Crypto news of November 2021
Once upon a November in the crypto world… Bitcoin and Ether both hit their all-time high, Adidas established a new partnership with Coinbase, El Salvador announced plans of building a Bitcoin city, Rolling Stone released iconic NFTs with Bored Ape Yacht Club (BAYC) magazine covers, Reddit’s and Solana’s founders teamed up to invest $100 million in Web 3.0 social media technology, and Mythical Games, a blockchain startup, became yet another crypto unicorn. Let’s relive crypto November again with a summary of the industry’s important events!
Disclaimer: This article is created for educational purposes only.
With the rising prices of cryptocurrencies, the emergence of several interesting crypto projects, and many NFTs auctions that redefined the way we approach trading and ownership, November was definitely an interesting month in the crypto universe. First of all, Bitcoin and Ether reached their all-time high prices. On November 5, 2021, Bitcoin hit $68,521 whereas Ether set a new record 5 days later on November 10 with $4,865. Bitcoin and Ether were not the only cryptocurrencies having a bit of a winning streak in November: on November 7, Solana was worth $259, more than ever in its history. It was a good month for crypto investors, but what else did happen in the crypto world in November 2021?
In this article, you will learn about…
- Adidas & Coinbase partnership
- El Salvador’s plans for building the world’s first Bitcoin city
- first NFTs created by magazines such as Rolling Stone, TIME, Fortune, and Vogue
- a new $100 million collaboration between founders of Reddit & Solana
- Mythical Games becoming a new blockchain unicorn
The German sportswear giant, Adidas, just announced that it is partnering with the cryptocurrency exchange Coinbase. Details are yet to be released, but their partnership is very likely connected to the metaverse. A spokesman for the company said that “the Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas”, and Coinbase is not the only company on their radar. The Sandbox, a blockchain-based virtual Metaverse, tweeted about Adidas, upon announcing that the company actually purchased a 144-parcel space in The Sandbox’s universe.
El Salvador, on the other hand, announced plans to create the world’s first Bitcoin city. The country is extremely crypto-friendly: earlier this year, they adopted bitcoin as their official legal tender. 70% of El Salvador’s population does not have a bank account, and their government sees cryptocurrencies as a remedy against high transactions costs, which they have to pay to transfer money. Upon a legalization of cryptocurrencies, every Salvadoran was given $30 dollars in cryptocurrencies to use as they please. The Bitcoin city is yet another step in the direction of the country’s crypto future. President Nayib Bukele said that the city will be located in the eastern region of the country, and it will be powered by geothermal volcano power. Interestingly enough, the world’s first Bitcoin urban center would be almost tax-free, with only value added tax (VAT) included.
NFTs have been rapidly growing in popularity during the last few months and many big names began to embrace it with enthusiasm. TIME, The Economist, Fortune and Vogue have all released NFTs of magazine covers, but Rolling Stone went a step further and released 2 special magazine editions with Bored Ape Yacht Club (BAYC). Minted on blockchain, Bored Ape has become one of the most successful NFTs projects so far. The collaboration included 2,500 limited editions of magazine covers, and it was auctioned on the marketplace SuperRare, amassing massive interest. It is only the beginning of Rolling Stone’s NFT adventure: 5 more digital covers will be released in the future. NFTs give traditional publications a chance to enter the digital era successfully: earlier this year, the New York Times sold a NFT of their column for 350 ETH or $560,000 (at the time).
In the crypto universe, November was truly a month of collaboration: founders of Reddit and Solana teamed up for a special project: a $100 million investment in Web 3.0 social media technology. The main is to create decentralized alternatives to existing social media networks, and the initiative was announced during Solana’s conference in Lisbon, Portugal.
Blockchain gaming is definitely here to stay! Crypto startup Mythical Games has just reached a unicorn status with a $1.25 billion valuation after raising another $150 million from investors this month. The company is responsible for Blankos Block Party, a NFT-based game, which has been gaining popularity all around the world. Series C funding round attracted big names such as Michael Jordan, the Chainsmokers, or a famous VC firm Andreessen Horowitz, which only fueled the hype behind the company. Mythical Games was created by former employees of top gaming companies, and its goal is to open up the market for more blockchain-based gaming productions that could reshape the gaming world forever. The company’s platform is run on EOSIO blockchain platform and compatible with Ethereum Virtual Machine.