BTSE Industry News – May 12, 2023

Welcome to the latest edition of our newsletter, where we cover the highlights of the past week in the rapidly evolving Web3 and blockchain industry. 

Fees on two blockchains have reached elevated levels over the past week. 

The US CPI May release came out on Wednesday at 4.9%, just 0.1% lower than expected.

Just two months after the BRC-20 protocol was created, tokens built on this standard surpassed US$1 billion market capitalization, and their rising popularity has pushed Bitcoin transaction fees to a level unseen since May 2021, when the price of BTC hit a peak of roughly US$64,000. The adoption of BRC-20 tokens can be viewed as an important milestone for the Bitcoin protocol as it continues to evolve and serve new purposes.

Transaction fees on Ethereum also surged, reaching a 12-month high. This was driven by memecoin frenzy, chiefly due to swaps for PEPE. But the PEPE has lost roughly 2/3 of its value since its all-time high in the first week of May, and many traders have apparently moved on to seek profit elsewhere. Memecoin mania isn’t quite over — one trader paid 64 ETH, or roughly US$118,000, in transaction fees to purchase US$155,000 worth of another memecoin.

 

Business

• Several companies have recently applied for patents related to Web3 and NFTs to secure intellectual property rights and gain a competitive advantage. Haribo, analystics firm FICO, Fujitsu, Fidelity Investments, and the Formula One racing league all filed Web3 related patents.
• Disney has partnered with Cryptoys to release Star Wars-themed NFTs. The limited-edition digital toys featuring Luke Skywalker, Princess Leia, and Darth Vader will be available for purchase for US$39.99, with transactions being facilitated through Apple Pay and Google Pay.
• The Kenyan government and Abu Dhabi-based Venom Foundation have partnered to establish a blockchain and Web3 hub in Africa. The hub aims to drive innovation in sectors like finance, supply chain, agriculture, and cross-border trade. 
• Mattel has partnered with Boss Beauties to release a line of on-chain virtual collectibles that pay homage to the 250 careers of Barbie. The collection, called “Boss Beauties x Barbie,” features NFTs designed in Boss Beauties’ signature style and will be sold for US$25 for a pack of four.

 

Technology

• Sui, a recently launched blockchain network, has gained popularity among game developers due to its unique technical features and approach to on-chain assets. With over 40 games already building on Sui, its ability to process transactions in parallel, scale horizontally, and support dynamically updated NFTs make it an appealing platform for game makers. 

• Dfns, a Paris-based crypto security firm, plans to add biometric identification to its crypto wallet tools. This will help developers create wallets that use features like Face ID, fingerprint scanners, or other biometrics for better user experience and safety. The firm has until now raised US$15 million in funding.

 

Finance

• Elon Musk has officially announced he will be replaced as CEO of Twitter in six weeks, to a successor yet to be officially announced. The Wall Street Journal reports a likely replacement to be NBC Universal executive Linda Yaccarino.
• Mining firm Marathon Digital faced a drop in share price this week, despite peers in the mining industry experiencing rising share prices. Some analysts suspect this drop to be related to its announcement on Wednesday of a second subpoena that was issued to the company by the SEC.

 

You Might Have Missed

• Blockchain provider Chiliz has announced the launch of the public mainnet of Chiliz Chain, which aims to become the home for leading sports brands in Web3. Chiliz Chain features 11 active Proof of Stake Authority node validators and includes lower fees, shorter block time, and less energy.