Welcome to The Daily Forkast, December 1st, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:36 India crypto bill description described as misleading.
01:58 Shiba Inu coin and Terra token Luna on a tear.
03:26 K-pop industry betting on digital assets.
---
First up, according to former Indian Finance Secretary Subhash Garg, the description of the country's crypto bill is misleading. In an interview with local media, Garg, who drafted the shelved 2019 bill that called for a ban on cryptocurrencies, said the draft of the new bill is not ready and hence it was a mistake to mention that private cryptocurrencies will be banned. He went on to say that the government needs to understand the vast crypto world and use cases for cryptocurrencies in order to form a comprehensive bill.
Now over in Korea, internet giant Naver's metaverse operating subsidiary Naver Z has raised over US$180 million in a Series B round. Around US$150 million of that came from Japan's SoftBank, while K-pop industry names like HYBE, YG and JYP Entertainment also took part. Naver Z says the funding will help it focus on expanding its global services, and it says its metaverse, Zepeto has already 200 million users. 80% by the way, who are teenagers.
A couple of big moves have caught our eye this week after maintaining strong price action over the weekend, despite a market wide sell off. Terra's Luna hit an all-time-high of US$59.63 Wednesday morning Asia time. And it is not the only token riding high. Shiba Inu coin got a shot in the arm, following its listing on global crypto exchange Kraken. According to CoinMarketCap, Shiba Inu leapt 47% after listing. With Kraken telling Forkast.News there was a lot of interest in the coin. And that it is now past the exchange's lengthy due diligence process. Meanwhile, an expert says the Terra is one of a number of stablecoin projects that've been getting a lot of attention as they grow their use cases. He also says there is value in stablecoin projects as they can connect users with decentralized finance and allow seamless cross-border payments. Bitcoin hasn't fared quite so well, suffering a minor blip around the time, Fed Chair Jerome Powell said the risk of higher inflation has increased. However, the expert says Bitcoin remains an incredibly strong asset and a great store of value, and that persistent inflation will only build further into that story as we enter 2022.
With the Korean entertainment industry sweeping the world off its feet, K-pop, NFTs and metaverse are the next big thing. Go big or go home, and the K-pop industry is betting on the former. With an overseas market that was valued at US$10 billion in 2019. Big industry names are now betting on developing NFTs and other digital assets. Hybe, which manages the global sensation BTS's partnering with Dunamu in November to digitize BTS's merchandise into NFTs. The company's founder Si-Hyuk Bang, believes the tie up will help expand the fan experience more diversely and securely. Cube Entertainment, one of the largest K-pop agencies, also teaming up with Animoca Brands to form a joint venture dedicated to building a music metaverse and issuing NFTs. In an exclusive interview with Forkast.News, Cube CEO says the sky is the limit when it comes to investing in new tech. And the singers themselves are raring to explore the new platform to create music and connect with their fans. The metaverse also beckons with K-pop groups planning virtual concerts and gong from the popular BtoB giving a sneak peek at a new fan experience in the works. One expert told Forkast NFTs could help fans trade digital collectibles of their K-pop idols. "Fans covet these kind of these pieces of paper so much that they will buy or trade or sell them could range from like a couple of dollars to several hundred dollars. I've seen some of them being sold for like 500 dollars on Twitter. NFT can provide these venues to sell, market and buy collectibles."
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Naver #Metaverse #Luna #Music #SHIB #KPop #Korea #Stablecoins #NFT
---
RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...
00:00 Coming Up
00:36 India crypto bill description described as misleading.
01:58 Shiba Inu coin and Terra token Luna on a tear.
03:26 K-pop industry betting on digital assets.
---
First up, according to former Indian Finance Secretary Subhash Garg, the description of the country's crypto bill is misleading. In an interview with local media, Garg, who drafted the shelved 2019 bill that called for a ban on cryptocurrencies, said the draft of the new bill is not ready and hence it was a mistake to mention that private cryptocurrencies will be banned. He went on to say that the government needs to understand the vast crypto world and use cases for cryptocurrencies in order to form a comprehensive bill.
Now over in Korea, internet giant Naver's metaverse operating subsidiary Naver Z has raised over US$180 million in a Series B round. Around US$150 million of that came from Japan's SoftBank, while K-pop industry names like HYBE, YG and JYP Entertainment also took part. Naver Z says the funding will help it focus on expanding its global services, and it says its metaverse, Zepeto has already 200 million users. 80% by the way, who are teenagers.
A couple of big moves have caught our eye this week after maintaining strong price action over the weekend, despite a market wide sell off. Terra's Luna hit an all-time-high of US$59.63 Wednesday morning Asia time. And it is not the only token riding high. Shiba Inu coin got a shot in the arm, following its listing on global crypto exchange Kraken. According to CoinMarketCap, Shiba Inu leapt 47% after listing. With Kraken telling Forkast.News there was a lot of interest in the coin. And that it is now past the exchange's lengthy due diligence process. Meanwhile, an expert says the Terra is one of a number of stablecoin projects that've been getting a lot of attention as they grow their use cases. He also says there is value in stablecoin projects as they can connect users with decentralized finance and allow seamless cross-border payments. Bitcoin hasn't fared quite so well, suffering a minor blip around the time, Fed Chair Jerome Powell said the risk of higher inflation has increased. However, the expert says Bitcoin remains an incredibly strong asset and a great store of value, and that persistent inflation will only build further into that story as we enter 2022.
With the Korean entertainment industry sweeping the world off its feet, K-pop, NFTs and metaverse are the next big thing. Go big or go home, and the K-pop industry is betting on the former. With an overseas market that was valued at US$10 billion in 2019. Big industry names are now betting on developing NFTs and other digital assets. Hybe, which manages the global sensation BTS's partnering with Dunamu in November to digitize BTS's merchandise into NFTs. The company's founder Si-Hyuk Bang, believes the tie up will help expand the fan experience more diversely and securely. Cube Entertainment, one of the largest K-pop agencies, also teaming up with Animoca Brands to form a joint venture dedicated to building a music metaverse and issuing NFTs. In an exclusive interview with Forkast.News, Cube CEO says the sky is the limit when it comes to investing in new tech. And the singers themselves are raring to explore the new platform to create music and connect with their fans. The metaverse also beckons with K-pop groups planning virtual concerts and gong from the popular BtoB giving a sneak peek at a new fan experience in the works. One expert told Forkast NFTs could help fans trade digital collectibles of their K-pop idols. "Fans covet these kind of these pieces of paper so much that they will buy or trade or sell them could range from like a couple of dollars to several hundred dollars. I've seen some of them being sold for like 500 dollars on Twitter. NFT can provide these venues to sell, market and buy collectibles."
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Naver #Metaverse #Luna #Music #SHIB #KPop #Korea #Stablecoins #NFT
---
RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...
-
- 1
Francisco Gimeno - BC Analyst Asian's Crypto news are always hot and fascinating. Some bring confusion, like India's news on a draft crypto bill. Some, like the South Korean Kpop movement betting for NFTs and Metaverse show the ability of South Koreans to take any opportunity to make good business. The vast amounts of money Kpop move can be multiplied by Kpop NFTs, and virtual Kpop concerts and many more innovative ideas. Astounding.