61st Edition

This week in The Flippening, TL;DR

• Progressive leap by Apple, with a couple of minor bumps though
• How this Web3 media platform is gaining customers without a web3 hype
• Crypto gaming continues to gain fresh influx of investments

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🔊 Top Highlights of the Week

NFT sales on the Apple App Store; there's a catch, however!

The tech giant Apple now allows the purchase and sale of NFTs through its App Store. It is, undoubtedly, a significant distribution channel for any new product. Allowing NFT sales would provide aid to creators and artists and drive awareness among the retail folks.

However, Apple's seemingly progressive move has a few bumps. The sales and purchase of NFTs on its app store will only be allowed in US dollars and not in crypto. Moreover, Apple is sadly using a Web2 monetization model, taking a 30% cut from developers generating over $1 million annually and 15% from those generating less.

Audius, a Web3-based music streaming service has 7.5 million monthly active users; their secret mantra is...

Audius is a Web3-based music streaming service that hosts 1 million songs and offers services to over 250,000 artists. It intentionally avoids using the usual Web3 hype to sell itself. And this bold move has certainly paid off big time!

According to CEO Roneil Rumburg, users are "getting the benefits of decentralization without having to be super aware of having to use a wallet." Even though the firm has between 5 million and 7.5 million active monthly users, less than 10% of users have a MetaMask wallet.

The gaming sector gaining heat with a massive new influx of investments

Hadean, a provider of metaverse infrastructure, earned $30 million in Series A investment led by Epic Games, the creator of Fortnite. The funds will be used by Hadean, which develops virtual worlds, to continue developing a safe, scalable, and interoperable metaverse infrastructure.

With Hadean's computational capacity, Epic's Unreal Engine Ecosystem will have the foundation it needs to build a scalable metaverse. Hadean's technology complements epic's Unreal Engine by allowing for enormous numbers of concurrent users and opening up new tools for designers and developers.

Other Highlights:

• Did someone say the NFT market was dead: A CryptoPunks NFT was sold for $4.5 million.
• By the beginning of next year, Russia may introduce a CBDC, or digital ruble, with intentions to utilize it for trade transactions.
• The topmost company in the Fortune list of companies, Walmart, makes its entry into the metaverse through a partnership with Roblox.
• Ernst and Young will strive to be the best on Earth in Ethereum, as stated by their blockchain lead.

We ended the month with Bitcoin below the psychological $20,000 mark. The past week remained quite a roller coaster ride for the investors. The silver lining to the week remained the modest gains across most blue-chip cryptocurrencies.

Almost all of the major sectors ended the week in green. The top 2 performers of the week were the Decentralized exchanges (DEX) and DeFi sectors. The DEX sector was primarily driven by fresh funding news of the largest contributor to the sector, Uniswap. Investing in sectors remains a much more prudent decision during such range-bound market conditions.

Coin of the week

Quant: $QNT

Our coin of the week is an interoperability cryptocurrency, Quant. The network was under the hammer a few months back but has been on an uptrend since June. QNT has been moving upwards since breaking out from a long-term descending resistance line in the beginning of June. The upward movement has followed an ascending support line and has led to a high of $145.8.

Crypto quiz of the week

This CEO has been in the news for all negative reasons. Once perceived to be a genius of sorts, he is now one of the most hated people in the crypto ecosystem. Who is this infamous CEO?

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Answer- Crypto quiz of the week: Do Kwon, CEO, and Founder, Terraform Labs

Here we are, at the end of our 61st edition. We hope you liked reading it. The team would love to hear back from you.

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