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.

Tech NFT
5,539 Hypes 3 Comments

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).

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.”

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.

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.”

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 WizardsWNBA‘s Washington Mystics and the NHL‘s Washington Capitals are part of the deal.

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.

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