Unbanks weekly update, Defi, NFTs & more

Gerard McDonald

Published in

Unbanx

6 min readJan 24, 2022

Dear Advisors, Investors, Supporters and MVP users!

Welcome to the first Unbanks weekly update on industry insights of 2022!

Here are some interesting crypto/defi/NFT projects we found this week and a couple of quick updates from our side.

Building in public

We have made the decision to build out web3 startup in public, you can follow along and ask any questions on twitter here

Web 3, Defi, NFT Industry News

Understanding DeFi and Its Importance in the Crypto Economy

Decentralized finance, or DeFi, is one of the most important topics in cryptocurrency. The aim of DeFi is to create an entirely new financial system, completely independent of the traditional financial (TradFi) economy. There are billions of dollars being invested into this goal, along with the efforts of thousands of developers around the world.
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From Bitcoin to DeFi (in 12 Short Years)

Just as crypto disrupted the concept of value, decentralized finance is poised to disrupt finance itself. The populist movement promises huge returns for daring investors. But with DeFi’s promise of inclusion comes risk and uncertainty.
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Facebook patents reveal how it intends to cash in on metaverse
Couple to host India’s first wedding reception in Metaverse

India is all set to witness its first wedding reception in Metaverse as Dinesh S P and Janaganandhini Ramaswamy host their Hogwarts-themed virtual event.
“We are the first couple in the nation getting married in Metaverse. I have been working on blockchain for the past one year, so I know more about it and Crypto. Metaverse is a technology working in blockchain”
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Chinese police unearth multi-million-dollar DeFi rug pull

Rug pulls have become one of the most common scams in the DeFi space, as it is comparatively easier to pull off. According to Chainalysis data, investors lost over $2.8 billion to rug pulls in 2021. These types of scams often offer investors lucrative returns, and once the pool has got enough capital, the scammers run away with all the money. Chainalysis’ report said, “Rug pulls have emerged as the go-to scam of the DeFi ecosystem, accounting for 37% of all cryptocurrency scam revenue in 2021, versus just 1% in 2020.”
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Walmart is quietly preparing to enter the metaverse

Walmart said it would offer users a virtual currency, as well as non-fungible tokens, or NFTs.
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How to Invest in the Metaverse

Metaverse real estate and stocks are just some of the ways future tech enthusiasts can invest in the next digital frontier.
The least volatile option for retail investors seeking to buy into the metaverse is to invest in publicly traded companies whose business models or profitability are tied to the metaverse.
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The metaverse will fundamentally redefine how we connect, interact, work, and play. Although it will take years to build and gain adoption, this year will be pivotal in the metaverse’s history. Most notably, it will demonstrate which companies want to own the metaverse and how far they’re willing to go to carve out their segment of the new world.What You Can Expect to See from the Metaverse in 2022
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Twitter Rolls Out NFT Profile Pictures — Fueling A New Rat Race With Facebook

The social media company today debuted a feature that will verify a Twitter user’s ownership of a specific NFT. The function allows someone to link their ether wallet to their Twitter account. Once done, that person can display their NFTs as their Twitter profile pictures within a hexagonal frame, that hexagon serving the same function as an authentication signpost as Twitter’s blue check marks. (Without some sort of verification tool, a dozen people could use the same NFT in their profile pictures without anyone knowing who really owned it — such is the drawback of digital art.) For now, these verified NFTs are available only to iPhone users who pay for Twitter’s premium subscription service, Twitter Blue.
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Eminem drops $462,000 on an NFT

Eminem, the rapper/entrepreneur/entertainer whose real name is Marshall Mathers, has paid roughly $462,000 for one of the non-fungible token ape drawings, quickly making the ape his Twitter profile picture.
The purchase occurred last Thursday and is part of a larger collection owned by the artist. His Shady Holdings alias on OpenSea owns 22 NFTs as of midday Monday, including eight purchased at the start of the year. The BAYC NFT appears to be the biggest, though, selling for just over 123 Ether.
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Prada, Adidas Launch NFT Project on Polygon

This Prada-Adidas tie-up is another sign of clothing brands — from both haute couture and fast fashion — aggressively entering the space in an attempt to give customers a more digital experience.
Morgan Stanley predicts the total NFT market is expected to grow to $300 billion by 2030. The report identifies luxury brands such as Gucci, Balenciaga and Kering as in the best position to profit from digital collaborations in the metaverse.
From Jan. 24, fans will be able to register with a digital wallet to create and mint NFTs by submitting a photograph, using a filter designed by the digital artist Lieberman. The project will then choose 3,000 contributors who will also own IP rights to their individual NFTs and be able to take part in the drop later that week.
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Best,

Ger & Al — Founders, Unbanks

P.S. If you want to be taken off this list, just send an email back and we will remove you.

Watch Unbanks at Outlier Ventures diffusion!

Diffusion was a big week for Unbanks, Al was on a panel discussion with Simon Taylor of 11FS, Yann Ranchere from Anthemis about the future of Open Banking and then Ger and Al did a fireside chat with Blake from Outlier Ventures.

You can watch it on Youtube by clicking the links below or tap the video:

Panel discussion with Al beginning at 52:26

Fireside chat with Ger and Al beginning at 1:27:07

Previous Unbanks Article

Data Unions are on the rise — and you should use them!

“The business with personal data is booming, but only for a few powerful tech conglomerates who make billions of our data. New data intermediaries enable individuals to gain control over their data and earn passive income from it. They have the potential to turn the prevalent data governance model upside-down and create an open market for personal data. What are data intermediaries and what is a data governance model? Read on my friend…”