Forbes - Ether Highs | Corporate Meta-Mania

IT’S ALTCOIN SEASON

Another week, another all-time high for ether. Just days ago, Ethereum’s native token broke north of $4,400 on the back of the network’s Altair upgrade, one of the steps in Ethereum’s proof of stake transition roadmap. That record is now a thing of the past, with the latest price milestone of $4,669.74, reached on November 3. In October, trading volume of ETH futures rose 13.6% to $21 billion, breaking the previous peak of $18.7 billion in May, according to data from CryptoCompare. Thanks to these gains, Ethereum’s 27-year-old co-founder, Vitalik Buterin, reclaimed the title of the world’s youngest crypto billionaire. Based on Wednesday prices, his net worth stood at $1.46 billion.

Ethereum competitor Solana also rallied, topping $250.56 on November 4. A week into Facebook’s Meta-rebrand, metaverse-related tokens continue to stay under the spotlight, with top assets of the category, decentraland and the sandbox, rising by more than 150% on the week.

Source: Messari. Prices as of 4:00 p.m. on November 5, 2021.

THE METAVERSE FAD

But a fresh wave of interest in the metaverse doesn’t stop there, as corporations seem to have found a new bandwagon to jump on. Take Nike, which has filed several new trademarks this week indicating the company’s intent to sell virtual Nike-branded footwear and apparel. Or Microsoft—the tech juggernaut said it would be adding virtual reality avatars and workplaces to its web meeting service “Teams.” Customers will also be able to share Office files and PowerPoint decks in the virtual world.

Feeling skeptical? Fair.

Even if Meta’s chief marketing officer Alex Schultz told Forbes the company is “not running from anything,” referring to the barrage of blistering whistle-blower revelations about its alleged handling of misinformation and hate speech, it looks exactly like an attempt to distance itself from the current problems.

Talk about meta! Why would anyone prefer virtual PowerPoint and Excel to real ones, ask Twitter users. Whether corporations are actually gearing up for the VR-charged future, or running camouflaged marketing campaigns, only time will tell.

SQUID GAMERS SQUEEZED

Remember the token based on the hit Netflix show, Squid Game? Yes, the one that skyrocketed thousands of percent—even though little was known about the project or its founders. The token went on presale earlier last month and was sold out in “a second,” its whitepaper claimed. Well, it crashed to nearly zero as its anonymous creators had pulled the plug on the token and absconded with investor proceeds— the latest cautionary tale for traders trying to chase the nascent crypto market’s meteoric gains. The token's website and social media accounts appeared offline after the incident Monday morning; Twitter had already restricted its account due to “some unusual activity.” Cryptocurrency exchange Binance is reportedly investigating the crash, calling it a scam.

ELSEWHERE

Andreessen Horowitz's Plan to Dominate Crypto [NYTimes]

Digital Currency Group Wants to Be Crypto’s Standard Oil [The Wall Street Journal]

Eric Adams wants Bitcoin payments as NYC mayor [Politico]

Steven Ehrlich
Editor 
Forbes CryptoAsset & Blockchain Advisor

Nina Bambysheva
Reporter
Forbes Money & Markets

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