Crypto Flipsider News – Musk Criticizes Web 3, Cardano Hits New Milestone, USDC Challenges Tether, Beijing Launches New Digital Yuan Coupons, NFT Updates from AMC and Deadmau5

Read in the Digest

• Elon Musk Is Not Thrilled by Web3, Warren Buffett’s Vice Chairman Says Crypto Ban Was the Right Call
• Cardano Hits New Milestone Ahead of DEX Launch, OkCoin Wants 50% Females in Crypto by 2025
• Stablecoin Analytics: USDT vs. USDC, Bank of France Official Says Crypto Regulation Should Come Before CBDC
• Beijing Launches New Round of Digital RMB Ahead of Winter Olympics
• NFT Updates: NFT Helps AMC to New Records, Deadmau5 Releases New NFT Song, Adidas (OTC:ADDYY) Enters the Metaverse with New Partnerships

Elon Musk Is Not Thrilled by Web3, Warren Buffett’s Vice Chairman Says Crypto Ban Was the Right Call

Centibillionaire and founder of Tesla (NASDAQ:TSLA), Elon Musk, who has become famous for his crypto involvements, is unimpressed by Sam Altman’s explanation of Web3. Altman is the founder and CEO of AI research and deployment company, OpenAI, and took to Twitter (NYSE:TWTR) to explain Web3 (the decentralized web).

In explaining the possibilities that lie within this technological advancement, Altman opined that “Web3 might still have 2010s-like returns.” However, unimpressed by his explanations, Musk remarked, “Web3 sounds like bs.”

The criticism continues with Warren Buffett’s Vice Chairman, Charlie Munger. According to the 97-year-old vice chairman, China’s decision to ban cryptocurrencies and mining was the right decision.

According to the investor, cryptocurrencies have made the investment space “a little more extreme” than what he had seen in his decades of experience. Mr. Munger added that he will never buy a cryptocurrency, and wishes that they were never invented.

Flipsider:

• While Warren Buffett has not been a fan of cryptos, banking leaders from around the world are amassing cryptos

Why You Should Care

Despite the diversified opinions about cryptocurrencies, the industry continues to grow, with its market cap growing more than 3x in 2021.

Cardano Hits New Milestone Ahead of DEX Launch, OkCoin Wants 50% Females in Crypto by 2025

While users did not get the rewards of the en-fanfare protocol upgrade, Alonzo, immediately, the network has been slowly building. Cardano has reached its 20 millionth transaction after only four years of operation.

While Cardano is waiting to enjoy as many Decentralized Exchanges (DEXs) as Ethereum – the pioneer of smart contracts – it has surpassed the transactions of the Ethereum network. In explaining the FUD surrounding ADA, Hoskinson also shared why dapps are taking a long time to be featured on the Cardano network.

Flipsider:

• While Cardano surpasses Ethereum transactions, ADA has been underperforming at the moment

A study in early 2021 reported that only 10 to 15 percent of Bitcoin investors are females. So, setting out on a journey to increase female involvement in crypto, OkCoin has invested $1 million to support more women entering the crypto industry.

Through the project, OkCoin wants the male-female crypto participation ratio to be equal by 2025. The exchange has also appointed Randi Zuckerberg as an inaugural brand advisory council member. OkCoin’s ambition is part of a greater quest to achieve mainstream DeFi (decentralized finance) adoption.

Stablecoin Analytics: USDT vs. USDC, Bank of France Official Says Crypto Regulation Should Come Before CBDC

When it comes to stablecoins, one asset has dominated the sector, Tether (USDT). Although entwined in several controversies, USDT remains the market leader, ranking as the fourth largest crypto. However, there is a strong contender for the top stablecoin.

According to data from the Block, USDC ($38.77 billion) now has 50% of USDT’s circulating supply, worth $77.58 billion. While there is a substantial gap, Tether was launched in July 2014, while USDC was launched in September 2018.

While it took Tether almost seven years to hit a market cap of $38.77 billion, USD Coin achieved it in under four years.

The Bank of France is among the top central banks globally that are studying the feasibility of a central bank digital currency (CBDC) as one of the big players in the regional effort to develop a digital euro.

According to Denis Beau, the first deputy governor of the bank, a CBDC is not an urgent concern. Beau, who is not a big fan of cryptocurrencies, believes they should be regulated by the Bank of France before developing a CBDC.

Flipsider:

• Beau has expressed concerns, saying digital currencies could affect the “smooth functioning of our payment system.”

Beijing Launches New Round of Digital RMB Ahead of Winter Olympics

Despite being infamous for its ban on crypto and mining, China leads the pack in the adoption of its central bank digital currency, e-renminbi. In October, we reported that China had pressured businesses like McDonald’s to the RMB before the Olympics.

With the Winter Olympics in two months, Beijing has launched a new digital renminbi pilot program that focuses on consumer spending. Four state-run banks have released a new batch of e-renminbi coupons to test its performance in small-amount and high-frequency payment scenarios.

Three of the banks have revealed their e-renminbi coupon policies. They will give coupons for public transportation (60 yuan), supermarkets, laundries, delivery express services (10 yuan), and bookstores (99 yuan).

Flipsider:

• There have been concerns about China’s CBDC, with the U.S. warning that it shouldn’t be used at the 2022 Olympics

Why You Should Care

Since its first test in October 2020, this is the 24th promotion of the e-CNY, making it the most used CBDC to date.

NFT Updates: NFT Helps AMC to New Records, Deadmau5 Releases New NFT Song, Adidas Enters the Metaverse with New Partnerships

After delving into the cryptoverse, AMC Theaters is beginning to benefit from non-fungible tokens. According to Adam Aron, partnering with Sony (NYSE:SONY) Entertainment to offer 86,000 NFTs to the early buyers of “Spider-Man: No Way Home” helped AMC record its second-highest one-day ticket sales.

Canadian electronic music producer, DJ, and musician, Deadmau5, has collaborated with the rock band Portugal The Man to release a new single, “this is fine,” available for minting on Mintbase. Deadmau5 hopes to go platinum with this new NFT song.

German sportswear manufacturer Adidas has confirmed its foray into the metaverse with new partnerships with NFT Projects Bored Ape Yacht Club and Punks Comic. In its tweet announcing its Metaverse, Adidas referred to it as “a world of limitless possibilities.”

Flipsider:

• According to investor Chesnais, the metaverse won’t be the turning point in cryptocurrency adoption

Why You Should Care

With more megacorporations building different metaverses, it won’t be long before we begin seeing some real applications in everyday life.

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