🎂 135th Anniversary Celebration Goes Bust

Hello Nutty Family! It is the middle of the week and everyone must be in the middle of being motivated and being tired. Well we got you covered! Today we talk about anniversaries and MiCA.

Let us go through today's headlines:

• 135th Anniversary Celebration Goes Bust 🎂

• MiCA gets Delayed Again 🫡

• Some other NEWS in a Nutshell 🥜

• Nutty Meme 🥜

Anniversaries is a festive occasionCelebrating it right, is another questionRegulations for crypto are comingEurope is on the brink of signing

135th Anniversary Celebration Goes Bust 🎂

Imagine you are celebrating your company’s 135th anniversary. Your company is a veteran in wildlife photography with a worldwide presence. 📷

To put it in figures you got following of, 🔢

• 256 million on Instagram 🌞

• 49 million on Facebook 💙

• 28.6 million on Twitter 🐦

Now, how would you prefer to celebrate this historic moment? 🎉

Well, one of the options can be educating your audience about the latest and hottest technological development in town: NFTs. 👀

That is what National Geographic did recently. 🫡

Let us go over the specifics 🔍

• The series is titled, "GM: Daybreak Around the World." 🌍

• The NFTs have been launched on the Polygon blockchain. 💜

• The minting cost 215 MATIC, or approximately $200. 💲

• The series featured collections from 16 photographers. 📸

• The collection size is 1888 items with 118 editions per image. (Amount raise: $377,600) 🖼️

• The minting was a blind sale; that is, people did not know which collection their NFT would belong to during mint. 🧑‍🦯

• Only 15% (i.e., 275) have been sold within 24 hours. ⛏️

Now for the important part: What was the community's reaction? 👀

There is only one word to describe it: Disastrous. 💣

The comments ranged from, "Take it down before anyone sees it" to "Why are you bringing back an extinct species?" to "NatGeo Social has been hacked." 😶

Clearly, NatGeo followers did not like it, and it was NOT a surprise. It is because the majority of the world still thinks NFTs are a scam. ⛔

They forget that NFTs are just the technology; the people behind the projects are the scammers. 🥹

Nutty Take 🥜

The Good: NatGeo was looking to showcase photographs from around the world with a theme in mind, and it featured 16 different photographers for the launch. ✅

The Bad: It was poorly executed. The website did not load for the first hour. Everything was buggy. It was just looking to extract value with no solid vision of the future for those NFTs. 😞

We have repeatedly seen major Web2 brands do the same thing,

Promise the future, Raise cash, Forget about it, Repeat. 🗑️

I am not saying it is wrong to raise money. However, raising money with no goal is bad. What is wrong with a free mint? 🤔

I mean, what do they need $377,600 for? I bet their yearly rent expenses are five times that amount. 💰

How can anyone expect them to deliver Web3 experiences when they cannot even get the mint button right? 😂

To see progress, we need to see a significant shift in how web2 brands perceive NFTs. We hope it comes soon. 🫡

MiCA gets Delayed Again 🫡

No, we are not talking about mica, the mineral. 😆

We are talking about, Markets in Crypto Assets (MiCA) regulation bill, which has been introduced by the European Union. 💶

The bill that is targeted at regulating the cryptocurrency space has been delayed again and is scheduled to be up for voting in April. ☑️

The reason for the delay? 🤔

The 400 page document requires further tuning to be properly translated into all 24 official languages. 🗣️

What is in the bill?

The bill primarily focuses on regulating the people and institutions that launch crypto related projects. 🔍

Some of the key points mentioned in the bill are:

• Projects will need to publish proper documentation (or whitepaper) when releasing projects. 📄

• Issuers of stablecoin will need to hold sufficient reserves to back their token issuance. 🏦

• Miners will need to disclose their details on energy consumption. ⛏️

Everyone is awaiting these regulations as they will make it easier, clearer, and safer for retail and institutional investors to enter the market! 🟢

Green days ahead, amigo! 🫡

Some other NEWS in a Nutshell 🥜

• Coinbase shuts shop in Japan. It cites market conditions as one of the major reasons for shutting shops. Customers have time till 16th February to retrieve their funds.

• Cryptobank Silvergate posts a loss of $1 billion. They attribute it to the recent loss of trust in the crypto industry.

• African web3 gaming company, Carry1st raises $27 million. The investment is backed by a16z and Bitkraft Ventures.

Nutty Meme 🥜

That is a wrap! See you on Friday!