Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries.
Business
1. Coach says it will stop destroying returned merchandise
Coach said it has now “ceased” its policy of destroying returned merchandise after a viral TikTok video alleging the practice surfaced last week. The company added that it has donated products “valued at over $55 million USD” and pledged to continue to implement sustainable solutions to disposing of and repurposing its goods.
2. Apple is set to host its Unleashed event on October 18
Apple will host an event, titled Unleashed, at its Apple Park headquarters in Cupertino, California on October 18. Given that Apple has already introduced the new iPhone 13 lineup, Watch Series 7, iPad mini and iPad, iMac, Airtags and Apple TV 4K at events earlier this year, updates to the MacBook lineup and AirPods are anticipated.
Unleashed! These next six days are going to speed by. #AppleEvent pic.twitter.com/0ops2bVPvl
— Greg Joswiak (@gregjoz) October 12, 2021
3. Shoe prices are getting more expensive, according to new data
Sneaker prices have been rising over the past year, according to new data by the U.S. Bureau of Labor Statistics. According to the bureau’s monthly report, consumer prices rose by 5.4 % in September when compared to last year, with shoe prices increasing by 6.5%.
4. Virgin Galactic delays its commercial spaceflights to 2022
Virgin Galactic has now officially delayed plans of its commercial spaceflights to late 2022. Following the announcement, the company’s stocks plummeted 13% during after hours trading on Thursday.
Flight test program update: We will begin our planned vehicle enhancement and modification period now, which is designed to improve performance and flight-rate capability for VMS Eve and VSS Unity. #Unity23 will take place upon its completion. Read more; https://t.co/oWC52MypkH pic.twitter.com/oVuJOobNMm
— Virgin Galactic (@virgingalactic) October 14, 2021
5. LeBron James’ SpringHill Company reportedly sold a minority stake to Nike and Epic Games
LeBron James‘ SpringHill Company has sold a “significant” portion of its minority stake to major companies RedBird Capital Partners, Fenway Sports Group, Nike and Epic Games, according to Deadline. The deal is said to valuesSpringHill at $725 million USD.
Crypto
1. A mural of Kanye West is being auctioned off as an NFT
Chicago-based artist Jason Peterson has unveiled a mural of Kanye West in the West Loop of Chicago. Peterson is now selling the mural as an NFT, meaning that the person who purchases the NFT will now be forever linked to the mural through a mere QR code.
Introducing Yeah Probably Nothing by @jasonmpeterson, an exclusive #NFT of his recently completed mural of Kanye West in Chicago. Don’t miss the opportunity to be forever linked to this NFT and the mural, verifiable on #Avalanche.
Bidding starts now at https://t.co/PdQRMqnr1O pic.twitter.com/G0Gl55cOy2
— Avalanche ? (@avalancheavax) October 11, 2021
2. Kevin Durant is collaborating with NBA Top Shot to curate NFTs
Kevin Durant and Rich Kleiman’s Boardroom have officially announced a multi-year partnership with Dapper Labs. The landmark deal sees Brooklyn Nets player take on a creative development role in curating and creating exclusive NBA Top Shot moments for the NFT marketplace.
3. The U.S. has overtaken China as the world’s largest Bitcoin miner
The U.S. has now overtaken China as the largest miner of Bitcoin, according to new data from the Cambridge Center for Alternative Finance. In 2019, China accounted for about 75% of the average monthly hashrate share, a significant portion of the world’s Bitcoin mining.
China’s crackdown on #Bitcoin mining has resulted in the US now having the highest share of hashrate in the world (35.4%), followed by Kazakhstan (18.1%) and Russia (11%).
Updated figures from @CambridgeAltFin‘s Cambridge Bitcoin Electricity Consumption Index (CBECI). https://t.co/51fbgVmCLx
— Cambridge Judge (@CambridgeJBS) October 13, 2021
4. Jimmy Choo launches a 1-of-1 NFT sneaker for auction
Jimmy Choo has teamed up with New York artist Eric Haze and Japanese fashion designer Poggy to launch a one-of-a-kind NFT for auction alongside 8,888 mystery boxes for purchase. The NFT artwork, available on the Binance NFT marketplace, features a digital sneaker rotating against a canvas of Haze’s signature script.
5. Controversial Hedge fund manager Michael Burry called the Shiba Inu memecoin ‘pointless’
Michael Burry pointed towards the coin’s supply of one quadrillion tokens in the market, calling the entire thing “pointless.” Burry has long warned investors of placing too much faith in cryptocurrencies.
— Michael Burry Archive (@BurryArchive) October 9, 2021
