What do Shrek and Ethereum have in common?
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
Today’s edition includes:
Gamestop launches an NFT marketplace and we attempt an industry first
Florida makes an informal bid to become the crypto hub of America
RESOURCE: Learn how crypto mining works in under 10 minutes.
First the Staples Centre, now FIFA. Crypto.com is on a tear.
Gamestop launches an NFT marketplace and we attempt an industry first
Gamestop, the U.S. retail gaming giant known for its volatile stock price, has just released a beta of its NFT marketplace.
The marketplace has been built with a layer 2 solution that will make transactions fast and cheap.
There's a lot of weighty terminology in this article, so we thought it would be the perfect opportunity to do two things:
1. Make what might be an industry first, by clearly explaining layer 1's, 2's and 3's.
2. Sneak in a Shrek reference.
Ok, here goes:
Cryptocurrencies (similar to ogres), are like onions.
They have layers.
(nailed it)
So what does that actually mean?
Let's use Ethereum as an example.
Ethereum is a 'layer 1', think of it like the iOS operating system on an iPhone. If anyone wants to build on Ethereum, they need to follow the rules of the operating system or 'layer 1'.
Layer 2's are like the apps on an iPhone, they take some work load off Apple's shoulders, by processing data on their own servers.
Eg: The Loopring protocol used in Gamestop's NFT marketplace, is a layer 2 protocol for Ethereum that provides faster transactions with much lower fees, because it doesn't rely on the layer 1 'operating system' to do the work. It does it independently.
Layer 3's are like an app that has been built for an existing app (app-ception, if you will).
Think: Farmville.
Farmville (L3) was a game that was built for the Facebook app (L2), which worked on the iPhone operating system (L1).
Congratulations! You are now ready to click the link below:
Florida makes an informal bid to become the crypto hub of America
San Francisco nurtured start up culture, New York favoured investment banking and Los Angeles backed the film industry.
In the world of Web3, the title of 'crytpo hub of America' has not yet been crowned, but a few cities are making plays at it.
At the forefront, is Miami - and more broadly, Florida.
Yesterday, they made their next bid, with Governor Ron DeSantis saying his state is drawing up plans to allow businesses to pay their tax bill with crypto assets:
"I think a way to mainstream Bitcoin is for governments not to be hostile to it, but instead embrace the benefit of the technology."
Government bodies onboarding crypto is always exciting, this should win him brownie points from the community.
Resource of the day
Learn how crypto mining works in under 10 minutes.
First the Staples Centre, now FIFA. Crypto.com is on a tear.
It's easy to forget that not everyone is as interested in Web3 as we all are.
Hell, some people would even know what a cryptocurrency is...
If those people are football (soccer) fans, that's about to change, because Crypto.com have just been announced as the 2022 FIFA World Cup official sponsor.
This comes just three months after they paid $700 million to turn Los Angeles' Staples Center into 'Crypto.com Arena'.
With over 10 million customers and a presence on multiple continents, it's no surprise they can throw money around like this!
To get all the details on the FIFA deal, click that big red button.