Crypto This Week: Bitcoin Daily Transactions Reach New Record Thanks to Ordinals!
What Happened in the Crypto Industry & NOBI During the Past Week?
Hey NOBI’s! The past week has been buzzing with exciting developments in the crypto industry. Bitcoin daily transactions hit a new record high thanks to Ordinals. The much-anticipated “Dogumentary,” the first-ever web3 film about Doge, is now in production by Own The Doge and PleasrDAO. Over 51% of investors are still keen to add crypto to their retirement portfolios. Bank Indonesia is following in the footsteps of BRICS by shifting away from the use of the US dollar in global transactions. Want to know more? Check out our special crypto news roundup of the past week!
1. Bitcoin Daily Transactions Reach New Record Thanks to Ordinals!
The Bitcoin Ordinals protocol achieved a new record with over 223,000 inscriptions in one day on April 30, 2023. This indicates an increasing number of users utilizing the protocol to upload files or data to the Bitcoin network as NFTs. Some enthusiasts choose to upload text data, and not just images. Additionally, Bitcoin Ordinals also opens the door for other activities on the Bitcoin network, such as the Sats Name standard.
However, criticism has emerged from Bitcoin supporters who believe that Ordinals deviates from Bitcoin’s original goal as a peer-to-peer electronic currency and clogs up valuable block space. Nevertheless, the protocol is still considered a way to increase adoption and innovation in the Bitcoin network and can provide significant benefits for the growth of the Bitcoin ecosystem, such as increasing fees paid to miners and attracting new users to develop the Bitcoin network.
2. “Dogumentary”, a Film about Doge, Expected to Be the First Web3 Film in the World!
The Own The Doge and PleasrDAO communities are producing the first-ever web3 film about Doge, the popular meme coin inspired by a Shiba Inu dog named Kabosu. The documentary film, called Dogumentary, will be financed by both communities and directed by Jonathan Lynn and Arthur Jones. The project has already attracted the attention of Hollywood producer Jim Toth.
Announcing THE Doge Documentary!— tridog (@tridog) April 10, 2023
It’s FINALLY time to celebrate nearly 2 decades of #Doge & @Kabosumama
This will be the FIRST EVER feature length film about Doge when completed.
Here's a never-before-seen sneak peek: pic.twitter.com/cnTeMrwmpT
The film aims to reach a wider audience, and the production team is working to attract the attention of major film distributors like Netflix, Hulu, and Amazon Prime Video. Dogumentary will be the first film to use web3 tools like blockchain to fund, produce, and distribute it in a decentralized way.
3. 51% of Investors Still Plan to Make Crypto their Pension Fund
According to data from BitcoinIRA, 51% of investors still intend to invest in crypto as part of their pension portfolio. The survey also showed that 54% of respondents agreed that regulated crypto makes digital investment more attractive. The use of crypto in pension investments has been done by big companies like Fidelity Investment.
Now, DIY investors in Australia are also investing their pension funds in crypto, despite losing hundreds of millions of dollars. Chris Kline, Co-founder and Chief Revenue Officer of BitcoinIRA, said that there is a new enthusiasm for digital assets held by American investors who believe that strengthening regulations in the crypto industry will be beneficial. They will continue to see digital assets as a primary instrument for diversifying pension funds and also as a hedge against inflation.
4. Indonesia Follows in the Footsteps of BRICS to Move Away from USD for Global Transactions
According to Sindonews on Friday (04/21), Perry Warjiyo, the Governor of Bank Indonesia, stated that Jakarta is following the footsteps of BRICS to shift away from the use of the US dollar in trade and financial transactions. The BRICS nations (Brazil, Russia, India, China, and South Africa) are working to create a common currency to reduce their dependence on the US dollar.
During a press conference, Perry Warjiyo said that Indonesia has implemented a local currency trade (LCT) system to diversify the use of currencies. This is similar to the BRICS approach, but Indonesia is more clear and concrete as it has already implemented currency diversification with several countries such as Thailand, Malaysia, China, and Japan. Additionally, Indonesia plans to sign an agreement with South Korea regarding local currency transactions in early May.
5. Brand Leaders Say Web3 Culture Is ‘Not Dead’ but as Strong as Ever
Brand leaders in the NFT industry believe that the Web3 culture is not dead, despite recent crypto market failures and a decline in NFT sales. At the Coindesk Consensus 2023 Festival, leaders such as Angelic Vendette from Alo Yoga, Julian Gilliam from Studio LOGIK, and Lesley Silverman from United Talent Agency expressed their optimism for the current crypto ecosystem. They emphasized that the spirit of disruption and building something new is always present in Web3 culture.
Moreover, they highlighted that in the crypto ecosystem, communities have the opportunity to participate and build with brands in the industry, providing authentic value to those involved. They also showed that the crypto ecosystem remains strong and vital, especially since giant corporations like Starbucks, MasterCard, and Adidas have also joined in. However, experts also emphasized that organizations that only benefit one group and do not consider the ecosystem as a whole will not last long in the crypto industry.
That wraps up for Crypto This Week. We’ll see you at the next one!