Crisis communication is how a company addresses threats to its reputation in the news, but what if a competitor endangers your entire industry’s rep?

That’s the dilemma Coinbase faced as leading crypto exchange FTX imploded, seemingly along with billions of dollars in customer assets. Even celebrity spokespeople such as Tom Brady and Larry David are facing a lawsuit. The PR carnage could set the crypto industry back years.

That’s why Coinbase took out a full-page ad in The Wall Street Journal condemning “bad actors,” explaining how its practices are different, and calling for an industry-wide regulatory framework. Only investors can decide if they’ll ever trust a crypto exchange again, but in moments like these, business reputations can be instantly shattered — and also built.

Today’s Edition...

Profit margarine: Why butter is so expensive now.

Quiet quitting: Real trend or hype? We look at the data.

Tiffany & Co.: Would you pay $50,000 for digital jewelry?

Profit Margarine: What’s Going on With Butter Pricing?

(Source: Shutterstock)

When it comes to the checkout aisle lately, everything’s bitter with butter.

We’re all feeling the pinch on our wallets for the most necessary items, like groceries and car fuel. According to the Consumer Price Index report, at-home food prices have risen 13% in the past year. Ouch. That’s because COVID impacted the production pipeline for most grocery items while demand for them increased.

But dairy has seen the largest increase in price, jumping by 16%. For butter in particular, the hike is about 25%. This is about to hit consumers particularly hard, as we’re hurtling toward the holidays when butter is a key ingredient in almost everything, from mashed potatoes to pie crust.

(Strangely enough, butter’s skyrocketing price has coincided with the recent trend in building butterboards fueled by viral TikTok videos.)

How your bread (as in money) is getting buttered

Another issue directly affecting the cost of butter is America’s low reserve of the product — the lowest in five years — which means there’s little left to help shore up supply. That’s bad baking news for months ahead. Also, last summer’s droughts in the U.S. harmed farmers’ wheat yields and fuel costs remain high.

It’s not just grocery stores that are seeing price hikes but restaurants as well, since their bread and butter (literally) is procuring and serving food. Menu prices have had the largest 12-month increase since 1981.

The Fed’s rate hikes: a hot knife through butter?

When will prices on these basics fall? The Federal Reserve’s rate hikes will likely cool the market, but there could be a delay before consumers breathe a sigh of relief at the grocery store. And it’s still too early to tell how the Kroger-Albertsons merger will impact consumer pricing.

With butter averaging $4.70 per pound, maybe a healthier cooking hero will enter the holiday feast season: olive oil. Mediterranean diet, anyone? It’s plant-based and has plenty of health benefits, even if you can believe it’s not… well, y’know.

8000 B.C.

When butter was likely invented

(Source: NPR)

Quiet Quitting by the Numbers

We’ve heard a lot about quiet quitting this year, but is it actually a thing or just social media putting a catchy name on human nature? When you look at the data, a new trend indeed appears to be emerging.

Would You Pay $50,000 for Tiffany’s Digital Jewelry?

(Source: Twitter)

When you open that baby-blue box, you expect something timeless. But in August, Tiffany & Co. entered the realm of digital collectables, launching its first NFT (“NFTiff”), exclusively available to 250 holders.

Tiffany joins the ranks of Gucci, Nike, and Adidas, which have all expanded their brands by carving niches in web3.

The “phygital” asset blends atoms and bits. Each 18-karat rose or yellow gold pendant features at least 30 gemstones, which Tiffany jewelers carefully color-matched to approximate … y’know … real ones. Did we mention these cost 30 Ethereum, or about $50,000?

In only a few days, Tiffany sold all 250 NFTs, collecting $12.5 million. Will they go up in value over time? Either way, we wouldn’t recommend proposing to your significant other with one.