Tesla pauses bitcoin payments and loses $ 366 billion, eBay starts selling NFTs, and Wattpad plans to create 100 jobs in Canada.
It’s all the tech news that is making people buzz right now. Welcome to Hashtag Trending! It’s Friday May 14th and I’m your host Alex Coop.
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One of Elon Musk’s tweets yesterday put a squeegee on the cryptocurrency market. When the Tesla CEO tweeted that Tesla would discontinue accepting Bitcoin as a payment method, the price of Bitcoin fell downhill, falling to $ 48,500 and wiping out as much as $ 366 billion from the market. The reason for the break, Musk explained, was concerns about climate change and Bitcoin’s enormous power consumption. One estimate is that Bitcoin uses as much electricity as Argentina. It’s a bit ironic that the company that is considered the pinnacle of green vehicles has accepted such a wasteful method of payment. Musk didn’t mention whether he’ll accept Bitcoin again in the future.
When one door closes, another opens. While Tesla has just stopped accepting Bitcoin, eBay is keeping an eye on its profitability as a payment method. In addition, the online marketplace announced yesterday that it will enable the sale of NFTs or non-fungible tokens. A non-fungible token works via the blockchain and is a unique identifier for digital media. Each token is unique and cannot be replaced. This gives the buyer irrefutable proof of ownership of an original digital item that can be useful to collectors. It also helps the creators as it opens up a new channel for selling unique art. [LinkedIn]
Wattpad, a Canadian or Canadian story platform, plans to create 100 new jobs in its business, mostly in Toronto and Halifax. The new roles include positions in engineering, content and marketing. The company was bought out Monday by South Korean entertainment company Naver, which owns Webtoons and has 76 million monthly users. Together, the two companies will work together on content, Webtoon CEO Jun Koo Kim said in a statement to BNN Bloomberg.
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