Warner Music, the entertainment powerhouse behind major stars like Cardi B, Ed Sheeran and Bruno Mars, has joined an $11.2 million investment in Dapper Labs, the company best known for creating the viral blockchain game CryptoKitties.
Warner’s blockchain team will work with Dapper Labs to create new digital assets—think unique, tradable, digital merchandise—featuring a roster of superstar talent. The companies will use a new public blockchain called Flow, which is capable of handling much larger transaction volumes than the Ethereum blockchain.
At stake? The success of Dapper Labs itself, and the dominant position in a rapidly escalating competition to build economies that blur the line between digital assets and the real world.
Bitcoin had a quiet August, despite a 20% bump at the beginning of the month after President Trump tweeted his plans to impose additional tariffs on China and the Chinese yuan reached a 10-year low against the U.S. dollar. The most popular digital currency surrendered these gains as the month wore on, falling to as little as $9,326.
“It is not uncommon for crypto markets to react to global developments and news, but such moves are usually short-lived and loosely correlated,” said Joe DiPasquale, CEO of BitBull Capital.
Bitcoin also saw its lowest levels of volatility in four months this week, shedding more light on just how calm the market has become.
STELLAR’S $124 MILLION AIRDROP
As chatter circulates regarding the status of many crypto assets, like Stellar’s XLM and Ripple’s XRP, as potentially unregulated securities, Stellar has decided to give away roughly $124 million in XLM in a partnership with Keybase, a group messaging and file transfer hub. Ripple, on the other hand, has been selling off its XRP holdings.
INSIDE MILLER LITE’S BLOCKCHAIN BEER TRIVIA
Miller Lite jumped on the blockchain train last month, using the technology for its mobile trivia game that rewards of-age customers at certain bars and restaurants with a $5 prize that can be applied to a Miller Lite purchase. While the effort reads like a marketing play, the game uses blockchain and a crypto token to help verify participants and pay out winners of the game.
At this year’s Forbes Under 30 Summit in Detroit (October 27–30), competitors BMW, Ford, GM and Renault will share the stage to talk about how blockchain can help Motor City reimagine itself.