Market Update: November 04, 2022

  /  3 minutes read

The Socios CEO, Alexandre Dreyfus, is committed to using Web3 to improve the sports fan experience. In an agreement for $100 million struck in August, Socios purchased a 24.5% share in FC Barcelona’s just-launched Barca Studios. NFTs are tokens built on the blockchain to prove ownership of physical or digital assets. The self-described “geeky computer guy” is dedicated to using Web3 to improve the sports fan experience. At WebSummit in Lisbon, the CEO of sports fan token platform Socios talked about their three-month-old strategic technological partnership with FC Barcelona, the nuances and potentials of fan tokens, and the upcoming Men’s FIFA World Cup in Qatar in an interview. The goal of fan tokens, according to Dreyfus, “is to try to go after the non-local fans, the 99% of people who are not in a stadium, not simply the domestic and local supporters.”There has been clear opposition to FIFA’s choice to designate Qatar as the host nation for the 2022 World Cup.

Kunji Market outlook

Wall Street giant Goldman Sachs to soon provide institutional clients with an online resource that explains and categorizes cryptocurrencies. Project Datonomy collaborates with cryptocurrency data supplier Coin Metrics and global index provider MSCI. The service will assist institutional investors in understanding the coins and tokens, which currently represent a $1.05 trillion market. The database will also aid in providing market participants with a general understanding of what is happening in the various crypto sectors.

The CEO of Yuga Labs, Nicole Muniz, addressed the importance of the security and safety of digital assets, the potential of IP, and the origin of the Bored Ape Yacht Club (BAYC) this Thursday at Lisbon’s annual technology conference WebSummit. Regarding their objectives for The Otherside, an open-source metaverse platform, Yuga Labs’ market value increased from $450 million to over $4 billion. Cristina Muniz, the co-founder, claims that the business is hiring the “best and brightest” to develop the next phase of the internet. The goal of Yuga is to revive online entertainment.

In a budget report released on Thursday, the federal government of Canada declared the launch of a consultation on “cryptocurrencies, stablecoins, and central bank digital currencies.” The government’s fiscal road map for the upcoming months is laid out in the mini-budget presented by Deputy Prime Minister Chrystia Freeland. A part on “the digitalization of money” was included among provisions on taxes, recovering from COVID-19 and hurricanes, and budget estimates. According to the report, this includes a legislative review addressing financial stability and security as well as other issues. Canada made news earlier this year when Prime Minister Justin Trudeau ordered banks to freeze and suspend accounts linked to the protestors, including bitcoin contributions. This was done in reaction to a weeks-long truckers’ demonstration that closed the U.S.-Canada border.
That’s it for today, see you tomorrow


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