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What's Going On In Web3 | October 19, 2022

Here’s the headlines you probably missed from yesterday, and a few from this morning. We’ll be talking about this and more during today’s MindfulGMs at 9:30 AM CST on Twitter. Here’s the link:

https://twitter.com/i/spaces/1ynJOabXREQKR?s=20

IRS 2022 Tax Guidelines to Treat NFTs as Stablecoins, Cryptocurrencies

https://decrypt.co/112367/irs-2022-tax-guidelines-treat-nfts-stablecoins-cryptocurrencies

  • Same rules as crypto: if you sell, exchange, gift, or transfer you pay capital gains tax

  • If you received a NFT as compensation for services

Kraft, In-N-Out, Del Monte Foods file web3 trademark applications

https://cointelegraph.com/news/food-companies-secure-trademarks-to-enter-metaverse

Prosecutors argue “insider trading” claim in the OpenSea case is accurate

https://cointelegraph.com/news/prosecutors-argue-insider-trading-claim-in-the-opensea-case-is-accurate

  • Chastain is fighting insider trading charges

  • Claims the term doesn’t apply to NFTs and claims the court is essentially incompetent

Do Kwon Claims Indifference Over Losing South Korean Passport

https://blockworks.co/do-kwon-claims-indifference-over-losing-south-korean-passport/

  • Has an excuse for literally everything

  • Says the community asked him to be Rick and speak to people to get attention/users to basis cash, implies that it somehow has something to do with them being bad at speaking English.

  • Interview Link: https://www.youtube.com/watch?v=RgYSJVC7Ps8

Voyager is claiming insurance on their executives incompetence

https://cointelegraph.com/news/voyager-digital-won-t-sue-its-executives-for-incompetence-will-claim-insurance-on-them

  • Executives approved a giant loan from 3AC without following protocol In lieu of a balance sheet the founders presented voyager with a piece of paper with a single sentence on it that said their NAV was 3.729B.

  • When sent the DD questionnaire they provided basic business documents and a copy of it’s anti-money laundering policies

Jack Dorsey's Bluesky Unveils Roadmap for Decentralized Social Networks

https://decrypt.co/112332/jack-dorsey-founded-bluesky-unveils-roadmap-for-decentralized-social-network

  • Announced back in 2019, website launched & waitlist opened up yesterday

  • Will allow users to choose algorithms, interoperability, data ownership, and more Obvious competitor to lens

NFT project Azuki launches Physical Backed Token

https://cointelegraph.com/news/nft-project-azuki-launches-physical-backed-token

  • PBT gets generated alongside a BEAN chip

  • The PBT standard is open source, allows for tracking lineage of physical items

  • Azuki is launching their first physical drop of PBTs, 9 24-carat gold-plated skateboards tied to the azuki store

Shopify partners with Novel to offer web3 support

https://cointelegraph.com/news/shopify-partners-with-novel-to-deliver-accessible-web3-for-merchants

  • Shop owners can gate content/products

  • Shop owners can launch collections & import collections

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