Instagram Will Explore NFTs and Nike Reports Slow Growth in This Week’s Business and Crypto Roundup
While Radio Shack is exploring a crypto rebrand.
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.
Business
1. Selfridges owners have sold the company
The legendary London store has now been acquired by Thai retail group Central Group and Austrian property company Signa Holding. The joint deal is valued at an estimated £4 billion GBP (approximately $5.36 billion USD).
Breaking News | The billionaire dynasty behind Selfridges & Co. has sold the British department store operator to a consortium led by Thai conglomerate Central Group. https://t.co/AOLJ8G9t8L
— The Business of Fashion (@BoF) December 23, 2021
2. Chanel has increased the prices of some of its classic handbags
A spokeswoman from Chanel told Bloomberg that the price increases are due to “unspecified exchange-rate fluctuations, changes in production costs and to ensure its handbags cost roughly the same around the world.” Some speculate that Chanel is hiking up its bag prices to appear more exclusive.
3. Elon Musk says he’ll pay over $11 billion USD in taxes this year
Musk previously asked his nearly 63 million followers whether or not he should sell 10% of his stake in Tesla to pay taxes, with a majority voting in favor of the move. CNBC‘s Robert Frank suggests that his tax bill “is the largest in history.”
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
4. Nike reported its fiscal 2022 q2 financial results, noting slow growth
Second-quarter reported revenues were $11.4 billion USD, up 1% compared to the prior year. The company noted that while some of its numbers were up, the company was impacted by “continued inventory constraints and supply chain challenges.”
5. Major U.S. service providers blocked more than 50 billion scam calls in 2021
T-Mobile filtered out 21 billion suspicious calls with its Scam Shield system, averaging 1.8 billion calls each month. AT&T and Verizon also recorded massive figures.
Crypto
1. RadioShack has rebranded as a DeFi marketplace
The 100-year old franchise recently laid out its plans, announcing the launch of a RADIO token as part of RadioShack DeFi. The company is confident that it will be able to bridge the gap with older generations and bring blockchain technology closer to mass adoption.
Are you ready? https://t.co/gXXKXc1UT2#RadioShack #Blockchain #Cryptocurrency pic.twitter.com/rXT3HvGli1
— RadioShack (@RadioShack) December 19, 2021
2. Instagram head Adam Moserri says that the site is “actively exploring” NFTs
“Nothing to announce yet but we are definitely actively exploring NFTs and how we can make them more accessible to a wider audience,” he said. “I think it’s an interesting place that we can play…and also a way to hopefully help creators.”
📢 @instagram‘ın CEO’su Adam Mosseri(@mosseri), #NFT trendini aktif olarak araştırdıklarını ifade etti.
👨👩👦👦 NFT’leri daha geniş kitlelere nasıl erişilebilir kılabilecekleri üzerinde düşündüklerini ve yer alabilecekleri ilgi çekici bir alan olduğunu aktardı.#instagram #NFTs pic.twitter.com/ISFttj9cRz
— NFT Library (@LibraryNft) December 18, 2021
3. Over 50 countries have issued bans on cryptocurrency
Since 2018, “the number of countries found to have issued cryptocurrency bans has increased significantly,” according to a report from the Law Library of Congress. As of November 2021, nine countries have placed an “absolute ban” on crypto, meaning that it’s completely illegal.
4. FTX is now the official crypto partner to the Washington Wizards and more sports teams
Cryptocurrency exchange FTX has partnered with Monumental Sports and Entertainment to become the official cryptocurrency exchange and NFT partner for its properties. The NBA‘s Washington Wizards, WNBA‘s Washington Mystics and the NHL‘s Washington Capitals are part of the deal.
Looking forward to an incredible partnership, working alongside one of the leaders in sports and entertainment!
👋Caps fans
👋Wizards fans
👋Mystics fans
👋Capital City Go-Go fans👋Washington, D.C. https://t.co/uuxhRHVlG5
— FTX – Built By Traders, For Traders (@FTX_Official) December 20, 2021
5. A Sony employee allegedly stole $154 Million USD and converted it to Bitcoin
According to a press release from the Department of Justice, an employee of Sony Life Insurance Company Ltd. in Tokyo allegedly diverted $154 million USD of company money into his bank account before quickly converting it into 3,879.16 Bitcoins. The funds have since been recovered.
