March 18th, 2022
What’s Happening Now
The best stories shaping the crypto economy.
Yuga Labs Launches Highly Anticipated ApeCoin
ApeCoin Launches for Bored Ape Ethereum NFT Holders With Reddit, FTX, Animoca Execs on Board [Decrypt]
Yuga Labs launched its first token offering, ApeCoin, yesterday morning at 8:30AM ET. Bored Ape holders are able to claim an airdrop of the token correlated to the number and type of NFTs they hold.
Most of the early narrative is around the token price, and many will jump into the decentralized markets to try to trade ApeCoin on short time frames.
The more interesting narrative is around the use of ApeCoin in Yuga’s planned metaverse offering.
There have been many attempts to vertically integrate NFT IP, a metaverse offering, and a new token to function as the in-world currency. We have yet to see any of these offerings find a real product-market fit, outside of speculation.
Yuga may be the best positioned to make real headway into the metaverse space. It’s remains unclear what real product-market fit looks like for the metaverse. At the moment, there are many solutions looking for a problem. But if there is any company with the team, partnerships, and IP to find a way to P/M fit—it’s Yuga.
Follow Up: Crypto Is *Not* Being Used to Evade to Sanctions
Crypto Experts Say No Evidence of Major Russia Sanctions Dodging. [Bloomberg]
In a continuation of the story from earlier this week, experts have confirmed that crypto is not being used by Russia to avoid sanctions.
There was speculation that crypto markets might offer the Russian government and its citizens a way to evade U.S. and NATO sanctions.
Many experts responded immediately that crypto markets are too small to offer an effective route around fiat rails, given the size of the money flows. Now, more experts are coming forward with confirmation that no evidence has been found that Russia is using the crypto markets to evade sanctions.