🧘♂️STOP: Don't Underestimate This
Market Meditations | November 5, 2021
Seriously Big Momentum
Dear Meditators
The capital is flowing. New partnerships, trending assets and more.
Today’s Meditations:
Google Steps Towards Bitcoin
Everything you need to know about Enjin ($ENJ)
Genesis Market Insights
Podcast: Building the World’s Top NFT Game with Jihoz
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⛅️ On Cloud 9
Yesterday, we heard news that Google has invested $1 billion in CME Group. In a Thursday notice to investors, the CME Group announced the $1 billion investment in addition to a 10 year strategic partnership with Google cloud.
The Crypto community were quick to rejoice at the news.
To some, this seemed strange. CME Group is not a pure crypto company afterall. However, consider the following statements from cointelegraph:
The CME Group was behind the first Bitcoin futures contract launched in December 2017.
According to data from CME Group, the average daily volume in its Bitcoin futures reached 6,243 contracts as of Nov.13.
Since that time, the exchange has continued expanding its offerings of crypto derivatives to include micro BTC futures, BTC options, and micro Ether futures.
Clearly, CME Group is a relatively big player in crypto.
The news of the partnership is not as bullish as a major corporation investing directly in a pure crypto company but is a good sign nonetheless.
What’s more, it shows us that however corporations feel about crypto, they certainly care about competition. Facebook and Microsoft have both recently taken steps towards the Metaverse and now, Google has partnered with CME. When one corporation makes a move, we can assume the major competitors will follow.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
? Start Your Enjins!
Yesterday Enjin announced a $100 million fund to formalize support for its ecosystem partners in a push to bring the decentralized metaverse closer to reality.
Enjin is a software aimed at giving developers the ability to create and manage virtual goods as non-fungible tokens (NFTs).
Enjin has released software development kits (SDKs) which allow users to create and integrate digital assets into games and apps.
Each asset minted on Enjin requires a fee and is assigned a value denominated in its native coin (ENJ).
Assets can be melted (destroyed) to “redeem” them for Enjin Coins, instilling an intrinsic value.
In March, Enjin secured $18.9 million in funding for Efinity, a decentralized cross-chain NFT network built on Polkadot designed to facilitate ecosystem interoperability and decentralization.
The “Efinity Metaverse Fund” will support Enjin and Efinity adopters, as well as other organizations working on several specific objectives.
The Enjin team will review projects launching on EnjinStarter, the affiliated launchpad for Efinity, for seed investment consideration and potentially offer continued support as they grow.
Enjin has already invested in some of its adopters by purchasing respective tokens in games like Splinterlands.
With the announcement of such a large sum dedicated to a new funding initiative, we can expect to see more incentives continue to accelerate project development.
The metaverse momentum is persistent! Enjin’s vision for the future includes a fully decentralized, interoperable ecosystem in which assets and items freely float between games and apps. The Efinity Metaverse Fund gives that vision some serious credibility.
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? Institutions Hop Down the Rabbit Hole
Genesis Trading launched as a Bitcoin OTC desk in 2013 and currently offers trading, lending, and custody programs for institutional investors.
According to their Q3 report, while the approval of the Bitcoin futures ETF renewed investor interest in Bitcoin, the real surprise came from Ethereum (and other L1’s).
For the first time ever, ETH loans accounted for more than 30% of their books, increasing from 27.9% last quarter to 32% in Q3. In the same period, Bitcoin loans decreased from 42.3% to 32.4%.
Noelle Acheson, head of Genesis Market Insights had this to say about institutions, “Bitcoin continues to function as the gateway asset, but we are seeing institutional investors express growing interest in diversifying their crypto portfolio.”
It is not just ETH that is sparking their interest either, SOL, TERRA, AVAX, and FTM ate away at ETH market share in Q3, while BSC, DOT, and MATIC took market share in Q2.
As institutions look beyond Bitcoin to diversify their crypto holdings, retail investors are quitting their full-time jobs thanks to crypto gains.
Economists are calling it ‘the great resignation,’ as lower-wage workers leave their employers causing a labor shortage. Civic Science, an analytic company in the US polled 6,741 people during the last week of October and 4% of those respondents were able to resign due to crypto profits.
? Building the World’s Top NFT Game with Jihoz
Jiho is co-founder of the world’s largest NFT game, generating over $1bn dollars in total revenue.
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??♂️✍️ Stories in this newsletter were written by D. Beverly, Kyle F., Max P., Nick T., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
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