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Top Business and Crypto Stories of the Week: April 23

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By on Nike Space Jam

Many brands are beginning to see a recovery despite the challenges initially posed by the pandemic. Some companies, especially those that have focused their efforts on expanding e-commerce businesses, have even seen their profits increase even more than before.

HYPEBEAST has rounded up the best business and crypto stories of the week so you can stay on top of trends across industries.

Business

1. You’re here reported $18.7 billion in first-quarter revenue

Revenue reached US$16.86 billion and gross profit reached US$5.54 billion. CEO Elon Musk said he was confident that 2022 would again be a landmark year for Tesla.

2. Netflix announced a loss of 200,000 subscribers in the first quarter

The drop sent its stock down more than 20%. It’s the streamer’s first drop in subscribers in more than a decade, with the last reported loss occurring in 2011.

3. Elon Musk’s The Boring Company hit a $5.6 billion valuation

The latest round of funding raised $675 million and seeks to expand plans and focus on “scaling up Loop, a system that will transport passengers through high-speed tunnels.” Loop aims to be a high-speed, all-electric, zero-emission underground public transportation.

4. Billionaire François Pinault plans to buy music streaming platform Deezer

Pinault and two other I2PO members plan to buy Deezer for around $1.16 billion and take the company public. Currently, the deal allows the combined entity to raise at least €120 million from initial investors.

5. NASA, SpaceX and Amazon team up to develop space communication devices

NASA, alongside six American companies, will begin developing “near-Earth space communication services” that it could use in the agency’s future missions. The combined value of the agency’s agreement, called the Communications Services Project (CSP) Funded Agreement, is US$278.5 million.

Crypto

1. Coinbase is launching a beta version of its NFT marketplace

The cryptocurrency trading app says its NFT Marketplace will be a peer-to-peer Web3 social platform, with the goal of making it easier to collect, create, and connect to NFT communities. The Ethereum-based platform will be open to users in the United States, with access granted based on their position on the Coinbase NFT waitlist.

2. The Sandbox is reportedly seeking new funds to reach a valuation of US$4 billion

The company is looking to raise $400 million in its next funding round, according to Bloomberg. The platform is an open-world metaverse that allows users to buy and sell digital assets in the form of NFTs.

3. AMC Mobile App Now Accepts Dogecoin, Shiba Inu Coin and More

CEO Adam Aron said the payment system will be powered by Bitpay, Apple Pay, Google Pay and Paypal. The feature is available in the latest version of the app.

4. Nike and RTFkt launched their first Cryptokick

The mysterious RTFKT monolith has been revealed to contain a pair of virtual sneakers dubbed Nike Cryptokicks. They are based on the vintage Nike Dunk silhouette and will be customizable with eight skins made by RTFKT.

5. Sir Mix-A-Lot shared his thoughts on the web3

Ahead of the 30th anniversary of “Baby Got Back,” the artist spoke to HYPEBEAST about his NFT project “Bit Butts” and empowering artists. Read the full interview here.

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