👴 MicroStrategy announces taking impairment charge of $917.8 million, Michael Saylor to step down as CEO

👴 MicroStrategy announces taking impairment charge of $917.8 million, Michael Saylor to step down as CEO 🤑 Crypto users have spent $2.7 billion on minting NFTs in the first half of 2022 🌮 Canadian taco franchise launches an NFT loyalty program

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👴 MicroStrategy announces taking impairment charge of $917.8 million, Michael Saylor to step down as CEO🤑 Crypto users have spent $2.7 billion on minting NFTs in the first half of 2022🌮 Canadian taco franchise launches an NFT loyalty program

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MicroStrategy announces impairment charge of $917.8 million, Michael Saylor to step down as CEO

In a move that is sure to send shockwaves through the business world, MicroStrategy has announced that it is taking a non-cash digital asset impairment charge of $917.8 million on its bitcoin (BTC) holdings. That's up from $170.1 million in the first quarter and $424.8 million in the second quarter of 2021.

An impairment charge represents a loss of value and is an indication that the asset may be overvalued on the company's balance sheet.

The company also announced that it is naming Phuong Le, the company's president, to replace Michael Saylor as its CEO.

But according to MicroStrategy's CFO, they're not worried about the value. The company's digital asset impairment reflects the decline in the price of bitcoin versus the price at which the bitcoin was acquired. In other words, they're not worried about the current value of their bitcoin.

Of course, this raises the question: why did they buy bitcoin in the first place? If they weren't worried about the price, why didn't they just hold on to their cash?

The company's 129,699 bitcoins, purchased for approximately $4 billion, are now worth around $3 billion after the cryptocurrency's recent price drop.

With Bitcoin down 50% from its highs and MicroStrategy's stock down 46%  this year, it's clear that the company's bet on Bitcoin has not paid off and that the company is now scrambling to try and salvage the situation.

Crypto users have spent $2.7 billion on minting NFTs in the first half of 2022

If you thought the NFT craze was just a passing fad, think again.  A new report from blockchain data firm Nansen shows that crypto users spent a whopping 963,227 Ether (ETH), worth $2.7 billion, on minting nonfungible tokens (NFTs) in the first half of 2022.  

That's right, folks: people are still spending absurd amounts of money on digital drawings of different animals. And the overwhelming majority of minting took place on OpenSea.io, according to the report.

Minting occurred across  around 1 million unique wallet addresses on Ethereum during this period, Nansen said.  In comparison, about $107 million worth of NFTs were minted on BNB Chain and $77 million for Avalanche. A total of 263,800 unique wallet addresses were involved in NFT minting on the two blockchains.

So if you're thinking about getting in on the NFT craze, there's still plenty of time (and money in the market) to do so.

Canadian taco franchise launches an NFT loyalty program

What's the next big thing in customer loyalty programs? NFTs, of course.

At least, that's what StrEATS is betting on. The Canadian restaurant franchise is putting their customer loyalty program on the blockchain through a new Tenacious Tacos NFT collection.

With 19 locations across Canada and a plan for expansion into the United States, this $6 million taco franchise wants to capitalize on their growing customer base. The collection, Tenacious Tacos, allows holders to receive both Web3 and real benefits. Moreover, for those who wish, they can stake their nonfungible tokens (NFTs) to earn additional digital rewards.

It's a bold move, and one that could pay off big time if it takes off. After all, who wouldn't want to earn rewards for eating tacos?

So far, the response has been positive, with many people eager to get their hands on the Tenacious Tacos NFTs.