Crypto Buzz: → Buying an NBA team → Playing Games → Covid → (And more…)

Welcome to your Monday Daily Crypto Hunter Buzz edition!

Each week, I’ll be highlighting 5 of the most important headlines in cryptocurrency to make sure you’re on top of the news, and ahead of the game.

Let’s explore…

#1 Buying an NBA team?

A failed attempt to purchase the U.S. Constitution last week by a group of crypto investors, ConstitutionDAO, has acted not as a deterrent, but a catalyst for future groups.

ConstitutionDAO was able to raise over $40 million in Ether, hoping to enter the winning bid on a Sotheby’s auction of the first printing of the final text.

The group was outbid with a $43.2 million offer by another buyer.

A rough beginning

Inspired by the decentralized nature of cryptocurrency, Decentralized Autonomous Organizations (DAO) were spawned in April 2016. By the end of fundraising, DAO token sales reached over $150 million, making it the largest crowdfunding campaign ever.

As for the specific vision, Investopedia explains:

“The developers of the DAO believed they could eliminate human error or manipulation of investor funds by placing decision-making power into the hands of an automated system and a crowdsourced process. Fueled by ether, the DAO was designed to allow investors to send money from anywhere in the world anonymously. The DAO would then provide those owners tokens, allowing them voting rights on possible projects.”

Soon after inception, a paper was published highlighting potential risks and vulnerabilities — and like clockwork, the DAO was hacked just two months after it’s creation.

The future of ownership

Now, a new organization has emerged — Krause Hause.

Krause House started this past week, selling NFTs in exchange for admission to their Discord server and an allotment of tokens.

In its first 15 minutes, the group raised 200 ETH. When the NFT sale ended last Thursday, purchases amounted to 1000 ETH, equivalent to over $4 million USD.

So, what happens next? Krause House doesn’t seem to have a plan…

You can read more on this project here, covered by NPR.

#2 Play crypto games, win crypto prizes

Play-to-earn cryptocurrency games, like Axie Infinity, are pushing decentralization in the gaming industry.

Resembling a pokemon style game, Axie’s are NFTs in the form of digital pets that you can collect, breed, and battle for tokens.

Axie’s can be bought and sold for varying amounts on the marketplace.

Axie Infinity marketplace

(Axie Marketplace active listings)

You can find listings under $200 USD, and others for hundreds, even millions, of Ether.

Axie Infinity Marketplace

(Axie Marketplace active listings)

With some players earning up to $2,000 USD per hour, it’s no surprise that this new form of gaming is expected to grow 20% by 2022.

Ready to play?

Check out a few noteworthy play-to-earn crypto games, detailed by Bitcoinlist here.

#3 Omicron: Covid, bad. Crypto, good.

You’ve seen it happen…

An internet joke making crypto millionaires…

Elon Musk tweets sending market prices into outer space…

And just this morning, you may have noticed another growth catalyst: Coronavirus.

The World Health organization (WHO) decided back in May they would nickname variants using letters from the Greek alphabet, in order to simplify conversation, as well as avoid stigmatization when variants are referred to as their place of origin.

When the SARS-CoV-2 variant: B.1.1.529 was nicknamed Omicron three short days ago, a cryptocurrency with the same name was trading for ~$65 per token.

By 7pm, on the day of the WHO announcement, Omicron (OMIC) began its ascent, reaching a high of $711.09, just last night.

Omicron, coinmarketcap chart

Price data shows an instance of Omicron coin only as of November 8th, with a Telegram channel named OmicDAO showing up one day prior. At present, no market cap has been established.

If you missed last Wednesday’s Issue explaining this exact phenomenon, take a look here.

And for more details on the Omicron token, check out this article from Coinbase.

#4 1099-B(ITCOIN)

Back in May, the US Treasury department released a report noting “…that cryptocurrencies pose a “significant detection problem” and are used regularly by top earners who wish to evade taxes.”

Beginning 2023, the IRS will require investors of digital currency to submit annual tax reporting.

Investors will report income from cryptocurrency using 1099 forms, similar to reporting their interest earnings. This effort is predicted to bring in around $700 billion in revenue over the next decade.

Under the same set of reporting requirements, businesses will also be responsible for reporting any cryptocurrency transaction over $10,000.

For everything you need to know on the new digital currency tax law, click here.

#5 A (crypto) community in limbo

Announced just hours ago, Twitter CEO, Jack Dorsey, has stepped down from his role, being immediately replaced by Chief Technology Officer Parag Agrawal.

Twitter has been at the forefront of the digital currency boom, and even launched a crypto team earlier this month.

Twitter crypto team

The big question is whether or not this change in leadership also means a change in the future relationship of Twitter and Cryptocurrency.

Dorsey explained, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders…”

Speculation may point to the 2020 campaign, launched by an investment firm in hopes to remove Dorsey from his role as CEO. In an apparent effort to quell any suspicions of last year’s campaign and today’s announcement having any correlation, Dorsey goes on to state, “I want you all to know that this was my decision and I own it.”

MarketWatch further explains sentiment around today’s announcement here.

Keep an eye out for the next issue of Daily Crypto Hunter in your inbox on Wednesday for more insights,

Until then,

Carpe Crypto,

Matt Insley
Editor, Daily Crypto Hunter

You May Also Be Interested In:

These Lady Builders Earned Your Admiration…. Not You, Mackenzie.

Good morning! It’s Wednesday already.  Just in time for a bit of snark with your morning coffee. Mackenzie Scott (formerly Bezos) is giving away “her” fortune. The women on my list genuinely earned respect – and their riches. Just for fun, some are married to rich men, but not as rich as they are! This...

Matt Insley

Matt Insley has been Agora Financial’s resident resource hunter for years, traveling the country finding the best hard asset plays for you. Now he brings that "muddy boots" experience as co-author of Outstanding Investments.

View More By Matt Insley