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Weekly Crypto Update

Nike enters the metaverse game following RTFKT acquisition.

The new RTFKT acquisition confirms Nike’s interest in being a prominent contributor to the virtual world of the metaverse.

Sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT. Nike becomes the biggest United States-based athletic products manufacturer through this partnership to join the metaverse bandwagon.

According to Nike, acquiring RTFKT will help the company “deliver next-generation collectibles that merge culture and gaming.” John Donahoe, president and CEO of Nike, believes that the move helps accelerate Nike’s digital transformation efforts

The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain and NFTs those pioneers can own a piece of what they create.

On the other side of the world, German sportswear manufacturer Adidas announced entering the metaverse after partnering with nonfungible token (NFT) companies, including Bored Ape Yacht Club, Gmoney NFT and Punks Comic.

Crypto Markets React as Federal Reserve Hints at Interest Rate Climbs. Federal Reserve chairman Jerome Powell has spoken and crypto markets have reacted positively.

Crypto markets have been buoyed by the news with total market capitalization increasing by $140 billion or around 6% over the past 12 hours.

Bitcoin made marginal gains and approached the $50,000 level but failed to break resistance there.

Coinbase President: Crypto on Pace for 1 Billion Users Within 5 Years

Crypto is on pace to hit a billion users in the next five years,

Coinbase President and Chief.

Operations Officer Emilie Choi said, though usability and regulatory clarity will be key to continued increased adoption.

While speaking during a webinar at the Bloomberg Financial Innovation Summit, Choi said that about 12% of Americans use crypto and that users currently total roughly 200 million globally.

“We’ve hit mainstream adoption,” Choi said. “If you look and track the adoption of the internet, we’re actually on pace or accelerating what the early internet was on the crypto front.”

Certainty around crypto regulation in the US will be key to the space’s growth.

Dogecoin spikes more than 20% after Elon Musk says Tesla will accept it as payment for merch

The meme-inspired cryptocurrency skyrocketed as much as 23% on Tuesday after Elon Musk said Tesla would accept dogecoin as payment for some of its merchandise.

Musk has frequently talked up dogecoin, calling it his favorite digital coin.

Dogecoin went from being worth just a fraction of a penny at the start of the year to a record-high price above 74 cents in May. Although a lot of traders think that the meme inspired coin, is not the best investment as it has had higher volatility than other cryptocurrencies.

Ethereum The New Appstore Says Microsoft Chief

Yorke Rhodes, the Director of Digital Transformation at Microsoft for the past seven years, has boldly predicted that ethereum will become the new app store in just two years.

“Ethereum becomes the Decentralized Appstore by 2023,” he said back in August arguing that eth has low fees while Apple’s appstore has revenue sharing.

This implies Rhodes thinks ethereum will scale in the next two years,

Ethereum has further advantages, Rhodes says, as there is “no commerce locking to Apple, no single point of control by one large corporate, and eth is distributed, decentralized, single sign in across apps with it also having payments, identity, & commerce in one.”

This fringe idea even a few months ago is starting to become a bit mainstream in the top echelons of Silicon Valley because of the metaverse.

It is no wonder thus that Tim Cook finally bothered, after so many years, to tell the world he has some bitcoin. We take that as a sign that Apple is saying we’re watching. They’re watching Facebook and Microsoft. But what matters is the trend, rather than the timeframe, and the trend appears to be somewhat clear. Digital ownership is now a thing, and tech giants now recognize it, and they’re building things on it.

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