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September, 15 2022

Yellow Card Crypto Scoop

Crypto Scoop

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The much anticipated Ethereum merge went live this week. The crypto community is in high spirits as prices surged temporarily.

The crypto space rejoices at the successful merge of Ethereum to a Proof-of-Stake network. In this edition of the crypto scoop, we review:

  • Ethereum’s Merge
  • Tesla’s new product that can only be purchased with DOGE
  • Africa's first Bitcoin Conference
  • NFT initiatives among Top brands
  • Terra’s founder Do Kwon’s arrest warrant

Illustration of Ethereum (Source: Beeple)

Ethereum Successfully Migrates to Proof of Stake (PoS) Network

Ethereum officially transitioned to the Proof of Stake (PoS) network on September 15 at 06:42:42 UTC at block 15,537,393. The long-awaited merge successfully kicked off, and Ethereum no longer relies on proof-of-work (PoW). After the merge, ETH price’s temporarily pumped to $1,635 before settling above $1,500. 

Ethereum co-founder Vitalik Buterin took to Twitter to celebrate the merge, noting that it was a dream to see the project, which had started in 2014, become successful. NFT artist, Beeple, creator of one of the most expensive NFTs ever sold, celebrated the merge with an illustration. 

Less than an hour after the merge, a user spent 36 ETH worth about $60,00 to mint the first NFT on the Proof of Stake network. The NFT tagged “The Transition” is a part of a panda face collection commemorating Ethereum’s transition.

Bitcoin wasn’t left behind and scaled temporarily to $21,000 amidst the celebrations.

Tesla Launches a new product that can only be bought with Dogecoin

This week, Tesla launched a new product, Cyberwhistle, that can only be bought with Dogecoin. Speaking on the product, CEO Elon Musk says enthusiastically, "Blow the whistle! But you must pay in DOGE." 

The Cyberwhistle is a premium collectable made from medical-grade stainless steel with a polished finish. Inspired by Cybertruck, the whistle features an integrated attachment feature for added versatility. The whistle's price is set at 1,000 DOGE ($60). 

Dogecoin isn't the only altcoin in the news this week. Tether USDT also announced its launch on NEAR as the protocol launched a $100M Web3 fund. The integration is expected to bring stability to NEAR's Defi system and eliminate market volatility for its users. 

Bitcoin rise in Africa

Ghana Set To Host First Africa Bitcoin Conference As Crypto Adoption Continues Across The Globe

Ghana will host the first of its kind, African Bitcoin Conference. The event will feature bitcoiners, technologists, investors, humanitarians, educators, advocates, and artists across Africa. The conference scheduled for December 5 - 7 will take place at Kempiski Hotel in Accra, Ghana.

The conference will feature keynote addresses, presentations, panel discussions, workshops, exhibitions, hackathons, and other exciting activities. The conference will help foster crypto adoption in Africa. 

South Africa also set a record with 10% of its population (4 million people) owning crypto. South Africa currently ranks 18th out of 26 countries in crypto adoption. Middle East country, the Kingdom of Bahrain, has also leapt into the crypto space. Central Bank of Bahrain will test a Bitcoin payment processing and payout solution in partnership with OpenNode. 

The Conservative Party of Canada has also elected Pro-Bitcoin Leader Pierre Poilievre as its party head. Pierre Poilievre has expressed plans to make Canada the world's blockchain capital. 

Popular Movie, Mean Girls makes a comeback in Web3 As several brands pursue NFT initiatives.

The teen cult classic, Mean Girls, is set to come back in the form of crypto collectables and NFTs. Paramount Pictures filed two trademark applications for the teen comedy starring former Disney actress Lindsay Lohan. 

Native Fashion brands of the Web3 space will premiere in real life at a two-day set by Nolcha shows. Nolcha Shows is an experienced fashion curating which has actively curated fashion in the past 14 seasons. Nolcha Shows is setting a record by featuring Web3 native brands and will host a panel on Web3's impact on the fashion industry's future.

Starbucks will offer an NFT-Based Loyalty Program with its partnership with Polygon. Its customers can purchase digital collectable stamps in NFTs, among other benefits. 

Bored Ape NFTs has signed Grammy Award-winning producers James Fauntleroy and Hit-Boy to create the sound of its Universal Music Group's Kingship. James Fauntleroy and Hit-Boy are famous producers who have worked with top musicians like Beyonce and Justin Timberlake. The Universal Music Group's Kingship is a musical band made up of Bored Apes.

A San Diego Car Wash Soapy Joe has praised NFTs for their success. The company began an NFT campaign, and according to its Vice president in marketing, it has helped them record numbers they hadn't seen in their 11-year history. The NFT campaign allows users to collect an Ethereum-based NFT from its 17 locations. The more NFTs a customer collects, the more rewards are unlocked, ranging from physical key chains and hats to amusement park tickets and a free annual membership to the car wash. It is impressive to see how NFTs have profited the business. 

Arrest Warrant Issued Against Terra Founder, Do Kwon

A South Korean court issued an arrest warrant for Do Kwon, Terra founder and five other individuals. Do Kwon and the other five individuals were charged with violating the Capital Markets Act. 

Earlier in the year, Terra Luna had collapsed, with several investors experiencing significant losses. Terra had since begun on a recovery path; however, the arrest announcement had the token slumping 16.7%. Kwon maintained that he cooperated with authorities and asserted his commitment to the Terra ecosystem. 

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