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Fidelity Jumping Into Crypto

China & Web3

AuthorAuthor

Gannon Breslin & Von Doom
January 03, 2023

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We can't believe it but it's 2023! Thank you for sticking by us last year and we can't wait for what's in store this year 😊 

Here is the breakdown of today's newsletter:

🗞 Fidelity files web3 and NFT patents📊 Chart of the day👀 China getting into NFTs?

  • From Goblin parties in New York City to Reddit avatars and more, 2022 has been an absolute whirlwind when it comes to NFTs. Check out the most impressive NFTs of the year. (DC)

  • Kraken Exchange opens up the beta for Kraken Pro, a fresh take on asset exchange. (@krakenpro)

  • Axie Infinity players are enjoying the Lunacia’s Stocking Stuffers airdrop. Players can receive accessories through Jan 3. (@AxieInfinity)

  • China is launching its first official NFT marketplace next week, sources claim. The regulated platform will also allow users to trade NFT-related trademarks. (CT)

  • Here is the list of the top 10 NFT Collections by sales in 2022.

  • Nouns were at the long-celebrated Rose Parade today. They pulled up in style with a huge float and live characters. (@nounish)

  • Players of the popular battle royale game PUBG can sign up for the alpha for Banger marketplace. Signing up lets users to claim a special collectible. (@BangerGamesGG)

  • Scottie Pippen drops what is likely the last sneak peek of his NFT sneaker collection that is revealing on Jan 4. (@ScottiePippen)

  • More than 2.2 million ENS names were registered in 2022 alone. (@ensdomains)

  • Nouns were at the long-celebrated Rose Parade today. They pulled up in style with a huge float and live characters. (@nounish)

  • Players of the popular battle royale game PUBG can sign up for the alpha for Banger marketplace. Signing up lets users to claim a special collectible. (@BangerGamesGG)

  • Scottie Pippen drops what is likely the last sneak peek of his NFT sneaker collection that is revealing on Jan 4. (@ScottiePippen)

  • More than 2.2 million ENS names were registered in 2022 alone. (@ensdomains)

Fidelity Files Web3 Trademark Applications 🗞

Announced earlier this week, Fidelity Investments has filed 3 trademark applications that pertain to the Web3 space. Notably, these trademarks focus on NFTs and their marketplaces, investment services of all kinds in the metaverse, and cryptocurrency trading, just to name a few. Fidelity has been making strides to open up their institutional investors to Web3, with a recent introduction of retail Bitcoin trading accounts. With this move, Fidelity notices the potential of Web3, despite the market turmoil.

💡The DropMarkets are dark, and the short-term future looks bleak. But if you’re reading this, you see the value that this space can provide, just like us at The Drop. Rest assured: Web3 isn’t not going anywhere. Happy New Year everyone! Can’t wait to see you guys in 2023! WAGMI. 

Chart of the day 📊

China Getting Into Web3? 🇨🇳

With the new year, China is ushering in a new wave of Web3 development that pertains directly to NFTs. Announced in the past few days, the “China Digital Asset Trading Platform” will allow Chinese citizens to buy digital assets at a national level, thus becoming the first legally compliant secondary market in the country. The platform utilizes a special blockchain called the China Cultural Heritage Chain, instead of opting for conventional chains like Ethereum or Solana. But with China’s recent government overreach and emphasis on monitoring their citizens’ moves, this comes as no surprise.

  • Web3 ecosystem… “Promote digital innovation to boost the country's digital economy.”

  • Step in the right direction… With China’s strict regulations on digital secondary transactions, for them to back a marketplace is a huge step for the country’s outlook on the future of the technology being implemented, while also giving their citizens the ability to take part in our world.

  • Chinese controlled system… Extensive testing is being performed on e-CNY CBDC, which is China's form of fiat currency. Despite their unwillingness to allow other cryptocurrencies to muddle their financial system, they recognize the potential that blockchain technology has, especially when it comes to transparency and accountability.

💡 The DropWeb3 is still something that most people do not understand. Ask a room of 30 random people if they know about Web3, and you’ll be surprised at the number that has no clue what you’re talking about. It’s actually astonishing, given that we know the intrinsic value this arena can provide. And despite our limited exposure, countries still want to limit our ability to take part. Just recently, Cuban NFT artists reported that their project pages had been delisted from OpenSea. We must recognize that control will happen. But we must also look for ways to take back that control. That’s what decentralization really means. It’s good that China is trying to give its citizens a way to participate, but at the end of the day, it’s just another way for them to surveil. Is that what we want our world to come to? You be the judge. WAGMI, and we can’t wait for what this year has in store. Happy 2023!

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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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