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Hypercommercializing Tani Olohun Case in Nigeria

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The case of Isese activist Adegbola Abdulazeez, known widely as Tani Olohun, has gripped Nigeria, unfolding a saga that has played out not only in courtrooms but also in the ever-watchful eyes of social media and mainstream media. Tani Olohun’s story is not the first religious-related case to become a spectacle in these digital arenas, and it certainly won’t be the last. As long as people and digital platforms continue to create spaces for discussions and debates, such cases will continue to garner attention. However, beneath the surface of this digital spectacle lies a complex issue: the hypercommercialization of Tani Olohun’s case.

The Digital Age: A Platform for Public Discourse

In the digital age, where information flows ceaselessly through the internet’s arteries, issues like Tani Olohun’s case take on a life of their own. Social media and mainstream media outlets act as conduits, connecting millions of people to the latest developments in real time. The ability to instantaneously share news, images, and videos has given rise to a globalized public sphere where narratives are shaped, opinions are formed, and justice is demanded.

The Problem of Hypercommercialization

However, a troubling trend has emerged amid the digital fervour surrounding cases like Tani Olohun’s. Rather than serving as platforms for informed debate and calls for justice, established and emerging content curators often prioritize profit over principle. Instead of focusing on creating a space that enables democratic structures to resolve the case fairly, they sometimes turn the proceedings into a lucrative spectacle, generating surplus value for themselves and leaving little to no exchange value for Tani Olohun and other key actors in the conflict.

Between the moment of Tani Olohun’s arrest and the commencement of his prosecution, hundreds of pieces of content in various forms – news articles, images, and videos – have flooded both social and mainstream media. These pieces have been shared widely, both nationally and globally. While this widespread coverage has brought attention to the case, it has also raised concerns about the ethics and consequences of hypercommercialization.

The Rush for Clicks and Eyeballs

One of the primary drivers of hypercommercialization in cases like Tani Olohun’s is the relentless pursuit of clicks, likes, shares, and eyeballs. In the digital age, engagement metrics translate directly into advertising revenue, and this economic incentive can lead content creators to prioritize sensationalism and drama over the pursuit of truth and justice.

As Tani Olohun’s case unfolded, some content creators raced to be the first to report on each new development. They used clickbait headlines, provocative images, and dramatic videos to capture the attention of the digital masses. While these tactics may have driven traffic and generated revenue, they also risked turning a serious legal matter into a form of entertainment.

The Impact on Justice and the Public Sphere

Hypercommercialization has consequences beyond mere entertainment value. It can distort public perceptions and hinder the pursuit of justice. In the case of Tani Olohun, the hypercommercialization of court proceedings may have influenced public opinion, potentially swaying perceptions of guilt or innocence. This raises questions about the fairness of the legal process and the ability of the accused to receive a fair trial in the court of public opinion.

Moreover, the surplus value generated by content creators often fails to benefit those at the heart of the conflict. Tani Olohun and others directly involved in the case may find themselves overshadowed by media sensationalism, struggling to have their voices heard amidst the noise of commercialized narratives.

Balancing Profit and Justice

In addressing the issue of hypercommercialization, it is essential to strike a balance between the legitimate pursuit of profit and the imperative of upholding justice. Content creators have a right to monetize their work, but they also bear a responsibility to maintain ethical standards, especially when covering sensitive legal matters.

One way to address this challenge is through greater self-regulation within the media industry. Content creators and media organizations can establish ethical guidelines that prioritize accuracy, fairness, and responsible reporting. They can also commit to providing comprehensive coverage that includes diverse perspectives and ensures that all parties involved in a case have a fair opportunity to present their side of the story.

The case of Tani Olohun serves as a stark reminder of the power and pitfalls of the digital age. While the internet and social media have democratized information sharing, they have also raised complex ethical dilemmas, particularly in high-profile legal cases. Balancing profit and justice requires a concerted effort from content creators, media organizations, and the wider public. By prioritizing responsible reporting and ethical journalism, we can ensure that cases like Tani Olohun’s receive the scrutiny they deserve without sacrificing the principles of justice and fairness. In doing so, we can harness the potential of the digital age to promote transparency, accountability, and a more just society.

Court grants FTX Clearance to Liquidate $3.4B in Crypto Assets

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FTX, one of the largest cryptocurrency exchanges in the world, has obtained a court order to liquidate $3.4 billion worth of crypto assets from its customers who defaulted on their margin trading positions. The exchange, which is based in Hong Kong and registered in Antigua and Barbuda, filed a petition with the High Court of Hong Kong on September 7, seeking authorization to sell the crypto assets of more than 800,000 customers who had negative balances on their accounts.

According to the petition, FTX had suffered massive losses due to the extreme volatility of the crypto market in August and September, when several major cryptocurrencies plunged by more than 50%. The exchange said that it had tried to contact the defaulting customers and request them to deposit more funds or close their positions, but most of them failed to do so.

According to the company’s quarterly report, FTX’s total revenue decreased by 35% from $1.2 billion in Q2 to $780 million in Q3, while its net income fell by 50% from $600 million to $300 million. The company also saw a decline in its trading volume, user base and market share, as many investors withdrew from the crypto space or switched to other platforms.

FTX’s CEO Sam Bankman-Fried said that the company was prepared for the market downturn and had taken measures to mitigate its impact, such as reducing its leverage ratio, increasing its liquidity reserves and diversifying its revenue streams. He also expressed confidence that the crypto market would recover soon and that FTX would regain its momentum and growth.

“We are not discouraged by the temporary setback. We believe that crypto is the future of finance and that FTX is well-positioned to capture the opportunities that lie ahead. We have a strong team, a loyal community and a solid product that offers a superior trading experience. We will continue to innovate, improve and expand our services to meet the needs and expectations of our customers,” he said.

The court granted FTX’s request on September 13, giving the exchange the green light to liquidate the crypto assets of the defaulting customers at the best available market prices. The court also ordered FTX to deposit the proceeds of the liquidation into a separate account and report back to the court within 30 days.

FTX said that it regretted having to take this drastic action, but it was necessary to protect its solvency and the interests of its other customers. The exchange also said that it would try to minimize the impact of the liquidation on the crypto market and avoid causing further price fluctuations.

One of the main challenges that FTX faces is how to protect its users and funds from potential losses due to market volatility, hacking, or other unforeseen events. In this blog post, we will explore some of the steps that FTX takes to mitigate against loss and ensure a secure and reliable trading experience for its customers.

The liquidation order is one of the largest in the history of the crypto industry and reflects the high risks involved in margin trading, which allows traders to borrow funds from exchanges or other platforms to amplify their profits or losses. Margin trading can be very profitable in a bull market, but it can also lead to huge losses in a bear market, especially if traders do not have enough collateral or fail to monitor their positions closely.

Elon Musk’s Starlink Made $1.4 Billion in 2022, Falls Short of $7 Billion Projection

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Starlink, an Elon Musk-owned satellite internet constellation that provides coverage to over 60 countries, is reported to have made $1.4 billion in revenue in 2022, up from $222 million in 2021, but however fell short of the $7 billion projection.

According to a report from Wall Street, the revenue which was a significant increase from 2021, however, fell short of Musk’s projections during a 2015 presentation to investors.

The Wall Street wrote,

“Starlink is bumping up against a reality articulated by many skeptics of satellite Internet. The majority of the world’s population that the business could serve and that can afford high-speed broadband lives in cities. In those regions, Internet service is readily available, usually offers cheaper monthly costs than Starlink, and doesn’t require specialized equipment”.

According to WSJ, Musk who is known for his aggressive goal setting as he did with the 2015 projections, has however stated a more modest ambition for Starlink, pointing out that low-earth orbit satellite ventures have a history of going bankrupt.

SpaceX president and COO Gwynne Shotwell said in February that Starlink is expected to turn a profit this year. While Starlink’s profit or loss for the year 2023 remains unknown, the company recorded significant profits in the first three months of this year after two annual losses.

SpaceX’s first quarter (Q1) 2023 numbers reportedly included a $55 million profit on $1.5 billion in revenue.

Starlink subscriber numbers are up since 2022, but not by a huge amount. SpaceX reported that the satellite internet constellation had about 1.5 million users in May 2023.

Reports reveal that Starlink has been slower to sign up customers than Musk expected, signing up roughly one million active subscribers by the end of 2022, a major decline from the 20 million subscribers Musk expected to have.

According to McKinsey & Company, the uptake of satellite internet has been limited for various reasons. Among those reasons, two major reasons are high costs and poor performance.

However, Starlink has addressed performance issues by using a low Earth orbit satellite constellation. It has also managed hardware costs by slashing the prices of Starlink terminals.

On a step forward on profitability, SpaceX’s Vice President of Starlink Jonathan Hofeller announced that the company was no longer losing money producing Starlink terminals. He further noted that mass-producing Starlink terminals was one of the internet provider’s keys to success.

Starlink currently boasts the largest network of low-Earth orbit (LEO) broadband satellites, with over 4,700 satellites in orbit. This technical feat has allowed the company to provide high-speed internet to remote areas where traditional cable or fiber is unavailable.

The satellite internet constellation has entered the European market and demonstrated the technology’s promise while previously raising its support for Ukraine’s telecommunications needs, during the Russian invasion.

Unlike conventional internet providers, which rely on hundreds of miles of cabling, Starlink uses a constellation of low-orbit satellites to provide the world with high-speed internet access.

Starlink’s service has continued to spread across the globe, as it now covers many of the countries with the lowest internet adoption rates.

The satellite internet ambition is to penetrate mobile dead zones, which has driven much of its work and has grown its subscriber base.

Automotive Startup Mecho Autotech Raises $2.4 Million Pre-Series A Fund to Expand Operations Across Nigeria

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Mecho Autotech, a Nigerian mobility startup that offers automotive spare parts, vehicle repairs, and maintenance services, has announced the raise of $2.4 million pre-series A fund to expand operations across Nigeria.

The pre-series A round saw participation from Global Brain Corporation, uncovered fund, and ventures platform. According to the startup, the funds will enable it to launch a B2B distribution platform for aftermarket spare parts which is estimated to be worth $8 billion.

Spare parts account for 80% of the value, with the Nigerian vehicle owners paying an average of $650 annually. With over 12 million registered vehicles, of which 90% are imported and pre-owned, the automotive after-sales industry in Nigeria is highly fragmented and informal. This results in a disjointed aftermarket spare parts supply chain.

With this, Mecho Autotech disclosed that the company will leverage its existing partnership with Asian aftermarket spare parts manufacturers to provide spare parts to vendors and workshop owners at an affordable rate. Mecho believes that it will increase the availability of high-demand spare parts.

By solving spare parts stockouts, the startup believes that it can help solve one of the biggest problems in the industry.

Speaking on this, co-founder and CEO, Olusegun Owoade, at Mecho Autotech said,

In our original business model, our core focus was on vehicle maintenance and repair. But we soon realized a much larger issue there, was an extreme scarcity of high-quality spare parts in the market. Spare parts vendors face frequent stockouts and struggle to access inventory financing. In our marketplace, vendors can source inventory from leading aftermarket spare parts manufacturers and access credit”.

Since its inception in 2021, Mecho Autotech has seen more than 6,000 cars from B2B and B2C clients undergo repairs and maintenance from over 110 approved workshops, three of which it owns.

As of February 2022, the startup had 40 B2B customers who own over 20,000 vehicles, and has serviced over 2,000 vehicles. It has onboarded more than 7,000 third-party mechanics across over three workshops in Lagos servicing B2B customers.

Mecho Autotech collects data on spare parts demand through its separate apps tailored to supply chain players, so as to gauge supply in the market.

Notably, the mobility startup has disclosed that it will develop an app in Q4 2023, allowing vendors to receive inventory finance and manage their inventory sales, the same service will also enable workshops to access working capital and acquire spare parts.

Also, in partnership with local banks, Mecho will offer credit of up to 10 million naira to automotive supply chain players, including inventory financing (vendors), working capital (workshop owners), and financing for vehicle maintenance and parts procurement (corporate fleet owners).

Mecho Autotech’s vision is to drive efficiency in the automotive spare parts supply chain through technology and financing. Tekedia Capital is an investor in Mecho Autotech.

The startup is confident in its ability to create significant positive change within the sector and make quality spare parts more accessible for vehicle owners and workshop operators across Nigeria.

X Secures a License in Mississippi, Will It Impact Dogecoin (DOGE)? Polygon (MATIC) and Everlodge (ELDG) Price Prediction

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Recently, X secured its eighth payment transmitter license in the United States, specifically in Mississippi. This move could have significant implications for various cryptocurrencies in the future, including Dogecoin (DOGE), Polygon (MATIC), and Everlodge (ELDG). This article explores the potential impact of X’s licensing on these cryptocurrencies and provides price predictions.

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Dogecoin (DOGE): Potential Impact

Dogecoin (DOGE) has gained substantial popularity due to endorsements and tweets by influential figures like Elon Musk. With X’s licensing expansion, Dogecoin could benefit if cryptocurrency was ever used as a payment service on X. In fact, it could see an increase in accessibility and legitimacy.

This development may drive more mainstream adoption of Dogecoin, potentially leading to a positive price trend. But, while predicting cryptocurrency prices is challenging, the increased exposure and accessibility could contribute to the Dogecoin value stability and potential growth.

Due to all these reasons, market analysts remain bullish on Dogecoin and its long-term growth potential. As a matter of fact, they predict that the Dogecoin price will sit between $0.089 and $0.098 within Q4 of 2023.

Polygon (MATIC): Bullish Signs

Polygon (MATIC), an L2 scaling solution for Ethereum, has been gaining traction as it addresses Ethereum’s scalability issues. X’s licensing expansion and cryptocurrency payment implementation will indirectly benefit Polygon, as it could lead to more exposure.

In recent Polygon crypto news, the project partnered with Mirae Asset Securities, Korea’s largest financial group. By working with Polygon, they aim to explore practical ways to integrate tokenized securities and enhance interoperability within South Korea’s economic infrastructure.

This strategic move positions Polygon as a strong candidate for those seeking exposure to projects bridging the gap between the traditional finance sector and the blockchain industry. Therefore, experts in the field forecast that the Polygon price will surge to $0.87 by December 2023.

Everlodge (ELDG): A Revolutionary Project

Everlodge (ELDG), a cryptocurrency project focused on revolutionizing real estate markets, could also be influenced by X’s licensing expansion. An increased accessibility to cryptocurrencies brought about by X’s platform may attract more potential investors to projects like Everlodge.

Additionally, the growing interest in cryptocurrency could lead to greater demand for real estate fractionalization, Everlodge’s primary offering. Fractional ownership opens the door for investors who may not have the capital to buy entire properties but can now diversify their portfolios by investing in multiple fractional shares.

It accomplishes this by digitizing and minting high-end hotels and vacation homes into NFTs, which are then fractionalized. As the property value rises, so will the value of the NFT. Also, Everlodge allows those in the Rewards Club to earn free nightly stays in these properties. Additionally, these can be resold – adding another income stream to individuals.

However, only those who hold the ELDG native token gain access to the Rewards Club. Thus, people are flocking to the ELDG presale, which is now in Stage 2, and one token costs just $0.016. But, thanks to its real-world ties to the hospitality industry (worth $4.5T in 2022), its long-term growth potential is immense. Some experts even foresee a 30x pump on launch day.

Find out more about the Everlodge (ELDG) Presale

 Website: https://www.everlodge.io/

Telegram: https://t.me/everlodge