Don’t expect your recently purchased non-fungible token to be of any value in a few years, Facebook is reportedly worried about Apple’s new iPhone OS and what it means for their business, and Apple Silicon is already leaving its mark on the market.
It’s all the biz/tech news that’s popular right now. Welcome to Hashtag Trending! It’s Monday, June 21, and I’m your host Alex Coop.
90% of NFTs Will Be Worthless in 3 to 5 Years, Coinbase Cofounder Warns from technology
If you’re an owner of NFTs, you might have some buyer’s remorse. In an interview with Bloomberg TV, Coinbase co-founder Fred Ersam suggested that “90 per cent” of NFTs produced today will have “little to no value” in three to five years. He compared the NFT craze to the dotcom boom of the 1990s, pointing at the hundreds of failed early internet companies of the late 90s. Coinbase went public earlier this year at a valuation of $100 billion. Its market cap has since shrunk by half as crypto trading cools down amid global regulatory pressure. Short-term fluctuation aside, Ehrsam says that cryptocurrency is truly “the next internet-sized opportunity for the United States.”
Apple plans to make it harder for apps to track users’ data without their consent in iOS 14, and Facebook is sounding the alarms, noting Apple’s privacy protections will damage part of its business. According to Business Insider, Facebook says it could severely hurt its Audience Network ad network, reducing revenue by up to 50 per cent. The social media giant says it might even lead to the shutdown of that network. It’s worth noting that Audience Network is just one part of Facebook’s much broader ad business, and the company says the changes would also hurt businesses that use it. [Business Insider]
And lastly, DigitTimes is reporting that Intel may see its notebook processor market share drop to a record low in 2022. Apple introduced its first Arm-based M1 chip in November 2020, but prior to that, relied heavily on Intel for its processor needs. The transition of Apple to its Arm-based processors has already commenced with the release of a new MacBook Pro, MacBook Air, and Mac mini.
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