The global economy going through a tough period has caused the crypto market to enter a bear trend. Also, the bear market strengthened by the collapse of Terra, and the recent bankruptcy of FTX further strengthened the bear market. The crypto market is going through a very difficult period, which inevitably affects many projects.
While some have difficulty surviving, others continue to build. A bear market is a great time to build, but on the other hand, surviving a bear market is difficult. Some countries, giant companies and giant brands are working hard to take advantage of the opportunities in the crypto market, while some projects seek support to survive. Indeed, we are going through a very difficult period in terms of economy globally. It is also noteworthy that crypto investors, who have been under the influence of the bear market for a long time, are quite determined not to break away from the crypto market.
In the early 2000s, Winamp was the most used MP3 player app and it was the audio app I used the most. Afterwards, the inability to improve itself and the release of better applications significantly reduced the use of Winamp, even I have not used it for years. However, it was an application that I could not give up in the past. Winamp wants to regain its popularity by taking advantage of the Blockchain. In its latest update, Winamp has integrated music NFTs into its platform and with Winamp's new feature, it allows users to play audio files embedded in their NFTs. And Winamp calls it a Web3 desktop upgrade. The latest version of Winamp allows music fans to connect their Metamask wallets to Winamp via their Brave, Chrome or Firefox browsers. Winamp supports ERC-721 and ERC-1155 audio and video files, so it is compatible with Ethereum and Polygon. Also, Winamp CEO Alexandre Saboundjian stated that it will include a cross-platform creator service that will launch in early 2023.
Warner Music Group, which has recently partnered with OpenSea, has now stepped up its activities to create a Web3-based music platform. Warner Music Group and Polygon have started work on a Web3-based music application that will allow users to play digital records. In addition, LGND Music also takes part in the collaboration, as well as Warner Music Group and Polygon. In addition to Warner Music Group and Polygon, LGND Music takes part in the collaboration.
Video game giant Atari has announced that it has started a partnership with print-on-demand company Pixels for print framed prints and posters through a new collaboration as part of its NFT initiatives. The NFT collection, called Atari's 50 years, was released in September. By announcing a new feature for Atari NFT owners, it will now enable NFT owners to create their products into physical versions . As a result of the partnership with Pixels, the Atari NFT collection will be able to be made into framed print and posters. Atari NFT holders will use their Ethereum wallet to create physical versions of their products, available in five different sizes. Along with this wallet, they will be able to link to an Atari print page.
On the other hand, the bear trend in the crypto market prevents projects from creating natural resources, and the decrease in investors and the lack of users have also affected the platform revenues. Aptos and Arbitrum ended their investment rounds by raising hundreds of millions of dollars in funds. In addition, the crypto infrastructure company Blockstream, which was founded in 2014, took action to raise funds with its lower valuation by about 70% in a year. Blockstream raised $210 million in funding last year, with a valuation of $3.2 billion. This year, Blockstream seeks to raise funds at the under $1 billion valuation.
Treasures, which were kept in the corner as collateral and assets in some projects, started to become worrisome for the future. SUSHI has encountered a deficit in its treasury that threatens its long-term operational viability. DeFi platform Sushiswap (SUSHI) may have problems with its treasury, according to a governance proposal from project developers. That's why Sushiswap wants to strengthen its treasury. Wanting to fix the gap, SUSHI developer Jared Gray made a proposal regarding Kanpai, a fee diversion protocol. According to this proposal, developers proposed to divert 100 % of the fees generated to the treasury for one year or until new tokenomics are implemented. In addition, the developers argued that this proposal was for a solution to a long-term problem.
In addition, crypto exchange Gate io is launching a support fund to reduce the impact of negative events in the crypto winter. According to the announcement, Gate io has established an industry liquidity support fund with an initial commitment of $100 million. It was said that the fund will help industry organizations and ease the burden. The $100 million fund will be allocated to high-quality projects, market makers, high-frequency traders and other institutional clients and HNW individuals.
Nigeria has limited cash withdrawals in an effort to divert consumers to alternatives such as internet and mobile banking and POS, including its own digital currency (CBDC), eNaira. The Central Bank of Nigeria (CBN) published a letter to banks and other financial institutions. It limited bank withdrawals to just $225 a week for individuals and $1,123 for businesses. Withdrawals of $45 per day can be made from ATMs. Customers wishing to withdraw higher amounts will have to pay a 5 to 10 percent transaction fee.
Economic problems continue around the world, so it is normal to have economic problems in the crypto market. Frankly, there are a lot of reasons keeping bears alive in the crypto market, but I don't think it will last very long. It is very difficult to survive in a bear market and more projects will face problems as the bear market continues. I can honestly say that FTX bankruptcy will not be the first or the last. And the economic problems around the world will not be the first or the last. But well-managed projects and strong ones will continue to exist today and in the future. Those who continue to build these days and those who survive will surely be appreciated in the future. That's why I continue to be patient and build. No one knows when the bear market will end, but I feel it will be over soon. What do you think?