This Week in Crypto – 10/3/22

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In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

Warner Music Group Partners with OpenSea to Launch Drops Feature
WMG and OpenSea are partnering to allow select artists to build Web3 communities, which introduce existing fans to new forms of connection and increase creative possibilities. Artists can also host limited-edition products on dedicated drop pages. According to Shiva Rajaraman, OpenSea’s Vice President of Product, “For artists and musicians, NFTs represent a new creative medium and a mechanism to build community, engage directly with fans, and express themselves across borders and languages”. It seems like the music industry is very accepting of Web3 technologies, and it’ll be fun to see what kind of projects come out of this partnership!

Meta Rolls out Digital Collectible Feature to Facebook and Instagram
Social Media and Metaverse Giant Meta announced Sept. 29 that a “digital collectible” feature is now available to all U.S. users of Facebook and Instagram. The feature allows users to post and share their owned digital assets by connecting their wallets to their profiles. It also can automatically tag the creator of the digital asset and the current owner by pulling data from the blockchain. The current list of supported blockchains are Ethereum, Polygon, and Flow. The supported wallets to connect are MetaMask, Trust Wallet, Rainbow, and Coinbase Wallet. The feature is also available in 100 other countries, but only on Instagram.

Bitcoin Miners See Break in Difficulty for First Time in a Month
Bitcoin miners have experienced a decrease in difficulty for the first time since July, according to data from blockchain analysis firm Glassnode. This comes after miners have moved thousands of BTC to exchange platforms to sell off, amid rising energy prices and a dreary bear market. Mining difficulty can fluctuate in large amounts due to demand and the number of active miners, which is shown in the large increase in late August of 2022. It\’s always a good idea to keep in mind that there are many factors that affect the price of Bitcoin – even the mining!