Nike Invests in the WNBA and Kobe Bryant Will Have a Metaverse Presence in This Week’s Business and Crypto Roundup

While Meta lost $10 billion USD on its metaverse expansion.

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. Google’s parent company Alphabet broke $200 billion USD in annual revenue for the first time

Alphabet released its fourth quarter and fiscal year 2021 results, noting $257 billion USD in revenue, a 41% increase year-over-year. The company also announced plans for a 20-for-one stock split.

2. Nike Inc. becomes an equity investor in the WNBA

The partnership will allow Nike to help grow the league by offering widened visibility for WNBA athletes and establishing additional grassroots opportunities for girls to play basketball. Through this investment, Nike’s main goal is to equip the league with the necessary resources to accelerate its growth in the long term.

3. Snap Inc. saw its first profitable quarter as a public company

Snap Inc. released its fourth quarter and full year 2021 financial results, noting positive net income for the first time as a public company. For the full year ended December 31, Snap’s revenue increased 64% to $4.1 billion USD.

4. The New York Times acquired popular online game Wordle

Wordle is set to join New York Times Games’ portfolio less than six months after its release in October 2021. According to the The Times, the game gained traction in late 2021/early 2022 with almost 300,000 players and currently has millions of daily players.

5. Supreme’s parent company VF Corp reported $3.6 billion USD in revenue in Q3

Denver-based VF Corporation, which owns and operates notable brands like SupremeThe North Face and Vans, released its third-quarter fiscal 2022 report. It announced that continuing operations revenue has increased 22% to $3.6 billion USD, and constant dollars revenue is up 16%.

Crypto

1. Meta lost $10 billion USD building the metaverse in 2021

The Facebook parent company reported its fourth quarter and full year 2021 results and revealed massive losses by its Reality Labs division. The company’s net income in 2021 was $39 billion USD.

2. Crypto project Diem is selling its assets

The cryptocurrency project founded by Meta CEO Mark Zuckerberg is selling its intellectual property and other assets to Silvergate Capital Corporation. In a statement, CEO Stuart Levey said that the project ran into roadblocks from federal regulators, preventing it from moving ahead. 

3. Disney is looking to hire NFT experts 

Referred to as a manager of business development, the hire will “help lead Disney’s efforts in the NFT space including monitoring the evolving marketplace, setting category strategy and managing key partners,” according to the job description. Candidates are expected to have a minimum of five years of experience in licensing or business development, along with a “passion for digital and NFT categories.”

4. BSTX will become the first SEC-approved blockchain-powered exchange

The new exchange, which is a joint venture with tZERO, differs from traditional institutions like NASDAQ, the Chicago Mercantile Exchange and New York Stock Exchange in that it will offer same-day and next-day pay settlements and will operate on a private blockchain. It will also allow for anonymous member activity viewing.

5. Kobe Bryant’s estate is preparing to enter the metaverse

Kobe Inc., a company founded by Kobe Bryant now controlled by his estate, has filed several trademarks for an expansion into virtual and digital goods. Three trademarks were filed with the U.S. Patent and Trademark Office on January 28 and include the words: “Kobe Bryant,” “Mamba Forever” and “Mambacita.”

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