Quick Take
Mark Zuckerberg announces Facebook will now be called Meta.
Coinbase ranks #1 in the U.S. App Store amid SHIBA rally.
Nifty Gateway launches an NFT aggregator to cross-list NFTs from other marketplaces.
ETH stakers will be entitled to block rewards, tips, and Miner Extractable Value (MEV) after the merge.
Facebook Rebrands As Meta Amid Web3 Push
Facebook CEO Mark Zuckerberg announced today that its parent company will now be called Meta. Facebook claims that Meta will help build the metaverse, a term used to describe the broader Web3 ecosystem. Facebook’s own plans for the metaverse include a place to connect in virtual and augmented reality.
The announcement was made during the company’s annual Facebook Connect event. An 80-minute video shows the company's latest plans which included NFT collectables, 3D avatars, and virtual web spaces for meetings. Earlier this month, Facebook announced that it will invest $50 million and will hire 10,000 people across Europe in the next five years to aid with building its metaverse.
Coinbase Hits #1 Most Popular On App Store
The Coinbase App is now the #1 most popular application in the U.S. App Store and the second most popular app in the Google Play Store. Just a few days ago, Coinbase was the 11th most popular app in the US. The application has had 1.5 million downloads since launching in 2014, with a sudden increase in downloads over the past 48 hours.
The recent surge in Coinbase App downloads can be attributed to the rally of Shiba Inu, a meme coin launched last year. Coinbase recently added support for the token in September. Over the last 24 hours, SHIBA’s trading volume has hit $43 billion, with Coinbase responsible for as much as 10% of the market's volume.
Back in May, the anonymous creator of SHIBA had sent 50% of the token’s supply to Ethereum creator Vitalik Buterin. The amount, currently worth $32 billion, was burned by vitalik with a small portion being donated to charity. Coinbase had also reached #1 in the U.S. App Store at around the same time, just ahead of its public stock listing on the Nasdaq.
Nifty Gateway Reveals NFT Aggregator
Custodial NFT marketplace Nifty Gateway has launched an NFT aggregator to list NFTs from other marketplaces such as OpenSea. Cross-listed NFTs can now be purchased on Nifty Gateway with an “all in one” price, which includes gas costs and a 3% processing fee. Nifty users can purchase NFTs with credit cards, ether (ETH), and ACH or Wire Transfers.
Nifty Gateway, which is owned by Gemini, was originally focused on curated drops which have included Beeple, Pak, and The Weeknd. The platform is now widening its array of collections to include popular pfp projects: Creatures, Doodles, Robotos, and more. The platform now features a “Verified Drops” section that shows collections curated on other NFT marketplaces but cross-listed on Nifty Gateway.
NFTs purchased on Nifty Gateway will be custodied by Gemini, but users have the ability to withdraw to an external wallet after a 72 hour locking period. Nifty Gateway is also exploring ways to enable direct trading with lower gas fees than OpenSea.
Will Staking Providers Share The Tips?
Twitter user Ryan Berckmans has noted that after the merge to proof-of-stake, ETH stakers will be entitled to block rewards, tips, and Miner Extractable Value (MEV). It’s unclear whether staking pool providers such as Coinbase and Kraken will share those profits with users.
ETH stakers currently earn about 5.4% APR in rewards for validating blocks. After the merge, stakers will be entitled to tips from users thanks to the implementation of EIP-1559. Stakers can also generate additional income through Miner Extractable Value (MEV) which refers to the extraction of value by reordering transactions within blocks.
Users who stake through a staking pool may not receive the full share of profits depending on the provider. A good ETH staking provider should run the flashbots MEV software, have a modest fee, and recognize rewards, tips, and MEV as top line revenue for users. According to Berckman, revenue generated from MEV and tips is estimated to account for 40% of total staker revenue.
Hyy.pe Launches NFT Storyboard Platform
Hyype, a social network for NFT artists and collectors, has launched a community driven competition to determine which NFT will be first to list on the platform. 13 NFTs were selected to vote in the first round, including cool cats, creatures, and bored apes among others.
Collectors who own any of the 13 NFTs can connect their wallet to Hyype to set their NFT profile picture and add NFTs to their squad. Hyype enables users to attach background stories to their NFTs and display their collections. The project is funded by Elevation Capital as well as angel investors Beaniemaxi, Maria Paula, Ryan Adams, and David Hoffman among others.