'The Economist' Sells 'DeFi Rabbit Hole' NFT for $419,000 Worth of ETH

HYPEBEAST

The Economist has sold a one-of-one DeFi Rabbit Hole NFT of its September 18 magazine cover for $419k USD. The Economist is one of the many legacy print publications to have created NFTs. The cover features repurposed 'Alice in Wonderland' artwork. NFTs and Decentralized Finance could accelerate Blockchain acceptance in Society. "By minting and selling our own NFT, we are experiencing this first-hand,” says The Economist.

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How New Regulations From Washington Could Lead to a Blockchain Brain Drain

THE HILL

The Senate's infrastructure bill would make it very difficult for many DeFi businesses to continue operating and for individuals to invest in new cryptocurrencies. The bill shows an aversion to blockchain and crypto. Regulation is not always a negative thing; rather, Crypto regulation is an important step toward the widespread adoption of cryptocurrency. However, if Washington fails to regulate cryptocurrencies responsibly and enable US innovation in this new area, it will lose out on trillions of dollars in value.

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ETFs Are a Bad Way to Bet on Bitcoin

The WALL STREET JOURNAL

The Bitcoin ETF has drawn a large amount of investment and trading on the stock market. Institutional investors have a significant distrust of Bitcoin; the new ETF sidesteps this by purchasing bitcoin futures. Bitcoin futures are more expensive than Bitcoin itself. The SEC has been requested to allow the creation of an ETF that would invest in Bitcoin, rather than bitcoin futures, to strip out the layers of arbitrage and gambling created by using futures. “Bitcoin is risky and it may be safer to buy bitcoin through an exchange with less risk”, says ProShare, the company behind Bitcoin ETF.

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NFTs and Decentralized Social Could Usher in Societal Adoption of Blockchain

ROLLING STONE

Blockchain technology has been misunderstood by the general public, which is only informed about it through its cryptocurrency element. The myth of distributed ledger technology is that it promotes illegal transactions. The popularity of NFTs and other blockchain initiatives has encouraged wider usage. NFTs' practically free-to-play nature makes them an excellent method to get people interested in blockchain technology. Customers will be more open to Blockchain if the sector focuses on more relatable applications rather than ones that add complexity.

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The Evolution of Ethereum’s Monetary Policy

COIN DESK

Ethereum has transitioned to proof-of-stake and has a new model to predict the circulating supply of ether. In Ethereum, ether is distributed as a reward for producing blocks and will be used to reward validators. The Ethereum blockchain is looking to incentivize enough validators to properly secure the network, potentially decreasing the ether supply. Ethereum is doing well with it's new changes, and has created what ether holders call "Ultra Sound Money". Alternative layer 1s like Ethereum are growing in popularity, but there is more room for growth on the second layer - systems that work on top of Ethereum.

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