Crypto Three Things (4/14)
Apr 14, 2022
1) Meta plans to pocket а whopping 47.5% cut on virtual asset sales in its Horizon Worlds metaverse * Meta’s inflated commission rate is significantly higher than the 30% charged by Google and Apple, or OpenSea’s 2.5% cut on NFTs. * The eyebrow-raising figure has angered developers and businesses wanting to capitalize on Meta’s immersive virtual world.
Titan’s Takeaway: With metaverse technologies still in their infancy, the news that Meta will take nearly 50% of sales puts a substantial dent in the prospects of a democratized digital world. And it wasn’t too long ago that Meta CEO Mark Zuckerberg criticized Apple for charging a 30% fee…
2) Altcoin season blossoms with 100-strong altcoin index on track to outperform Bitcoin for second month running * An index of 100 tokens, including Solana, Cardano, Terra, Avalanche, and more, has been showing signs of strength while BTC’s dominance has waned in recent weeks. * In a market worth roughly $2T, Bitcoin’s market share has slipped to 41% from over 70% in January 2021. * The term “altcoin season” is used to describe a period during which alternative tokens take the lead and produce greater returns relative to BTC’s performance.
Titan’s Takeaway: The new kids on the block have—at least collectively—reached a status that threatens to dethrone BTC’s market dominance. This altcoin season suggests funds and individual investors alike are looking to diversify their crypto portfolios—as we’ve aimed to do in Titan Crypto since its inception.
3) BlackRock CEO Larry Fink says the company is exploring crypto, in effort to meet elevated customer demand
- During an earnings call, Fink told BlackRock shareholders that the firm is studying “tokenization,” digital assets, stablecoins, and the crypto sector more broadly.
The news, reported by the WSJ, arrived just a day after USDC issuer Circle announced that BlackRock, who led a $400M funding round in Circle, will manage some of its cash reserves.
Titan’s Takeaway: Fink’s words are simply yet another reminder of what Crypto Three Things readers likely know very well: the crypto market is now too hot for even the most traditional financiers to ignore.
Cash Management
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