Oct 31st, 2022: Weekly Web3 Newsletter by Sujith Godavarthi

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Gm! sujith.eth here. Good or bad, Elon did two huge things today. He finally acquired twitter. He subscribed to my newsletter. Anyways..let’s move on.

What’s Happening in Web3

Let’s begin the show…

1. Twitter & Web3 😉

Twitter is reportedly developing a crypto wallet.

And a new NFT feature is on the way which will allow the display of  NFTs directly within tweets. Of course, not every NFT. Only NFTs from Rarible, Magic Eden, Dapper Labs, and Jump.trade. Here is the pic Twitter shared.

And did I mention that Elon Musk officially owns Twitter? By the way, he hates these NFT stuff and all.

2. Apple’s New Rules for Crypto Apps

Apple dropped new rules for crypto apps laying out what apps are allowed to do with these technologies.

Here is the TL DR (by NFT Now): 

• Games can enable NFT buying
• In-app purchases only
• No unlocking features with NFTs

This essentially means everything stays in the Apple ecosystem.

Note: Apple takes an up to 30% cut of in-app payments.

3. Meta isn’t doing well.

The Facebook Reality Labs (the metaverse division of Meta) accounted for a loss of $3.7 billion in Q3, up from a loss of $2.8 billion in Q2.

It lost $9.4 billion for the year (year-to-date). Another number: Facebook’s market cap is down 75% from its peak last September, the lowest level since Jan 2016. From $1.08 trillion to $269 billion.

4. USN is Stable?

USN (NEAR’s Stablecoin) has become undercollateralized by around $40M.

The last time an under collateralization issue happened to some stablecoin, it wiped out billions of dollars in just a few days. Yes, I am talking about Terra Luna.

To avoid becoming Terra Luna, a non-profit funding the NEAR protocol is using $40 million to protect USN. Source: The Defiant

That’s not it! Google to allow some customers to pay for cloud services with crypto early next year via Coinbase.

5. The NFT Trojan

With over 3 million wallets now owning Reddit’s collectible avatars (aka NFTs which they aren’t calling it), the collection is bigger than all wallets that have purchased on NFT on OpenSea…combined. A chad move! But…

Find more stats here.

An amazing take on this move by Matty:

What reddit did right: Sold NFTs for $10 not $500 and not have crypto rich hoarders go buy them first. Reddit community bought, used, experienced a run up and now they’re all red pilled.

6. Market Overview

Just opened CoinDCX to check my portfolio and I am shocked to see I am up 10%. Still 40% down though!

• Bitcoin is up 6%+
• Ethereum is up 19%+
• Dogecoin is up 100%+

Quick Bites

  • Singapore plans to ban institutions from providing loans to retail clients (Individuals) for buying crypto.
  • Ethereum L2s are doing more txns than Bitcoin & Lightning combined.
  • 63% of Ethereum transaction blocks are now OFAC-compliant.
  • THORChain network was halted due to a software bug. If a blockchain can be halted, is it really a blockchain?
  • Crypto exchange Binance confirmed it’s participation as an equity investor in Elon Musk’s $44 billion deal to purchase Twitter.
  • Turkish Central Bank plans to launch CBDC in 2023.
  • Former Uber employees back new startup raising $9 million to decentralize ridesharing.
  • Visa files some fresh trademark applications for crypto wallets, NFTs, and the Metaverse. The legend has it that they’ll be developing a new crypto wallet.
  • In the not-too-distant future, we might see a stable coin pop up from SBF. Sorry, I meant, FTX.
  • Lens Protocol stalled services due to a problem in mining transactions for the service. Of course, the issue was resolved immediately.
  • Celestia raised $55M to launch modular blockchain network.
  • Google’s cloud division is launching node management services for Ethereum validators.
  • After Magic Eden, another NFT platform LooksRare now made paying creator royalties optional when trading NFTs. Welcome to the race to the bottom.
  • Ripple Labs’ XRP holdings fall below 50% for the first time.
  • Xbox CEO Phil Spencer says the #metaverse is a “poorly built video game.”
  • Crypto Platform Team Finance had been exploited and lost $14.5M in crypto tokens despite all the smart contracts had been audited by a reputable firm.
  • Muhammad Ali filed a trademark that covers everything from NFTs to virtual clothes & shoes.
  • JPMorgan is exploring the idea of a digital wallet that would allow users to control their digital identity and assets across platforms, though the potential offering’s level of decentralization remains to be seen.
  • FTX CEO Sam Bankman-Fried left the cryptocurrency policy debate to CryptoTwitter after his policy proposals sparked outrage online.

Numbers Of The Week

$121B

That’s the amount of money crypto venture capitalists have together raised this year (but only $32 billion has been deployed so far).

74%

According to an institutional survey by Fidelity, 74% of institutions plan to buy crypto. I really hope they pump by bags!!

$300T

That could be the crypto market value in a decade as per Raoul Pal. Currently, the total market cap is 1T.  We just need a 300x.

40%

A16z’s largest crypto fund loses 40% value in first half of 2022.

11.9%

Over 14.4M ETH are now being staked. That’s 11.9% of all circulating ETH.

Interesting Reads

Do You Know?

8 years ago, $500,000 in free Bitcoin was distributed among every student at MIT.

Meme Of The Week 😂

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and always do your own research.

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