STOP THE FUD, says Crypto.com / FFC Syd Recap

GM Baos,

Was a wild weekend partying up with the Sydney Bao and BaoBeis. Read to the end for snippets from the night. It's Monday and we're back with another Dumpling because we CAN'T STOP, WON'T STOP sharing the best news in web3.

We cover:

• Crypto.com calms the storm

• Jump on board the Starbucks Odyssey Journey

• Big three record label sets to launch NFTs

Crypto.com calms the storm

In the wake of the FTX's downfall, the information assymetry between centralised exchanges and their customers became increasingly apparent. Surely they are too big to fall? Surely they have sufficient reserves to cover my deposits?

Over the weekend, Crypto.com one of the largest exchanges and home to more than 70 million customers released verified Proof of Reserves signed off by Mazars Group as the third-party auditor. The CEO promised this in response to criticisms into the balance sheet of Crypto.com and made good on his word.

In a company release Crypto.com said "It is now easy for our existing users to verify that Crypto.com has a 1:1 reserve....and all assets are responsible backed and accessible".

They hope to crush all speculation of risk and undercapitalisation...but is it already too late? Will customers trust centralised exchanges ever again?

Jump on board the Starbucks Odyssey Journey

Which one of you lucky P.S.L. addicts got onto the Starbucks Odyssey loyalty program?

The lucky participants will be able to engage in 'Journeys' which are described as "entertaining, interactive activites to earn collectible NFTS and points to unlock new benefits and experiences". The program was first teased by the coffee mega-chain in September but has finally ready to serve.

The beta launch is an add-on to the existing Starbucks Rewards but harnesses the power of the Polygon blockchain and is one of the first big moves to bring a loyalty program onto the blockchain. The release targets their most loyal and active customers and looks to kick off in January 2023.

The intention is that as Stamps (NFTs) and points are collected, more access and unique benefits are unlocked to the holders. All collectible Stamps and badges of being a superfan will eventually become tradeable on Nifty Gateway.

Join the waitlist here.

Big three record label sets to launch NFTs

Big three recording giant Warner Music Group partners with LGND Music to drop NFT music on the Polygon blockchain from January 2023. First off the rank, LGND will collaborate with Spinnin' Records, WMG's huge dance music record label and bring them onto the blockchain.

Under the Warner Music Group banner are artists like Ed Sheeran, David Guetta, Coldplay, Cardi B...and the list goes on. The collaboration with LGND MusIc will offer "passionate music collectors a decentralised ecosystem based on full ownership of digital assets".

"LGND MusIc will let users buy and fully own music tokens and easily get started with digital collectibles by building a collection".

Are we about to see the entire music industry enter a new chapter of innovation?

Bao-Sized News

• Dogecoin pumps 29.4% leading overall meme coins bouncing 7.77%

• Goldman Sachs looking to buy the bear

• Chinese courts rule that NFTs are to be protected by the laws of the country

Made us Untz Untz Untz

Little recap of the FFC Sydney Meet up :)

Tried keeping up with the BaoBeis and will need this whole week to recover. But web3 never stops :)

–Uncle Bernie