Musk Bets on Doge, Bitcoin Mining, Nike Buys RTFKT, $300,000 Typo: Crypto Minute

In today’s Crypto Minute, Ross Mac of Maconomics explored Elon Musk’s bet on Dogecoin, gave an update on bitcoin mining, checked in on Nike’s (NKE) – Get NIKE, Inc. Class B Report metaverse efforts and looked at a costly NFT typo in the video above.

Transcript:

Let’s “see how it goes.” Elon Musk brings Dogecoin front and center as Nike (NKE) – Get NIKE, Inc. Class B Report says “Just do it” to the metaverse.

I’m Ross Mac and these are the biggest cryptocurrency stories on Tuesday, Dec. 14.

Time’s newly minted ‘Person of the Year’ is at it again. After telling Time that Dogecoin is more useful for transactions than bitcoin, Elon Musk took to Twitter Tuesday to announce that Tesla will make some merch “buyable with doge and see how it goes.”

Back in the land of bitcoin…

According to data from Blockchain.com, 90% of bitcoins have been mined, just 12 years after the first bitcoins were acquired by miners. There’s a total of 21 million bitcoins available, and about 18.9 million are now on the open market. However, thanks to halving schedules–which means miners who are mining bitcoin get their reward cut in half and this happens every four years–the remaining bitcoin supply is not expected to be mined until February, 2140…. But there’s one caveat here: The full 21 million bitcoin will never reach full circulation due to some bitcoin being lost.

Nike took a step closer into the metaverse and virtual fashion by buying virtual sneaker and collectibles startup rtfkt studios. RTFKT works heavily with NFTs, blockchain authentication, game engines and artificial reality. In a statement, Nike CEO John Donahoe said the deal “accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture.” The terms of the deal were not disclosed. Nike has been heavy at work in the metaverse, developing Nikeland on Roblox and filing applications with the U.S. Patent and Trademark Office earlier this year to use its jumpman and swoosh logos as well as its “Just do it” logo in a virtual setting.

Elsewhere, a comma cost one NFT seller a large chunk of change.

A $300,000 NFT sold for $3,000 due to a misplaced decimal point. The seller, Maxnaut told CNET, that “fat-finger error” led him to post the NFT, which is part of the Bored Ape Yacht Club, one of the most popular NFT collections in the world, for 0.75 Ether instead of the intended 75 ether. The NFT was bought almost instantly after being posted on OpenSea with the buyer paying an additional $34,000 to speed up the transaction.

TheStreet’s Crypto Minute is brought to you by Blockchain.com.

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