In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. From Adidas launching NFT collection to e-naira that is still unattractive to users despite claims of ‘Excellent’ adoption rate and Jack Dorsey appointing three Nigerians to lead Bitcoin trust fund, there’s a lot happening. Let’s get started.
Adidas launches NFT collection
Adidas has teamed up with non-fungible token specialist Bored Ape Yacht Club, cryptocurrency investor Gmoney, and Punks Comic to release its own set of NFTs as the sportswear brand pushes further into the metaverse.
The Adidas Originals NFT collection, which went on sale Friday, December 17, 2021 provides access to virtual wearables for blockchain-based gaming metaverse The Sandbox. It will also produce physical products, including a hoodie, a tracksuit and a beanie.
“As part of our ambition to celebrate ideas that are defining a new age of originality, we’ve landed at the forefront of creativity, which is the open metaverse,” Adidas Originals Marketing and Communications Vice President Erika Wykes-Sneyd said in a statement sent to Bitcoin.com News. “It’s a natural place for Adidas Originals to enter: a wild world where possibilities are truly limitless and where anyone can express and be rewarded for their most original ideas.”
The Adidas NFTs will be available at adidas.com/metaverse at 0.2 ETH ($766) per unit. The virtual and physical wearables will be made available in 2022.
CBDC (E-Naira) still unattractive to users despite claim of ‘Excellent’ adoption rate
Some Nigerian experts have expressed doubts about claims by the Central Bank of Nigeria (CBN) that many residents in the country of more than 200 million inhabitants are interested in or switching to the recently launched central bank digital currency (CBDC), the e-naira.
The experts argue the e-naira, which was initially only available to Nigerians with bank accounts, lacks features that are found in privately issued cryptocurrencies. In addition, there is not enough information concerning the number of e-nairas in circulation. From the viewpoint of these experts, it is a lack of these attributes that makes widespread adoption of the CBDC an almost impossible goal to achieve.
Since launching the e-naira in late October, the CBN has routinely issued updates that suggest Nigerians are welcoming a digital currency which the government claims will add billions of dollars to the economy.
Jack Dorsey appoints three Nigerians to lead Bitcoin trust fund
Dorsey, who resigned as Twitter CEO, formed the Bitcoin trust fund in partnership with American hip-hop star Jay Z.
“I’m so grateful for you all and so inspired,” Dorsey tweeted on Wednesday, December 15, 2021, while announcing the leaders of the Bitcoin trust fund.
The Nigerians appointed into the Bitcoin trust fund are Abubakar Nur Khalil, Obi Nwosu, Ojoma Ochai, and South African, Carla Kirk-Cohen. All four have worked to promote bitcoin development efforts across Africa. Dorsey said a team selected the four developers from a pool of 7,000 applicants.
“They’ll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts,” Dorsey tweeted.
The former Twitter CEO has been a long-time supporter of Bitcoin and added the cryptocurrency to the payment platforms of his payments firm, Block. He had consistently hinted about spearheading a global push for cryptocurrency acceptance amid stiff opposition by countries, including Nigeria where three of his BTrust leaders are from.
Dorsey in June 2021 said “the people of Nigeria will lead bitcoin” despite the Nigerian authorities clamping down on the trading of cryptocurrencies with a ban in place by the Central Bank of Nigeria (CBN).
The Nigerian government’s stance against cryptocurrency trading extends to fintech companies and traditional banks serving as a gateway for trading and exchange of funds.
Dorsey and Jay Z had previously announced their intention to give 500 BTC to set up ₿trust, an endowment to fund bitcoin development with a starting focus on teams based in Africa and India.