Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries.
2. Instagram’s head Adam Mosseri will testify before Congress on how the app influences young people
For the first time, the head of Instagram, Adam Mosseri, has agreed to testify in front of Congress over the app’s potential dangers and negative impact on young people. Mosseri is expected to appear before the Senate panel the week of December 6.
There’s an important discussion happening right now about keeping young people safe online. I’ve been thinking a lot about how Instagram shows up, and I’m looking forward to sharing more of the work we’re doing in the weeks ahead ?? pic.twitter.com/dLQNDh6G34
— Adam Mosseri (@mosseri) November 24, 2021
3. Samsung plans to build a $17 billion USD semiconductor factory to deal with the global chip shortage
The company already manufactures chips at other locations throughout the country, including one in Austin. Construction is expected to begin in 2022 to have the facility completed sometime in the second half of 2024.
Speaking to CNBC’s Jim Cramer on Friday, Nvidia CEO Jensen Huang said that the next iteration of the internet will enable companies to reduce wastefulness and increase efficiency. “We want to simulate all factories in metaverses, in this omniverse,” he said.
— NVIDIA (@nvidia) November 20, 2021
Apple describes attacks in which NSO Group — the maker of Pegasus — or its clients had created Apple IDs to send malicious data to devices, which then enabled hackers to install Pegasus without users’ knowledge. With the lawsuit, Apple is seeking to ban NSO Group from using any Apple software, services or devices.
The Los Angeles Rams wide receiver is said to have a base salary of $750,000 USD and a $500,000 signing bonus, along with an additional $3 million USD available in team-based incentives. He joins other NFL stars like Aaron Rodgers, who have agreed to take compensation in Bitcoin.
It’s a NEW ERA & to kick that off I’m hyped to announce that I’m taking my new salary in bitcoin thanks to @CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup
— Odell Beckham Jr (@obj) November 22, 2021
Metaverse developer Republic Realm has successfully sold The Metaflower Super Mega Yacht for 149 ETH (approximately $650,000 USD), making the digital yacht the most expensive NFT asset in The Sandbox. The company has created a series of “Fantasy Islands” on the platform consisting of 100 private islands.
El Salvador, the first country in the world to recognize Bitcoin as legal tender, is now building a “Bitcoin City” that is being funded by Bitcoin-backed bonds. The ambitious plan also purports to offer “no income tax, zero property tax, no procurement tax, zero city tax and zero CO2 emissions.”
¡El Salvador será el primer país del mundo en tener una #BitcoinCity!
Estará entre la ciudad de La Unión y Conchagua. Las personas podrán vivir en La Unión pero trabajar en la #BitcoinCity. Pronto empezarán a ver todos los beneficios, cuando el desarrollo y la inversión llegue. pic.twitter.com/21bx7Yc5aJ
— Casa Presidencial ?? (@PresidenciaSV) November 21, 2021
The aim is to clarify what role banks can play in the cryptocurrency economy. The agencies identified the areas where there needs to be further clarity on certain activities involving banks, such as asset safekeeping, loans collateralized in crypto and facilitation of purchases and sales of crypto.
According to Collins, “NFT” has witnessed a “meteoric” rise in popularity this year, growing 11,000% in usage in 2021. Coming in second place was “cheugy.”