THIS NEWSLETTER IS SPONSORED BY |  |  | There's a land rush going on in the metaverse. But how do you value virtual land? | In the late 18th century, financial professionals formalized an agreement to speculate and trade shares near Wall Street and Pearl Street — a deal that cemented New York's future as a financial epicenter and set the foundation for modern day capital markets.
More than 200 years later, techies and nerds are building a new Wall Street in the so-called metaverse — specifically, in a digital city called Frankfurt.
Frankfurt exists in a blockchain-based virtual reality called Cryptovoxels, which is home to several other cities as well — including Milan, where one can visit a temple dedicated to memecoin Doge. Land in this world is divided into parcels, which can be exchanged on online non-fungible token (NFT) marketplaces including OpenSea.
It's far from given that the metaverse will have its own Wall Street. But if it does, this spot in Frankfurt will be a contender for the honor, says Jonathan Hineline, as he walks me through the virtual city. | | |  | SEC rejects VanEck's spot bitcoin ETF | The U.S. Securities and Exchange Commission has rejected a proposed effort to list a spot bitcoin exchange-traded fund. The agency, which regulates securities markets in the U.S., had previously punted its final determination on VanEck's proposed fund. The most recent delay took place in September, setting the stage for a final deadline of November 14 (though it was expected sometime Friday given the weekend timing). | Bumble is swiping right on Web 3.0 and the metaverse | While many details about Bumble's blockchain strategy remain unclear, the Austin, Texas-based tech company appears to be taking the metaverse -- a term that refers to virtual worlds and integrated digital experiences and assets -- into consideration as it embarks on revamping its Bumble BFF platform for finding platonic friendships. | Digital asset platform Bakkt reports $28.8 million net loss in Q3 | According to Friday's financial report, Bakkt's revenue for Q3 came in at $9.1 million as against $6.6 million recorded in the corresponding period last year. The firm also recorded a loss of $24.1 million in earnings before interest, taxes, depreciation and amortization (EBITDA), almost twice the figures reported in Q3 2020. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | Get Up to $3,000 in Bonuses
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| | | The Block Research was commissioned by Fireblocks to create "An Evaluation of Digital Assets Custody Solutions" which provides an overview of custody solution providers. To access the full report in PDF format, click below. | | | How to build lasting wealth through crypto investments
By Vauld Crypto has come a long way from its fringe origins, and even though there are still questionable projects to this day there is no denying that the overall asset class is increasingly gaining legitimacy. | | | You are receiving this e-mail because you are subscribed to The Block's free newsletter. If someone shared this newsletter with you, you can easily subscribe to receive it in your inbox here. If you're looking for even more content, we have a separate newsletter for The Block Research, which you can sign-up for here. | | | | |
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