Happy Friday! 

Or as we call it in our cafeteria, Frie-day! 

French fries, which you would think have to be French in origin, are somewhat of a point of contention between France and Belgium. 

Regardless of their country of origin, french fries have become an indisputable part of American life. In fact, the average American eats about 30 pounds of french fries a year.

So, fire up that deep fryer, we’ve got a crispy basket of news right here in your inbox.

Espresso Shots

☕️ Record Day of Trading for New NFT Marketplace, Blur 🏃‍♂️💨

The new NFT marketplace “Blur” conducted a whopping 1,160 ETH of trades in 24 hours.

This kind of pace puts newcomer, Blur, on track with its far more established competitors, like OpenSea. Those 24 hours of frenetic trading on the platform were populated by 2,527 users conducting 10,911 sales.

Blur was quick to comment, taking to Twitter to announce that it was now the second NFT marketplace by volume and the number one aggregator for NFTs.

Blur has emerged in the crypto space and fired off so rapidly that it’s almost a… uh… thing… that’s too fast for your eyes to track.

☕️ Twitter Rolls Out NFT Tweet Tiles! 🎨 🐥

As the Twitter deal closes, the social platform takes another step toward the world of web3.

On Thursday, Twitter announced embeddable NFT Tweet Tiles. These tiles allow users to use links from select marketplaces to automatically embed the image of an NFT with the title and creator into the Tweet.

This lays the groundwork for users to buy, sell, and display NFTs directly through Twitter. 

Nobody is more excited for this development than bored, Southern-Californian housewives, who can’t wait to redo the hall bathroom with NFT tiles.

☕️  NFT Marketplaces Drop Creator Royalties ❌ 👨‍🎨

In what appears to be a battle for every last user on web3, marketplaces are experimenting with new ways to entice NFT traders.

The latest ploy has been to eliminate creator royalties. So far marketplaces such as X2Y2, Magic Eden, and Looksrare have all moved to optional royalties - meaning the buyer decides whether to pay a portion of the purchase price to the original artist.

Presumably, most buyers will decide not to pay those royalties. While this move clearly saves buyers some cash, it’s likely to cause backlash among artists, many of whom came to web3 to finally monetize their creations. 

The last time we saw royalties become optional so fast was the French Revolution. ⚔️

Spilling the Beans

FB’s parent company, Meta, craters following missed Q3 earnings 📉

Meta stock plummeted to its lowest levels since 2016 yesterday after the company missed their Q3 earnings expectations. 

Here’s some of the worst from the earning report:

• Meta reported its second straight quarterly decline. ❌

• Meta’s profit is down 52% to $4.4 billion from Q3 of 2021. ❌

• Operating Income dropped 46% to $5.6 billion from Q3 of 2021. ❌

• Reality Labs - Meta’s metaverse division - has lost $9 billion so far this year. ❌

This report seemed to drive panic in the markets - even causing CNBC’s Jim Cramer to break down in tears, 2008-style.

Despite all of this, it does seem worth emphasizing, Meta made money in Q3. A lot!

The company reported $4.4 billion in profit, it also had nearly 2 billion daily active users! 

Yet the stock cratered to its lowest price in 6 years - a time when they had nearly half the active user base. 

So, while some may be inclined to panic about the state of Facebook - this feels a lot more like a fearful market vastly overreacting to an otherwise stable tech giant. 

Here are the non-financial positives from Meta’s report:

• Daily Active People (daily Meta app users) was at nearly 3 billion - a 4% increase from Q3 2021 ✅

• Monthly Active people (monthly Meta app users) was at 3.7 Billion - a 4% increase from Q3 2021 ✅

• Facebook Daily Active Users were at nearly 2 billion - a 3% increase from Q3 2021 ✅

These are some wild numbers. Meta is interacting with nearly half of the planet every month. So why is the stock plummeting? 

People are scared. But Meta’s longterm outlook seems largely unchanged. As it stands, Meta has a 9.3 P/E ratio (price-earnings ratio.) 

The average P/E ratio of the NASDAQ where Meta is listed is 22. By that logic, Meta is potentially being significantly undervalued based on its earnings. 

All of this to say, this market is incredibly fragile and fearful right now. So, hold tight and don’t overreact to anything.

And if you’re able, please try to avoid breaking down in tears on CNBC.

Meme of the Day

Last minute Halloween costume, anyone? 

The Last Sip

It’s officially Halloweekend! 

That means it’s time to put together that sloppy last-minute costume! Fortunately for you, CoinDesk has put together a list of creative Halloween costumes for all those lazy crypto traders out there.

So, take a look, slap that costume together, and enjoy your weekend!

We’ll see ya next week! Stay Caffeinated,

Coffee & Crypto Team

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.