NFTs, DeFi & Metaverse To Rule Crypto Space In 2022 — from 101blockchains.com by Georgia Weston

Excerpt:

The year 2021 has been an exceptional milestone in the world of cryptocurrencies for various reasons. In 2021, the crypto market hit the $3 trillion dollar market cap while China imposed a complete ban on crypto trading and mining. In a dramatic year for cryptocurrencies, new trends such as non-fungible tokens, decentralized finance (DeFi), and the metaverse emerged as prominent highlights in the crypto space.

The discussions around NFTs, DeFi, and the ever-growing hype surrounding the web 3.0 and metaverse have been making the rounds of online communities. How would these technologies evolve in 2022? What will be the state of NFT in 2022? What will DeFi or the metaverse look like in 2022? How will they influence the larger picture of the crypto industry? Let us discover the answers to your questions by reflecting the prominent trends for NFTs, DeFi, and the metaverse in 2022 in the following discussion.

From DSC:
Perhaps these topics could also be addressed in that discussion I was wondering about for Economics classes.

 

From DSC:
Should Economics classes be looking at the idea of a digital dollar?


The battle for control of the digital dollar — from protocol.com

Excerpt:

After months of delay, the Federal Reserve’s much-awaited report on a digital dollar could be out soon. Federal Reserve Chairman Jerome Powell told the Senate Banking Committee Tuesday that the white paper on a planned central bank digital currency (CBDC) is “ready to go,” possibly in weeks.

But don’t expect a detailed blueprint for an American CBDC. The white paper will be more of “an exercise in asking questions” about how the digital dollar should work, Powell said.

And there are plenty of questions. Some have already sparked a heated debate: How should consumers gain access to the digital dollar? And how much control should the Fed have?

Will a digital dollar lead to “digital authoritarianism”? That’s one of the biggest fears about a digital currency: a Big Brother future where the Fed has the power to track how people spend their money.

 

Bored Ape Yacht Club NFT theft shows the ease of hacking crypto — from protocol.com by Tomio Geron
The blockchain puts power in the hands of individual crypto owners — which also makes them targets for criminals.

Excerpt:

The story of an art gallery owner who had $2.2 million worth of Bored Ape Yacht Club and other NFTs stolen is just the latest example of crypto theft, illustrating the vulnerability of buyers as a broader set of consumers venture into the field.

With NFTs, the issue has grown in importance as the market has transformed from a niche hobby to an active market filled with speculators and investors.

Todd Kramer of New York’s Ross+Kramer gallery fell victim to a phishing scam in late December, according to a now-deleted tweet. He stored his NFTs using an internet-connected hot wallet — a less secure method — and a thief made off with 15 digital tokens worth $2.2 million.

From DSC:
How’s the legal field doing here? Law enforcement? Governments? The banking systems?

 

Web 3.0 vs Metaverse: What’s the difference? — from homo-digitalis.net by Fabian Schmidt

Excerpt:

So what is Web 3.0?

On Twitter, a user asked if someone could explain the term in baby talk. I thought one answer was good:

    • Web 1.0 = Read
    • Web 2.0 = Read/Write
    • Web 3.0 = Read/Write/Own

This is a sufficient simplification to gain an initial understanding. Yet a bit more information is still important.

Let’s get one thing straight right away. As with all things in the making, there is not yet a clear-cut definition of Web 3.0. Tim Berners-Lee, the inventor of the classic web, thinks of the semantic web as the next big step.

Since 2020/2021, there is another idea of Web3, and it is inspired by a new form of technology: Blockchains. At its core is a new wave of decentralization.

Besides decentralization, other key topics related to Web 3.0 include Decentralized Autonomous Organizations (DAO), Non-fungible-tokens (NFT), and Decentralized Finance (DeFi).

The metaverse is a digital world that is meant to feel as real as possible and can represent all concerns of human existence. From leisure to work.

Fabian Schmidt, Homo Digitalis, 2021


Bill Gates: Most Work Meetings Will Happen In The Metaverse In 3 Years — from vrscout.com by Kyle Melnick

Excerpt:

“Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3D space with digital avatars,” said Gates in the post. “Both Facebook and Microsoft recently unveiled their visions for this, which gave most people their first view of what it will look like”.


Adidas to enter the metaverse with first NFT products — from dezeen.com by Rima Sabina Aouf

Excerpt:

Adidas has announced its next collection will be a mix of digital and physical items, and will be sold as NFTs produced with collaborators such as Bored Ape Yacht Club.

Titled Into the Metaverse, the collection will comprise virtual wearables that buyers can use in online platforms, but also the physical clothing to match.

It is Adidas’ first collection of NFTs, or non-fungible tokens – essentially, digital collectibles with proven authenticity. NFTs act as a blockchain-based certificate of ownership, allowing pieces to be authenticated, bought and collected.


How Coinbase thinks about the Metaverse — from blog.coinbase.com by Brian Armstrong & Alex Reeve

Excerpt:

Primitive Metaverse platforms are selling virtual land for millions of dollars. Billions more are being invested in Metaverse startups. And Mark Zuckerberg recently renamed his entire company to reflect a focus on building the Metaverse.

Recently, our team put together an internal presentation about the Metaverse, who’s working on it, and how crypto will help make it real. I thought the presentation was well done, so I’m sharing most of the slides here.

Like Matt[hew Ball], we define the Metaverse as:

The future of the internet: A massively-scaled, persistent, interactive, and interoperable real-time platform comprised of interconnected virtual worlds where people can socialize, work, transact, play, and create.

The Metaverse is the distant evolution of Web3. In its most complete form, it will be a series of decentralized, interconnected virtual worlds with a fully functioning economy where people can do just about anything they can do in the physical world.

Who is building the Metaverse today?

 

From DSC:
I’m not saying not to go there…but one has to be very careful when dealing with cryptocurrencies. As the items below show, you can mess up…big time.

From DSC:
And that bit about the decimal point is key! I tried to locate an article that I recently read that described how one person lost hundreds of thousands of dollars because he misplaced the decimal in his asking price for a cryptocurrency. It was worth hundreds of thousands of dollars, but he said that his big thumbs got in the way. He mistyped the asking price and hit the Enter key before he recognized his mistake. He sold the cryptocurrency for a fraction of its real value. In that case, one would hope that the buyer would extend some grace and readjust the price. But that didn’t happen in this case. Ouch!


From DSC:
Again, I’m not saying that this area may not represent an enormous new, impactful, prosperous wave to ride. But I need to do a whole lot more learning before I feel comfortable jumping into this ocean.

That said when I read the quote below…I wondered:


 

 

Why It’s so Difficult to Recruit Diverse Teachers in Early Childhood — from edsurge.com by Meredith Whye

Excerpt (emphasis DSC):

Wisconsin mandates that student teachers experience one semester, approximately 18 weeks, of full-time work in the classroom. That means during the final semester of their senior year, students are working full-time without pay. The university advises student teachers to save up money and not work another job during this semester. However, the majority of the students I work with simply cannot stop working for 18 weeks.

 

From DSC:
When I ran across the items below, I couldn’t help but wonder…”What does the legal realm need to know here?”

The Ultimate List Of Crypto Lending Platforms — from 101blockchains.com by Diego Geroni

The Ultimate List Of Crypto Lending Platforms

Know The Vulnerabilities And Security Concerns Associated With NFT — from 101blockchains.com by Diego Geroni

Know The Vulnerabilities And Security Concerns Associated With NFT

Radar trends to watch: December 2021 — from oreilly.com by Mike Loukides
Developments in Programming, Quantum Computing, Cryptocurrency, and More

Radar trends to watch: December 2021

NFT sales reached $27 billion this year — from protocol.com by Nat Rubio-Licht
OpenSea dominated the business.

UNISWAP – Know Everything About The Largest Decentralized Exchange (DEX) — from 101blockchains.com by Diego Geroni

UNISWAP – Know Everything About The Largest Decentralized Exchange (DEX)

 

Report Finds US Workers Lagging in Digital Skills — from technewsworld.com by John P. Mello Jr.

Excerpt:

Many Americans lack the digital skills needed to be productive members of the workforce in the 21st century, according to a report released Monday by a Washington, D.C. think tank.

One-third of U.S. workers lack digital skills, with 13 percent having no digital skills and 18 percent having, at best, limited digital skills, noted the report by the Information Technology & Innovation Foundation, a science and technology institute.

In essence, the ITIF reported, one in six working-age Americans are unable to use email, web search, or other basic online tools.

Also see:

Even though we may not be able to predict the jobs of the future, we can begin to crack the labor market code in today’s economy and home in on the hybrid, or human and technical skills that will help working-age adults prepare for the jobs of today and tomorrow.

 

All aboard: Bitcoin’s rise inspires even big banks to staff up on crypto talent — from linkedin.com by George Anders

Excerpt:

That’s according to a new analysis by LinkedIn’s Economic Graph team, which finds that major financial services firms will add more than three times as many staff steeped in digital-asset experience this year than in 2015. That pace jumped 40% in the first half of 2021 alone, compared with the same period last year.

“The opportunities in digital assets are plentiful,” BNY Mellon’s Roman Regelman, the bank’s CEO of asset servicing and head of digital, told LinkedIn News. “We can now attract talent in a very different way.”

Also relevant, see:

  • Wharton’s New Crypto Course to Take Crypto for Tuition Fees — from insidehighered.com by Suzanne Smalley
    Excerpt:
    The Wharton School of the University of Pennsylvania last week announced it would become the first Ivy League school and the first American business school to accept enrollment payments in cryptocurrency via Coinbase. The announcement came alongside news that the prestigious business school also has launched an online certificate program focused on the economics of blockchain and digital assets.
 

From DSC:
The articles below made me wonder…what will lawyers, judges, and legislators need to know about Bitcoin, Ethereum, and other cryptocurrencies? (#EmergingTechnologies)

 

National Disability Employment Awareness Month 2021 — from dol.gov

Excerpt:

The theme for NDEAM 2021, “America’s Recovery: Powered by Inclusion,” reflects the importance of ensuring that people with disabilities have full access to employment and community involvement during the national recovery from the COVID-19 pandemic.

NDEAM is held each October to commemorate the many and varied contributions of people with disabilities to America’s workplaces and economy. Browse our website for ideas and resources for employers, community organizations, state and local governments, advocacy groups and schools to participate in celebrating NDEAM through events and activities centered around the theme of “America’s Recovery: Powered by Inclusion.”

The 2021 NDEAM poster is available now!

 

 

This 12-year-old coder is set to earn over $400,000 after about 2 months selling NFTs — from cnbc.com by Taylor Locke

Excerpt:

But lately, non-fungible tokens, or NFTs, and the smart contracts, or collections of code, that power them, have caught Ahmed’s attention.

“I first learned about NFTs earlier this year,” Ahmed, who is based in London, tells CNBC Make It. “I got fascinated with NFTs because you can easily transfer the ownership of an NFT by the blockchain.”

This 12-year-old coder is set to earn over $400,000 after about 2 months selling NFTs

From DSC:
Law professors who teach property and contracts might be interested in this as well.  🙂 

And speaking of emerging technologies and the law, also see:

 

College Was Supposed to Close the Wealth Gap for Black Americans. The Opposite Happened. — from wsj.com by Rachel Louise Ensign and Shane Shifflett
Black college graduates in their 30s have lost ground over three decades, the result of student debt and sluggish income growth

Excerpt:

The drop is driven by skyrocketing student debt and sluggish income growth, which combine to make it difficult to build savings or buy a home. Now, the generation that hoped to close the racial wealth gap is finding it is only growing wider.

More than 84% of college-educated Black households in their 30s have student debt, up from 35% three decades ago, when many baby boomers were at the same age. The younger generation owes a median of $44,000, up from less than $6,000. By comparison, 53% of white college-educated households in their 30s have debt, up from 27% three decades earlier. The median amount rose to $35,000 from $8,000. All figures are adjusted for inflation.

Also see:

American Talent Initiative 2021 | Third Annual Progress Report — from sr.ithaka.org by Martin Kurzweil, Tania LaViolet, Elizabeth Davidson Pisacreta, Adam Rabinowitz, Emily Schwartz, Joshua Wyner; with thanks to Goldie Blumenstyk at The Chronicle of Higher Education for this resource

Excerpt:

The progress report includes new enrollment data from the 2019-20 academic year as well as Fall 2020. The pre-COVID and COVID era data reveal four key findings:

  1. Before the pandemicbetween 2015-16 and 2019-20, ATI members (130 during this data collection period) collectively increased Pell enrollment by 10,417
  2. In the years leading up to the pandemic, 2018-19 and 2019-20, ATI’s progress leveled off and began to reverse, with an enrollment decline of 3,873 Pell students, attributable to two main factors: (1) substantial declines at a set of ATI member institutions that enroll very high shares of Pell students, and (2) insufficient progress at a set of institutions with lower Pell
  3. Fall 2020 enrollment data for 115 ATI members show a single-year drop of 7,166 Pell students (compared to Fall 2019). Driven in large part by declines in first-time and transfer Pell student enrollment at public institutions, and decreased Pell student retention rates at private
  4. COVID-era declines have nearly returned Pell enrollment levels among ATI members to 2015-16
 

The impact of blockchain, cryptocurrencies, and NFTs on the legal industry with Joseph Raczynski  — from buzzsprout.com by the ABA Center for Innovation

Today we will discuss blockchain, cryptocurrencies, and NFTs and their impact on the legal industry.  Joining us is an expert in all things blockchain and crypto, Joseph Raczynski.  Joseph Raczynski is a Technologist & Futurist with Thomson Reuters.

Also see:

The Law Firm of the Future — from joetechnologist.com by Joseph Raczynski

Excerpt:

Attorneys look to precedent to solve today’s legal problems. “Steeped in tradition” is how we often describe the legal profession.  As result, it’s no surprise that there is inherent tension between emerging technology and the legal profession. The American Bar Association’s 2020 TechReport, which surveys firms and tracks attorney use of technology in their practices, reported that only 7% of attorneys are using tech tools, such as Artificial Intelligence (AI), for document review and research.  Firms with more than 100 attorneys are more likely to use AI, as well as firms that engage in mass tort litigation. Despite promises of increased efficiency, productivity, and profitability, a significant number of attorneys cite distrust of the technology and underlying algorithms.

Even though the legal services market is estimated to be a $1T industry globally, Forbes reports that it is also one of the least digitized…

 
© 2021 | Daniel Christian