Web 3 and Blockchain

The biggest news so far is the Collapse of FTX. To those unaware, FTX is a cryptocurrency exchange i.e... they enable people to trade digital currencies for other currencies or traditional money and vice versa. The CEO of FTX is Sam Bankman-Fried and the company has its headquareters in the Bahamas. FTX had it's peak valuation at $32 billion. The current value stands at $0, according to its investors.

The news broke out when Binance (a major exchange) agreed to help it's competitor due to a "liquidity crunch" and merge with it but backed out of it after "corporate due diligence" and reports of "mishandled customer funds and US agency investigations".

Elon Musk also confirms that FTX had reached out to offered $3 billion funding his purchase of Twitter but Musk claims the CEO set his "BS meter" off.

AI

Note-taking application Mem raises funding from the OpenAI Startup Fund, which is leading a $23.5 million round. Mem aims to reinvent note taking and organizing by providing a set of tools, Notes have tags attached and can include remainders to ensure important things are not missed. The AI brings its usefulness by filling out details that will be taken from emails, calendars and other personal communications. It can also generate titles, summarize long documents and write content.

The application currently operates on a freemium model but the test is to see whether the AI delivers the assistance in real life situation and whether or not users are genuinely impacted by it.