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- The NFT Music Industry Race has Begun!
Hello Nutty Family, π₯
Welcome to the first newsletter of Nutshell Daily. We are a perfect blend of informative, brief, and poetic news. We bring a certain warmth with our hottest news, much like the perfect hot cup of tea you have on a cold day.
Without dilly dallying any further, let us dive into the major headlines we will cover today!
Polygon is going nuts! π₯
Things are heating up for the NFT music industry. π΅
The world's largest crypto trading fund is under fire. π₯
At least someone is taking advantage of the bear. π»
Polygon is going nuts! π₯
Polygon is going nutsWith Rarible jumping on the busPolygon announced partnership with WarnermusicTo take out LGND and get the crowd groovy
Bear marketβwhat is that? Polygon has been continuously rolling out high-tier partnerships for the past few months. Starbucks, Reddit, Magic Eden, you name it! Today, it announced 2 more partnerships with Rarible and Warner Music.
Now, looking at the growing trend of all marketplaces adopting a multichain approach, the Rarible news definitely pales in comparison, right? However, when looking at the wider picture, it can cumulatively add up to something much bigger! π΅π»
Imagine you want to buy a packet of nuts π₯ from ND. You go online π to order it. You see that Amazon does not serve the brand you want specifically, and neither does Alibaba. You are disheartened and settle for another brand. π
Now in this case, brand ND lost out on sales because it had an insufficient distribution network. This results in a revenue loss of $.So if the brand ND had its product range on multiple platforms, it could increase its reach, sales, and recognition. π
That is what Polygon is doing. Polygon is developing a range of products within its ecosystem and ensuring that they become available to everyone everywhere! It immensely increases the reach of the polygon ecosystem as a whole! β¨
So when you would want to launch something of your own and needed assurance it had a wide reach, where would you go?
LGND (an upcoming music NFT platform) announced it was entering into a multi-year partnership with Warner Music and Polygon for its upcoming "Virtual Vinyl" platform. This also means that Spinnin Records (acquired by Warner Music), one of the world's leading record labels with artists like Martin Garrix, DJ Snake, and many more, is part of this partnership as well! π€―
The news sounds like music to our ears. ππΆ
Things are heating up for the NFT music industry
In addition to the above news, we saw 2 more happenings in the music industry.
Winamp, a once-dominant platform in the music industry, has announced an update to their desktop player. The update enables users to play their music NFTs on their platform!
Maybe Winamp is trying to make a comeback? It definitely needs to up its game more, though. πΊ
2. Steve Aoki and 3LAC announced @itsthepunkx. A conceptual music/art project that will be inspired by their own cryptopunks. According to the information released so far, it is not an NFT project. However, they are looking forward to the possibilities they have for the future.
Well, we will stay tuned in and bring you any nutty updates we hear of! π»
The world's largest crypto trading fund is under fire.
If we told you that you could buy Bitcoin at a 45% discount, you'd probably put your house up for mortgage, right? (do not do these stupid stunts like us π₯²)
Grayscale BTC (GBTC) which supposedly owns 3.4% of the world's bitcoin put out a simple vision.
It wanted to make bitcoin available to investors without the challenge of buying, storing, and safely keeping it directly. It went on to say that their share value is pegged to bitcoin. For each $ of share, they have a $ of bitcoin in reserves.
They took 2% of the AUM (Assets under Management) for running this ETF. Hold your breath, 2% of $10 billion! It basically made $200 million every year for doing almost nothing.
After the FTX fiasco, the investors are now asking for proof of reserves. However, GBTC is reluctant to show the addresses holding the bitcoin reserves it keeps talking about. Yikes! π±
This is spooking the investors and a hedge fund Fir Tree has sued them as well!
At least someone is taking advantage of the bear
Goldman Sachs, yes, the company that both of us dreamt of joining one day, has announced plans to go on a buying spree.
According to GS, the crypto industry is better priced for entry right now. With the FTX meltdown, the global cryptocurrency market has lost 66% of its value from its peak. π»
The market is screaming liquidity right now, and the big boys of Wall Street smell a long term investment opportunity here. Sounds good, right? π΅
Someone is ACTUALLY buying the dip. γ½οΈ
Some other NEWS in a Nutshell
People are again trying to buy the Constitution via DAO funding. Last time, another group raised $40 million (the final bid was $43 million) for this initiative!
The issuer of USDC has dropped plans to go public.
Ledger announced a new cryptocurrency wallet, Stax. It was developed by an ex-Apple engineer.
In a nutshell, the last day has been exciting for us. Major developments in the music industry and the Polygon eco-system, as well as some gold (Goldman Sachs) jumping on board.
Thank you for reading! See you soon!
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