Katie Haun’s New Crypto Fund Leads $50M Raise for NFT Protocol Zora
Ice Cube brings NFTs to BIG3 with historic crypto transaction
Bankers Quit Jobs for Shot at Riches in ‘Wall Street of Crypto’
Bitcoin’s Testing of Lows Has Traders Wary of a Break Below $32,000