web3
Nifty News: GameStop NFT market goes live, Hong Kong’s NFT concept and more
The nonfungible token (NFT) marketplace for American video game retailer GameStop has officially gone live on Ethereum layer-2 blockchain ImmutableX, all part of the latest Web3 push from the gaming retailer. The pair first partnered in February to build the marketplace offering a $100 million grant for NFT content creators and tech developers before a public beta of the NFT marketplace debuted in July. With the Oct. 31 announcement of the full launch, GameStop’s market will allow for popular Web3 games on ImmutableX such as the role-playing game Illuvium and Gods Unchained to be accessed by users. GameStop has worked to launch a series of Web3-powered products over the past year, with a beta self-custody crypto wallet released in May that integrates with its NFT marketplace. In Marc...
Tech talent migrates to Web3 as large companies face layoffs
As inflation continues to grow, coupled with a looming recession, many tech firms are having to cut portions of their staff. To put this in perspective, data from Layoffs.fyi found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally. It has also been reported that tech giants like Google, Netflix and Apple are undergoing massive job cuts. While many of these layoffs are likely due to an economic downturn, this has resulted in an overwhelming amount of talent flocking to early-stage Web3 companies. For example, Andrew Masanto, a serial entrepreneur who has founded a number of startups, told Cointelegraph that he recently launched Nillion, a startup specializing in decentralized computation, to help ensure privacy and confidentia...
Self-sovereignty in the creator economy and Web3 — Is there room for both?
On Oct. 28, NFT Steez, a biweekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Web3 content writer Julie Plavnik to discuss the importance of self-sovereignty while building a digital identity in Web3. Plavnik referenced author Gavin Wood when describing Web3 and said that “communication” is a core tenant in the subsequent iteration of the internet. “Web3 is the communication of encrypted channels between decentralized identities,” Plavnik affirmed. According to Plavnik, the emerging concept of Web3 placed a magnifying glass on user data and ownership, especially concerning the creator economy. Plavnik described the creator economy as a place with “no entry barriers or casting.” During the show, Plavnik explored how users are coming around to the notion that the...
David Guetta and MORTEN Team Up With Web3 Company to Develop “Future Rave” Metaverse
The future rave movement is formally planting its stake in the music industry’s next digital frontier. The genre’s foremost faces, David Guetta and MORTEN, recently formalized their new Future Rave record label before dropping its inaugural single, “Element.” As it turns out, the duo had even more up their sleeves when it comes to world-building around their collaborative endeavors. Crypto Blockchain Industries (CBI) has announced that Guetta and MORTEN will be teaming up with the Parisian Web3 company to bring the future rave genre to the metaverse. The forthcoming experience will become a part of CBI’s AlphaVerse, according to a press release. Scroll to Continue Recommended Articles In just a few short years, the future rave genre has blossomed from hum...
Web3 sees 15 new scam smart contracts an hour: Solidus Labs
The Web3 and cryptocurrency space is seeing a significant amount of smart contract scams proliferating, with blockchain risk monitoring firm Solidus Labs saying it has detected on average 15 newly deployed scams every hour. Solidus Labs said on Oct. 27 that it had been monitoring 12 blockchains including Ethereum, Polygon and BNB Chain since Oct. 10, and in that time, had detected 188,525 smart contract scams. Former United States Consumer Financial Protection Bureau (CFPB) director, Kathy Kraninger, who is now Solidus’ vice president of regulatory affairs, said in the statement that “while some of the big rug pulls and scams make the news […] the full picture stemming from our data shows the vast majority of these scams go unnoticed.” The firm also shed some light on the number...
Solana-based protocol seeking to decentralize ride-sharing raises $9M
The ride-sharing industry is poised for another paradigm shift with Web3 protocols, allowing new companies and drivers to bid for rides using a matching algorithm, according to the Decentralized Engineering Cooperation (DEC) — the company behind the Solana-based protocol TRIP that enables mobility-based applications. According to DEC, on the TRIP platform, companies and riders can collaborate and compete in a shared marketplace. The protocol also rewards the most active participants with a stake in its governance for both drivers and customers. The first company to operate on TRIP is Teleport, a decentralized ride-sharing application set to be launched in December and run by the parent company DEC. On Oct. 27, DEC announced a $9 million seed round co-led by Foundation Capital and Road Capi...
ConsenSys commits $2.4M annually to launch MetaMask Grants DAO
Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem. The fund will be led by MetaMask employees who will manage the decentralized autonomous organization (DAO). The DAO will be responsible for issuing grants to developers working outside of ConsenSys that are building products and services within MetaMask’s ecosystem and the wider Web3 space. The project will initially run for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform. ConsenSys is committing $600,000 per quarter in an effort to drive decentralization and adoption of Web3 mechanisms and business models. MetaMask’...
NFT vending machine to make digital art more accessible at London event
Multi-chain nonfungible token (NFT) marketplace myNFT has announced it will showcase its first-ever physical NFT vending machine at this year’s NFT.London event scheduled for Nov. 2–4. The NFT platform hopes to provide an easy and accessible way for people who want to start buying and trading digital assets without needing deep knowledge of the Web3 industry. The vending machine will allow users to purchase an NFT without owning a digital wallet. Users who want to purchase an NFT through myNFT’s vending machine will need to select one of the envelopes on display, and then key in the code provided. After paying, they’ll be able to scan the QR code in the envelope, which will come with an invitation to set up a myNFT account, complete with an NFT wallet, in which they’ll receive ...
Japanese port city wants to become the Web3 hub for the country
In Japan, the city of Fukuoka is looking towards the future of Web3 in its latest partnership with Astar Japan Labs – the company behind Japan’s leading blockchain, the Astar network. Fukuoka is the country’s second-largest port city and has officially been designated as a National Special Strategic Zone. Now it also plans to become the country’s hub for all things Web3 and crypto. The Astar Japan Labs partnership will allow both entities to work together on new use cases for Web3 technologies. Fukuoka joins more than 45 companies working with Astar, including Microsoft Japan and Amazon Japan. According to the announcement, the city wants to attract global, competitive businesses to the area. Representatives from Astar will regularly visit the city to provide education and new use ca...
Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rally
Polygon (MATIC) price could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators. Polygon wins high-profile clients MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed that it selected Polygon’s “Supernets technology” for its blockchain and digital token dubbed Nucoin. “Nubank plans to airdrop the digital token to its customers in the first half of 2023,” the official announcement read, adding: “These tokens will be the basis for its customers’ loyalty rewards program and will have benefits such as discounts and other advantages.” #Polygon is taking @Nubank from #Web2 ➡&#x...
Web3 projects focus on education to bring Latin American women to the sector
Interest in Web3 continues to grow despite the crypto bear market. A recent article from McKinsey noted that venture capital investments in Web3 exceeded $18 billion during the first half of 2022. Findings from Cointelegraph Research also show that Web3 attracted the most interest from venture capitalists in comparison to other blockchain sectors during Q2 of this year. While notable, a lack of diversity has become apparent within the Web3 sector. For instance, it was found that only 16% of nonfungible token (NFT) creators are women. Although this number is low, women are taking an interest in owning digital assets. Given this, industry experts believe that a lack of education around Web3 is creating a barrier to entry for women, especially for those who are from underrepresented reg...
Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020
The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch. A recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association and advocacy group, highlighted India’s position as a leading global player in the Web3 market owing to several factors spanning a large talent pool, high adoption rate and product development for international markets. Snapshot of India’s Web3 startup ecosystem in 2022. Source: NASSCOM The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 yea...
