Welcome to the Crypto Curious podcast, proudly brought to you by the Bamboo App. In this episode, we'll recap the latest discussions on the podcast, covering the supposed demise of NFTs, Amazon's strategic investment in AI, and the surge of Immutable X. Join us as we break down these topics and explore the ever-evolving world of cryptocurrency.
The crypto world has witnessed the meteoric rise and subsequent dip in the NFT market over the past 18 months. Recent headlines declared that "95% of all NFT collections have zero value," sparking a debate about the future of NFTs.
A study conducted by Dapp Gamble, a group of finance experts, examined over 73,000 NFT collections, revealing a stark imbalance in the market. While 95% of these collections held no value, some smaller pools of NFTs continued to command significant prices.
During the peak euphoria of the NFT craze, people scrambled to mint their NFT collections, often featuring art, apes, penguins, and space aliens. Celebrities like Logan Paul joined the frenzy, leading to massive purchases.
The study also highlighted the potential real-world use cases for NFTs, such as gaming, gated access, digital identity, and fractional ownership. Despite the boom and bust, NFTs continue to evolve.
Amazon has made a multibillion-dollar strategic investment in Anthropic, an AI company that introduced the chatbot Claude to the world. This move has significant implications, especially for the creditors of FCX.
FCX, the failed crypto exchange, had an active venture fund, and Sam, its CEO, led a round for Anthropic worth $580 million a couple of years ago. Google and Zoom have also invested in Anthropic, with Amazon now looking to secure a $4 billion investment and a potential board seat.
This strategic investment by Amazon could provide much-needed relief to FCX's creditors, who have been eagerly awaiting repayment. The administration process has incurred significant costs, making such investments crucial for creditors' interests.
Bitcoin, known for its robust security and immutability, is now set to adopt zero-knowledge (ZK) rollups. Two projects, Chain Y and CASA labs, have open-sourced their data availability options, allowing for scalable and private transactions on the Bitcoin network.
ZK rollups are a mathematical system that enables public or private verification of data without revealing the data itself. This technology has the potential to bring scalability and privacy features to Bitcoin transactions.
While Bitcoin offers unique advantages, including security and privacy, using it for data availability in rollups can be costly due to its limited block size. Alternative solutions like drive chains and soft chains are in development, promising lower costs and better integration with Bitcoin's network.
Immutable X, an Australian company, has seen a 13% surge in its value over the past seven days, with a remarkable 66% pump on September 22nd. The company's focus on bringing gaming to the masses and its innovative token, IMX, have attracted attention.
Immutable X aims to facilitate fast and affordable transactions, trading, and creation within the gaming sector. IMX tokens play a crucial role in the ecosystem, generating revenue through a 2% fee on NFT sales.
Immutable X has expanded its reach to the Japanese and Korean markets, with significant partnerships and listings on Korean exchanges. The move to target these markets has sparked interest and investment in Immutable X.
In this rapid-fire segment, we cover various crypto-related news stories:
Ethereum has achieved a $10 billion valuation in just seven years, outpacing top software companies in record time.
The Mt. Gox exchange hack recovery process continues to be delayed, as creditors wait for the return of their assets.
Coinbase's layer 2 solution has surpassed Solana in total value locked, generating significant revenue and proving its market fit.
Pokemon is embracing the digital realm, allowing users to purchase unopened digital Pokemon card packs and redeem them for physical cards.
A book titled "Going Infinite: The Rise and Fall of a New Tycoon" by Michael Lewis explores the journey of SBF, the founder of FTX.
As the crypto world continues to evolve, these key developments and stories highlight the dynamic nature of the industry. Stay tuned for more updates and insights on the Crypto Curious podcast.
Subscribe to our newsletter
