Here are the top web3 stories from this week.
Crypto Markets Hit with Liquidation Fears
📉 Coming off the huge losses from Terra/Luna, the Crypto markets are down big again after two new hotspots flared up this week. The week started with news that DeFi lender Celsius was pausing withdrawals. Things got worse midweek when rumors that a large Crypto trading firm called Three Arrows Capital (3AC) was facing a liquidity crisis. The lack of transparency and poor risk disclosures in the Crypto markets are likely to lead to more problems in the coming weeks as prices fall and additional collateral is required to support lending activity.
DraftKings and UFC to Partner on NFTs
🥊 DraftKings has already made a big push into the NFT space. The sports betting leader has been live with athlete NFTs sales for nearly a year with Tom Brady’s Autograph company. They have more recently announced a partnership with the NFL for an NFT-based fantasy sports game called Reignmakers. This week, they added the UFC as a new partner for the Reignmakers platform. You gotta figure more announcements are coming from DraftKings.
Jack Dorsey and Jay-Z Partner on Crypto Education
👩🏫 Twitter and Square founder Jack Dorsey has had a long relationship with Jay-Z. Square purchased Jay-Z’s music streaming service Tidal last year, and the pair worked together on Crypto education in Africa and India last year. Now, the duo announced Bitcoin Academy, an initiative to provide teach people of all ages at the Marcy housing project in NY about Crypto.
Content to Check Out
My Fave Newsletters
📧 Someone recently asked me for recommendations of other newsletters in the web3 space. You should check out Not Boring, a newsletter by a VC named Packy McCormick. Another newsletter I really like is Digital Native by Rex Woodbury. For basic news on the markets, you can subscribe to Inside Crypto. The Milk Road is a fun daily about new products with a good sense of humor.
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