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<ul><li>Italian fashion brand Dolce &amp; Gabbana wants to crown <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> as the ‘<keyword id="12184584" type="General" weightage="20" keywordseo="king-of-crypto" source="Orion">King of Crypto</keyword>’ but only if he manages to buy the ‘<keyword id="12184583" type="General" weightage="20" keywordseo="doge-crown" source="Orion">Doge Crown</keyword>’.</li><li>The item is a part of the brand’s first collection of non-fungible tokens (<keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>).</li><li>The highest bit right now is at 165 Ether (ETH), which is around ₹3.8 crore.</li><li>Musk will have to beat that bid in order to have a chance to take the ‘Doge Crown’ home.</li><li>The catch is that the ‘Doge Crown’ doesn’t have anything to do with American billionaire's favorite cryptocurrency, Dogecoin.</li></ul>The legacy Italian fashion brand, Dolce &amp; Gabbana want to crown American billionaire Elon Musk as the ‘King of Crypto’ but only if he can offer more than ₹3.8 crore for the ‘Doge Crown’ — the most expensive piece in the brand’s very first collection of non-fungible tokens (NFTs).<br /><br /><div type="twitter" handle="dolcegabbana" handlename="Dolce &amp; Gabbana" image="http://pbs.twimg.com/profile_images/717040015893798915/j0kzSa9P_normal.jpg" favoritecount="178" retweetcount="49" status="&quot;Legend has it that the special collector that owns The Doge Crown will thereafter be the anointed King of Crypto..… https://t.co/2Boh8UuPyv" createdat="1632654515000" id="1442083674543902722"></div><br />Ironically, the Doge Crown has nothing to do with the Tesla CEO’s pet currency, Dogecoin. It’s being sold on a network based on Polygon called UNXD, the bids are in Ether, and it’s not based on the meme currency. Instead, the design of the Doge Crown was inspired by the Doge Palace located in northern Venice, Italy.<br /><br /><cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><span data-til="noop">wazirx</span></cmsannotation><br /><br />The <a href="https://unxd.com/drops/dolce-gabbana-collezione-genesi/the-doge-crown">highest bid</a> so far is at 165 Ether (ETH), which comes up to around ₹3.8 crore, by a user called ethmad. This means that if Musk wants to jump into the ring, he’ll have beat that bid. The Doge Crown’s contemporary, the ‘Lion Crown’, has a bid of 125 ETH, which is ₹ 90 lakh cheaper.<br /><br />Other items include the ‘Glass Suit’, ‘Dress from a Dream’, the ‘Impossible Tiara’, and the ‘Impossible Jackets’. All of the items, including the Doge Crown, were designed by the OGs themselves — Domenico Dolce and Stefano Gabbana.<br /><br /><cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><span data-til="noop">wazirx</span></cmsannotation><br /><br /><cmsannotation type="cmsannotation" annotationid="What would Musk get after spending more than ₹3.8 crore?" comment="subhead" text="What would Musk get after spending more than ₹3.8 crore?"><span data-til="noop">What would Musk get after spending more than ₹3.8 crore?</span></cmsannotation> <br />If the SpaceX founder is able to put in the highest bid, the Doge Crown — the actual physical item with seven blue sapphires and 142 diamonds — will be his. <br /><br />                  <div type="image" title="Screenshot (162)_edited" msid="86551429" hostid="261" caption="&amp;lt;p&amp;gt;The &amp;#39;Doge Crown&amp;#39; by Dolce &amp;amp;amp; Gabbana&amp;lt;/p&amp;gt;"></div><br />In addition to the crown, the buyer will also receive a 4K rendered animation and stills of the item. There’s still more than three days left on the clock for interest parties to put in their bids, Musk included. <br /><br />For a man with a net worth of ₹13.56 lakh crore, the current price of the Doge Crown is chump change. But,then again, Musk has never been one to follow the herd. Moreover, the influence of his tweets and statements has been <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-and-michael-saylor-had-the-most-influence-on-crypto-markets-over-the-last-three-months/articleshow/84789343.cms">called into question</a> for doing more harm than good for cryptocurrencies, especially after he resigned his decision to accept Bitcoin as payment for Tesla cars.<br /><br /><a href="https://forum.businessinsider.in/"><em>For a more in-depth discussion, come on over to </em><em>Business Insider Cryptosphere</em></a><em> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/cryptocurrency">Cryptocurrency prices show signs of recovery with Bitcoin whales ‘buying the dip’</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency">Ethereum’s scaling issues strike again as TIME Magazine’s NFTs sell for 30 times their price</a><br />

Dolce & Gabbana want to make Elon Musk the ‘King of Crypto’ — but only if he can shell out more than ₹3.8 crore for the ‘Doge Crown’

<ul class="summary-list"><li><em>This post originally appeared in the Insider Today newsletter.</em></li></ul><p><strong>Hello there! </strong>Already thinking about holiday shopping? Maybe this Apple coffee-table book could be good for the music lover in your life. Be warned: It's not cheap, and <a target="_blank" href="https://www.businessinsider.com/apple-coffee-table-book-top-100-music-albums-list-2024-11"><u>there won't be a ton of them made</u></a>.</p><p>In today's big story, Saudi Arabia's futuristic city, which is part of its big modernization plans, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-parts-ways-with-boss-desert-megacity-2024-11"><u>just got another reality check</u></a>.</p><p><strong>What's on deck:</strong></p><ul><li><strong>Markets:</strong> Goldman Sachs' newest partners <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-promotions-how-they-celebrated-2024-11"><u>told us how they celebrated the news</u></a>.</li><li><strong>Tech:</strong> IBM + AWS (Nvidia chips) = <a target="_blank" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11"><u>a huge potential deal</u></a>.</li><li><strong>Business: </strong>Donald<strong> </strong>Trump appoints Elon Musk to help lead the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11"><u>new Department of Government Efficiency</u></a> with Vivek Ramaswamy.</li><li>But first, it's not all going according to plan.</li></ul><p><strong><em>If this was forwarded to you, </em></strong><a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today"><strong><em><u>sign up here.</u></em></strong></a></p><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097"><strong>A broken vision</strong></h2><div type="image" title="A conceptual image of the planned design for The Line in Saudi Arabia's Neom, shows a large mirrored facade extending out into the water from the desert." height="1080" width="1920" msid="115261958" hostid="261" sizebytes="248100"></div><p><strong>Saudi Arabia's dreams of the future are facing the realities of the present.</strong></p><p>The CEO of the Kingdom's futuristic city, Neom, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-parts-ways-with-boss-desert-megacity-2024-11"><u>abruptly stepped down after six years in the role</u></a>. It's another setback for the country's ambitious Vision 2030 plan to diversify its economy away from relying on oil and make it an attractive tourist destination.</p><p>Neom is arguably the most high-profile portion of Crown Prince Mohammed bin Salman's plan. Even if you haven't been closely following the project, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-quirky-features-swim-lanes-ai-robot-clerks-2024-5"><u>you've likely seen mockups of the twin mirrored skyscrapers</u></a> dubbed "The Line" that look like a massive wall running through the desert.</p><p>But Neom is having an "Instagram vs. reality" moment … literally. Influencers and vloggers who posted videos of their lives in the yet-to-be-completed city <a target="_blank" href="https://www.businessinsider.com/influencer-posts-life-saudi-city-neom-not-glamorous-2024-9"><u>were mostly mocked</u></a> in what one viewer described as having "low security prison vibes."</p><p>Grand plans also don't come cheap. Estimates for Neom have swelled to as much as $1.5 trillion. Saudi has already invested $1.3 trillion in the wider Vision 2030 project.</p><p>Foreign investments in the plan haven't panned out the way Saudi hoped either, leading the Kingdom to look to China for help with the bill. The move is part of the <a target="_blank" href="https://www.businessinsider.com/china-saudi-arabia-vision-2030-neom-tech-investing-oil-econom-2024-11"><u>deepening financial ties between the two countries</u></a>, which poses a potential threat to the US.</p><div type="image" title="Infinity pool Neom" height="1152" width="2048" msid="115261961" hostid="261" sizebytes="158652"></div><p><strong>Saudi Arabia's big plans also include tech's biggest prize: AI.</strong></p><p>The Kingdom has spent years investing billions in the tech, including the recent creation of a <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9"><u>$40 billion fund dedicated to AI investments</u></a>.</p><p>But it's also looking to <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-ai-hub-tech-investment-2024-11"><u>develop the tech in its home country</u></a>, writes BI's Hasan Chowdhury. Saudi Arabia's approach to AI isn't unlike the role it plays as an energy giant: Provide the fuel others rely on to make their projects go.</p><p>"Project Transcendence" includes building all-important data centers in the country and serving as the Middle East AI hub for tech giants. AWS has already committed more than $5 billion to building data centers in the country.</p><p>It's not alone, though. The United Arab Emirates is <a target="_blank" href="https://www.businessinsider.com/abu-dhabi-uae-ai-powerhouse-mgx-openai-investment-2024-10"><u>aiming to be the AI leader in the region by 2031</u></a>.</p><h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/diddy-sean-combs-private-jet-available-charter-sex-trafficking-case-2024-11"><u>Diddy's private jet</u></a> is available for rent amid his sex trafficking case.</li><li>Trump wins stay in hush-money case, <a target="_blank" href="https://www.businessinsider.com/trump-wins-stay-criminal-hush-money-case-2024-11"><u>allowing him time to argue for its dismissal</u></a>.</li><li>Olivia Nuzzi <a target="_blank" href="https://www.businessinsider.com/olivia-nuzzi-withdraws-protective-order-against-ryan-lizza-rfk-f2024-11"><u>withdraws protective order against Ryan Lizza</u></a> in aftermath of RFK Jr. relationship.</li><li>SoftBank is partnering with Nvidia to power an <a target="_blank" rel="noopener" href="https://www.businessinsider.com/softbank-nvidia-first-blackwell-chips-customer-huang-son-ai-supercomputer-2024-11"><u>AI supercomputer in Japan</u></a>.</li><li>Taylor Swift's fans-first business strategy <a target="_blank" rel="noopener" href="https://www.businessinsider.com/taylor-swift-leann-rimes-concert-fan-loyalty-2024-11"><u>began in her own fangirl days</u></a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-btc-90000-donald-trump-election-crypto-policies-2024-11"><u>Bitcoin approaches $90,000</u></a> as post-election record streak rages on.</li><li>Apple Vision Pro's killer app is actually <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-killer-app-2024-11"><u>just working on your laptop</u></a>?</li><li>This map shows how young Americans are <a target="_blank" rel="noopener noreferrer" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=07fda258e0bc460c8694aed78b1aa74d&amp;_e=cNzM3MDu-tRH4Hxe6UMoLJCcxG4HzzAaSmuTWGQNUtMA_nzjVjo7fu4JPuOaZdXnRfJNer34Z7N06liv1sKXGIH1k8A4edQAhuP16-LAruvhGI8I6PsSCUl_hRqvJv1AQszMSKOfoN4Gn2XCBJrhLrFFepplbn2BzpQup6l124GViBTL6pllAZ7jeS7wMuuobYZlhjXWL9N-uCoNkPZtx6JrdfYqaCllNEfQ9y5TnUfAkGBTZuuw8UqgAr6h2GFjC41U5oSeSCTfFnhxtmlHmkW_SZQdLOCT3ro-ciZZDea7tF10PUX7P9TclZO-a28bZ4R_HVKrD3bzlVi4qk59cVFQ34JWOCRZMju-Pl7GkDcf7QMV1ldxz_cauXs9BLwSKGFQ8Sdiq1Vqf9Xf631ZtIvGfwRolGzQ9xT7ceUAjI3sqPzkL2Mk5g11h955VD_n87R06dPh1ZQwjri5UwR41bjSaMntJwnSrygD0i4wSnHg7tj-W5tjauYaFeBwRZ2H"><u>flocking to smaller towns</u></a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Cathie Wood" height="1875" width="2500" msid="115261960" hostid="261" sizebytes="294662"></div><div type="image" title="Dice with the faces of Trump, Musk, RFK, and Zelensky" height="1500" width="2000" msid="115261965" hostid="261" sizebytes="103426"></div><ol><li><strong>Cathie Wood's next big bet is on shaking up the VC market. </strong>The investor previously grabbed attention for making bold calls on tech stocks that generated returns that boomed or busted. One of the key executives behind her venture capital strategy <a target="_blank" href="https://www.businessinsider.com/ark-venture-fund-cathie-wood-ai-2024-10"><u>detailed the firm's approach to getting in on high-growth startups</u></a>.</li><li><strong>Goldman Sachs' newest royalty shares how they celebrated the career milestone.</strong> The bank announced its largest partner class — 95 people — under CEO David Solomon. Nine new members of the group described their reactions to BI, from quiet reflection to jubilant celebrations with their team. Here's how they celebrated, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-promotions-how-they-celebrated-2024-11"><u>in their own words</u></a>.</li><li><strong>Trump's big plans for the oil industry might not be possible. </strong>ExxonMobil CEO Darren Woods said the market is well supplied with oil and <a target="_blank" href="https://www.businessinsider.com/trump-lower-gas-prices-exxonmobil-ceo-oil-boom-2024-11"><u>there's not much of an opportunity to up production in the near term</u></a>. Energy analysts also said oil majors are focused on returning money to shareholders rather than investing in projects that'll boost production.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b"><strong>3 things in tech</strong></h2><div type="image" title="A Make America Great Again hat draped over a computer" height="1500" width="2000" msid="115261964" hostid="261" sizebytes="329030"></div><ol><li><strong>Silicon Valley's getting redder, and it's not just the billionaire backers.</strong> In the three Bay Area counties that make up the epicenter of America's tech hub, Donald Trump made small but significant gains with voters. Though the valley is still a long way from a Republican majority, <a target="_blank" href="https://www.businessinsider.com/silicon-valley-swing-toward-trump-voting-data-2024-11"><u>the data shows a clear shift toward Trump</u></a> over the past three elections.</li><li><strong>A chip match made in heaven.</strong> Amazon Web Services is negotiating <a target="_blank" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11"><u>a huge deal to supply IBM with Nvidia GPUs via its cloud</u></a>, according to an internal document obtained by BI. The potential deal could expand the partnership between IBM and AWS in the AI space.</li><li><strong>Intel is struggling to become America's chipmaking powerhouse. </strong>US officials are counting on Intel to lead the country's chip manufacturing resistance. Strategic missteps, layoffs, and the company's worst quarter ever contributed to <a target="_blank" href="https://www.businessinsider.com/intel-chip-troubles-problem-us-economy-domestic-production-chips-act-2024-11"><u>a perfect storm that slowed progress</u></a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216"><strong>3 things in business</strong></h2><div type="image" title="Elon Musk on Trump/Vance platform cheering" height="4240" width="6376" msid="115261966" hostid="261" sizebytes="747846"></div><ol><li><strong>It's official: Elon Musk has a role in Trump's future administration. </strong>Musk and businessman Vivek Ramaswamy are set to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11"><u>lead a new Department of Government Efficiency — "DOGE" — under the president-elect</u></a>. In a statement on Tuesday, Trump said Musk and Ramaswamy "will pave the way for my Administration to dismantle the Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."</li><li><strong>TikTok ramped up hiring of Chinese employees even amid national security concerns.</strong> According to US Immigration Services data, TikTok and its owner ByteDance <a target="_blank" href="https://www.businessinsider.com/tiktok-ramped-up-hiring-chinese-employees-amid-us-political-scrutiny-2024-11"><u>hired more than 600 Chinese staff on US H-1B visas in 2023</u></a>, a 50% increase from the previous year. The new hires came as members of Congress worried the platform could be compelled to hand over US user data to the Chinese government.</li><li><strong>Not For Sale: new homes. </strong>America has the most new homes since 2009, but good luck trying to buy one. Both builders and buyers find themselves in a tricky position, and the demand for rentals is strong. That means a sizable chunk of America's home supply may never be sold to prospective homeowners — <a target="_blank" href="https://www.businessinsider.com/homebuilders-new-construction-rental-homes-investors-price-cuts-mortgage-rates-2024-11"><u>and some opportunistic investors are about to win big</u></a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff"><strong>What's happening today</strong></h2><ul><li>President Joe Biden hosts President-elect Donald Trump at the White House.</li><li>US Supreme Court hears Nvidia securities fraud pleading standard case.</li><li>Bureau of Labor Statistics releases CPI data for October.</li><li>Senate Republicans hold vote to select new majority leader.</li><li>Cisco and other companies report earnings.</li></ul><p><strong>The Insider Today team: </strong>Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.</p>

Saudi Arabia's futuristic city just faced another setback, but the country still has its eyes on being an AI leader

<ul class="summary-list"><li><keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">Dogecoin</keyword> is still grappling with <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword> for the meme token crown Thursday, despite a boost from <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>.</li><li>After the Tesla CEO joked about doge and scams on Twitter, it bucked the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market trend by rising in price.</li><li>The dogecoin spin-off overtook Musk's favorite cryptocurrency by market value on Thursday.</li><li>Shiba inu has rallied as much as 1,000% in October to move up the list of top 10 cryptos by market cap.</li></ul><p><a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> got a boost from its best-known advocate Elon Musk on Thursday, but it wasn't enough to completely fend off a skyrocketing shiba inu, as the meme tokens battle for market value supremacy.</p><p>Self-proclaimed "dogecoin killer" shiba inu gained as much as 60% to<strong> </strong>hit a record high of $0.00008616 on Wednesday, according to <a href="https://coinmarketcap.com/?__cf_chl_jschl_tk__=pmd_LKPjYAKxLJPjikm0t12KzUs0x0pKtybwxFa3Jvk5lEA-1635425391-0-gqNtZGzNAhCjcnBszQq9">CoinMarketCap data</a>. Its gains took it to the 8th-biggest cryptocurrency spot as it overtook dogecoin in market value.</p><p>The battle continued Thursday as shiba inu added to its epic rally with a 36% rise,<strong> </strong>while dogecoin moved up 29% to 30 cents after Musk mentioned it in a Twitter exchange about cryptocurrency-related scams.</p><p>The Tesla and SpaceX CEO was responding to dogecoin creator Billy Markus, who <a href="https://twitter.com/BillyM2k/status/1453417395310239751">tweeted</a> Wednesday that "there are no promises in crypto, except from scammers."</p><p>Musk jokingly <a href="https://twitter.com/elonmusk/status/1453418189862342660">said</a>: "If I send you 2 Doge, will you promise to send me 1 Doge?"</p><div type="image" title="Dogecoin Elon Musk tweet" height="573" width="461" msid="87336928" hostid="261"></div><p>Dogecoin has transformed this year from an obscure and novel coin to a household name after being championed by Musk and an enthusiastic group of fans. The Tesla billionaire once referred to it as his <a href="https://twitter.com/elonmusk/status/1113009339743100929?lang=en">favorite cryptocurrency</a>.</p><p>He also recently revealed he doesn't have <a href="https://markets.businessinsider.com/news/currencies/elon-musk-bitcoin-ether-dogecoin-shiba-inu-floki-cryptocurrency-holdings-2021-10">any personal investment in shiba inu</a>.</p><p>The ethereum-based alternative to dogecoin has shot up <a href="https://www.coingecko.com/en/coins/shiba-inu">about 1,000%</a> in the past month as the "SHIBarmy" rallied behind the token. Its blistering<strong> </strong>gains have been partly driven by an online petition <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-price-record-high-robinhood-petition-count-330000-crypto-2021-10">calling on Robinhood to add shiba inu</a> to its list of tradeable <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>. By comparison, dogecoin is up 60% in the past month.</p><p>Created in August 2020, shiba inu has taken less than two years to become a contender for a top 10 cryptocurrency spot. On Thursday, $SHIB's market cap of $43 billion <a href="https://coinmarketcap.com/?__cf_chl_jschl_tk__=pmd_LKPjYAKxLJPjikm0t12KzUs0x0pKtybwxFa3Jvk5lEA-1635425391-0-gqNtZGzNAhCjcnBszQq9">trumped</a> $DOGE's $40 billion as of 8:50 a.m. ET.</p><p>Major cryptocurrencies reversed losses after declining earlier in the day. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 3% to about $61,142. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a> rose 4% to $4,174, and cardano's <a href="https://markets.businessinsider.com/currencies/ada-usd">ada</a> rose 1% to $2.02.</p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/mario-gabelli-robinhood-warren-buffett-fed-taper-stock-market-crash-2021-10">Mario Gabelli has racked up a 7,000% gain on Berkshire Hathaway stock. The billionaire investor explains why he likes Robinhood, still backs Warren Buffett, and worries about the Fed taper.</a></em></p>

Dogecoin struggles to keep pace with shiba inu's record-breaking surge even as Elon Musk boosts his favorite cryptocurrency

<ul><li><keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword> announced a $50 million fund for its <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> project today.</li><li>The social network is already working on its own stablecoin called <keyword id="1766708" type="General" weightage="20" keywordseo="diem" source="Orion">Diem</keyword> along with a digital wallet dubbed <keyword id="3180476" type="General" weightage="20" keywordseo="novi" source="Orion">Novi</keyword>.</li><li>Cryptocurrencies and non-fungible tokens (<keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>) have a major role to play in future virtual worlds that people will live in.</li></ul>If you thought Facebook’s plans to build a metaverse weren’t serious, think again. The social media giant announced a $50 million ‘XR Programs and Research Fund’, which will be used to collaborate with partners who can help <a href="https://about.fb.com/news/2021/09/building-the-metaverse-responsibly/">Facebook</a> build the ‘metaverse’ — a virtual world where people can interact with each other as avatars.<br /><br /><cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><span data-til="noop">wazirx</span></cmsannotation><br /><br />These avatars can play online games, go shopping, interact with each other and do a bunch of stuff <a href="https://www.businessinsider.in/tech/news/mark-zuckerberg-said-he-wants-to-transform-facebook-from-a-social-media-company-into-a-metaverse-company/articleshow/84659377.cms">within a non-physical world</a>. For Facebook, it's a way to not miss the bus when it comes to the world of blockchain. <br /><br />        <div type="ExtQuote" text="“The metaverse isn’t a single product one company can build alone. Just like the internet, the metaverse exists whether Facebook is there or not. And it won’t be built overnight. Many of these products will only be fully realized in the next 10-15 years. While that’s frustrating for those of us eager to dive right in, it gives us time to ask the difficult questions about how they should be built.”" auname="Statement by Facebook explaining its plan to build its metaverse in its blog post"></div><br />The company has said that the metaverse will exist even if Facebook doesn’t and that’s basically because no one party will be able to control this virtual space, hinting at decentralisation. This is coupled by the fact that many of the new metaverse platforms — like Decentraland and The Sandbox— are powered by blockchain technology. They use cryptocurrencies for transactions and users have the ability to build, own and sell non-fungible tokens (NFTs).<br /><br /><cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx"><span data-til="noop">wazirx</span></cmsannotation><br /><br /><cmsannotation type="cmsannotation" annotationid="Facebook already has Diem, Novi and is looking at NFTs" comment="subhead" text="Facebook already has Diem, Novi and is looking at NFTs"><span data-til="noop">Facebook already has Diem, Novi and is looking at NFTs</span></cmsannotation><br />Facebook may or may not employ blockchain for its metaverse project but it has the pieces of puzzle ripe for the taking.<br /><br />It’s already working on its own cryptocurrency called Diem, <a href="https://www.businessinsider.in/stock-market/news/facebooks-rebranded-cryptocurrency-diem-is-a-wolf-in-sheeps-clothing-germanys-finance-minister-says/articleshow/79628806.cms">formerly known as Libra</a>, which will operate as a stablecoin — an alternative to the US dollar. The social network is also expected to launch its digital wallet, Novi, before the end of the year. And, this wallet will be tried to Diem’s blockchain-based payment system. <br /><br />Diem, in addition to being Facebook's own creation, is also favoured by the company’s crypto chief, David Marcus. He told Bloomberg back in August that the world’s oldest cryptocurrency, Bitcoin, is “inappropriate for payments” due to its volatile nature.<br /><br />He also indicated that the company is looking to build products and features related to NFTs. "When you have a good crypto wallet, like Novi will be, you also have to think about how to help consumers support NFTs," he said.<br /><br /><cmsannotation type="cmsannotation" annotationid="Even if Facebook’s metaverse is built on the blockchain, will it be decentralised?" comment="subhead" text="Even if Facebook’s metaverse is built on the blockchain, will it be decentralised?"><span data-til="noop">Even if Facebook’s metaverse is built on the blockchain, will it be decentralised?</span></cmsannotation><br />Facebook’s new metaverse project may or may not employ blockchain, but if it does, the question still remains around the extent of the central dependency. “It’s not just interoperable, but there’s no centralized control points? Or is it interoperable because there are some bodies that set standards and enable a bunch of these experiences to work together? And I think you’ll probably see multiple approaches on that too,” he told <a href="https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview">The Verge</a> in a cryptic statement back in July.<br /><br />        <div type="Article" hostid="261" msid="85103204" title="Mark Zuckerberg wants to expand Facebook into the metaverse, even if nobody knows what that is" mstype="2" mssubtype="0"></div><br />The general consensus by experts is that crypto is here to stay. Whether that’s in the form of a currency, assets, securities or just the blockchain platforms cutting out the middleman is another story.<br /><br /><cmsannotation type="cmsannotation" annotationid="Work in progress" comment="subhead" text="Work in progress"><span data-til="noop">Work in progress</span></cmsannotation><br />Facebook may have just talked about the metaverse idea, but others had been working on it for a while. On September 16, Ethereum-based 3D virtual reality platform Decentraland <a href="https://www.coindesk.com/business/2021/09/16/decentraland-makes-strategic-investment-in-decentral-games-to-support-metaverse-poker/">made an investment</a> in a company called Decentral Games. The investment will support Decentral Games’ rollout of metaverse poker, which is essentially the same as regular poker, but played in the virtual world.<br /><br />Decentral Games and others like it work on something called ‘play to earn’ games, where games are rewarded with in-game assets for playing the game. They also have control and ownership over their assets, and the value of these assets increase as they play the game even more.<br /><br />Play to earn games like Axie Infinity have earned nearly $250 million in revenues in a matter of three years, according to blockchain <a href="https://www.tokenterminal.com/">tracking</a> firm Token Terminal. Star Atlas, MOBOX and Illuvium are <a href="https://finance.yahoo.com/news/ten-top-play-earn-cryptocurrencies-145326090.html">other examples</a> of decentralized projects built for the metaverse.<br /><br />There are other platforms too, which are creating ways to conduct lotteries, shop, play player versus player games and more in the metaverse. "I'm planning to design my building which is suitable to host K-pop live performances and K-drama screenings," South Korean engineer Shaun <a href="https://www.reuters.com/technology/south-koreas-gen-mz-leads-rush-into-metaverse-2021-09-08/">told</a> Reuters earlier this month, explaining his plans to build real estate and property in Decentraland’s metaverse.<br /><br /><a href="https://forum.businessinsider.in/"><em>For a more in-depth discussion, come on over to </em><em>Business Insider Cryptosphere</em></a><em> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/cryptocurrency">Dolce &amp; Gabbana want to make Elon Musk the ‘King of Crypto’ — but only if he can shell out more than ₹3.8 crore for the ‘Doge Crown’</a><br /><br /><a href="https://www.businessinsider.in/cryptocurrency">Cryptocurrency prices show signs of recovery with Bitcoin whales ‘buying the dip’</a></strong><br />

Facebook pumping $50 million into its metaverse project is another sign that Zuckerberg doesn’t want to miss the crypto bus

<p>I just got back from eight days in Stockholm. </p>
<p>More than the high price of beer, depth of the history, and beauty of the buildings (and people), one trait stood out like lingonberries on a stack of pancakes - the Swedes, with their famously high standard of living, really know how to live.</p>
<p>Wonderfully so. </p>
<p>Here are two dozen reasons why Sweden is the most delightful country on Earth. </p>
<h2>1. Because everybody has 'fika' - the ritual of drinking coffee and eating a pastry - at least twice a day. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>2. Because you can go swimming in the middle of Stockholm, since the water's not all unbearably toxic. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>3. Because there are 20 hours of daylight in the summer.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>4. Because the summer solstice is celebrated with Midsommar, a maypole-dancing holiday where the usually reserved Swedes go insane while wearing festive flower crowns, such as this one.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.youtube.com/watch?v=u8ZLpGOOA1Q">Youtube</a></span></p></div><p></p></div></div></p>
<h2>5. Because there are raves in forests. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>6. Because of common Swedish idioms, like "he shat in the blue cupboard." This comes from back in the days before plumbing. People kept their bedpans in one cupboard and their fine china in a blue cupboard. It was a horrendous mistake, then, to put your crap in with your china.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/hownowdesign/2121335835">hownowdesign/flickr</a></span></p></div><p></p></div></div></p>
<h2>7. Because any restaurant or bar with outside seating also has blankets. How considerate! </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/criminalintent/6307678553">criminalintent/flickr</a></span></p></div><p></p></div></div></p>
<h2>8. Because the government paid for a doge ad on the subway for the Stockholm equivalent of a Metrocard. So <keyword id="6354692" type="ORGANIZATION" weightage="60" keywordseo="Travel">travel</keyword>! </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/bisonblog/14018538994/in/photolist-nmLFfb-neDVG8">bisonblog/flickr</a></span></p></div><p></p></div></div></p>
<h2>9. Because every subway station in Stockholm is like an art installation.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>10. Because Sweden is the world's third-largest exporter of music, after the States and the UK. Artists include the Knife, Robyn, Ace of Base, and, most legendarily, ABBA.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.youtube.com/watch?v=xFrGuyw1V8s">Youtube</a></span></p></div><p></p></div></div></p>
<h2>11. Because Princess Estelle is ridiculously awesome and also rather cute.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://pictures.reuters.com/archive/SWEDEN/-2C0408TXJO1NV.html">Reuters</a></span></p></div><p></p></div></div></p>
<h2>12. Because Pippi Longstocking was Swedish. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/ientu/3589780404">ientu/flickr</a></span></p></div><p></p></div></div></p>
<h2>13. Because reindeer exist.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/anaru/4226974504/in/photolist-7rwmfL-5jocpj-dDwLNE-dDrn8z-9mt2Mf-6Kx1nc-34Ka3Z-8ns2Cm-87uCMj-34K8RT-3gjpxb-ghdTAm-7wMCBh-5goTR7-58Fegt-58FeeH-rg52V-7wHQpB-7wHQkB-5GcwGi-h9rZno-7TNzcC-7TKkzn-7TKkFR-7TKktB-5ntjVG-BvyDE-FAwUg-665kWC-8noU6R-FAvEF-kx2xY-8owu1p-vVaf8-5DTSyd-8oiWHf-kx3M4-Jv7KD-9U4LLa-Jv7GD-2QfjbP-gdvh3L-gdvW8n-akAuZr-gdw7ru-6SFJER-6SFFVa-6SLFfj-6SKRWq-6SLJ2N">flickr/anaru</a></span></p></div><p></p></div></div></p>
<h2>14. Because almost everybody has a little garden cottage to hang out in during their five weeks of vacation. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>15. Because they eat lingonberries with everything, not just pancakes. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="https://www.flickr.com/photos/arenamontanus/5960095213">flickr/arenamontanus</a></span></p></div><p></p></div></div></p>
<h2>16. Because Swedes have kicked ass at carpentry for a very, very long time.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>17. Because downtown Stockholm is absurdly beautiful. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>18. Because Vikings. This is a rune stone, a particularly endearing form of viking art.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>19. Because the king's former hunting grounds are now a totally chill public park. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>20. Because there are enchanted woods.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>21. Because they paint their construction equipment, like this handsome giraffe-spotted crane. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI </span></p></div><p></p></div></div></p>
<h2>22. Because nightclubs turn into flea markets during the day.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>23. Because everybody heads out to Stockholm's 30,000-island archipelago on the weekend.</h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>
<h2>24. Because the meatballs are for real. </h2>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Drake Baer/BI</span></p></div><p></p></div></div></p>

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