🤷♀️ Can't Beat 'Em? Join 'Em
Happy Sunday everyone,
An interesting development is happening in the blockchain/crypto/NFT space with Kickstarter looking to move their crowdfunding platform to blockchain. In the past decade, Kickstarter raised hundreds of thousands - even millions - for early stage companies looking to test out consumer demand. Peloton raised $307,000. The Oculus VR headset raised $2.4M.
However, as of late, Kickstarter has had difficulties attracting those same ideas to raise money on the platform. If you remember from a few Hump Days editions ago, we did a brief overview on the DAO (distributed autonomous organization) that raised $46.3M to bid on a rare copy of the U.S. constitution. The concept of DAOs could effectively put a company like Kickstarter out of business because those same early stage companies that were once raising money through a third party like Kickstarter, may choose to go the route of utilizing blockchain technology.
With the advent of crypto and the blockchain, platforms like Kickstarter will be hard-pressed to attract the same kinds of ideas if they don’t adopt the technology themselves. A great strategy move on the part of Kickstarter to adapt to the change in where money is going (i.e., the blockchain).
We will have to wait and see if this pivot will be a success for Kickstarter but we won’t have to wait long. They expect the platform to be ready sometime in 2022.
While you wait for the new development, enjoy this week’s Hump Days!
- Humphrey & Rickie
In the Markets
Weekly News Roundup
NYC to Impose Vaccine Mandate on Businesses as Cases Rise (BBG)
On Monday, New York City Mayor Bill de Blasio announced that the city will be the first in the nation to impose a vaccine mandate on private-sector workers starting Dec. 27, in a “preemptive strike” to head off the potential uptick in Covid-19 cases caused by the omicron variant.
RH: New York City still has nightmares from when the Covid first made it onto home soil. It is understandable why they would be the first to implement a policy such as this. Is it premature? Time will tell.
HY: Could help, probably sparks more protests.
Fed is expected to speed up end of bond buying and signal interest rate hikes (CNBC)
The Fed meets this coming Tuesday and Wednesday and could speed up their bond buying program and begin the interest rate hikes as a method to combat inflation.
HY: Initially the Fed wanted to raise rates in 2023, but they may have to change that to 2022. While an interest rate hike doesn’t “STOP” inflation, a hike shows a more proactive approach to monetary/fiscal policy. We shall see what happens in this week’s meetings.
Kickstarter Is Putting Kickstarter on the Blockchain (Gizmodo)
The accompanying article from today’s intro, in case you wanted to read more about it.