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G'day!
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The financial landscape: On March 19th, 2023, Silicon Valley Bank, a prominent US bank that specialises in lending to technology startups and venture capital firms, was declared insolvent and collapsed. The collapse of the bank has raised concerns about the broader health of the banking industry, with some experts warning that it is a sign of a larger banking crisis that has been long overdue. According to reports by The Guardian, Silicon Valley Bank's collapse was attributed to a series of bad loans made to startups that failed to generate profits. The bank had been experiencing financial difficulties for some time, but its management had failed to take corrective measures. The collapse has triggered concerns that other banks that have lent heavily to the technology sector could also be at risk of insolvency. The collapse of Silicon Valley Bank has sent shockwaves throughout the banking industry, with many experts warning that it could trigger a broader financial crisis. In Australia, ABC News reported that the collapse had sparked fears that other banks, such as Macquarie Bank, which has significant exposure to the technology sector, could also be at risk. The BBC also reported that other banks in the US and Europe, such as Deutsche Bank and Barclays, could also be at risk. A report by News.com.au highlighted that around 200 banks around the world could be at risk of collapse, similar to that of Silicon Valley Bank. The report cited a study by the International Monetary Fund (IMF), which warned that banks with high exposure to the technology sector were vulnerable to collapses due to the sector's fast-paced nature and rapid technological advancements. In summary, the collapse of Silicon Valley Bank has raised concerns about the broader health of the banking industry, with experts warning that other banks that have lent heavily to the technology sector could also be at risk of insolvency. The collapse has triggered fears that it could lead to a broader financial crisis, with around 200 banks worldwide potentially at risk of a similar collapse.

Sources : https://www.theguardian.com/business/2023/mar/19/silicon-valley-banks-collapse-will-not-be-a-one-off-a-banking-crisis-was-long-overdue https://www.abc.net.au/news/2023-03-20/silicon-valley-signature-bank-collapses-stoke-industry-fear/102117692 https://www.bbc.com/news/business-64951630 https://www.news.com.au/finance/business/banking/dire-warning-for-200-banks-at-risk-of-silicon-valley-bankstyle-collapse/news-story/f41e870f503431eb3205c01a379a6fe1

On the other hand ... The cryptocurrency market recently experienced a bullish trend with Bitcoin (BTC) leading the way reaching $28,000. Ethereum (ETH) also saw a significant increase, surpassing the $1,800 mark. Other altcoins, such as Binance Coin (BNB) and Tezos (XTZ), also recorded notable gains. The total market capitalisation of all cryptocurrencies climbed to over $1.8 trillion, with Bitcoin dominating with a market share of approximately 60%. The surge was attributed to the anticipation of institutional adoption and the ongoing global economic recovery. However, some analysts warn of potential market corrections as prices may have risen too quickly.

Now let's talk web3 ....

NFT Artist Beeple Opens a Digital Art Gallery

Beeple Studios just opened and it serves as the artist's creative headquarters as well as a community-building exhibition space showcasing the work of other digital art luminaries.
Beeple (actual name: Mike Winkelmann) established NFT history in March 2021 when he sold his "Everydays: The First 5,000 Days" for $69.3 million at a Christie's auction.

Winkelmann will utilise the facility to create his artwork, according to the Beeple Studios website. It also has a 13,000-square-foot gallery and an immersive space of 13,000 square feet. "We wanted to create a location where we could arrange a variety of various sorts of artist showcases and experimental community activities," according to the website.
While the studio is not yet available to the public, visitors can sign up for time slots to see the gallery.

Starbucks managed to sell 2,000 NFTs in just 20 minutes - note that the purchase did not include any coffee

It's been more than a year since NFT sales peaked — and then crashed — but that hasn't stopped opportunistic multibillion-dollar firms from attempting to cash in. Starbucks today introduced its first paid collection of NFTs, a bundle of 2,000 digital "stamps" priced at $100 apiece. Starbucks refers to its NFTs as "Journey Stamps," a less technical word that the uninformed may use to describe what they just spent money on. And people did buy them; according to CoinDesk, the "stamps" sold out in less than 20 minutes.

Playboy Lost $4.9M on Ether It Accepted as NFT Payments

PLBY Group (PLBY), the parent business of late Hugh Hefner's Playboy venture, announced a $4.9 million impairment loss on the ether (ETH) it owned last year, as crypto winter caused a sharp drop in broader market values.
According to an annual filing on Thursday, the lifestyle and media firm took ether as payment for its "Rabbitars" nonfungible tokens (NFT) released in 2021, which it maintains on its balance sheet as digital assets. According to the petition, the worth of the digital assets was $327,000 as of last year.
According to a prior report, the company's digital assets, referred to as Ethereum, were valued at $1.75 million as of 30 September 2022.

Doodles says it is no longer an "NFT project

Doodles, a blue-chip NFT initiative, aspires to become a major media franchise, declaring the brand no longer an "NFT project." Poopie, Doodles' co-founder, announced the news on the project's Discord channel. His answer was a response to one of the users' enquiries about selling all of his Doodle NFTs.

ERC-4804 the Ethereum new URL standard that can't be blocked

Web(3) URLs have made their way onto Ethereum, allowing internet users to access Ethereum apps and nonfungible tokens (NFTs) without fear of centralized control. The new Ethereum standard, dubbed "Web3 URL to EVM Call Message Translation," was initially suggested on February 14, 2022, by ETHStorage creator Qi Zhou, Ethereum researcher Sam Wilson, and Chao Pi.

It described the proposal as an "HTTP-style" URL to directly access on-chain Web3 content, such as decentralized applications (DApps) front-ends and NFTs. More than a year later, ERC-4804 was approved and finalized on the Ethereum mainnet on March 1.

Women in tech

At the current pace of change, it will roughly take
132 YEARS
346 DAYS
02 HOURS
13 MINUTES
51 SECONDS

until the economic gender gap is closed.

"To illustrate this, there are currently only two Black female CEOs of Fortune 500 Companies." 2023, Jessica Hubbert

Sony files patent for NFT infrastructure on PlayStation

The infrastructure would allow players to earn NFTs in game that are not only trade-able but also work across other gaming systems..

Midjourney V5 is here - check what's new

Adobe Unveils Firefly, a Family of new Creative Generative AI

First Adobe Firefly model will empower customers of all experience levels to generate high quality images and stunning text effects

• Adobe launches beta of first Firefly model focused on commercial use

• Adobe Firefly will be integrated directly into Creative Cloud, Document Cloud, Experience Cloud and Adobe Express workflows

• Adobe will introduce “Do Not Train” tag for creators who do not want their content used in model training; tag will remain associated with content wherever it is used, published or stored

• Adobe is planning to enable customers to extend Firefly training with their own creative collateral, generating content in their own style or brand language

MAGIC EDEN Bitcoin NFT marketplace

”We are thrilled to announce the launch of our Bitcoin marketplace, offering our familiar user experience and the first audited, secure marketplace for Ordinals"

🆙Ins

ERC-4804

Beeple Studio

Women in tech

QOD

”If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.**" - Satoshi Nakamoto
**

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Disclaimer: The information provided in this newsletter is for general informational purposes only and should not be construed as financial, investment, or other professional advice. Any reliance you place on the information provided is strictly at your own risk. The content is not intended to be a substitute for professional advice or judgment and should not be relied upon for that purpose. NFTSYD makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the newsletter or the information, products, services, or related graphics contained in the newsletter for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will NFTSYD and its contributors be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this newsletter.