The Biggest Bank in America Files a Patent for a Crypto Wallet
J.P. Morgan Chase intends to offer crypto services to its 60m+ users and big brands continue to get their feet wet in the space
Cirrus NFT
November 23, 2022
While crypto and NFT prices have left many down in the dumps since the FTX implosion, there is plenty to be excited about if you look past the charts. One of the largest exchanges in crypto has collapsed, but that hasn't deterred some of the biggest companies in the world from continuing to make their intentions of joining the space known.
Headlines this week:
Solana NFT volume climbs while ETH NFT volume stagnates
J.P. Morgan registers trademark for crypto wallet
Kellogg's partners with Sappy Seals and Pudgy Penguins to bring the cutest creatures on the blockchain to cereal boxes
Market Update
The fact that Alameda, SBF's trading firm, held nearly 11% of Solana's total supply prior to the FTX collapse has done no favors to the Solana NFT community over the last couple of weeks. $SOL has cratered from $38 just two weeks ago to as low as $11, and this has left many collectors speculating that some of the top projects on Solana may be bridging over to ETH.
While there may be substance to the rumors, Solana diehards can rejoice in the fact that volume denominated in $SOL has actually steadily increased (at a higher rate than ETH) since the FTX implosion. The release of project Lily and the constant stream of volume for y00ts have been the two main contributing factors for this.
On the ETH side of things, Opensea has continued to see its volume drop, recording its two lowest volume days of the last 16 months this week. The company has started to implement its new royalty enforcement blacklisting, and we saw signs today with the Valhalla release that this tactic may actually end up in OS recapturing a good chunk of the market share that it has lost in recent weeks.
Some things to look forward to over the next month or so are Ether, Memeland Captains, Valhalla's reveal (if you're into trait flipping), Lost Realms, CloneX's companion drop, and Apecoin staking which is set to launch in two weeks.
Things that worked:
Buying CloneX - Ran from 7e to 9e as collectors began to speculate on the collections companion drop inching closer
Buying Doodles - Up from 5.6e to 6.8e as excitement for Doodle Putt ramped up
Minting Cel Mates - Minted for .33e and are currently sitting at an impressive 0.75e floor
J.P. Morgan to Offer Crypto Services to its 60 Million Digital Customers
Amidst one of the most catastrophic events in the history of crypto, the largest bank in the U.S. has registered a trademark for cryptocurrency wallets. The "J.P. Morgan Wallet" was patented under the USPTO and is a major step forward for mainstream adoption as legacy banks open up to the idea of offering crypto services to their customers.
The document stated that the bank intends to offer “Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network… providing an Internet website portal in the field of financial transaction and payment processing services in multiple languages and currencies…,”
CEO Jamie Dimon is notorious for saying that crypto is a poor place to put your money, so this news came as a bit of a shocker for those who are familiar with his stance on digital currencies.
Pudgy Penguins and Sappy Seals are Now on Cereal Boxes
Two of the most kid-friendly NFT collections (at least aesthetically) have found their way onto Kellogg cereal boxes in an exciting partnership revolving around Kellogg's upcoming NFT project Br3akfast Club.
There isn't much information available yet on what Br3akfast Club plans to accomplish in the space, and the twitter account that both Penguins and Seals referenced in the announcement has since been deleted. Keep an eye out on both accounts for more information regarding what's to come.
As Tony the Tiger would say, the implications of the cutest IP in NFT's gaining more mainstream exposure is more than good for the space, it's grrrreat!
Want to be featured on Wumbo Jumbo?
We're looking for incredible brands and projects to partner with us. Sound like you? Let us know.