Blockchain, NFTs, Crypto: What’s new this week? (11/27/21)
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Quentin Tarantino likes NFTs. Kenny loves Bitcoin — OneRepublic probably does too. Yet, the poorest people in the world suffer from crypto mining. Will Bitcoin City change that? What’s new and noteworthy in blockchain, NFTs, and crypto in the week beginning 22 November 2021? I summarise the most important and entertaining developments.
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NFTs vs. Hollywood
We all love Quentin Tarantino and his great masterpieces like Kill Bill and Pulp Fiction. But what do NFTs mean for the Hollywood scene?
Quentin Tarantino plans to make non-fungible tokens (NFTs) related to his film ‘Pulp Fiction’ NFTs will feature hand-written script pages, audio commentary and other ‘secret’ material only accessible to the owner. Tarantino’s scheme is being challenged by Miramax in a potentially history-making lawsuit. Musician Grimes has made millions from selling digital artworks worth $6 million (€5.3m) and actress Lindsay Lohan has traded in images of her face for cash.
Read more here.
The Bitcoin City
There has been much buzz this week about Bitcoin City. El Salvador President Nayib Bukele announced plans for the world’s first ‘Bitcoin City’ The municipality will be set up like a tax haven for wealthy crypto investors — no income, property, capital gains or payroll taxes, only a 10% value-added tax (VAT) The city will pay for its keep partially by net-zero, volcano-powered bitcoin mining. Construction will be financed primarily by a $1 billion bitcoin bond issued on Blockstream’s Liquid network, a Bitcoin sidechain.
I think there is much hype about nothing. And such stories don’t help the blockchain scene any more than they help crypto supporters. After all, who wants to live in El Salvador? What light does such a story shed on the community if El Salvador endorses Bitcoin? I think: these stories do more harm than good. But many Bitcoiners will, of course, see it differently.
Read more here.
