May looks to be an eventful month off the back of a news filled April. Here are your top stories for the first week of May.
Bitcoin breaks daily transaction records.
Bitcoin (BTC) experienced a surge in daily transactions towards the end of April 2023, breaking a record that had stood since 2017. On April 30th, the number of Bitcoin transactions reached over 568,300, signalling a renewed interest in the world’s leading cryptocurrency. The surge in Bitcoin transactions was attributed to the successful adoption of Ordinals.
Introduced in January 2023, Ordinals are a new feature that allows various types of data, including audio, art, and video games, to be inscribed onto individual satoshis, the smallest unit of Bitcoin. This innovative feature has sparked a wave of excitement among crypto enthusiasts and investors, who believe it could revolutionise the way we use cryptocurrencies.
By enabling the inscription of digital assets on individual satoshis, Ordinals make it possible to track and verify the ownership and authenticity of these assets in a way that was not possible before. This is expected to have far-reaching implications for the entire crypto ecosystem, as it could make it easier for people to buy, sell, and trade digital assets securely and with confidence.
The surge in Bitcoin transactions in April 2023 is seen as a validation of the potential of Ordinals and the growing adoption of cryptocurrencies. With more and more people realising the benefits of using cryptocurrencies, it is likely that we will continue to see increased transaction volumes and new innovations in the crypto space in the coming years
Microsoft-Activision acquisition has Web3 developers concerned.
Since January 2022, tech giant Microsoft has been actively pursuing a potential acquisition of game developer Activision. The news of the acquisition caused a significant spike in the stock price of Activision, rising by almost 25%. However, the deal has faced roadblocks as both US and UK regulators have moved to block the acquisition on antitrust and anti-monopoly grounds.
The regulators’ concerns stem from the potential for Microsoft’s acquisition of Activision to create an anti-competitive market in the gaming industry, with the merger potentially leading to a dominant market position for the Xbox platform. The regulators are concerned that this could stifle competition and limit consumer choice in the gaming industry.
While the regulators’ decision to block the acquisition has been welcomed by some in the Web3 gaming circles, there are also concerns that Microsoft’s acquisition of Activision could have wider implications for the industry. Web3, which is built on the idea that no one company should have control over a user’s access to the technology, could be fundamentally reshaped if Microsoft manages to acquire Activision and enters the Metaverse space.
There are claims that the acquisition is part of a larger plan by Microsoft to enter the Metaverse space, which would allow users to interact in a virtual world with other users and digital entities. The acquisition of Activision, which owns popular games such as Call of Duty and Candy Crush, could provide Microsoft with a significant foothold in the gaming industry and allow it to compete with other players in the Metaverse space.
However, the potential acquisition has raised concerns among Web3 developers that Microsoft’s dominance in the gaming industry could lead to the company controlling access to the Metaverse and potentially stifling innovation in the space.
Venmo crypto transfers coming this month.
Venmo, a popular mobile payment app owned by PayPal, has announced that it will now allow customers to transfer their cryptocurrencies to friends natively on the app. This means that users will no longer need to rely on external wallets or exchanges to transfer their digital assets. Additionally, Venmo users will now be able to move their cryptocurrency holdings to external wallets and exchanges, albeit with a fee attached.
This move comes after PayPal allowed its users to purchase cryptocurrencies on the platform back in June of last year. By expanding the cryptocurrency offerings to include the ability to transfer and move digital assets, PayPal and Venmo hope to bring more of the general public into the Web3 financial space.
The integration of cryptocurrencies into popular payment apps like Venmo and PayPal is seen as a major step forward in the adoption of Web3 technologies. With these platforms, users can easily buy, sell, and transfer cryptocurrencies, making it easier for people to access digital assets and participate in the emerging Web3 economy.
By allowing users to transfer cryptocurrencies natively on the app, Venmo is making it more convenient for users to engage in peer-to-peer transactions using digital assets. This could have significant implications for the broader adoption of cryptocurrencies and the growth of the Web3 ecosystem, as more people become comfortable with using digital assets for everyday transactions.
Blockchain based rewards platform- Starbucks Odyssey opens waitlist.
Starbucks, one of the world’s largest coffeehouse chains, has been making significant moves into the Web3 space. In April, the company launched its “First Store Collection” of NFTs, which included digital representations of the first Starbucks store in Seattle, Washington, and other iconic Starbucks items. The collection was a major success, with some NFTs selling for hundreds of thousands of dollars.
The “First Store Collection” is just the beginning of Starbucks’ plans for Web3. The company is currently developing a major project called Starbucks Odyssey, which is planned to launch in late 2023 or early 2024. The platform will integrate Starbucks’ existing rewards program into the Web3 space, allowing users to earn points through ordering at Starbucks and redeem them for exclusive digital collectibles.
Starbucks Odyssey is being developed in partnership with Bakkt, a company that specialises in digital assets and cryptocurrency trading. The platform will use blockchain technology to create a secure and transparent rewards system, where users can track their rewards and see their transaction history in real-time. It will also enable Starbucks to create unique digital collectibles, which can be traded and collected by users.
The launch of Starbucks Odyssey is expected to have a significant impact on the Web3 ecosystem. By integrating a major brand like Starbucks into the Web3 space, the project has the potential to bring a large number of new users and investors into the ecosystem. It could also encourage other major brands to explore the potential of Web3 and NFTs.
Starbucks’ move into the Web3 space is part of a growing trend of companies exploring the potential of blockchain technology and digital assets. As more companies recognize the value of Web3 and NFTs, we can expect to see more brands launching their own Web3 projects and engaging with the emerging ecosystem.