#34 Nike comes to Metaverse town
Edition 34
Guten Morgen (Gu-tun-mo-argan) or good morning as they say in German. Welcome back to another edition of Business News for Kids (BNFK for short; genius isn’t it? 🤯).
About BNFK
Knowledge is at the heart of being. To be more, we must know more.
With this weekly we distill the latest, most interesting, Business News 📰 .. to an emoji filled, ultra informative, Newsletter for Kids. A dad 👽 & son 👾 experiment, delivered every Sunday.
Catch our previous editions here. If you’re forwarding this to someone, they can hit this 👇 to subscribe for Free.
Busy business this week 💼
Seoul is planning to become the first ever city to set foot into the Metaverse. The South Korean capital’ virtual city tentatively called Metaverse Seoul🏙, will allow citizens to put on a VR headset and meet city officials, or join in on mass gatherings like a new years eve party! The municipality is investing $3.3 billion on the project, and will also include a Virtual Tourist experience 🏝.
US drug company Pfizer will allow 95 developing nations to make and sell generic version of its proprietary Covid-19 pill Paxlovid 👏. They’ve partnered with UN-backed ‘Medicines Patent Pool’ in a deal that will make pills 💊 available to 53% of the world's population 😱.
Substack says they now have more than 1 million paid subscribers 🚀, a 4x jump from 250,000 last December; largely due to the pandemic. Many people have started to read only newsletters, just like this lovely one & the top 10 Substack newsletters collectively generate $20 million in revenue 😱. 🤔💰🤷
China 🇨🇳 has now overtaken the USA 🇺🇸 as the world’s richest nation. In 2000, China’s wealth was $7 trillion, rocketing 17x to $120 trillion in just 20 years; while US wealth 2x to $90 trillion. Global wealth rose 3x to $514 trillion from $156 trillion.
Following the Federal Trade Commission’s support for Right to Repair, Apple launched its Self Service Repair Program that will allow you to repair your own Apple products 🤯 without walking all the way to a service centre. Available starting 2022 in the US with other countries to follow.
Wait, what is..
Developing Nations: Countries that are still developing and investing in their industries and infrastructure like roads, railways, bridges, hospital facilities, school facilities are categorised as Developing nations.
Medicines Patent Pool: “The Medicines Patent Pool (MPP) is a United Nations-backed public health organisation working to increase access to, and facilitate the development of, life-saving medicines for low- and middle-income countries.”
Woah 😱 Weird 🥴?
Nike launches on the Metaverse 😱. Partnering with Roblox ($RBLX is on 🔥, up almost 70%+ the past month), the Nike verse will have Nike buildings, a host of games like tag, dodgeball and even lava parkour. Users will be able to customise avatars with Nike gears and more. Nike thinks it can be a test bed for real products, rewarding users for loyalty, and much much more. Go metaverse 🏃♀️🏃🏃♂️.
Inspiring business people to know 🙏
Meet Jack Ma, our inspiring business person of the week.
Jack Ma Yun is a Chinese businessman and Founder of internet startup Alibaba Group.. which is like Amazon🤷, but based in China. When he graduated from Hangzhou Normal University, he applied for 31 different jobs, but got rejected for every one of them 😱. He founded his first company, Hangzhou Haibo Translation Agency, at the age of 30 teaching english and completing translations. He heard about the “internet” way back in 1994 and started helping companies build websites via his company ChinaPages.com.. and in 1999 created Alibaba, which started off in his apartment with 18 of his friends. In September 2014, it raised over $21 billion in what remains the largest ever IPO in the United States 🚀. 🙇.
Stocks, stonks and.. ⚡️
Alibaba FY21 Q2 revenue was up 29% to $31.1 billion with active users of 1.24 billion 🤯🤯🤯; but founder Jack Ma’s wealth dropped by $30 billion.
US based salads and healthy foods lunch chain Sweetgreens’ IPO popped 75%+ to give a $5.5 billion market valuation.
Market Cap, IPO, Q2 and more 👉 Wait What Glossary 👈
Mental models.. whaaaat! 🤯
My dad insisted we put this section in here, even though I protested saying its going to be a while before kids need to apply mental models. Mental models are nothing but ways of thinking, you can use as a framework, to take decisions or solve problems. Who knows, they might just be useful!
Make Flowers Grow Model 🌷🌻. We're still not over our learnings from Van Gogh and here is yet another inspired mental model..
Van Gogh once said "Normality is a paved road. It’s comfortable to walk on, but no flowers grow there”.
Essentially, we can all decide to take the easy road 🛣 in life, but where's the fun in that? Making tough choices, and sometimes taking a tougher path can be more rewarding. So go on, walk on a path that makes flowers grow. #creatorTech, products, toys ++ 🤖
Netflix gets its Game on. Rolls out games on Android devices. We’re really keen to see how this plays out 😅.
Pro Tip: The magic of learning is in curiosity. Don’t shy away from clicking those hyperlinked texts to read and learn more. We mostly hyperlink to text we have read ourselves to make sure it is safe, but please be aware that comments and ads shown on these pages are beyond our control. We recommend using a kids friendly browser to view the links. Please read all Disclaimers.
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