Amazon.eth $1,000,000 Bid

Twitter Takes Musk To Court

July 20, 2022

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What's Dropping ⚡️

  • Magic Eden now supports ledger connections. What could be up next? 👀 (Twitter)

  • Dubai has a plan to create 40,000 web3 jobs in the next 5 years (Blockworks)

  • Tony Hawk coasts into The Sandbox with his skatepark within the metaverse. (Twitter)

  • Gamestop hit the mark with their new marketplace, making more overall in one week than Coinbase has over a month. (CoinDesk)

  • Another hack hit Twitter yesterday, taking over the accounts of trusted members of the NFT space. Various attacks have left the NFT community on edge. (Yahoo)

  • If you have ever wanted to learn about bitcoin mining, Foundry is training and developing technicians. Their second session starts on September 12. (PRNewswire)

  • Limewire will be throwing some insane parties in Ibiza, granting holders of their token free entry and VIP access. (Twitter)

  • 3AC Founders Su Zhu and Kyle Davis have just been detained at an airport in Dubai, while trying to board a private jet to Switzerland (CryptoWhale)

Amazon.eth $1,000,000 Bid 💰

With the Ethereum blockchain, we have ENS domains, which have been seeing an uptick in volume recently. Once the 3-number domains were minted out, people started noticing that domains were being registered in many categories. They didn’t realize the true potential of domains until domains started gaining notoriety. Then it was the 4-number domains. Then the 3-letter. Now, we’re seeing volume spikes in many obscure categories, including Arabic and Chinese 3-letter domains.

When the internet first started, there were no companies active in the digital marketplace, thus making domain registry more of a blanket approach. People would register domains by thinking of combinations that other people or organizations would want to buy later in the future, more or less guessing what websites would be popular. In the current state, people have the internet to base their domain purchases on. They can create or buy ENS domains based on companies that are already leaders in the digital space. Hence why we’re seeing domains like amazon.eth get bids of $1,000,000. They can also base their domain registrations on people, especially those with a large social following. Imagine registering justin.eth and selling it to Justin Bieber? That’s the power of ENS.

With ENS domains gaining traction in the current bear market, it goes to show how early we truly are. When the internet first started, it was a rat race to register domains. And with Ethereum now starting to gain more adoption, domains are seen as a great way to connect the real world and blockchain. They’re easily comparable to a real world scenario because we have all used a .com website domain. So if you don’t like to trade the conventional PFP images, you can delve into the world of domains. Catch ‘em while you can. WAGMI.

Twitter Takes Musk To Court 🐦

Twitter is taking out its talons on Elon; a Delaware judge has ruled to fast-track Twitter’s lawsuit against the SpaceX and Tesla founder. Twitter filed for a lawsuit shortly after Elon announced that he’d no longer honor his commitment to purchase Twitter for $44 billion dollars. The case that he and his team are making centers around the claim Twitter has misrepresented how many of its users are actually bots and spam accounts. They argue that they will incur material adverse effects since the prevalence of sham accounts will effects Twitter’s business model.

Elon Tweeted the above during his court hearing. As usual, he appears to be rather unbothered. Musk’s counsel is emphasizing the timing resources will they require in order to do the deep discovery work required to find out the real number of fake accounts. While he wishes to delay things, Twitter wants to work at speed to see that the transaction occurs, so that the company’s reputation does not tarnish further. Twitter is not asking for money to cover damages, but wants Elon to complete its acquisition, and asking the courts to enforce his agreement. The trial is slated for October, and in the meantime, plenty of mudslinging will likely ensue.

Considering Twitter is the main hub for NFT enthusiasts this buy-out decision does matter. We ran a little poll above with some interesting answers.

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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