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<ul class="summary-list"><li>I used <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword>'s new feature that lets you buy and sell <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>.</li><li>It's designed to take a bite out of the market that OpenSea has long dominated.</li></ul>A new way to buy and sell NFTs is now available for the masses, and it's run by one of the largest cryptocurrency exchanges in the world.<a href="https://nft.coinbase.com/">Coinbase's NFT</a> service is still in beta mode, and the company debuted it in April for a limited number of select users before opening it up for everyone.Its launch comes at a precarious time for the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> giant — it saw <a href="https://apnews.com/article/cryptocurrency-technology-earnings-b13ce487cf95ccc0df2b8a69279bf8e8#:~:text=Coinbase%20reported%20a%20%24430%20million,19%25%20from%20the%20fourth%20quarter.">half its value</a> shaved off within one week in early May, <a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6">recently laid off 18% of its employees</a> and <a href="https://www.wired.com/story/coinbase-rescind-job-offers/">rescinded job offers</a>, and the market at large is, of course, in an historic downturn that has many questioning the fate of decentralized <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword>.Needless to say, it's not the best time for the space. But that didn't stop Coinbase's NFT shop launch.I tried it out and bought a $50 cartoon apart of the so-called SuperBunnies collection, one with "rare, valiant superheroes sworn to defend the metaverse."Like <a href="https://www.businessinsider.com/how-to-buy-nfts-on-opensea-2022-3">the $103 cartoon pig NFT I bought on OpenSea</a> in March, the purchase made me wonder what purpose NFTs truly serve outside of mere speculation.<h2>There's no app yet — you need Coinbase Wallet</h2><div type="image" title="coinbase nft" height="900" width="1200" msid="92396606" hostid="261" sizebytes="36878"></div>There is no Coinbase NFT app per se. Instead, you'll need to have the Coinbase Wallet app downloaded (as well as the main Coinbase app, where you buy and sell crypto.) Luckily for Coinbase, plenty of potential customers already do. In the wallet app, click on the four-square icon at the center bottom, and you'll see a banner that reads "Coinbase NFT."You can also use the <a href="https://nft.coinbase.com/">website version</a> to peruse NFTs, which is what I chose to do — you just have to confirm that it's you on your phone.The first thing I noticed and liked was a toggle that allowed me to scroll through the NFTs and see their prices in USD, not in ether.<div type="image" title="coinbase nft" height="848" width="1132" msid="92396609" hostid="261" sizebytes="68818"></div>There were Discover and Shop tabs, so you can filter by NFTs that are for sale.I saw lots of spin-offs of the famous Bored Ape Yacht Club collection, <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-1-billion-opensea-bayc-2022-1">which has grossed about $1 billion in sales.</a> There were Mutant Ape Yacht Club, Crypto Apes, Animated Bored Apes, and Bored Bears, to name a few.One of the most expensive NFTs I found was one priced at $15,568 from <a href="https://nft.coinbase.com/nft/ethereum/0x282bdd42f4eb70e7a9d9f40c8fea0825b7f68c5d/6545">Crypto Punks.</a>I eventually settled on one from the SuperBunnies collection, admittedly choosing one of the least expensive NFTs. Mine, "Light Super Bunny #2894," has "unimpressed" eyes.As a launch special, Coinbase said it wouldn't charge any transaction fees, otherwise known as gas fees, for a <a href="https://blog.coinbase.com/gm-coinbase-nft-is-now-in-beta-25e6c052aa43">"limited time."</a> These fees can be sizable and add a good chunk to the final price tag. For example, I previously bought an NFT on OpenSea that cost about $50, but I paid $100 overall because of these fees.However, the limited special appears to have expired — there were still network fees ranging from $14 to $18, raising the total cost of the $32 NFT to almost $50.<div type="image" title="coinbase nft" height="900" width="1200" msid="92396611" hostid="261" sizebytes="12840"></div>This friction felt familiar: the need to go buy more ether to cover the cost of the fees, wait for it to process, and then finally buy the NFT.<h2>NFT hype aside, Coinbase is now an even bigger player in the game</h2>Proponents typically say NFTs empower creators to more easily make a living from their work since blockchain technology gives them more direct access to customers.But at the end of the day, NFTs are largely speculative digital assets, ones that buyers hope will skyrocket in value so they'll come into a windfall of cash.Still, the <a href="https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1">$41 billion market</a> has its followers, and Coinbase's foray into the NFT trading space signals that it will likely remain one of the major players in the world of <keyword id="11899100" type="UNKNOWN" weightage="60" keywordseo="defi" source="Orion">Defi</keyword>.

I paid $50 for a superhero bunny on Coinbase's new NFT marketplace — and saw how it could give rivals like OpenSea a run for their money

<a href="https://www.businessinsider.com/sam-bankman-fried-sbf-fraud-trial-ftx-explainer-2023-10"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! If you want to get in the Halloween spirit, check out <a href="https://www.businessinsider.com/most-haunted-places-around-the-world-palaces-mansions">nine of the world's most haunted castles and mansions</a>, including their dark histories.But first, we're looking at why FTX cofounder and ex-CEO Sam Bankman-Fried's <a href="https://www.businessinsider.com/sam-bankman-fried-sbf-fraud-trial-ftx-explainer-2023-10">criminal trial</a> has implications that could upend the entire crypto industry.What's on deck: <ul><li>Markets: The one thing every <a href="https://markets.businessinsider.com/news/bonds/treasury-yields-stock-market-impact-outlook-interest-rates-bonds-2023-10" target="_blank" rel="noopener">investor should be watching</a> in the market.</li><li>Tech: How one former Meta employee <a href="https://www.businessinsider.com/meta-salary-increase-tips-engineer-2023-10" target="_blank" rel="noopener">increased his compensation</a> to over $800K.</li><li>Business: A recap from the third day of former President Donald Trump's <a href="https://www.businessinsider.com/trump-leaves-fraud-trial-on-3rd-day-2023-10">NY business fraud trial</a>.</li></ul>But first, do you swear to tell the truth?If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Crypto goes on trial</h2><a href="https://www.businessinsider.com/sam-bankman-fried-sbf-fraud-trial-ftx-explainer-2023-10"></a><div type="image" title="A court sketch of Sam Bankman-Fried on the first day of his trial." height="1440" width="1920" msid="104188592" hostid="261"></div>The jurors were selected and sworn in. Opening statements were made. Welcome to crypto's make-or-break trial. Yes, Sam Bankman-Fried, not crypto, is the one on trial. But make no mistake: the industry has plenty at risk despite not being listed as a defendant. (For a refresher on the trial, <a href="https://www.businessinsider.com/sam-bankman-fried-sbf-fraud-trial-ftx-explainer-2023-10">start here</a>.)Bankman-Fried, the cofounder and ex-CEO of crypto exchange FTX, was deeply enmeshed in the crypto ecosystem. Simply known as SBF, he became one of the industry's most recognizable faces (<a href="https://www.businessinsider.com/sam-bankman-fried-gets-haircut-for-first-day-criminal-trial-2023-10" target="_blank" rel="noopener">and heads of hair</a>). Plenty of people were happy to go along for the ride, from <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-top-investors-list-tom-brady-kevin-oleary-sbf-2023-1" target="_blank" rel="noopener">high-profile backers</a> like Tom Brady and Kevin O'Leary to <a href="https://markets.businessinsider.com/news/currencies/ftx-ventures-was-a-disorganized-mess-with-missing-financials-bankruptcy-documents-say-1031923485">startups looking for funding</a>. That's why SBF's trial boils down to crypto's trial. <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-filing-crazy-details-sam-bankman-fried-crypto-exchange-2022-11">FTX's bankruptcy filing</a> and <a href="https://www.businessinsider.com/sam-bankman-fried-biography-michael-lewis-tom-brady-jail-2023-10" target="_blank" rel="noopener">Michael Lewis' book on Bankman-Fried</a> have been eye-opening, to put it mildly. The proceedings will likely provide more fascinating details about the inner workings of FTX and the broader crypto industry, potentially airing out its dirty laundry and shortcomings.SBF's own defense team seems keen to start pointing fingers, according to reporting from Insider's Katie Balevic, Jacob Shamsian, and Grace Kay. In his opening statements, Mark Cohen, SBF's defense attorney, shifted blame to <a href="https://www.businessinsider.com/sam-bankman-fried-lawyer-tries-pins-ftx-collapse-caroline-ellison-2023-10">Bankman-Fried's ex-girlfriend, Caroline Ellison</a>, and the <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-fraud-trial-attorney-cryptocurrency-market-2023-10" target="_blank" rel="noopener">volatility of the crypto market</a>.<a href="https://www.businessinsider.com/sam-bankman-fried-lawyer-tries-pins-ftx-collapse-caroline-ellison-2023-10"></a><div type="image" title="digital illustrations of Caroline Ellison (left) and sam Bankman-fried (right)" height="960" width="1920" msid="104188594" hostid="261"></div>The crypto industry, meanwhile, is ready to move on.One crypto exec recently told me the industry "has already learned many lessons from the FTX (and others') collapse."The exec, who asked to remain anonymous, said crypto has transformed for the better, and the trial won't change anything. They pointed to the wave of bitcoin ETF applications from big players as evidence that crypto is here to stay.But I'd argue that's an even bigger risk for the industry. Financial giants could view the details from the trial as evidence for why they should co-opt crypto from smaller, native players.BlackRock and Fidelity have both filed applications for <a href="https://www.businessinsider.com/blackrock-spot-bitcoin-etf-crypto-reactions-2023-6">launching bitcoin ETFs</a>. PayPal unveiled a <a href="https://markets.businessinsider.com/news/currencies/paypal-crypto-launches-first-us-dollar-pegged-stablecoin-2023-8" target="_blank" rel="noopener">stablecoin pegged to the US dollar</a>. Visa, too, has <a href="https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.19881.html" target="_blank" rel="noopener">pushed further</a> into the space. In short, big institutions seem primed to take over the space and shape it to their liking. Some in the crypto industry are embracing a more grown-up approach. A recent industry conference was light on yacht parties and NFTs, instead <a href="https://markets.businessinsider.com/news/currencies/crypto-market-messari-mainnet-nft-regulation-sec-gensler-technology-coinbase-2023-9" target="_blank" rel="noopener">focusing on regulation and practical tech</a>. But as more evidence comes out regarding the role that the wider crypto industry played in <a href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">SBF's rise and fall</a>, it remains to be seen whether they'll be part of crypto's next chapter or pushed aside by bigger players.<h2>3 things in markets</h2><a href="https://markets.businessinsider.com/news/bonds/treasury-yields-stock-market-impact-outlook-interest-rates-bonds-2023-10"></a><div type="image" title="someone on the trading floor, pointing up" height="960" width="1920" msid="104188597" hostid="261"></div><ol><li>The most important thing investors should be watching. The 10-Year US Treasury yield has turned into the markets version of must-see TV. On Wednesday it hit a cycle-high of 4.88%, its highest level in more than a decade. But those high yields are bad news for the stock and bond market, <a href="https://markets.businessinsider.com/news/bonds/treasury-yields-stock-market-impact-outlook-interest-rates-bonds-2023-10">and even the wider economy</a>.</li><li>Oil prices take a dip. After a surge in pricing over the past few months, oil prices have started to slightly fall. The end of peak travel season, along with reports of Russia lifting its ban on diesel exports, has some worrying about "<a href="https://markets.businessinsider.com/news/commodities/oil-prices-wti-brent-crude-inventory-demand-destruction-economy-slowdown-2023-10" target="_blank" rel="noopener">demand destruction</a>." </li><li>Where the market is headed, according to the experts. It's pretty tough to make sense of the market these days. Get perspective from top Wall Street strategists about what's next <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-wall-street-investors-forecast-september-october-bonds-2023-10" target="_blank" rel="noopener">after a brutal September</a>.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-nvidia-cloud-ai-anthropic-2023-10"></a><div type="image" title="Andy Jassy" height="866" width="1154" msid="104188600" hostid="261"></div><ol><li>Amazon dominated the first boom in the cloud industry. But it's falling behind on the second, AI-fueled boom. The main problem is that it <a href="https://www.businessinsider.com/amazon-nvidia-cloud-ai-anthropic-2023-10" target="_blank" rel="noopener">didn't have a head start</a> this time — and needs a boost to catch up with Nvidia.</li><li>IBM's CEO said he doesn't intend to "get rid of" a single programmer because of AI. Arvind Krishna added that, although it could automate a "repetitive, white-collar job," he thinks <a href="https://www.businessinsider.com/ibm-ceo-automation-ai-repetitive-white-collar-jobs-cuts-2023-10">AI is a job creator</a>.</li><li>"I made over $800,000 at Meta. Here's how I significantly increased my compensation." When he first joined as a senior engineer in 2017, Rahul Pandey's total compensation was $390,000. When he left in 2022, he was a tech lead and manager with a <a href="https://www.businessinsider.com/meta-salary-increase-tips-engineer-2023-10" target="_blank" rel="noopener">total compensation of $823,000</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/trump-leaves-fraud-trial-on-3rd-day-2023-10"></a><div type="image" title="Donald Trump addresses the press just outside the courtroom doors to his Manhattan business fraud trial" height="1279" width="1708" msid="104188604" hostid="261"></div><ul><li>Trump came, scowled, got gagged, then bounced. Former president Donald Trump <a href="https://www.businessinsider.com/trump-leaves-fraud-trial-on-3rd-day-2023-10" target="_blank" rel="noopener">left his business fraud trial</a> on Wednesday after attending for two and a half days. He must return next week to testify in the $250 million civil suit.</li><li>Private credit is a fan favorite among hedge funds. Also called alternative credit or direct lending, the <a href="https://www.businessinsider.com/private-credit-toast-of-the-town-greenwich-economic-forum-2023-10" target="_blank" rel="noopener">private credit sector is rapidly growing</a>. It's all thanks to higher interest rates and distressed banks.</li><li>Some of America's richest people are simply not paying their taxes. New IRS data revealed that nearly 1,000 people who make more than $1 million annually <a href="https://www.businessinsider.com/rich-people-tax-evasion-owe-billions-returns-2023-10" target="_blank" rel="noopener">didn't file taxes multiple times</a> between 2015 to 2020.</li></ul><h2>In other news</h2><a href="https://www.businessinsider.com/gen-z-build-your-own-college-degrees-customized-major-jobs-2023-10"></a><div type="image" title="A blueprint drawing of a college degree" height="1000" width="2000" msid="104188607" hostid="261"></div><ul><li>Gen Z students are <a href="https://www.businessinsider.com/gen-z-build-your-own-college-degrees-customized-major-jobs-2023-10" target="_blank" rel="noopener">inventing their own college degrees</a>.</li><li>The Wall Street Journal laid off editorial staff in Hong Kong as others <a href="https://www.businessinsider.com/wsj-lays-off-hong-kong-staffers-insiders-brace-more-cuts-2023-10" target="_blank" rel="noopener">brace for more cuts</a>.</li><li>More than 75,000 Kaiser Permanente healthcare employees across the country <a href="https://www.businessinsider.com/kaiser-permanente-strike-healthcare-workers-largest-us-history-2023-9" target="_blank" rel="noopener">have gone on strike</a>.</li><li>Home prices in Lakeland, Florida, are <a href="https://www.businessinsider.com/housing-market-lakeland-florida-home-prices-falling-for-sale-2023-10" target="_blank" rel="noopener">falling faster</a> than the rest of the US.</li><li>David Beckham called out Victoria for trying to <a href="https://www.insider.com/david-beckham-calls-victoria-out-working-class-posh-spice-2023-10" target="_blank" rel="noopener">relate to the working class</a>.</li><li>Parents are <a href="https://www.insider.com/parents-are-putting-their-kids-on-weight-loss-drugs-2023-10" target="_blank" rel="noopener">putting their kids on the weight-loss drug</a> Wegovy.</li><li>A man lost his $50,000 life savings after <a href="https://www.insider.com/man-lost-50k-lifesavings-downloading-app-for-peking-duck-food-2023-10" target="_blank" rel="noopener">downloading an app</a> to order Peking duck.</li><li>What it's like to move to a tiny, remote community where the <a href="https://www.businessinsider.com/relocation-moved-city-tiny-community-western-australia-life-more-relaxed-2023-10" target="_blank" rel="noopener">rent is $60 per month</a>, but groceries are a five-hour round trip.</li><li>Google Assistant is <a href="https://www.businessinsider.com/google-assistant-with-bard-new-app-chatbot-ai-voice-text-2023-10">starting to merge</a> with ChatGPT competitor Bard.</li></ul><h2>What's happening today</h2><ul><li>Dianne Feinstein's memorial. The trailblazing California senator <a href="https://www.businessinsider.com/dianne-feinstein-is-dead-what-happens-next-democrats-2023-9" target="_blank" rel="noopener">died last week at age 90</a>. Vice President Kamala Harris and Sen. Chuck Schumer are among those expected to speak at her memorial event today. </li><li>The Billboard Latin Music Awards are tonight. Performers include Grupo Frontera, Marc Anthony, and Sofia Reyes. Peso Pluma was nominated for 21 awards, while Bad Bunny and Grupo Frontera are each up for 15.</li><li>The NBA preseason kicks off. The Dallas Mavericks and Minnesota Timberwolves will face off in Abu Dhabi at the Etihad Arena.</li><li>Earnings today: Levi's, Kewpie, <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><h3>For your bookmarks</h3><h2>Lottery advisor</h2><a href="https://www.businessinsider.com/advise-lottery-winners-powerball-heres-what-to-do-win-2023-10"></a><div type="image" title="Emily Irwin of Wells Fargo (left) and a lottery winner (right)" height="1278" width="1705" msid="104188610" hostid="261"></div>"I advise lottery winners." These are the <a href="https://www.businessinsider.com/advise-lottery-winners-powerball-heres-what-to-do-win-2023-10">top things you should do</a> immediately after winning the lottery, including learning how to say no.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. <a style="text-decoration: underline;" href="https://www.businessinsider.com/author/annie-smith" target="_blank" rel="noopener noreferrer">Annie Smith</a>, associate producer, in London. <a style="text-decoration: underline;" href="https://www.businessinsider.com/author/shona-ghosh" target="_blank" rel="noopener noreferrer">Shona Ghosh</a>, deputy executive editor, in London. <a style="text-decoration: underline;" href="https://www.businessinsider.com/author/jack-sommers" target="_blank" rel="noopener noreferrer">Jack Sommers</a>, senior editor, in London. <a style="text-decoration: underline;" href="https://www.businessinsider.com/author/spriha-srivastava" target="_blank" rel="noopener noreferrer">Spriha Srivastava</a>, UK bureau chief, in London.

Sam Bankman-Fried isn't the only one on trial. The entire crypto industry is.

<ul class="summary-list"><li>Youtuber Logan Paul has called rapper Bad Bunny a hypocrite for his "El Apagón" docu-music video.</li><li>Paul, faced criticism as a "colonizer," for moving to Puerto Rico in 2021 to get a tax break.</li></ul>Youtuber Logan Paul accused Puerto Rican rapper Bad Bunny of being "hypocritical" and "taking advantage" of Puerto Rico's tax laws after the rapper included him in a documentary about gentrification and displacement on the island.Bunny — real name Benito Antonio Martínez Ocasio — released the 20-minute doc on September 16 along with his <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?v=1TCX_Aqzoo4">"El Apagón" music video</a>. The documentary centers on <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.the2022actsociety.org/tax-incentives/act-22/">Act 22</a>, a controversial tax break for foreigners which allows residents to avoid paying capital gains taxes on cryptocurrency, stocks, and real estate.Paul makes a brief appearance in the documentary — the divisive influencer previously named tax incentives as one reason for his 2021 move to the island.Paul, who moved with his brother Jake into a Dorado mansion <a target="_blank" rel="noopener noreferrer nofollow" href="https://nypost.com/2021/06/03/logan-paul-training-for-floyd-mayweather-fight-at-13m-mansion/">reportedly worth $13 million</a>, justified the move by saying that <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?v=7OnFSESMWF0">"it's getting crazy here in California, paying taxes."</a> But he's been <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/puerto-rico-posters-call-crypto-investors-logan-paul-brock-pierce-colonizers-2022-2">criticized as a "colonizer" by locals protesting gentrification</a>.In an <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?v=gIXN8nJgTyM">October 5 interview</a> with news YouTuber Philip DeFranco, Paul said it was "hypocritical" of Ocasio to make a documentary critical of foreign investment in Puerto Rico, erroneously claiming that Ocasio "takes advantage" of the same tax law as him."Bad Bunny is a Puerto Rican, living in Puerto Rico, who is privately taking advantage of the same tax program that he is publicly condemning," the 27-year-old Youtuber said."So, I see this music video that has stuck me in the middle of it — surrounded by context that makes me look like a vulture in Puerto Rico," he went on, "And again, while I love Bad Bunny, I cannot personally support the hypocritical nature of his exploitation."But as various news outlets have pointed out, Paul was wrong in his claims about Ocasio's tax status. As a native Puerto Rican who lives on the island, Ocasio wouldn't be eligible for the same tax incentives <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.washingtonpost.com/technology/2022/01/13/crypto-puerto-rico/">reserved for wealthy foreigners</a> such as Paul.Representatives for Bad Bunny did not immediately respond to Insider's request for comment.Ocasio is known for giving back to his community via his Good Bunny Foundation. More recently, he <a target="_blank" rel="noopener noreferrer nofollow" href="https://remezcla.com/music/bad-bunny-lists-puerto-rican-organizations-to-donate-to-on-tour-bracelets-but-1-is-at-risk-of-displacement/">added QR codes to tour bracelets</a> in support of local organizations in need.Puerto Rico had its first <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.census.gov/library/stories/2020/08/estimating-puerto-rico-population-after-hurricane-maria.html#:~:text=This%20modification%20yields%20a%20net,parts%20of%20the%20United%20States.">net-positive migration from other parts of the US</a> in nearly two decades in 2019, in part because of Act 22. As COVID-19 swept the globe and untethered workers from offices, digital nomads flocked to Puerto Rico's famous white-sand beaches while its <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2020-08-24/covid-19-worse-for-puerto-rico-tourism-than-maria-official-says#xj4y7vzkg">tourism economy otherwise stalled</a>. New-money investors, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/puerto-rico-tax-breaks-haven-crypto-bitcoin-entrepreneurs-2022-1">including millionaires minted by the crypto "gold rush</a>," like Paul, bought up scenic properties, leading to the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theguardian.com/us-news/2022/jul/23/puerto-rico-beach-anti-gentrification-protests">privatization of once-public spaces</a> and rising real estate costs.In the DeFranco interview, Logan Paul said he and his brother, fellow YouTuber-and-boxer Jake Paul, have donated hundreds of thousands of dollars to Puerto Rico, personally delivered aid after Hurricane Maria in 2017, and refurbished multiple local boxing gyms."We're doing what we can to help," the 27-year-old said. "And I want to do more as well. And truthfully, I should be doing more." He encouraged viewers to comment on what percentage of profits he saved thanks to Act 22 should be donated to the community."Like, what do you want, you know?" he continued. "Like, I don't have the answers, bro. I'm 27 years old. I've been here a year and a half."Representatives for Logan Paul did not immediately respond to Insider's request for comment.Between 2020 and 2021, Puerto Rico's cost of living rose by a record-breaking 7% (the most significant increase since the early 1980s), and single-family housing prices increased by over 18% between December 2020 and December 2021, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/puerto-rico-posters-call-crypto-investors-logan-paul-brock-pierce-colonizers-2022-2">Insider's Hannah Towey</a> previously reported, citing <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bls.gov/opub/ted/2022/consumer-price-index-2021-in-review.htm">federal data</a>. Act 22 is meant to bring wealthy investors to the island in the hopes of spurring investment in the local economy. <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.washingtonpost.com/technology/2022/01/13/crypto-puerto-rico/">Proponents have been hopeful</a>, while critics say the tax break hasn't succeeded."The people coming under Act 22 are not adding that much to the Puerto Rican economy," Nobel-prize-winning economist Joseph Stiglitz told the Center for a New Economy conference <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/features/2021-12-11/crypto-rich-are-moving-to-puerto-rico-world-s-new-luxury-tax-haven">in December</a>. "They are spending a little, but very little, and at the same time, they're raising real estate prices and the cost of living for others."Paul has struggled to win over locals. Last year, he was criticized for <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/logan-jake-paul-investigated-driving-on-beach-turtle-nesting-season-2021-5">driving a beach buggy across a Puerto Rican beach during turtle nesting season</a>, potentially crushing rare turtle eggs.At the time, the secretary of Puerto Rico's Department of Natural and Environmental Resources, Rafael Machargo, issued a statement to say he'd ordered an investigation into the incident, noting that motor vehicles were prohibited on the beach apart from law enforcement agencies.

Logan Paul wrongly accused rapper Bad Bunny of 'exploiting' the same Puerto Rican tax laws that the YouTuber is taking advantage of

<ul class="summary-list"><li>Megan Fox shared Instagram photos ahead of the Pre-Grammy Gala on Saturday.</li><li>Fox, 36, said she experienced a concussion and broken wrist before the event. </li></ul>Megan Fox said she sustained injuries before arriving at Clive Davis' pre-Grammy gala to support her fiancé, Machine Gun Kelly.On Saturday, Fox revealed that she attended the <a href="https://www.grammy.com/news/clive-davis-pre-grammy-gala-2023-party-interview-whitney-houston-music-industry-future-nominees" target="_blank" rel="noopener">Pre-Grammy Gala &amp; Grammy Industry Salute to Icons</a> event on <a href="https://www.instagram.com/p/CoRlUQfuVVH/" target="_blank" rel="noopener">Instagram</a>. "off the plane with a broken wrist and a concussion straight to a Grammys party,' Fox, 36, wrote in the caption.While the Instagram photos didn't show the extent of Fox's injuries, she was later pictured at the event in a pink wrist brace. <div type="image" title="Megan Fox and Machine Gun Kelly attend Clive Davis' pre-Grammy Gala on February 4, 2023." height="4000" width="2667" msid="97628307" hostid="261" sizebytes="599516"></div>Fox posed for photos at the event alongside Kelly, 32, while wearing a dress designed by Alexis Mabille, <a href="https://www.instagram.com/p/CoSdTKTvRU9/" target="_blank" rel="noopener">according</a> to wardrobe stylist Maeve Reilly. <a href="https://www.grammy.com/artists/machine-gun-kelly/51936" target="_blank" rel="noopener">This year Kelly snagged his first Grammy nomination for best rock album</a>. He'll <a href="https://www.insider.com/grammy-awards-2023-nominees-winners-list-2022-11#best-rock-album-28" target="_blank" rel="noopener">go up against fellow artists like Ozzy Osbourne and The Black Keys in the category</a>. The Pre-Grammy Gala, held at The Beverly Hilton in Beverly Hills, was a star-studded event where entertainers like Lil Wayne, Lizzo, and Elvis Costello performed. On Saturday, Lizzo used the opportunity to confirm her relationship <a href="https://www.instagram.com/p/CoRL7ybuKVp/?hl=en" target="_blank" rel="noopener">with actor Myke White</a>, who accompanied her to the event. "Hard Launch," Lizzo captioned a carousel of Instagram pictures of the pair. Cardi B and Offset also attended the party and went <a href="https://twitter.com/PopCrave/status/1622097964125814784" target="_blank" rel="noopener">viral on Twitter for their red-carpet PDA</a>. The 65th Annual Grammy Awards will take place on <a href="https://www.businessinsider.com/guides/streaming/how-to-watch-the-grammys-2023-2" target="_blank" rel="noopener">Sunday at 8 p.m. ET on CBS and Paramount Plus</a>. Trevor Noah will host the awards ceremony for his third consecutive year at the Crypto.com Arena in Los Angeles, California.Some of the industry's most popular artists will perform on the Grammy stage, including Bad Bunny, Steve Lacy, Lizzo, Sam Smith, and more.

Megan Fox says she attended Clive Davis' Pre-Grammy Gala after a 'concussion' and 'broken wrist'

<ul class="summary-list"><li>David Rosenberg sees a near-term recession, a 20% hit to stocks, and a damaging credit crunch.</li><li>The economist panned the Fed for hiking interest rates and said they could hit zero again.</li></ul>US investors should <a href="https://markets.businessinsider.com/news/stocks/david-rosenberg-stocks-crypto-house-prices-inflation-recession-fed-portfolio-2023-2">expect</a> a painful recession by September, a 20% plunge in the S&amp;P 500, and a dangerous <a href="https://markets.businessinsider.com/news/stocks/credit-crunch-us-bank-crisis-stock-corporate-earnings-recession-svb-2023-4">credit crunch</a>, David Rosenberg has said.The Rosenberg Research president blasted the Federal Reserve, saying it hiked interest rates too aggressively, and suggested the US central bank could slash them to zero again. He added that economic downturns could be a boon for bargain hunters.The former chief North American economist at Merrill Lynch made the comments during a <a href="https://www.youtube.com/watch?v=bPlhwUsufn8&amp;t=1491s" target="_blank" rel="noopener">Blockworks Macro interview</a> posted Wednesday on YouTube.<h2>Here are 9 of Rosenberg's best quotes, lightly edited for length and clarity:</h2>1. "Adult males were sitting on the couch playing with their Reddit accounts and thinking they had a golden goose between crypto and the stock market, that they could retire early on. Well, that great retirement theme has been retired." (Rosenberg was discussing the boom in day trading and asset prices earlier in the pandemic.)2. "A recession is a very big call because it's a haircut to national income. It's as if the whole country takes a pay cut. It's not that we take the Lamborghini from 80 down to 20. It's that we go in reverse."3. "It was like the Energizer Bunny — it gave us a little bit more juice. But to say that we're not going to have a recession because of lagged impacts of fiscal stimulus from two years ago is ridiculous. The leading indicators are telling me that the recession is actually starting this quarter or next quarter. It's certainly not a 2024 story."4. "I'm bearish on equities. I don't like the valuations. I don't think a recession is fully priced in." (Rosenberg suggested S&amp;P 500 earnings could drop by one-fifth in a recession, to about 3,200 points.)5. "It will be painful if you're long. But if you have the dry powder and the liquidity, you'll be able to pick up assets at better levels. The beauty of recessions is that they cleanse, and they move assets from weak hands to strong hands."6. "Banks are already becoming a lot more cautious with their lending. We have layered this on top of the lagged impact of all the rate increases and the impact that has on the housing market and on debt-servicing capacity. Now we have not just the cost of credit being a problem for the economy, but the availability of credit is going to compound that. It's very difficult right now to gauge how deep this is likely to be."7. "Everything they've done since the fall has been overkill. It's going to be too late by the time they realize all the damage they've done. The economy is going to be in recession. Inflation is going to be falling like a stone." (Rosenberg was criticizing the Fed for forging ahead with rate hikes despite growing evidence of waning inflation.)8. "I don't think there are enough rate cuts priced in for next year. There's a serious risk we're going back down to the zero bound in a recession that ends up destroying demand and causing inflation to decline."9. "The problem is they've become a bunch of rock stars. There's not a TV camera they won't run in front of — not even to say anything intelligent but to talk about how they're going to cast their vote at the next meeting. I'd rather hear less from the Fed." (Rosenberg was complaining about the flood of public commentary from Fed officials in recent months.)Read more: <a href="https://markets.businessinsider.com/news/stocks/david-rosenberg-stocks-crypto-house-prices-inflation-recession-fed-portfolio-2023-2">We put 7 burning questions to top economist David Rosenberg. Here's what he said about the outlook for stocks and house prices, and the threat of a recession.</a>

Brace for a recession by September, a 20% plunge in the S&P 500, and a painful credit crunch, top economist David Rosenberg says

Good morning, readers. I'm Diamond Naga Siu, and I enjoy some of Taylor Swift's music but definitely don't consider myself a Swiftie.I do, however, find myself <a href="https://genius.com/Taylor-swift-enchanted-lyrics" target="_blank" rel="noopener">enchanted</a> by her financial knowledge.Unlike some of my faves (<a href="https://www.businessinsider.com/lawsuit-hits-ftx-celeb-endorsers-like-tom-brady-steph-curry-2022-11">Naomi Osaka and Shaquille O'Neal</a>), Swift knew <a href="https://www.businessinsider.com/ftx-sbf-crypto-saga-explained-what-happened-what-it-means-2022-11">the infamous crypto exchange FTX</a> was trouble when it walked in.She asked if the company was selling unregistered securities (which is typically illegal, by the way — <a href="https://markets.businessinsider.com/news/currencies/sec-crypto-crackdown-unregistered-security-winklevoss-gemini-kraken-ftx-2023-2">here's what it means</a>). And Swift's skepticism helped her <a href="https://www.businessinsider.com/taylor-swift-avoided-100-million-ftx-deal-with-securities-question-2023-4">dodge a $100 million sponsorship</a> with the now-imploded company.Before I study up like Taylor Swift, let's dive into today's tech.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56" target="_blank" rel="noopener">here.</a><a href="https://www.businessinsider.com/ai-will-make-big-tech-even-more-powerful-2023-4"></a>1. Big Tech + AI = even bigger tech. <a href="https://www.businessinsider.com/ai-expensive-google-chatbot-bard-may-cost-company-billions-dollars-2023-2">Developing artificial intelligence is really expensive</a>. So Big Tech companies are best-positioned to gain even more power as artificial intelligence technology — like <a href="https://www.businessinsider.com/google-ai-new-coding-features-bard-chatbot-2023-4">ChatGPT</a> — gets further developed.<ul><li>Almost every AI tool relies on at least one of three major services: Amazon Web Services, Microsoft Azure, or Google Cloud. So when an AI startup is trying to compete with these major companies, it's simultaneously contributing to its competitor's bottom line.</li><li>Something needs to be done about this power imbalance, researchers warn. It's contributing to a tech dynamic of the rich getting richer and the poor getting poorer.</li><li>My teammate <a href="https://www.businessinsider.com/author/emilia-david">Emilia David</a> breaks down the AI power imbalance and highlights some proposed solutions in her latest story.</li></ul><a href="https://www.businessinsider.com/ai-will-make-big-tech-even-more-powerful-2023-4">Power up for AI's impact on the tech industry here.</a>In other news:<a href="https://www.businessinsider.com/elon-musks-humor-jokes-over-years-titter-420-69-2023-4"></a><div type="image" title="A composite image of a bottle of &quot;Burnt Hair&quot; and Elon Musk." height="768" width="1024" msid="99640752" hostid="261" sizebytes="36542"></div>2. From 69 to 420: Elon Musk's middle school humor. The Twitter owner loves to crack jokes — for better or for worse. <a href="https://www.businessinsider.com/elon-musks-humor-jokes-over-years-titter-420-69-2023-4">Here's a roundup of his many (im)practical jokes over the years</a>.3. Google's ChatGPT rival is "cringeworthy" and a "pathological liar." Google employees are reportedly not impressed by Bard, their company's competitor to ChatGPT. Leaked internal discussions showed that some even found the chatbot dangerous. <a href="https://www.businessinsider.com/google-workers-called-chatgpt-ai-rival-bard-cringeworthy-liar-report-2023-4">More on Bard's harsh performance reviews here.</a>4. Facebook, WhatsApp, Instagram, and Reality Labs hit with layoffs. Their parent company Meta started another round of job cuts. Software engineering, UX research, product design, and data engineering were among the most heavily impacted. <a href="https://www.businessinsider.com/meta-layoffs-second-round-jobs-teams-impacted-2023-4">Get the full list here.</a>5. Microsoft's secret chip to make ChatGPT more affordable. Operating the chatbot could take up to $700,000 per day, thanks to its massive computing power. But Microsoft has reportedly been working on a chip to solve these woes. <a href="https://www.businessinsider.com/how-much-chatgpt-costs-openai-to-run-estimate-report-2023-4">More on the secret project here.</a>6. Snapchat reveals how to make money on its app. The company is opening up one of its money making programs to more users. And it laid out exactly how to qualify, including posting at least 10 stories per month. <a href="https://www.businessinsider.com/snapchat-expands-stories-ad-revenue-sharing-program-pay-creators-qualifications-2023-4">Here's exactly what Snapchat is looking for.</a>7. Rapid-grocery startup Getir is raising around $500 million in a deal that cuts its valuation almost in half, sources say. During its last fundraise in March 2022, Getir was valued at $11.8 billion. But amid changing consumer habits and a tough funding environment, it is now believed to be valued at $6.5 billion. <a href="https://www.businessinsider.com/getir-hit-with-valuation-drop-in-500-million-round-2023-4">Read more</a>. 8. Banning TikTok could give the government "pretty broad powers with very limited checks." Experts warn that the RESTRICT Act, if passed, would threaten American freedom of speech. Plus, it doesn't solve the underlying concerns about TikTok's ties to China. <a href="https://www.businessinsider.com/restrict-act-bill-legislation-regulate-tiktok-2023-4">More on the terrible side effects of banning TikTok here.</a>Odds and ends:<a href="https://www.businessinsider.com/cheapest-tesla-now-costs-less-than-40000-price-cuts-2023-4"></a><div type="image" title="The Tesla Model 3 parked in a desert next to a camel." height="1107" width="1476" msid="99640756" hostid="261" sizebytes="184544"></div>9. <a href="https://www.youtube.com/watch?v=_xJUCsyMQes" target="_blank" rel="noopener">Is that my bestie in a Tessie?</a> After multiple discounts this year, the most affordable Tesla is now $39,990. And that doesn't even include the government's hefty EV tax credit. <a href="https://www.businessinsider.com/cheapest-tesla-now-costs-less-than-40000-price-cuts-2023-4">Check out all the latest Tesla prices here.</a>10. Survey shows 12% of managers fired a Gen Z employee in their first week of work. Another 16% of managers fired a Gen Z employee within their first month of work. <a href="https://www.businessinsider.com/managers-say-gen-z-easily-offended-top-cause-firing-survey-2023-4">More on the termination trend here.</a>What we're watching today:<ul><li>SpaceX will try a <a href="https://www.spacex.com/" target="_blank" rel="noopener">suborbital test launch</a> of its super heavy Starship. The vehicle is meant to go to the moon and Mars.</li><li>The Latin American Music Awards are tonight. Bad Bunny, Becky G, and Daddy Yankee are each up for multiple awards.</li><li>There's a solar eclipse, where the moon will pass between the sun and earth. <a href="https://www.businessinsider.com/how-where-when-see-solar-eclipse-united-states-nasa-map-2023-3">Here's how to watch it.</a></li><li>Quarterly earnings for AT&amp;T and other companies. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here</a>.</li></ul>Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email <a href="mailto:dsiu@insider.com" target="_blank" rel="noopener">dsiu@insider.com</a> or tweet <a href="http://www.twitter.com/diamondnagasiu" target="_blank" rel="noopener">@diamondnagasiu</a>) Edited by Matt Weinberger (tweet <a href="https://twitter.com/gamoid" target="_blank" rel="noopener">@gamoid</a>) in San Francisco and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Artificial intelligence will make Big Tech even bigger. Something needs to be done about the power imbalance, researchers warn

Happy Thursday, readers. Jordan Parker Erb here, with word that Twitter is working on <a href="https://twitter.com/TwitterWrite/status/1539640956915290112">longform tweets</a>, a function that will let users surpass the 280-character limit.Let's get to it.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://techcrunch.com/2022/06/22/twitter-officially-rolls-out-its-long-form-content-notes-feature/"></a>1. Get ready to tweet your heart out. Twitter is testing a new longform blogging feature, called <a href="https://twitter.com/TwitterWrite/status/1539640956915290112">Twitter Notes</a>, that could launch in the coming weeks, <a href="https://techcrunch.com/2022/06/21/twitter-to-expand-into-long-form-content-with-upcoming-twitter-notes-feature/">TechCrunch first reported</a>.<ul><li>Right now, the feature is limited to just a handful of writers in the United States, Canada, Ghana, and the United Kingdom. <a href="https://twitter.com/i/notes/1535469588846092288">You can see an example of a Note here.</a></li><li>Notes can be a whopping 2,500 words, can include photos, and can be edited after they're published (a feature Twitter users <a href="https://twitter.com/KimKardashian/status/1006691477471125504">have long been asking for</a>), according to <a href="https://help.twitter.com/en/using-twitter/notes">the company's blog</a>.</li><li>The update will be the biggest change to word count <a href="https://www.businessinsider.com/twitter-280-character-tweets-for-everyone-2017-11">since 2017</a>, when Twitter announced it'd be upping the character limit from 140 to 280.</li></ul><a href="https://techcrunch.com/2022/06/22/twitter-officially-rolls-out-its-long-form-content-notes-feature/">Here's the latest on Twitter Notes.</a>In other news:<a href="https://www.businessinsider.com/amazon-alexa-ape-human-voices-dead-alive-pandemic-reactions-2022-6"></a><div type="image" title="An Amazon Alexa device" height="1246" width="1661" msid="92411961" hostid="261" sizebytes="38404"></div>2. Amazon is working on giving Alexa the ability to mimic anyone's voice — dead or alive. An Amazon exec said his team has been instructing Alexa to pick up a voice from a short audio clip and convert it into longer audio output. <a href="https://www.businessinsider.com/amazon-alexa-ape-human-voices-dead-alive-pandemic-reactions-2022-6">Here's what we know.</a>3. One of PayPal's first employees shared his biggest takeaway from working with Elon Musk. The former employee said one of his biggest observations of Musk, who was PayPal's CEO, is that he's never doing only one thing at a time. <a href="https://www.businessinsider.com/elon-musk-paypal-jason-portnoy-biggest-lesson-work-2022-6">Here's what else he said.</a>4. Every Wall Street firm should know these Big <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">Tech</keyword> execs. As Wall Street eyes bigger cloud projects, we put together a list of 14 experts from companies like Snowflake, Oracle, and Google Cloud who could make the jump from Silicon Valley to the Street. <a href="https://www.businessinsider.com/cloud-execs-in-big-tech-that-wall-street-could-hire-2022-6">Meet them here.</a>5. A former Tesla worker rejected a $15 million payout. The employee's lawyers said the payout, which was awarded after the former Tesla elevator operator filed a racial abuse lawsuit, wasn't enough. <a href="https://www.businessinsider.com/tesla-racial-abuse-lawsuit-payout-owen-diaz-2022-6">Now, the employee and Tesla are heading back to court.</a>6. Sweetgreen is winning over Gen Z with TikTok. The salad chain already won over millennials. Now, Sweetgreen is using TikTok videos to expand its appeal to a younger generation. <a href="https://www.businessinsider.com/how-sweetgreen-is-marketing-to-gen-z-using-tiktok-2022-6">How Sweetgreen is wooing Gen Z.</a>7. Mark Zuckerberg just hinted at an operating system for Meta. In an interview with CNBC's "Mad Money," Zuckerberg said a Facebook operating system may be needed "in order to deliver on what we want to build." <a href="https://www.businessinsider.com/mark-zuckerberg-on-meta-os-revenue-expectations-for-metaverse-2022-6">Here's what else he said.</a>8. These books can help you weather the crypto tailspin and become a smarter investor. Experts shared their top picks for books that can help you understand digital currencies and their current downturn. <a href="https://www.businessinsider.com/crypto-investing-best-books-list-recommendations-bitcoin-blockchain-ethereum-strategy-2021-7">Check out their 27 book recommendations.</a>Odds and ends:<a href="https://www.businessinsider.com/meta-launches-avatars-store-with-balenciaga-prada-and-thom-browne-2022-6"></a><div type="image" title="The Meta Avatars store will allow users to purchase designer outfits." height="1080" width="1440" msid="92411963" hostid="261" sizebytes="54298"></div>9. Meta just launched a store where users can buy designer clothes for their Avatars. The Meta Avatars Store will sell clothes from brands like Balenciaga, Prada, and Thom Browne — but unlike designer clothes in real life, items will range from $2.99 to $8.99. <a href="https://www.businessinsider.com/meta-launches-avatars-store-with-balenciaga-prada-and-thom-browne-2022-6">What we know so far.</a>10. A new way to buy and sell NFTs is now available for the masses. An Insider reporter bought a superhero bunny on Coinbase's new NFT marketplace, but the experience still has her wondering what purpose NFTs truly serve. <a href="https://www.businessinsider.com/coinbase-nft-app-marketplace-buying-a-cartoon-super-bunny-2022-6">Read more from her experience.</a>What we're watching today:<ul><li>FedEx and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a></li><li>Tech Live London is happening <a href="https://live.technologymagazine.com/">today and tomorrow</a>.</li><li>Linux Security Summit kicks off today in <a href="https://events.linuxfoundation.org/linux-security-summit-north-america/">Austin</a>.</li><li>TechCrunch's <a href="https://techcrunch.com/events/tc-annual-summer-party-2022/">annual summer party</a> is happening in Menlo Park, CA.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet<a href="https://twitter.com/jordanparkererb?lang=en"> @jordanparkererb</a>.) Edited by Lisa Ryan (tweet<a href="https://twitter.com/lisarya"> @lisarya</a>) in New York.

Twitter is testing 'Notes' longform tweets

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Johannes Simon / Stringer / Getty Images</div></div></div><ul><li>Playboy is adding cryptocurrency payments to its digital content, the company announced Wednesday.</li><li>The crypto wallet, set for release by the end of 2018, will let viewers use bitcoin and ethereum to buy pornography on Playboy.TV.</li><li>Playboy will also accept the Vice Industry Token, a new cryptocurrency designed specifically to monetize adult content by incentivizing high user engagement.</li><li>The idea behind the Vice Industry Token is that it could help adult-film producers bring in more <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> money to their platforms, which is a big deal in a such a saturated market. </li></ul>Playboy enthusiasts will soon have a new option when paying for pornography: cryptocurrencies. Playboy Enterprises, the company behind the experimental <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> empire, announced Wednesday that it will launch a crypto payment wallet across its digital content and online games.The wallet will enable users to pay in bitcoin, ethereum, and alt-coins like the Vice Industry Token. Playboy expects to release it by the end of 2018.It's easy to be skeptical of Playboy's announcement. Bitcoin and blockchain pivots are having a moment with companies leaning into the craze as a means of marketing otherwise-unrelated businesses.Who could forget the company formerly known as Long Island Ice Tea, <a href="http://markets.businessinsider.com/currencies/news/long-blockchain-stock-price-will-spin-off-iced-tea-business-to-focus-on-blockchain-new-ceo-delisting-nasdaq-2018-2-1016459530">which got a second wind on the NASDAQ</a> when it rebranded as Long Blockchain, or Kodak, <a href="http://www.businessinsider.com/kodak-launches-new-blockchain-project-for-photographers-2018-1">which similarly saw its shares surge</a> following the announcement of a Kodak coin. Playboy has also never been shy when it comes to experimenting with the latest tech - the company already has both augmented and virtual reality content. But there is a case to be made that cryptocurrencies could truly impact how the company does business.<h2>Playboy struggles to monetize content, but the brand is strong</h2>Though Playboy launched as a print magazine in 1953, today the majority of its profits come from the trademark and licensing agreements that have made Playboy Vodka and Playboy Bunny recreational wear a thing. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">PlayboyPlayboy Enterprises is considering folding its print magazine.</div></div></div>Playboy doesn't share its financial information, but in 2015, the company made $38 million from its magazine and digital publishing efforts, and $55 million from licensing, <a href="https://www.wsj.com/articles/playboy-enterprises-explores-sale-1458845313">according to The Wall Street Journal.</a>In January, The Journal reported that Playboy <a href="https://www.wsj.com/articles/playboy-might-kill-magazine-to-focus-on-world-of-playboy-1514808003">is considering folding its print magazine</a>, which reportedly looses as much as $7 million annually, to focus on Playboy as a brand. One of the issues for larger companies in the adult film industry is that so-called "tube sites," like RedTube and PornHub, often host pirated content - at least until the copyright infringing videos get flagged and removed, but it's often a game of whack-a-mole as others are uploaded. <a href="https://www.theatlantic.com/business/archive/2016/04/pornography-industry-economics-tarrant/476580/">This means advertising dollars are spread thin</a>, and not always making it into the pockets of the companies creating the content. It is 2018, after all. Porn is free, and print is dead. But maybe, just maybe, crypto could help monetize the struggling industry.<h2>One idea: gamify the porn watching experience with crypto </h2>Playboy's decision to accept payments in bitcoin and ethereum doesn't do much beside put its brand in the cryptocurrency conversation, and make life a little bit easier for users that prefer to pay with digital currencies. Bitcoin itself <a href="http://www.businessinsider.com/bitcoin-payment-mining-fees-hit-new-high-2017-12">can be remarkably expensive and inefficient for small payments</a>, and usually a credit card will do just as well.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://upload.wikimedia.org/wikipedia/commons/b/b9/Magicgathering1.jpg">Wikimedia</a>Duncan said he has no intention of listing VIT on a cryptocurrency exchange, but noted that the tokens could accrue value the way Magic: The Gathering cards do.</div></div></div>Alt coins, though, could provide new ways to think about monetization in an industry that relies heavily on clicks and advertisements. One of the coins Playboy plans to accept is the Vice Industry Token, or VIT, a cryptocurrency designed specifically to monetize adult content by incentivizing high user engagement.VIT was started in 2017 by Stuart Duncan, a Canadian entrepreneur and CEO of an adult cable network called Ten Broadcasting. The project has raised nearly $15 million in an initial coin offering fundraiser, which ends next week. Duncan said the blockchain network should be fully operational by summer. The idea behind VIT is that users get coins for being highly engaged content consumers across the porn industry. Users will earn these coins across various adult film producers and brands as long as those brands have the blockchain running on its website. Users can then use those coins to buy premium content from companies like Playboy. Duncan said adult film companies were already exploring cryptocurrency for anonymous payments. But he thought he could build a better model. <h2>If VIT keeps users engaged, Playboy could get more ad revenue </h2>The result, if all goes as planned, is a blockchain network that anonymously gathers data about pornography viewing habits from users around the ecosystem and encourages porn viewers to spend more time on websites. Producers like Playboy get higher engagement, which could mean more money from advertisers. It's basically just a loyalty card, Duncan said, which could make a big different in a market as saturated with free content as the porn industry.As it stands, if a company like Playboy accepts VIT from a customer, it cannot use those coins outside of the VIT eco-system. So these companies won't make money directly when they accept VIT as payment.Duncan said he has no intention of listing VIT on cryptocurrency exchanges himself, and emphasized that VIT is not a security, and not subject to regulation by the Securities and Exchange Commission. But he did compare VIT to another collectible in his life: Magic: The Gathering cards. "I was going to Magic card shops and trading Magic cards. I could be paying $50 bucks. But I would be able to sell those cards to other people," Duncan said. "That's the future that we're bringing. We're not making it a tradable coin, but I'm gonna have a utility token that trades across our huge network."Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/sea-craft-looks-like-a-plane-docks-boat-airfish-8-widgetworks-2018-3">This sea-craft looks like a plane, has a race-car engine, and docks like a boat</a></h3> <div> </div> </div>

Playboy will soon accept cryptocurrencies including bitcoin, ethereum, and a little-known coin that could change how porn is paid for online

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ShutterstockNestlé has been trying to be the sole manufacturer of four-fingered chocolate bars.</div></div></div><ul><li>Nestlé, the manufacturers of KitKat, lost a 16-year legal fight to dominate the chocolate bar market.</li><li>Nestlé applied to trademark the distinctive trapezoid shape of KitKats in 2002, and initially succeeded.</li><li>But KitKat's competitors - who make very similar snacks - objected.</li><li>This started a string of court cases and appeals for some ten years.</li><li>In 2016, an EU court annulled the trademark, saying that Nestlé had failed to prove that KitKat has a "distinctive character" across all EU states.</li><li>Nestlé appealed the decision.</li><li>Europe's top court threw out Nestlé's appeal on Wednesday, removing any hope of them sewing up the market for themselves.</li></ul> KitKat's makers have suffered a major setback in its 16-year quest to dominate the market for four-fingered chocolate bars.Nestlé has been fighting to trademark the distinctive trapezoid shape in Europe, where other snack companies have been manufacturing similar treats.One of its largest competitors is Kvikk Lunsj - pronounced "quick lunch" - a Norwegian snack first manufactured in 1937, two years after KitKats first appeared.KitKat's shape is already protected in Australia, Canada, and South Africa, <a href="https://news.sky.com/story/kit-kat-battles-for-four-finger-trademark-11448020">according to Sky News</a>, but the battle in Europe has been particularly difficult.In 2002, Nestlé applied to the European Union Intellectual Property Office (EUIPO) to trademark the shape. The office granted the mark four years later.But Mondelez, the manufacturers of Kvikk Lunsj, appealed the following year, starting a slew of court cases in Europe.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.youtube.com/watch?v=zmxN971aTIE">Freia via SMFB Oslo/YouTube</a>Norway's kvikk lunsj chocolate bar is one of KitKat's biggest competitors.</div></div></div>After nine years of court battles, in 2016 a lower EU court annulled the EUIPO's decision, saying that the office "could not validly conclude" that KitKat had acquired the "distinctive character" in all EU member states.Nestlé had to be able to prove that KitKat had "acquired distinctive character in the part of the EU in which it did not previously have such character," <a href="https://curia.europa.eu/jcms/upload/docs/application/pdf/2018-07/cp180116en.pdf">according to a European Court of Justice summary</a>. In other words, the chocolate bar had to be recognizable enough to be trademarked.Nestlé had been able to prove that in ten EU countries - Denmark, Germany, Spain, France, Italy, the Netherlands, Austria, Finland, Sweden, and the UK - but had insufficient evidence to do so in Belgium, Ireland, Greece, and Portugal.The global company continued to appeal against the decision. But on Wednesday, the European Court of Justice - Europe's top court - dismissed Nestlé's appeal, saying instead that the lower court had been right to annul the trademark.The court said in a statement on Wednesday: "Although such proof may be produced globally for all the Member States or groups of Member States, it is not, however, sufficient that the party with the burden of providing such evidence produces only evidence that fails to cover part of the EU, even a part consisting of only one Member State."Other European snack companies have been told they weren't allowed to trademark their products in the past. Lindt, the Swiss chocolate company, <a href="https://www.reuters.com/article/lindt-bunnies-ruling/lindt-loses-german-case-over-easter-bunny-trademark-idUSL5N0CK1SB20130328">lost a case</a> to trademark gold-wrapped chocolate bunnies in 2013.Last year, Toblerone was also forced to prove that its triangular shape was distinctive enough to trademark when British retailer Poundland made an off-brand version. That case ended in an out-of-court settlement. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/greshams-law-explains-why-no-one-spending-their-bitcoin-2018-7">An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto</a></h3> <div> </div> </div>

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