Industry News & Trends — December
It has been without a doubt a very eventful year for crypto, and it has been a pleasure covering the journey it undertook each month. In this blogpost we take a look at the final month of the year, and look ahead at what looms on the horizon for the upcoming year of 2022.
The State of NFTs and the Market
Despite positive news through and through, the market saw a setback this month, with consistent red charts across the board, primarily and expectedly originating from Bitcoin’s price action itself. The reasons as to why this would occur during a time when the sentiment surrounding crypto is overwhelmingly positive is puzzling, complex and uncertain.
This also had an effect on the NFT market, impacting the market cap, trade volume as well as total sales. That being said, more and more NFT projects are popping up on a daily basis despite market conditions, a persistence that will only grow stronger as the technology matures.
Buying Reddit with a DAO?
Upon Reddit announcing a plan to list itself as an IPO, users took interest in the idea of a DAO that could be used to buy shares of the company. Owning large portions of a publicly traded company would give users a voice in how said company is managed — which is what appealed to Reddit users the most.
DAOs were already the subject of trends prior to this occurrence, and if successful, could push them on the frontlines of discussions. While it sounds like “such a Reddit thing to do”, there are no valid criticisms against the idea thus far, and the desire to own parts of the platform go far beyond the cryptocurrency communities.
Physical Gold on Ethereum
SEBA Bank, a Swiss bank with a lot of focus and expertise surrounding digital assets, is launching an ERC-20 token on the Ethereum blockchain that represents ownership of actual Swiss gold stored in real vaults.
While the concept isn’t entirely new, having a well regulated bank involved in the process of digitizing precious metals and facilitating their ownership has great implications for both industries and their respective markets.
Tennessee City to Include BTC Payment Options for Employees
Jackson, Tennessee may be on track of becoming the first US city to add Bitcoin as a payment option for employees. This would optimize the BTC acquiring process for those who put most if not all their earnings in Bitcoin, and more importantly, signal to businesses that Bitcoin is further spreading among individuals, which would compel them to accept payments in BTC.
There already exist platforms that convert your paycheck to BTC, and even Coinbase recently implemented such a feature for its platform — but a direct payment in Bitcoin on such a scale is a whole new level of adoption the likes of which we’ve only recently started to see.
A Year to Remember
2021 will perhaps go down as one of the most eventful, amusing and bizarre years for crypto; from El Salvador making history as the first country to accept Bitcoin as legal tender, to Tesla accepting (and then refusing) Bitcoin as payments, to very recently trialing Dogecoin payments… We feel this final news coverage to be an appropriate end for this year, and eagerly look forward to what’s to come in the following one.
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