The Boring Company Hits $5.6B Valuation and Nike Releases Cryptokicks in This Week’s Business and Crypto Roundup

While Coinbase launched the Beta version of its NFT marketplace.

Tech & Gadgets 
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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. Tesla reported $18.7 billion USD in Q1 revenue

Revenue rose to $16.86 billion USD and gross profits reached $5.54 billion USD. CEO Elon Musk expressed confidence that 2022 would yet again be a landmark year for Tesla.

2. Netflix announced a loss of 200,000 subscribers in Q1

The dip sent its stock plummeting more than 20%. It marks the streamer’s first decline in subscribers in over ten years, with the last reported loss taking place in 2011.

3. Elon Musk’s The Boring Company hit a $5.6 billion USD valuation

The latest funding round raised $675 million USD and looks to expand plans and focus on “scaling Loop, a system that will shuttle passengers through high-speed tunnels.” Loop aims to be an all-electric, zero-emissions, high-speed underground public transportation.

4. Billionaire Francois Pinault plans on buying music-streaming platform Deezer

Pinault and two other members of I2PO are planning on buying Deezer for approximately $1.16 billion USD and taking the company public. Currently, the deal is allowing the combined entity to raise at least 120 million EUR with original investors.

5. NASA, SpaceX and Amazon are teaming up to develop space communication devices

NASA, alongside six U.S. companies, will begin developing “near-Earth space communication services” that it may use in future agency missions. The combined value of the agency’s deal, termed the Communications Services Project (CSP) funded agreement, is $278.5 million USD.

Crypto

1. Coinbase launches a Beta version of its NFT marketplace

The cryptocurrency trading app says that its NFT marketplace will be a Web3 peer-to-peer social platform, with a focus on making collecting, creating, and connecting to NFT communities easier. The Ethereum-based platform will open for users in the U.S., with access being granted based on their positions on the Coinbase NFT waitlist.

2. The Sandbox is reportedly seeking new funds to reach a $4 billion USD valuation

The company is looking to raise $400 million USD in its next funding round, according to Bloomberg. The platform is an open-world metaverse that allows users to buy and sell digital assets in the form of NFTs.

3. The AMC mobile app now accepts Dogecoin, Shiba Inu Coin and more

CEO Adam Aron said the payment system would be powered by Bitpay, Apple Pay, Google Pay and Paypal. The feature is available in the latest version of the app.

4. Nike and RTFKT launched their first Cryptokick

The mysterious RTFKT monolith has been revealed to contain a pair of virtual sneakers dubbed Nike Cryptokicks. They are based on the epochal Nike Dunk silhouette and will be customizable with eight RTFKT-made skins.

5. Sir Mix-A-Lot shared his thoughts on web3

Ahead of the 30th anniversary of “Baby Got Back,” the artist spoke to HYPEBEAST about his “Bit Butts” NFT project and giving power back to artists. Read the full interview here.

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