Web3 News: Tech News Roundup

From Amazon’s rumored NFT marketplace launch and the impact of Elon Musk’s tweet on Cult DAO’s token to warnings about stagflation, mega economic crises, and more in our weekly article below.

Amazon NFT Buzz:

Rumors are gaining traction that Amazon could soon launch its own NFT marketplace, potentially creating a seismic shift in the digital art and collectibles industry. As one of the world’s largest online marketplaces, Amazon’s entry into the NFT market could significantly boost the popularity and adoption of non-fungible tokens, attracting a massive influx of new users and driving further mainstream acceptance.

Musk’s Tweet Impact:

Elon Musk’s recent tweet mentioning “Cult/Culture” had a significant impact on Cult DAO’s token, #CULT, which saw its value skyrocket by 76% in just 24 hours. The token reached an all-time high of $0.00000836, demonstrating the considerable influence Musk’s statements can have on the cryptocurrency market, particularly among his millions of followers.

Stagflation Warning:

Economist Peter Schiff has issued a warning about the worsening stagflation situation in the US economy. He highlights the rise of low-paying service sector jobs and the continued strengthening of inflation as key contributing factors. Schiff’s warning underscores the need for policymakers to address these issues in order to mitigate the potential negative consequences of stagflation.

Bitcoin Hash Rate:

Despite Bitcoin’s hash rate reaching a record high of 473.87 EH/s on May 1st, driven by rising ordinal inscriptions and increased daily transactions, the cryptocurrency’s price remains disconnected. Bitcoin’s value has been trading in the red at $28,592, suggesting that other market factors are influencing its performance beyond the impressive hash rate milestone.

Mind-Reading Tech:

Researchers from Texas have developed a groundbreaking GPT-like system capable of reading minds and translating thoughts into words in real time. This cutting-edge technology has the potential to revolutionize various fields, including communication for individuals with speech impediments or paralysis, as well as providing new insights into human cognition and thought processes.

Mega Crisis Alert:

Robert Kennedy Jr. warns of an impending mega economic crisis, emphasizing that it’s not just the banks that are at risk. He suggests that a combination of factors, including inflation, growing debt, and environmental issues, could contribute to the crisis, urging people to prepare for potential consequences. Kennedy’s warning highlights the need for both individuals and governments to proactively address these challenges in order to mitigate their impact.

Coinbase Legal Battle:

Leading cryptocurrency exchange Coinbase is currently facing legal action over its alleged collection and storage of biometric data without obtaining proper consent from users. Plaintiffs argue that the company violated the Illinois Biometric Information Privacy Act (BIPA) by not obtaining explicit permission and maintaining transparency about its data collection practices. This legal battle could have significant implications for privacy and data protection in the rapidly evolving crypto industry.