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Robinhood Digs Deeper into Crypto
Robinhood Expands Cryptocurrency Opportunities with ETFs
MUSHROOM ALPHA
Happy Monday! Even though crypto was red this weekend, we are kicking off the week looking for gold.
Today's Topics:
Robinhood Rides with Cryptocurrency
Irreverent Labs Funds Play-to-Earn NFT Fighting Game
NFT Market Predicted to Explode Towards $13.6B by 2027
Weekend Recap Reads
Robinhood Rides with Cryptocurrency
The exchange that brought commission-free stock trading to the masses in 2013 has made another leap into the cryptocurrency space. Robinhood, who added crypto trading in 2018, has introduced two crypto-backed ETFs from Grayscale over the weekend.
GBTC and ETHE made their way to Robinhood on Friday, making them available to the 22.8 million users who currently use the trading platform. We see this as another win for crypto because it builds more trust with potential buyers as they see additional cryptocurrency assets become available on established platforms.
Aside from the newly-available ETFs, Robinhood now offers 11 cryptocurrency options for trading and an additional 9 that you can view real-time market data. At this time, the cryptocurrencies that you purchase on Robinhood must stay on the exchange. They are planning to roll out wallet transfers soon.
Irreverent Labs Funds Play-to-Earn NFT Fighting Game
According to SEC filings on Friday, Irreverent Labs has sourced $40 million to fund their upcoming NFT fighting game, MechaFightClub. MFC is set to pit mechanical chicken NFT owners against one another with the chance for victory and spoils. We don't condone chicken fighting but if it is digital we give the thumbs up.
Rahul Sood the leader of Irreverent Labs is no stranger to gaming. Sood was the CEO of Unikrn, an esports betting website, which caught traction in 2019 alongside Fortnite.
How To Get Started
Players looking to get into the first round of NFT mints can expect their opportunity within the next couple of months. MFC’s roadmap states that they will be releasing 6,969 eggs for early adopters to begin their incubation process - NICE!
What To Expect
Once your mechabot hatches the real fun starts by managing your new AI friend. Each mechabot is set to have its own personality and Irreverent Labs also hints at machine learning as you progress.
The roadmap slates a late spring start for the amateur arena that your mechabot will use to train and fight. By the end of summer, they hope to have the premier fighting league, The Cocktagon, available for mechabot owners.
MFC will also include a breeding system that will allow owners to breed mechabots with hopes of creating the next new champion of The Cocktagon. The team has announced that there are 41,000 mechabots and will roll out more opportunities to mint as the game progresses.
Go check out more on the project here and get ready to secure the top spot.
NFT Market Predicted to Explode Towards $13.6B by 2027
Continuing on the NFT train, we came across exciting news for enthusiasts about the future potential of your favorite JPEGs. Over the weekend MarketsandMarkets had a press release detailing the expected growth from the current $3 billion market size all the way up to $13.6 billion by 2027.
The press release details their take on why the boom that started just last year, with projects such as CryptoPunks and BAYC, will continue at a record pace for years to come. They credit a few catalysts for the rapid rise:
Increases in celebrities and influencers releasing their projects and promoting others.
Revolutionizing the gaming industry, whether integrating with current publishers such as Ubisoft or made from scratch Web3 ventures.
Digital artwork and collectibles became a bigger draw, from artists like Beeple to an upgrade of traditional sports cards like NBA Top Shot.
They do, however, mention in their research on the NFT market that, “ NFT transactions are associated with high and hidden gas fees, which most first-time users are either unaware of or ignorant of it.” They believe that the increasing amount of blockchains becoming popular in the NFT game, such as Solana, will help overcome that obstacle.
In past few weeks Coinbase and Kraken have also announced NFT marketplaces. This is a competitive space to watch with platforms popping off like James Harden.
Quick Headlines
Ethereum NFT Collective Doodles Names Billboard Executive as New CEO Holguin is well connected in the pop culture space which should help this project grow even more.
Bankless, Crypto Educator and Influencer, Banned from YouTube Bankless’s Twitter was swarmed by crypto supporters stating that other crypto creators were de-platformed as well.
ICOs Are Coming Back to South Korea ICOs were outright banned in 2017 due to pump and dump scams clouding the space. They are currently working to relax cryptocurrency laws in their government.
Google Looks To Secure the Crypto Web3 Market Google’s cloud division assembled a Web3 team to corner the market.
Funding News:
Hacks:
Mining Capital Coin CEO Indicted in $62 Million Crypto Fraud Scheme We are glad that bad actors in the space are facing consequences, it is imperative for the adoption of cryptocurrency as a legitimate asset.
*Credit u/longingcabbage94 on reddit*
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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.