Monday Movers 10

Hong Kong considered the most crypto-prepared nation of 2022; Chinese Web3 firms migrate to Singapore.

Highlights from the weekend:

  • Tiffany & Co creates special-edition NFT-backed CryptoPunk charms
  • Hong Kong earns title as "the most crypto-prepared nation" in 2022
  • Chinese Web3 firms migrate to Singapore due to COVID restrictions
  • Vibed streaming app allows users to earn while streaming music

Words of Wisdom:

“I could either watch it happen or be a part of it.”

- Elon Musk 
"The ability to create something which is not duplicable in the digital world has enormous value… Lots of people will build businesses on top of that."

- Eric Schmidt
"Any time a country transitioned to a fiat currency, they collapsed. That’s just world history; you don’t have to know about cryptocurrency to know that."

- Nipsey Hussle

Finblox Performers:

The Scoop:

Tiffany & Co, the popular luxury jewelry brand - is now incorporating NFTs into their retail store by allowing CryptoPunk holders to receive a customized pendant for their Punk. The charm will contain precious gemstones of sapphires, amethysts, spinels and more - paired with rare diamonds worth 30 ETH. The company mentioned that they'll carefully consider the 87 attributes and 159 colors present across the collection of 10,000 CryptoPunks to match the colors of the gemstones and enamel.

Tiffany announced earlier this week that the promotion is part of a limited edition campaign that will only sell a maximum of 250 "NFTiffs." Alexandre Arnault, the owner of CryptoPunk #3167 - inspired the idea after posting his custom pendant last April. NFTiff sales will begin on August 5th at 10:00AM EST for eligible users. The final delivery from Tiffany & Co. will include a certificate of authenticity, a custom pendant on a chain, and signature Tiffany & Co. packaging.

A looming cloud of uncertainty hovers above Shanghai as COVID restrictions tighten. The lockdown, which started in early March - has made it difficult for Web3 Chinese firms and entrepreneurs to continue their businesses. Sunny Zhang, who works in a Web3 startup - expresses the current state of crypto in China.

“The recent Shanghai lockdowns have got many in the industry thinking if they should move overseas because the domestic [business] environment wasn’t the best,”

Zhang, Head of Growth at Hogwarts Labs

Hogwarts Labs plans to relocate to a new office in Singapore late this year, while other Chinese companies like ShowMe are following suit. Singapore boasts a crypto-friendly atmosphere which makes it one of the world's most open economies. The country is the perfect candidate for Chinese Web3 companies to relocate to, even if temporarily - due to their balanced regulatory approach towards crypto. This is not the first time Chinese companies have made their move to Singapore; in fact - multiple crypto communities have already formed there. Companies in China that already have an established blockchain infrastructure are more likely to stay, while others believe that "the earlier you move, the merrier.”

The Vibed streaming app, created by Vibin App Society - pays users for streaming music, and has no premium features that require payment - making it completely free to use. Every time a user listens to music, the app will gift utility tokens that can be spent on AppVille. Points are also rewarded to Vibe app users for streaming music on the platform.

Vibed cryptocurrency crypto ape music
Why stream for free when you can stream and earn? 

Users simply need to connect their wallets to the app and start streaming to receive rewards that are automatically distributed to their wallets. These funds can be sent to exchanges and traded. Due to the decentralized nature of Vibed, email signups and authentication codes are not required.

Hong Kong ranks as the "most crypto-ready nation" in 2022 according to this survey - with a score of 8.6 out of 10. The government is generally very open to trading digital currencies and doesn't impose taxes on businesses and investors. Due to its small size, the density of crypto ATMs in Hong Kong is very high - with 2 machines for every 100,000 people.

Factors such as pro-crypto regulations, a booming crypto startup culture, and a fair tax regime signal Hong Kong's readiness to adopt cryptocurrencies. The second and third spots on the survey are claimed by the United States and Switzerland with scores of 7.7 and 7.5. One of the biggest deterrents to crypto adoption remains crypto taxes. Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey all share the same spot for the lowest crypto taxes on capital gains.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.

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