NFTs In A Nutshell: A Weekly Review

BitcoinistPublicado a 2022-06-27Actualizado a 2022-06-27

Resumen

Q2 closes up with NFT.NYC, another week packed of Yuga Labs and BAYC headlines (and discourse), and eBay continuing it's...

Q2 closes up with NFT.NYC, another week packed of Yuga Labs and BAYC headlines (and discourse), and eBay continuing it’s active push into the space – this time with a new acquisition. Menawhile, one of your favorite candy brands is getting a sweet tooth, and there is more updates from the latest developments in Quentin Tarantino’s legal battle over his past non-fungible token release.
We’re back with our usual recap to digest all things NFT from the past week.
This Week’s Non-Fungible Token News
Bored Ape Yacht Club All Over New Eminem And Snoop Dogg Music Video
The Bored Ape Yacht Club crew brought all sorts of music artists – such as LCD Soundsystem and Lil Baby – as part of their ApeFest 2022 showing, what many in the community tout as an early display of blue chip utility; however, it was the tip of the iceberg when it comes to this week for BAYC. They rounded out ApeFest with a Bored Ape music video courtesy of Snoop Dogg and Eminem.
Meanwhile, the BAYC team is dealing with the need to respond to growing allegations around Nazi ties, including filing a lawsuit against critic Ryder Ripps, who released an amplified video criticizing the NFT project and subsequently launched his own imitation project.
NFT.NYC: Improved, But Still Room To Grow
Speaking of Snoop Dogg, NFT.NYC was host to great experiences, interesting impersonators (I’m looking at you, Doop Snogg), plenty of networking opps, and also it’s fair share of cringe. We can keep it honest. Goblins took things a little too far with IRL goblin noises, the Invisible Friends pop-up was made fun at times, and The Hundreds did an excellent exhibition of fake NFT protestors.
In all, it was seemingly a step in the right direction after last year’s experience – and a much louder and more present community this time around, too. We took some time to cover the good, the bad and the ugly from this year’s NFT.NYC.

Uniswap has seen strong token performance this week following the acquisition of NFT aggregator Genie, and potentially a broader market slowdown of bear market effects. | Source: UNI-USD on TradingView.com
M&M NFT
Mars Inc., longtime candy behemoth and maker of chocolate candies M&Ms, is the latest brand in the consistent flow of ‘filing reports’ of new trademark applications around web3. According to reports this week, Mars has filed crypto, NFT and metaverse related trademark applications for the M&Ms brand which includes “online virtual store environments” and “virtual snacks” for the metaverse.
Tarantino’s Legal Battle: Latest Update
November of last year feels like the ‘simple times’ of crypto. So little time has truly past, but things sure do feel different. Look no further than the curious case of crypto and Quentin Tarantino for a prime example: last year, we covered the emergence of Tarantino’s ‘Pulp Fiction‘ NFTs, and by the beginning of the new year we started briefly covering the ongoing debates between Miramax and Tarantino.
Well the court system in the U.S. can be notoriously slow moving, but we’ve seen developments this week as Hollywood Reporter outlined an “early win” for the legendary director, but there’s still precedent to be set based on how things shake out. As the Reporter aptly notes, it could shake out somewhere down the middle, including NFTs around rights usage divvied up with “Miramax with regard to the movie and Tarantino with regard to the screenplay.”
New Acquisitions: eBay & KnownOrigin, Uniswap Snags Genie
In tough times there can be consolidation. Regardless of reasoning, we saw some interesting acquisitions this week, some more centralized than others. Let’s take a look a couple of the big headline names to see movement this week:

eBay Acquires KnownOrigin: eBay has expressed a desire to be a digital marketplace hub, a forward-thinking player in a new era of collecting, and has doubled down this week with the buyout of NFT marketplace KnownOrigin. The marketplace was relatively small but has displayed tenacity as an early mover in the space.
Uniswap Labs Acquires Genie: Meanwhile, in more DeFi structured orgs, leading dex Uniswap Labs snagged NFT marketplace aggregator Genie over the week as the platform looks to integrate NFTs into APIs and widgets.

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TL;DR: The impending Bank of Japan (BOJ) interest rate hike is shifting global market focus this week, raising questions about its potential impact on the AI-driven bull market and cryptocurrencies like Bitcoin. For years, the yen has served as a cheap global "funding currency," enabling carry trades where investors borrowed yen at low rates to buy higher-yielding assets. This dynamic amplified liquidity and risk appetite in global markets, benefiting high-beta assets like AI tech stocks and crypto. The BOJ's expected move to raise rates from 0.75% to 1.0% signals a shift away from this era of ultra-low-cost funding. The core concern isn't the 1% rate itself, but the direction of change and its potential to reduce global leverage and risk tolerance. An unwinding of yen carry trades could force investors to sell global assets to buy back yen for repayment, potentially triggering synchronized volatility in overvalued sectors. While AI fundamentals and crypto-specific drivers remain intact, the market impact will depend on whether the BOJ signals a faster-than-expected pace of normalization. Post-decision, watch for correlations between a strengthening yen, rising Japanese bond yields, and simultaneous pressure on tech stocks and cryptocurrencies to gauge if the market is pricing in a broader tightening of cheap global liquidity.

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Microsoft Announces Commercial-Grade Quantum Computer to be Completed in Three Years: Will the Boots Land?

Microsoft announces plans to build a commercially viable quantum computer by 2029, a significant acceleration from the previous industry consensus of a decade. The breakthrough is fueled by their new Majorana 2 quantum chip, which boasts a record-breaking average qubit lifetime of 20 seconds—a 1,000-fold reliability improvement over its predecessor. This leap was achieved by leveraging topological qubits, a theoretically more stable technology using Majorana zero modes, and switching the core superconducting material from aluminum to lead. Crucially, Microsoft's "Discovery" agentic AI platform accelerated the R&D process. AI agents autonomously analyzed vast experimental data, optimized manufacturing parameters (like the lead alloy composition), and solved issues like "ghost noise," dramatically speeding up experimentation. While the 20-second coherence time is a landmark, challenges remain: scaling from 12 qubits to the millions needed for practical applications, managing compilation costs, and verifying quantum results. Skeptics call for peer-reviewed data, and questions persist about whether even 20 seconds is sufficient for complex algorithms like breaking RSA encryption. The race is on with other approaches (superconducting, trapped ions), but Microsoft's confidence in its topological roadmap signals a potential shortcut to a scalable quantum future.

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What Kind of People Is Anthropic Actually Hiring? Insights from 1,680 Resumes Provide the Answer

Contrary to the common perception of Anthropic as a PhD-heavy AI research lab, an analysis of 1,680 engineer profiles reveals its core talent is experienced "builders." The engineering team, largely assembled in the past 18 months (median tenure 10 months), hires senior engineers with a median of 12.2 years of prior experience. They primarily come from major engineering-focused companies like Google, Meta, Amazon, Microsoft, Stripe, Databricks, Snowflake, and Palantir, not primarily from other AI labs. Their backgrounds are infrastructure-heavy (40%), focusing on backend, distributed systems, databases, and security, with skills like Python, Java, C++, and AWS being common. Only 13.7% hold PhDs. The dominant job title is "Member of Technical Staff." For early-career hires (<6 years experience), entry is not based on standard work history but on prestigious signals: top internships (e.g., at FAANG or quant trading firms), competition rankings, research publications, or AI safety fellowship experience. The key insight for applicants is to present as infrastructure builders, highlighting experience with large-scale systems, not as pure researchers, reflecting Anthropic's identity as a highly engineered infrastructure company.

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Is There Really a "World Cup Curse" in the Market?

Is there really a "World Cup Curse" affecting markets? Historical data shows global equity markets often underperform during the tournament. The S&P 500 has averaged negative returns of -1.5% to -2.11% across 19 World Cups since 1950, with declines in 58% of events. China's Shanghai Composite fell in 71% of tournaments since 1994. Studies confirm reduced trading activity during matches, with volumes dropping significantly, especially when a home nation plays. A team's loss can also lead to negative sentiment and selling pressure in its domestic market the next day. However, the "curse" may be partly attributed to seasonal weakness. Many tournaments are held in June-July, a historically weaker period for stocks ("Sell in May and go away"). The 2022 Qatar World Cup, held in November-December, saw a smaller drop in trading volume compared to summer events, suggesting timing plays a role. The cryptocurrency market's performance during World Cups has been mixed and largely driven by its own major catalysts (e.g., Mt. Gox hack, FTX collapse, halving cycles) rather than the tournament. Investment opportunities have shifted over time. Traditional beneficiaries like TV manufacturers have seen fading returns as streaming platforms become the core viewing channel. Classic consumer plays like beer and sportswear face challenges from changing consumption trends. Newer digital assets, like fractionalized collectible player cards on blockchain, have seen explosive growth. While gambling is a traditional sector, prediction markets are emerging. In conclusion, while a statistical correlation exists, the World Cup's direct impact on markets is likely limited and intertwined with seasonal patterns. With lower liquidity during the event, the simplest strategy for many might be to step back from trading and enjoy the games.

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Why 'AI Service Subscription' Is Destined to Die Out?

"Why 'AI Service Subscription Models' Are Doomed to Disappear" The article argues that the flat-rate subscription model for AI services is fundamentally unsustainable. It points to recent industry shifts, such as Anthropic limiting access to its flagship Claude Fable 5 model for subscribers after just 14 days, and GitHub and OpenAI moving towards credit-based or usage-based billing. The core problem is that subscription models rely on a capped human consumption limit—like watching videos or listening to music—which keeps costs predictable. However, the rise of autonomous AI agents shatters this premise. Agents can consume 5 to 30 times more computing resources (tokens) than a human chatting, and they operate continuously without user presence. This removes the natural usage cap, making fixed-price plans financially unviable as heavy users incur massive costs. Attempts to patch the model with higher tiers or usage caps have failed, often leading to "adverse selection" where only the heaviest users subscribe. The industry's solution is to hollow out subscriptions, replacing "unlimited" access with prepaid credits charged per token, akin to a utility meter. While chat-based subscriptions may linger, the real value and revenue are shifting to pay-as-you-go models. The current period represents a final, heavily subsidized phase for users. The conclusion is that the soul of subscription—a fixed price for worry-free use—is dying, soon to be replaced by pure usage-based pricing where everyone pays for their own "electricity meter."

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