Nonfungible Tidbits: This Week In Bitcoin Cryptocurrency And NFTs

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Welcome to the first edition of Nonfungible Tidbits, where we highlight some of the most interesting things that happened this week in , NFTs and related realms. 
Certainly the biggest story this week was , which isn't, um, doing well. Meta, formerly known as Facebook, is reportedly . And last Friday, Twitter that allows subscribers to its paid Twitter Blue service to use an NFT as a profile picture. Here are a few other stories that caught our eyes this week.
1. SEC turns down another proposal for a spot bitcoin ETF
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The US Securities and Exchange Commission said no to a proposal on Thursday that would've allowed shares of Fidelity's Wise Origin Bitcoin Trust to be listed and traded, . The  (PDF) over investor protections and public interest for the decision. Investors have been able to buy shares of an contracts since last year. But a spot bitcoin ETF would track the actual price of bitcoin, rather than the price of bitcoin futures, and the SEC isn't ready for that quite yet. 
2. Texas Gov. Greg Abbott thinks bitcoin mines will shore up the state's power grid
Crypto mining rigs.

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The main thing bitcoin mining operations require is electricity -- . This is what drives the . But there's a of bitcoin miners in Texas, and Gov. Greg Abbot to… help reinforce the state's power grid? The idea here is that mining operations use so much energy they will entice new investment in power plants in Texas. Then, when demand for electricity is high, like it was during , the bitcoin miners can turn off their operations to free up electricity. We should note that there is currently no law in Texas that would require miners to do this. Maybe if the governor asks nic
r>p>3. Miller Lite aims for Super Bowl marketing in internet land
r>James Martin/CN
r>p>Bud Light is the big game's , so no Miller ads are allowed on America's most valued advertising slots of the year. What's the next best thing? Apparently it's a "metaverse bar." Miller Lite is partnering with Decentraland, a platform that allows people to buy and sell virtual plots of land. What's a metaverse bar? After reading this story, the concept sounds like it's essentially a video game where you log in, and your avatar sits at a bar and buys NFTs. Very 2
r>p>4. The Ethereum Foundation nixes 'Eth2' terminology
r>NurPho
r>p>The Ethereum Foundation oversees the Ethereum blockchain, which is the blockchain of ether, the No. 2 cryptocurrency after bitcoin (by market cap). The blockchain, currently in its "Eth1" phase, is scheduled for an upgrade , which is supposed to make it more efficient, and less expensive to conduct transactions with. Previously, the new version was to be known as Eth2, but not anymore. Why? According to an Ethereum Foundation , Eth1 will be known as the "execution layer" and Eth2 will be known as the "consensus layer." This is a change in semantics, and the change reflects that the execution and consensus layers are, rather than two separate versions of Ethereum, both aspects of the same system. And that's good, right? p>That's all the tidbits we have for now. Thanks for reading. We'll be back next week with plenty more to talk about. In the meantime, check out the podcast featuring CNET's Farnoosh Tor
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