6% and 18% respectively. As per data from CoinMarketCap, the total crypto market cap witnessed a substantial increase of 19.4% over a seven-day period, reaching a staggering $2.34 trillion.

The recent surge in bitcoin's price, combined with the upcoming bitcoin halving and the approval of spot bitcoin ETFs in early January, has sparked speculation among industry players about whether the pioneering cryptocurrency will achieve a new all-time high or if this rally is merely temporary.

Interestingly, last week saw social media buzzing with excitement over emails allegedly from Satoshi Nakamoto, the mysterious creator of Bitcoin. One particular post by Tom Schmidt, a partner at Dragonfly Capital, attracted significant attention and even prompted some Bitcoin enthusiasts to purchase pineapple and jalapeno pizzas in its honor.

Speaking of cryptocurrency-related topics, Chain Reaction, a prominent platform, is hosting a monthly series delving into various aspects of the crypto space. This month's focus centers around Non-Fungible Tokens (NFTs). Furthermore, Tom Schmidt, in addition to co-authoring the first Harvard Business Review article on NFTs, serves as a consultant for agencies and brands seeking to develop their web3 strategies. He also plays a crucial role as a community lead for Starbucks Odyssey, a loyalty program emphasizing NFTs.

In an enlightening conversation, Jacquelyn and Steve interviewed Tom Schmidt about his involvement in NFTs, emphasizing the importance of building awareness and understanding throughout the sector. Schmidt stresses that communities hold more significance than floor prices in this evolving landscape.

Meanwhile, Starbucks, driven by the NFT movement, is boosting its loyalty program by incorporating NFTs. The company aims to capitalize on this growing trend by offering customers an innovative and engaging loyalty experience.

As the NFT market continues to gain momentum, it is worth revisiting a conversation from June 2023 between Jacquelyn and Steve and Jack Lu, CEO and co-founder of Magic Eden. At that time, NFT sales had reached $640 million in the first week of February, compared to the current staggering figure of $1 billion in February 2024. This shift highlights the rapid growth and constant evolution of the NFT space.

Magic Eden initially launched on the Solana blockchain as an NFT trading platform. However, it has since expanded its support to other prominent blockchain networks such as Polygon, Ethereum, and Bitcoin. The company's success is evident as it raised an impressive $130 million in a Series B funding round in June 2022, thus earning itself the status of a unicorn startup.

The expansion of Magic Eden's blockchain support, along with its adoption of BRC-20 tokens, demonstrates the company's determination to remain competitive amidst the ever-changing market dynamics.

As the crypto market continues to dazzle with its meteoric rise, investors and enthusiasts eagerly await further developments, hoping to witness groundbreaking milestones and seize new opportunities in this exhilarating industry.