FTX was founded in 2019 by Sam Bankman-Fried. Based in the Bahamas, the crypto exchange allowed users to trade cryptocurrency. With a surge in interest in crypto, the company rapidly grew to earn more than $388 million in net income in 2021. Before FTX’s downfall, many referred to Bankman-Fried as the J.P. Morgan of the crypto world. The founder would cut deals and buy out rivals, growing his personal net worth to billions of dollars. This all changed on November 11th when the FTX Group once worth 32 billion dollars filed for bankruptcy, forcing him to step down as CEO.
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This past Sunday night, the Philadelphia 76ers NBA star Joel Embiid from Yaounde, Cameroon made history. The court was electric watching him dominate a career-high 59-point game, scoring 26 of the 27 points in the fourth quarter. Earlier this year, the Denver Nuggets took a surprise visit to Sombor, Serbia to surprise Nikola Jokic, the fourth internationally-born player to win the NBA MVP award multiple times. In 2021, a player notoriously nicknamed “The Greek Freak”, Giannis Antetokounmpo, secured the Bucks' first championship title in half a century, earning him back-to-back MVP trophies. With such successes and a broad reach to countries around the world, the NBA is becoming recognized as more than simply television entertainment.
Imagine taking a walk down a busy street and asking everyone you see what they think of NFTs. Some will be unfamiliar with the term, some will claim they’re a revolutionary asset class, and some will roll their eyes and claim they’re a complete scam. While their long-term significance and utility within the global economy remain relatively unknown, one thing is for certain – They’re growing in popularity and sales volume at an exponential rate. This year’s sales of NFTs on trading platforms, valued at $27 billion, have already surpassed that of 2021.