- May 05,2022
- Joshua Hoover
Gucci x crypto, Yuga Labs gas refunds and the newest Google Web3 team
News from the crypto world
The week opened largely in the negative for the crypto market after seeing quite a steep fall over Saturday and Sunday. The beginning of the week was marked by extremely fearful market sentiment, with the Crypto Fear & Greed index pointing at 11/100 on Monday and 10/100 on Tuesday, the lowest levels seen since the end of January this year.
On the same day, Bitcoin fell to $31,000, kept falling on Tuesday and reached its lowest value since July 2021 at $28,000. Ethereum followed a similar downtrend and dropped to $2,100 on Tuesday. Also for other major altcoins the first days of the week started in red, with Cardano down to $0.57, Solana falling to $67 and Terra dropping dramatically to $5. Waves and Near Protocol are two of the few cryptos that managed to open in the uptrend on Monday, at $13 and $10 respectively, but fell shortly after alongside the overall crypto market.
Gucci to accept crypto payments in US stores
The luxury brand Gucci has announced some of its stores in the United States will start accepting payments in a number of cryptocurrencies from as soon as the end of the month. The high-end fashion house isn’t new to crypto, as it joined the world of NFTs back in March by partnering with 10KTF.
Crypto holders and Gucci customers will be able to pay with crypto in select U.S. stores in Miami, New York, Atlanta, Los Angeles and Las Vegas. Gucci stores will accept 10+ cryptocurrencies: from Bitcoin and Ethereum to Litecoin, Shiba Inu, Dogecoin and others, including five US dollar-pegged stablecoins.
Yuga Labs refunding Ethereum gas fees
Last week, land sales of the Bored Ape Yacht Club metaverse “Otherside” congested the Ethereum network so much that it crashed the Ethereum blockchain and sent gas fees up to $5,000. Though the incredible turnout can be regarded as a sign of success, many users paid gas fees just to see their transactions fail due to the high congestion. Yuga Labs, the company behind the Bored Ape Yacht Club, has refunded the gas fees “to everyone who made a transaction that failed” during the minting craze, amounting to a total of 90.57 ETH.
We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction. Here’s how to find your refund…
- Yuga Labs (@yugalabs) May 4, 2022