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  • Andy Katz

Wait, It’s Not the Bear Market, It’s the Build Market!

There’s certainly plenty to be grateful for in crypto despite the bear market conditions. That’s because the builders are still building and the investors are still investing.

1. On Wednesday, June 1, Binance Labs announced a new $500M Investment Fund to Boost Blockchain, Web3, and Value-Building Technologies.

Changpeng Zhao ‘CZ’, Founder and CEO of Binance, said:

“In a Web3 environment, the connection between values, people, and economies is essential… to accelerate the mass adoption [crypto]. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more”. (i)

2. Chipotle joined a long list of restaurants that currently accept cryptocurrency. Chipotle patrons at U.S. stores can now buy their burritos with Bitcoin (or Eth). Chipotle has partnered with payment platform Flexa to accept digital payments. (ii)

3. On May 23 Gamestop launched its digital asset wallet for Cryptocurrencies and NFTs.

The GameStop Wallet is a self-custodial Ethereum wallet and will also enable transactions on GameStop’s NFT marketplace, which is expected to launch in the second quarter of the Company’s fiscal year. (iii)

4. Originally an NFT skeptic, it looks like Kanye West and his brand Yeezus will be entering the NFT space (at some time in the future).

On May 27, the Yeezus brand filed trademark applications under the categories of "blockchain-based non-fungible collectibles, assets, currencies and tokens” and “online retail store services featuring downloadable movies, videos, television, music, entertainment, digital art.”

It’s uncertain when or how the trademarks will be used - but the applications do indicate the potential use of the trademarks for the metaverse and NFTs. (iv.)

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