A Tribe Called Quest Is Selling NFT Royalties and Robinhood Filed an IPO in This Week’s Business and Crypto Roundup

While Facebook hit over a trillion USD in market capitalization and Louis Vuitton broke records.

Tech 
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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. Facebook hit over a trillion USD in market capitalization

For the first time in its history, Facebook was valued at $1.008 trillion USD, according to Yahoo! Finance. Facebook is one of the newest companies to have reached this pinnacle.

2. Louis Vuitton‘s Spring/Summer 2022 runway show broke records in China

According to a new report released by Morgan Stanley on Wednesday, the June 24 Louis Vuitton Spring/Summer 2022 runway show reached a viewership of 44 million people on Chinese social media platform Weibo. The show is said to have garnered 130 million viewers worldwide.

3.  Robinhood filed the paperwork necessary to go public

According to the filing, the company had 18 million accounts on its platform as of March 31. But the company also reported a net loss of $1.4 billion USD over the last three months, attributed to the GameStop fiasco.

4. adidas is suing Thom Browne over its famous Three Stripes trademark

According to the trademark infringement and dilution complaint filed earlier this week, adidas alleges that Thom Browne continues to sell goods featuring the emblem. adidas claims that Browne is reaping the benefits of the Three Stripes’ “widespread fame and tremendous public recognition.”

5. Instagram debuted a new feature to help support Black-owned businesses

Instagram released a new feature that allows Black businesses to designate their stores as Black-owned to better attract customers wanting to show support. According to Instagram, there has been a uptick in support for Black-owned businesses over the past year.

Crypto

1. U.K police seized $158 million USD worth of cryptocurrencies

According to the department, the amount is the largest sum of its kind seized in the country’s history. “Cash remains king, but as technology and online platforms develop, some are moving to more sophisticated methods of laundering their profits.”

2. Twitter gave away 140 free NFTs

Twitter offered up 140 NFTs in seven different designs. The social media giant officially notified its 59 million followers of the giveaway with a post reading: “140 free NFTs for 140 of you, besties.”

3. An NFT of the source code for the World Wide Web sold for $5.4 million USD

The Sotheby’s. auction was announced on June 15 and wrapped up on June 23, with over 50 participants having placed a bid on the NFT. The identity of the buyer is still unknown.

4.  U.K. regulators placed a block on cryptocurrency exchange Binance

According to the Financial Times, the country’s Financial Conduct Authority banned the service from operating in Britain. No precise explanation was given as to why Binance had been blocked, but authorities cited an “imposition of requirements” keeping the platform from running.

5. A Tribe Called Quest is auctioning off profit-making royalty NFTs for their first five albums

A Tribe Called Quest will allow NFT owners to collect sound recording royalties from their first five studio albums. The starting price is listed at $35,000 USD with a 10 percent royalty upon resale.

 

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