Web3 Weekly #16
For a couple of weeks the internet has been flooded with AI generated images and now screenshots of chat boxes about all possible conversation topics using the ChatGPT. It’s all fun and games, but how does it influence the Web3 world? Also, this week has been very musical in a sense of new DAOs and – breaking news – Trump is also all over the news. We can’t avoid covering them, as they are directly connected to NFTs. Yes, you didn’t overhear.
What else has happened? Let’s find out together before we have a short Christmas break.
Market Updates and Conditions
Bitcoin was $16,749.46 on December 17, Saturday morning. As you can observe in the graph below, this price is quite a set-off on a weekly scale, as it reached more than 18K during the previous seven days. But anyway, a week ago its price was 17,140.22 USD and it has dropped since then.
Ethereum was $1,181.84 this Saturday morning, which again, is less than it was during the week and even less than a week ago, when it was 1,263.41 USD.
The wintery crypto weather has touched our Arweave as well and it has dropped to $7.53, following the tendency of BTC and ETH. During the last seven days it kept its value around 9 USD until December 15, when it fell to 8 USD and below.
All graphs from here.
What’s Happening in Web3?
Android Core Wallet Launched By Avalanche
Avalanche has launched a mobile version of its non-custodial multichain wallet to connect DeFi, NFTs and gaming ecosystem across blockchains, NFTgators report. Core Mobile is a mobile version of its non-custodial multi-chain wallet, and it will be available on Android with an iOS version coming in 2023. Avalanche wants to connect DeFi, NFTs, and gaming ecosystems across multiple blockchains.
ChatGPT And Its Role in Accessibility To Web3
As we already mentioned in the intro of this article, a new chatbot – ChatGPT which is trained on massive pools of data and now able to answer any query you might have – has gained more than a million users in less than a week. ChatGPT is the latest offering from OpenAI, the AI startup founded by Elon Musk (not a week without mentioning this guy, huh?). Well, the article in CoinDesk shows an opportunity for it to start the end of the Web2:
The vista opened by OpenAI suggests that our Web3 future might not be dependent on the appeal of Web3 technologies per se, but by a force external to them, one that disrupts the core Web2 economy and leaves the world open to an alternative.
An alternative, by the words of the author of the article, is probably NFTs. Read more in the mentioned article.
Apple To Become More Flexible With Web3 App Devs
Another recurring name in this rubric is Apple, as we covered its absurd policy against NFT based apps several times before. This week finally has some good news concerning Apple’s Web3 policy, at least. As said on Cointelegraph, in a win for crypto app developers, incoming EU laws will force Apple to permit alternative app stores and apps without the need to go through its App Store. Read also on Blockworks.
Web3 – A Trendy Buzzword Or Real Venture For Investors?
The CoinTelegraph, as usual, offers an optimistic view on the future of Web3 in this Cointelegraph Research curated panel discussion with venture capitalist investors to find out how they see Web3 in the bear market situation we are in.
Music And Television News Of Web3
As promised, this week’s issue is really full of music and other joys of everyday life.
First of all, Web3 music platform Public Pressure has raised USD $6 million in its new round of funding led by digital asset manager Scytale, which invests in blockchain solutions (source). According to a Monday (December 12) release, the funding round also attracted commitments from Ethereum & Polkadot founder Gavin Wood, Energy Web founder Ed Hesse, and other venture companies such as Matterblock and HV Capital. Public Pressure’s Web3 platform is built on “eco-friendly blockchain” Polkadot, which was designed to support the transition of music to Web3.
Another Web3 music platform, LGND Music is set to officially launch in January 2023, and will also include dance record label Spinnin’ Records (source). What’s so important about this? It’s a result of a multiyear partnership with blockchain network developer Polygon and global entertainment company Warner Music Group. Everyone knows that these are two very serious players in their own domains of Web3 and traditional music entertainment. So it is exciting when such big names cooperate to create something innovative.
Speaking of entertainment, another traditional media is television, right? NFTnow claims that TV isn’t dead, it’s being resurrected in Web3. The article overlooks the ways how TV entertainment business can be changed with Web3 and NFTs, with real functioning and flourishing examples of NFTV and others.
Trump NFT Collections Sell Takes Over News
Whether we like it or not, Donald Trump is all over the news again. This time with his collection of digital trading cards that were sold out in just one day. As the Guardian reports, on Wednesday, Trump alerted fans to a “major announcement” on his Truth social media platform. A day later, he revealed he was offering “limited edition cards featur[ing] amazing ART of my Life & Career”. There were 45,000 of the cards, available for $99 each, according to OpenSea, which tracks such offerings, was said in BBC, which also informed that the announcement drew criticism and mockery, including from Republicans, with Trump’s former chief strategist Steve Bannon in front, who commented the project with words “I can’t do this anymore” and that everyone involved in this “ought to be fired today”. Unbelievable times we live in.
Increased Adoption, Decreased Sales – Polygon’s Reality Of Crypto Winter
Coindesk has summarised the current situation of the Polygon NFT market, which demonstrates signs of significantly increased adoption, but not growth in sales volume, as Nansen Data shows. Amid a crypto winter exacerbated by the FTX fallout, first-time and returning buyers have reached all-time highs in Polygon’s non-fungible token market, yet, sales volumes are near all-time lows.
Reddit Tokenised Avatars Strikes Again
As mentioned in the previous section, Polygon’s NFT market is currently experiencing significant increased adoption, thanks to its collaborations with companies such as Reddit. We previously covered Reddits Polygon-based Collectible Avatars since Web3 Weekly #3 when Reddit offered their redditors NFTs for free and now there is some news from them again. As Decrypt wrote:
Reddit’s push into tokenised avatars has been a rare bright spot amid declining NFT sales and a wider crypto market in turmoil, and now the Polygon-based initiative has marked a new milestone with more than 5 million of the collectibles minted to date.
The Essential Tea Of NFT Scene
This week NFTnow has summarised all the NFT-related scandals you really want to follow: FTX and Yuga Lab celebrity endorsers, Quentin Tarantino’s attempts to sell pages of Pulp Fiction’s screenplay as NFTs, the months-long conflict between Ryder Ripps and Yuga Labs. Don’t miss what’s important!
Another issue concerning NFT controversies is so called ‘rugging’ or ‘rug-pulls’ in the NFT community. What’s that? Read an article on BusinessCloud!