Hey bb! Cheres celebrates its big 2-0! 🎉 Snap misses earnings target and blames Apple 🍏 Why decentralization is important for Dapper Labs and it's going with the Flow 🌊 and a little note from the Cheres team ❤️

In other news…Saks targets IPO valued at $6B and harnesses the power of the dot com 💻 Celebrating our cheries and their syndicates 💎 What poppin' in pop culture ft. Timothee & Zendaya, hockey's ‘back’ 🥅 & Adele does 73 Qs w. Vogue.

Celebrating a big 2-0! 🎉 A note from Cheres:

Hi bb! Cheres here…can you believe it's been 20 weeks of the greeting that had you at ‘hello’? Before we get started or talk about Square's Bitcoin mining plans, my creators send you all of the beanie baby love in the world 🧸.

After building a community of over 10,000 of you who constantly reply to this email inbox with messages like “I don't know who you are but you're the best!”, I am so grateful. Partially because I kinda like my privacy and it's best you don't know who I am [beauty standards in 2021 peeps…]💀, but because Cheres isn't about me. It's about every single one of you who's wanted to level their investing through community and haven't found their voice until we found each other 🥺👉👈.

It feels like just yesterday, some of you hated your jobs and now you're all somehow working in crypto 💎 helping me build the Cheraverse 🥲 We're growing up so fast. In all seriousness, thank you for joining the Cheres journey, to our Alpha users, our Baeta users, and champions. ⚡️

Snapchat's stock plummets after missing revenue targets

Snitches get stitches but that's kinda the route Snap Inc. took during their quarterly earnings call when explaining their revenue miss. They blamed Apple 🍏 as their revenue model is ad based and privacy changes to iOS ad tracking affected earnings. As a result but not a surprise, Snap's 👻 stocks plummeted 📉 on Thursday more than 25% in extended trading.

The photo messaging app & Gen Z fave 📱, Snapchat, said privacy changes imposed by Apple on iOS devices hurt Snap’s ability to target and measure its digital advertising. That…and supply-chain constraints.  

“Our advertising business was disrupted by changes to iOS ad tracking that were broadly rolled out by Apple in June and July […] Broadly speaking, these changes have upended many of the industry norms and advertiser behaviors that were built on IDFA (Apple’s unique device identifier for advertising) over the past decade.”

Not really a surprise given we know Facebook had some issues earlier this year, as did pretty much any brand advertising there and IG. 🤷‍♂️

Quick News Bites

Why decentralization is important & Dapper Labs is leaning in with Flow

While we’ve featured our friends at Dapper Labs before, let’s bring you up to speed…shall we? Think of them as a venture studio but instead of creating startups, they create NFTs and all on a blockchain called Flow. The thing about their ~flow~ is that for it to truly work and be valuable is to have it be decentralized. This means that no one truly owns the blockchain and data is dispersed across thousands of computers around the world. Decentralization is crucial to the security of blockchain networks as if it a single entity controlled the mining power or ‘nodes’, then it could have the power of alter transactions, double-spend coins, or more. The so-what is the fact that Dapper Labs - the network behind NBA Top Shot, CryptoKitties, and UFC, has become more decentralized with time…and now it's running less than one-third of the total nodes. Yay!

It's pretty philosophical. It seems like the more Dapper Labs lets go of control, the more successful its blockchain and NFT projects become. Go with the "Flow" 🤯Thankfully for them, they'll continue to be of the larger community that will set the future development and evolution. As Decrypt states: “Embracing and projecting that ethos to the wider crypto community could prove to be just as important as announcing the technical details and metrics of decentralization”.

Saks targets IPO

Where are our friends from the Six? 🇨🇦 Saks Fifth Avenue is preparing for IPO...well, sorta. Thankfully they sell dresses for debutants because they'll need a shiny outfit for their public debut with a price tag of $6B in valuation set to occur early next year. Go off queen!

Back in March of this year, The Hudson's Bay Co (HBC), the owner of Saks Fifth Avenue, took the luxury department store online by launching its e-comm segment as a separate business after receiving funding from Insight Partners (PE firm). It was then valued at $2B.

✨ This separate e-business is called Saks and it's the one set to IPO. ✨

In case you're wondering why only the e-comm is going public and questions around their valuation jumping from $2B to a future of $6B in less than year 🤔, GlobalData Analyst, Neil Saunders shared: "There is a short-term financial gain to be made from separating e-commerce from stores because a standalone e-commerce operation would be valued at a much higher multiple than the current business. Whether such frothy multiples – such as the one applied to Saks.com – are justified, is another matter."

Don't be surprised if we buy the .eth version…

What's Poppin'

What's popping in pop culture 🍿

• Adele does 73* Questions with Vogue

• Penn Padgley & Victoria Pedretti recap Netflix's YOU S1 & S2

• Timothee Chamalet & Zendaya friendship is the best part of Dune press tour

• Simone Biles talks mental health on the Today Show

• The 75 greatest NBA players in NBA history have been revealed - list here

• Hockey's back & it's all about..manage what? management! Captains in NHL

Hold up…what am I reading, who are you, and what have you done to my investing knowledge? You're blowing my mind.

BB, chill…I know you want me but get in line.

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