Nonfungible Tidbits: This week in bitcoin, cryptocurrency and NFTs

Welcome to the first edition of Nonfungible Tidbits. Here we focus on some of the most interesting things that happened this week. Cryptocurrency, NFT and related realms.

Certainly the biggest story of the week is Bitcoin price, No, uh, it’s not working.Meta, formerly known as Facebook, reportedly End the stablecoin project.. And last Friday, Twitter Debut feature This allows paid Twitter Blue service subscribers to use the NFT as their profile picture. There are some other stories that caught our eye this week.

The SEC has rejected another proposal for the Spot Bitcoin ETF

The US Securities and Exchange Commission said no to Thursday’s proposal to allow Fidelity’s Wise Origin Bitcoin Trust shares to be listed and traded. The SEC cited concerns about investor protection and the public interest in the decision.Investors were able to buy stock in ETFs that track Bitcoin futures Contract from last year. However, the Spot Bitcoin ETF tracks the actual price of Bitcoin, not the price of Bitcoin futures, so the SEC is not yet ready for it.

Texas Governor Abbott believes Bitcoin mines will strengthen the state’s power grid

The main thing needed for Bitcoin mining work is electricity- Lots of electricity.. This is a going concern assumption regarding the environmental impact of Bitcoin. But with the growing presence of Bitcoin miners in Texas, Governor Abbott wants to use them … to help strengthen the state’s power grid? The idea here is that the mining business uses so much energy that it will attract new investment in Texas power plants. And when electricity demand is high, like last winter’s storm, Bitcoin miners can shut down to free up electricity. It should be noted that there is currently no law in Texas that requires miners to do this. Maybe what if the governor asks properly?

Miller Lite aims for Super Bowl marketing in Internetland

Bud Light is the official beer for big games, so you can’t place mirror ads in the most valuable inventory in the United States. What is the next best option? Apparently it’s a “metaverse bar”. Miller Lite has partnered with Decentraland, a platform that allows people to buy and sell virtual land. What is the Metaverse Bar? After reading this Marketing Dive story, the concept sounds essentially like a logged-in video game, and Avatar sits in a bar and buys an NFT. Very 2022.

The Ethereum Foundation uses the term “Eth2”

The Ethereum Foundation oversees the Ethereum blockchain, the Ethereum blockchain. This is the second cryptocurrency after Bitcoin (by market capitalization). The blockchain, which is currently in the “Eth1” phase, will be upgraded later this year. This should make transaction execution more efficient, environmentally friendly and cheaper. Previously, the new version was known as Eth2, but now it’s not. Why? According to the Ethereum Foundation blog post, Eth1 is called the “execution layer” and Eth2 is called the “consensus layer”. This is a semantic change, which reflects that the execution layer and the consensus layer are both aspects of the same system, rather than two separate versions of Ethereum. And that’s a good thing, isn’t it?

For now, that’s all. thank you for reading. I have a lot to talk about next week as well. In the meantime, check out the SoMoney podcast featuring CNET’s Farnoosh Torabi.