Lace will save ADA

Good morning! Welcome to The Daily Moon. NFTs will go physical. You read that right. NFT marketplace myNFT will showcase its NFT vending machine at a London event. Users can buy these NFTs without a digital wallet. So, just regular artwork?

The markets held on to the gains. Bitcoin was above $20,700 while Ethereum stayed at $1,570 levels. Nasdaq rose in early trade. Back home, Sensex and Nifty ended on a positive note.

Cardano Bets On Lace

Cardano’s crypto wallet, Lace, is ready for launch. It’ll be a cross-chain wallet with the ability to store digital assets from different blockchains. This could even help Cardano get to 1 billion users. The ultimate goal? To get Cardano to $1.

What does the wallet do?Input Output, the developer of Cardano, is the creator of the Lace wallet. The wallet will act as an interface between web2 and web3. To simplify, you wouldn’t have to jump between websites and crypto wallets. Here’s how it will work:

1. Lace wallet users will have decentralised IDs to verify and link crypto wallets.

2. Users can access NFTs, on-chain gaming, and DeFi via the wallet.

A single wallet will take care of trading, identity, finance, decentralised applications, and gaming. That’s why Cardano co-founder Charles Hoskinson believes that Lace will enable Cardano to reach 1 billion users. It roughly had 3.62 million wallets as of Wednesday.

There’s moreLace is not the only buzz in the Cardano world. Its upgraded hardware wallet, Daedalus, has also gone live. The tweaks will improve:

• Fee calculation because the transaction costs will be displayed upfront.

• Plug translation issues to reflect the accurate Cardano balance in user wallets.

• Data analytics through an optional usage data collection model.

Is $1 near?Cardano rose 17% over the past week. While it’s nowhere near the $2 levels seen in October 2021, there’s hope that the wallets will nudge Cardano towards $1 by the end of 2022.

Bad Moves In Crypto

Meta’s metaverse posted losses, again. Meta Platforms’ Facebook Reality Labs (FRL) suffered a $3.7 billion loss in Q3 and its revenue is also down ~37% to $285 million. The company hasn’t lost hope, though.

It’s a dull road While the metaverse is far from making money, Mark Zuckerberg is optimistic about it. Investors want Meta to cut its metaverse spending, but the company in fact plans to spend more. Meta expects FRL to grow from 2024 onwards. So, another year of pain.

They aren’t the only onesA16z also entered crypto with big promises. The venture capital firm pumped billions into crypto and even launched a $4.5 billion crypto fund. But its 2019 crypto fund has lost 40% of its value in the first half of 2022. The VC’s crypto unit head Chris Dixon is having a tough time convincing investors it didn’t go overboard.

Aptos, The Solana Killer?

It has only been nine days since Aptos’ launch, and NFT trades on the marketplace Topaz are zooming. There were snags during the Aptos mainnet launch, but this didn’t affect the popularity of the NFTs.

What’s driving it?Remember we told you about the NFT royalty issue? It has impacted Solana's NFT platforms because creators are miffed. Amidst this chaos, Aptos has managed to steal the attention. The Aptos Monkeys NFTs collected $2.3 million. In contrast, CryptoPunks’ trading volume is at $800,000.

https://twitter.com/0xclickbait/status/1585409018260246529

Coincidentally, Apple’s also warmed up to NFTs. Developers can issue NFTs on iOS, but premium features can only be bought via in-app purchases.

A big shift?Topaz’s trading volume has doubled every day, said its pseudonymous founder 0xclickbait. That’s at a time when NFT trading on Magic Eden has slipped. A switch is underway.

ICYMI While we are on NFTs, DC Comics will launch an NFT version of Superman comics.

Another Musk-Rise For DOGE

Elon Musk is buying Twitter. This means fun times for his favourite Dogecoin. DOGE was up ~16%, ahead of the Twitter deal closing on Friday. It has surged, but DOGE is still not even worth 10 cents.

The Musk effectMusk has outlined plans to include DOGE payments for retweets or reposts on Twitter to fix the spam problem. Little wonder then that the Twitter deal has sent DOGE prices soaring. And after months of dilly-dallying, it finally looks like the $44 billion-worth deal will happen this Friday. Musk changed his Twitter bio to Chief Twit on Thursday. He also tweeted a picture of entering Twitter HQ with a sink in his hand.

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Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.