Web3 Weekly #15
This week in Web3 and NFT news seems to be pretty quiet, which is good, as we can see that there’s more deep dives and conversation pieces published around the web this week, concerning needs and challenges of Web3. Web3 antiviruses, Web3 marketing solutions, environmentally sustainable Web3 – these are all issues that take place this week, so you can surf through the topics that can be interesting for different reasons for different people and pick whatever is important for you exactly. Let’s dive in!
Market updates and conditions
The price of Bitcoin (BTC) was 17,140.22 USD on Saturday, December 10, which is about the same as a week ago.
Ethereum’s (ETH) price is also more or less the same as previous week. This Saturday morning it was 1,263.41 USD.
Arweave (AR) was 9 USD on December 10, which is a little less than a week ago, but still no significant changes.
Source of all graphs here.
What’s Happening in Web3?
Web3 Own App Store? Yes, It’s Finally Here!
Good news for those sick and tired of centralised Web2 entities unfriendly to NFTs and Web3 technologies! Web3 developer platform Alchemy is rolling out a decentralised application (dApp) store, the company said on Tuesday. The marketplace aims to streamline access to decentralised applications for users and developers, as reported on CoinDesk. Thanks to this new product, you won’t have to deal with Apple’s rapacious policies against Web3 applications. As Alchemy claimed to Coindesk:
While its app store is centralized it’s not a monetized product, and aims to provide free access to Web3-curious users and developers eager to put their technologies to use for an audience.
What’s The Difference Between The Antivirus For Web2 And Web3?
In this article the new Web3 product is promoted, which is called Web3 Antivirus and, yes, the name says it all. Why does Web3 need a different solution from Web2 for protecting your data and systems from viruses? Well, first of all, the blockchain industry needs a new infrastructure layer to protect the assets, especially after the FTX crisis, says the article. Web3 Antivirus is a browser extension designed to scan smart contracts and alert users of suspicious logic and code in the decentralised apps or websites they are signing into. Read more here.
FTX Collapse and Web3 Gaming
While we’re at it, let’s continue with the impact of FTX on Web3, focusing on Web3 gaming. Here’s some key takeaways from the discussion about this topic, published in Cryptoslate:
- More investors and market participants are losing trust in centralised entities within crypto. The fall of a seemingly stable and prolific exchange had made people rethink how they store and stake their tokens.
- Web3 projects might lose funding opportunities, but this will change eventually because there are still funding houses with capital available to be deployed.
- Many centralised companies thrive in the ecosystem for the ease of use they provide, and, while centralised entities are better at attracting and maintaining mainstream users to crypto, they are inherently riskier than decentralised options.
- Despite the bear market, GameFi protocols have been relatively stable for the last few months. However, the collapse of FTX and its effect on Solana and the wider crypto market will most likely cause a downsizing of players and investors.
- The price of NFTs and tokens also dropped, reducing the expected income for players.
For more discussion, read the mentioned article.
Ad Age Is Taking Submissions For Web3 Marketing Trailblazers
Ad Age unveiled its inaugural list of Web3 Marketing Trailblazers in 2023. Ad Age is taking submissions for the debut award and entries close January 31. The aim of these awards, quoting Ad Age themselves, is this:
Age wants to recognize the brands that are cultivating Web3 communities, developing loyalty, rethinking business strategies and frankly, designing cool … stuff.
As said in the original announcement, Ad Age will honor the most talented individuals in Web3, and these can be any candidates from a brand, ad agency, publisher, tech platform or startup. Brand Web3 activations can include: Video games, mixed reality, virtual goods, digital fashion, virtual influencers, NFT collaborations, and more.
Why Does the Web3 World Need to Be Environmentally Sustainable?
Ok, maybe this sounds more like a rhetorical question, as we all know that we need to integrate ecological thinking into any business if we want to keep our mother Earth to be inhabitable at least for a while. In this article, the opening issue is the fact that the biggest blockchains and cryptocurrencies are not very sustainable, and some actions might be necessary to be taken if we want Web3 to be a much more environmentally-friendly place. Find out here, which ones.
“Web3 Is Going To Be Part Of The Next Frontier” – The Future of Web3 And Businesses
Speaking of Web3 businesses, here is a good longread on the ways Web3 will change them. According to this article, Peter Evan, chief strategy officer at McFadyen Digital, quoted in this piece, “Capitalizing on the opportunity that Web3 presents may not be all that different from adapting to the virtual communities that emerged from Web2”.
Evans discussed why Web3 has such dramatic growth potential for organizations that monetize digital assets and branch into the metaverse.
Where Web1 focused on static pages, and Web2 thrived on user-generated content, Web3 is about assigning value to that content.
For more of his visions on the future of Web3, read the article linked above.
Japan’s Financial Giant Sumitomo Mitsui To Issue Soulbound Tokens
Sumitomo Mitsui Financial Group (SMBC) is going to explore Web3 and satisfy new social needs, by issuing soulbond tokens (SBTs), CoinTelegraph informs. A major financial institution in Japan, SMBC is part of Mitsui Group, which is one of the largest corporate groups in the world. Various companies within Mitsui have been actively exploring blockchain and cryptocurrency tools in recent years.
Proposed by Ethereum creator Vitalik Buterin, SBTs refer to digital identity tokens that represent the characteristics or reputation of a person or entity, or a “soul.” Such tokens are non-transferable and are designed for the decentralised society and Web3.
NFT Market Is Growing Steadily – Douglas Insights Reports
Despite several challenges, bear market and “Crypto Winter”, NFT market is growing steadily with a 33% CAGR globally in the coming years. This is a conclusion made by GlobesNewWire on the recently published Douglas Insights’ comprehensive report on the market trends, opportunities, restraints, driving factors, and projections for the Non-Fungible Token (NFT) market. The increasing growth of digital art around the world is among the key reasons propelling the NFT industry, says the article. This is so that they can purchase digital assets using cryptocurrencies. The revenue that NFT companies raise also helps the industry expand.
Read the original report here.
Chinese Court Recognises NFTs As A Virtual Property Protected By Law
A Chinese court in the city of Hangzhou has said non-fungible token (NFT) collections are online virtual property that should be protected under Chinese law, Cointelegraph informs. To be precise, the court said, “NFT digital collections belong to the category of virtual property” and the transaction in the legal case is seen as the “selling of digital goods through [the] internet,” which would be treated as an e-commerce business and “regulated by the ‘E-commerce Law.’”
A Bug In Blur Causes Trader To Lose 70 ETH
Here’s some bad news to a trader who accidentally lost 70 ETH on an Art Gobbler NFT, after a bug caused him to bid 70 ETH on Art Gobbler 8273, which had a floor price of 3.77 ETH. This happened in the NFT marketplace Blur, which replied that its policy is to refund users for platform bugs but not for user errors, adding that the platform will offer a 50% refund in this incident. Read more on Forkast.
Gods Unchained To Launch Christmas Season Themed NFT Trading Cards
Gods Unchained, the popular trading cards game, has announced plans to launch seasonal-themed NFT trading cards. In a December 06 press release, Gods Unchained confirmed plans to launch the first seasonal-themed trading card set in gaming history. Merry Christmas!