Web3 will, Web3 will rock you! 🥳🕺

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

What’s up? How are we doing today? Well, honestly, we’re shocked. Two reasons:

1. 4 weeks after the crash, FTX and Alameda still manage to make the headlines.

2. Reports revealed that Alameda had put its sticky tentacles, a.k.a investments in many unorthodox businesses, beyond the scope of Web3.

Some of them include—listen closely, this is some MAD info 🫣:

• Weight loss pills

• Strawberries and lettuce farms

• Chinese news sites

• Knockoff cosmetics, and more.

Whoopsie! 🙈Do we have any questions for the CEO Caroline Ellison and SBF?

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today:

• Market pulse

• Web3 Music Rocks

• Noisy news

• Meme of the day

Market pulse 📈

The market is ‘dip’sy like the weekend 🥴

It’s early Thursday, and the broader crypto market is already down 1.91%, extending its day-on-day losing streak. Crypto market cap — that once stood strong at $3 trillion is now at $839.57 billion. Yet, the dip hasn’t engulfed all. Fetch.ai — a popular collectibles project — is up 15.05% at press time.

Top cryptos BTC and ETH have been down 1.37% and 3.01%, respectively, since yesterday. Sentiment-wise, the crypto space is still in the “Extreme Fear” zone, with the Fear and Greed Index still at 25.

Music is making some 🎶 in Web3

Let’s talk about Web3 and the music industry.

Why? Mostly because it's been on the news a lot and also because it makes us sound cool. 😎

Just yesterday alone, there were three major Web3 x Music announcements:

🎵Winamp is opening doors to NFT

If you are a 90’s kid, there are chances that you probably used Winamp to listen to music on your desktop PC. Now, this OG music app has evolved to match the recent times, like how our taste buds evolved from relishing ice candies to gelatos, coz why not?

In an unexpected move, music player Winamp announced that it would support NFTs (non-fungible tokens). The latest version of Winamp allows music fans to connect their Metamask wallet to Winamp via the Brave, Chrome, or Firefox browsers. Winamp is compatible with Ethereum and Polygon and supports ERC-721 and ERC-1155 audio and video files.

So, if you’re using Winamp, you will be able to buy and trade exclusive NFTs of your favorite music tracks and albums. Neat, no?

🎵Animoca Brands acquires stake in a music metaverse gaming platform

Wait, who is Animoca? Animoca Brands is a mobile game and digital entertainment company and a VC firm. It is known for developing and publishing mobile games and apps, including popular ones like The Sandbox and Crazy Defense Heroes.

And who did it acquire? Pixelynx is a music metaverse gaming platform. Whoa, that’s a mouthful; let’s break it down—Pixelynx is working to create an ecosystem that brings together music, gaming, and Web3 in both the physical and digital worlds. Through this partnership, Animoca can aid in advancing the music industry within Web3.

🎵Warner Music makes a splash into Web3

Warner Music Group is one of the world's largest record companies. It has partnered with Polygon and an E-commerce and interactive platform builder, LGND, to launch a Web3 music platform called LGND Music. This platform will enable Warner music artists to launch digital collectibles and engage with their fanbase through special content and curated experiences.

Warner Music also partnered with Opensea a couple of months ago to enable its creators to launch their NFT collections on the platform.

All these are great news for the music industry coz Web3 can provide a more efficient and transparent way for artists to share and monetize their work and for fans to discover and support new talent.

What’s hot in the space? 🔥

💰Institutional investors back crypto despite the FTX contagion

Bitstamp — a popular global exchange — saw a 57% surge in institutional investor registrations in November alone. In a statement made to Cointelegraph, the exchange mentioned a 45% increase in its November revenue.

🏡Decentraland now lets you rent out virtual properties

The metaverse use cases keep expanding as Decentraland — a popular platform focusing on digital properties, now lets you rent out LAND plots. This move aims to be a passive income generator for the LAND owners and make them virtual landlords.

🐓Tim Ferris’s “Cockpunch” is the new NFT sensation

Tim Ferris — a popular podcast host — has co-created “The Legend of Cockpunch,” — taking the NFT market by storm. The collection anthropomorphizes “Rooster” characters and comprises 5,555 images.

Meme of the day!

Thank You,

See you tomorrow, folks. 👋

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙