Welcome to No Standing's Web3 Weekly Recap. In this newsletter, we’ll keep you up to date on the most important news and developments from the world of Web3.
If you missed the news this week we've got you covered. Here are the highlights and latest developments in blockchain technology, new projects, events, and much more. Stay up to date on all things web3 by subscribing to our newsletter, and let us know if there's anything you'd like to see covered in future issues.
Story 1: Twitter ceases to exists after merging with Elon Musk's X Corp
https://twitter.com/LauraLoomer/status/1645617106111668225?s=20
After merging with a newly formed shell firm, X Corp, Twitter is no longer an independent company. This move has led to speculation about Elon Musk's plans for the social media platform. Musk, who bought Twitter for $44 billion last year, previously hinted that the acquisition would serve as an "accelerant" for creating X, an "everything app" resembling China's WeChat. Owned by Tencent Holdings, WeChat is a super app used for a wide range of activities, such as payments, booking event tickets, and messaging.
https://twitter.com/elonmusk/status/1577428272056389633?s=20
Despite Musk's aspirations for X, it remains unclear how the app will fit into his diverse business empire, which includes companies like Tesla and SpaceX. Before acquiring Twitter, Musk established a series of holding companies called "X Holdings" in Delaware. X Corp was later set up in Nevada, with its merger with Twitter filed on 15 March. Musk serves as president of both X Corp and its parent company, X Holdings, which was also established last month and has an authorised capital of $2 million, according to filings.
Twitter has not commented on the merger, and the company no longer has a team handling media queries. The news of the merger generated significant speculation on Twitter, with Musk's tweet about the change garnering over 13 million views within hours. In Japan, the phrase "Twitter Gone" trended as users joked about the platform's new name resembling that of a local rock band, X Japan.
Story 2: Substack Launches Notes Feature, Igniting Tensions with Twitter
Substack has officially introduced Notes, a new feature allowing creators and subscribers to interact in a feed-like format, reminiscent of Twitter. This similarity led to Twitter temporarily restricting links to Substack. However, Substack's head of communications, Helen Tobin, emphasises that Notes is not intended to rival Twitter, as they have distinct business models and incentives.
https://twitter.com/elonmusk/status/1645560386559811587?s=20
Notes is only accessible to Substack subscribers, aiming to convert casual readers into paying subscribers. While Twitter is working on its subscription-based Twitter Blue plan, Substack already boasts more than 35 million active subscribers, with 2 million paid. Notes is designed to make subscribing to a newsletter a simple one-click process, rewarding creators with more subscription opportunities each time they post content in the Notes feed.
Despite initial tensions, Substack's founders stated that the platform and Twitter should be viewed as complementary and capable of coexisting. Although Twitter has not officially commented on the controversy, Substack addressed the issue in a blog post, highlighting the importance of writers and creators owning their relationships with audiences.
As Substack continues to support writers in reaching readers without heavy reliance on social media, the company remains confident that its business model will drive growth. With the launch of Notes, Substack aims to explore the potential of subscription networks and engage audiences in a way that popular social media platforms have not yet achieved.
Story 3: Metaverse Real Estate Yet to Boom Despite Growing Utility
https://twitter.com/0xbeaconglobal/status/1644527986753019907?s=20
The anticipated land rush in the metaverse has not materialised, despite the hype surrounding it, with multiple projects taking a dive in their floor price. However, Proptech experts still maintain that the metaverse has a bright future and multiple usecases Real estate in the metaverse, including key players like Sandbox and Decentraland, has not yet experienced the same rapid growth and riches as cryptocurrencies and NFTs. Nonetheless, it has demonstrated actual utility by combining augmented reality (AR), virtual reality (VR), and digital twinning for powerful marketing and development functions.
Luke Graham, head of research at Pi Labs, suggests that the "hype cycle" has passed, and now there is a greater excitement about the "increased adoption and interest around virtual tools" and the metaverse. Despite the slow pace of growth, the metaverse is being used to market and build brand awareness around products through their connection to virtual retail real estate sites. The combination of the metaverse with AR/VR technology may become a key factor in the growth of virtual real estate worlds, according to Jyotika Singh, director of data science at Placemakr.
Some architects, engineers, landlords, and real estate developers are tentatively employing the virtual world in planning actual projects. However, earlier this year, Disney and Microsoft announced pullbacks from the metaverse, indicating that the sector still has a long way to go before it can fully realise its potential in the real estate industry.
Zach Aarons, co-founder and general partner at Manhattan-based Proptech venture capital firm MetaProp, remains "neutral" on the future real estate uses of the metaverse. He believes that the metaverse has not seen significant growth in the realm of real estate and proptech's relationship, but it is still an area to watch as adoption and interest continue to grow.
Story 4: LooksRare Launches v2, Slashing Fees for Improved NFT Marketplace Experience
LooksRare has introduced Version 2 of their NFT Marketplace, significantly reducing fees from 2% to 0.5% and implementing several new features. According to the company's announcement, the updated version offers more gas-efficient contracts, allowing users to save approximately 30% on gas fees compared to the previous version.
https://twitter.com/LooksRare/status/1644007629243715585?s=20
In v2, sellers receive Ether (ETH) instead of Wrapped Ether (WETH) for most sales, and the smart contracts enable bulk buying and selling orders for users who wish to place multiple trades simultaneously. Additionally, aggregators can now use custom recipients, allowing users to purchase an NFT with one wallet and send it to another.
Sellers can also list their NFTs for sale in token prices rather than ETH, including a fixed U.S. dollar price to be paid in equivalent ETH. The company stated that LooksRare v1 would be sunsetted, with the front end no longer allowing users to post v1 auctions through the public API starting April 12. All current v1 auctions will be removed from the website on April 13, and the smart contracts will be disabled via an admin function.
While many users welcomed the announcement, believing the new features would provide robust competition for rivals OpenSea and Blur, others remained skeptical that v2 would be sufficient to attract users from other platforms. Some users argued that v2 still lacked good token incentives and did not allow enough collections to be listed.
Story 5: Reddit Introduces Gen 3 NFT Avatars on Polygon, Shifting Platform's NFT Narrative
Reddit has introduced the third generation of its blockchain-based digital collectibles, "Reddit Avatars," on the Polygon blockchain, leading to community members and collectors sharing their thoughts on the highly anticipated launch. The NFT avatars were first introduced in July 2022 to enable artists to create and sell their work, and users can set purchased collectibles as avatars on Reddit's website.
https://twitter.com/Reddit/status/1645833354569297920?s=20
On April 5, Reddit deployed the contract for the Gen 3 avatars on the Polygon blockchain, with various users predicting that the avatars would sell out in minutes and praising Reddit for its marketing and branding efforts. One collector who participated in collecting the first and second generation of avatars expressed their excitement, saying the new drop has the potential to sell out "within minutes." Other users lauded Reddit's marketing effort to successfully change the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT.
While some are excited about the release, others believe it may not sell as fast as expected, describing the payment process as "cumbersome." Reddit’s NFTs have previously experienced a trading volume surge, hitting a $3 million all-time high on Oct. 24, 2022. With $1.5 million traded in 24 hours, they entered OpenSea's top 10 collections for weekly sales by Oct. 26.
Story 6: OpenSea Trader Accidentally Pays 100 ETH for a Free NFT Amid Speculation
A nonfungible token (NFT) trader appears to have accidentally bid 100 Ether ($191,239) for a free NFT that was part of OpenSea’s Gemesis NFT collection. The collection commemorated the launch of OpenSea Pro on April 4. The trader's bid represents a 250,000% increase over the floor price of 0.04 ETH.
OpenSea Pro is a marketplace aggregator aimed at professional users, offering an improved suite of features such as live cross-marketplace data and advanced orders.
https://twitter.com/0xSunNFT/status/1643486876261838849?s=20
Some have argued the sale was wash trading, while others, like Twitter user "0xSun," believe the sale occurred because the trader intended to bid $100 but mistakenly bid 100 ETH instead. A Reddit user who posted about the sale also cast doubt on the wash trading theory, pointing out that the open offer could have been accepted by anyone, making it too risky to be a wash trade.
Wash trading is a form of market manipulation in which a trader buys and sells an asset to feed misleading information to the market. While it is illegal in traditional stock markets, wash trading is prevalent in NFT trading.
OpenSea acquired NFT aggregator Gem on April 25, 2022, and refined the platform to create OpenSea Pro. Only users who bought at least one NFT on Gem prior to March 31 are eligible to mint a Gemesis NFT, with the minting window set to close on May 4.
Story 7: Ralph Lauren Embraces Crypto, Airdrops NFT Invites for Miami Party
American apparel retailer Ralph Lauren is entering the world of crypto by accepting various cryptocurrencies at its new store in Miami's Design District. The luxury brand is also offering a crypto-native experience by partnering with online leisure community Poolsuite, described as "deeply rooted in the Miami lifestyle." Poolsuite is a vaporwave digital neighborhood centered around online radio and is known for Poolside.fm.
Ralph Lauren has airdropped commemorative tokens on Ethereum to more than 2,700 Poolsuite NFT holders. These tokens can be used to register for tickets to an exclusive party at a Miami estate in late April. Additionally, holders of Poolsuite's Grand Leisure collection will be able to update their "Leisurist" avatars with Ralph Lauren-inspired digital looks based on the brand's recent runway show in Los Angeles.
The new Miami store will accept cryptocurrencies such as Bitcoin (BTC), Ether (ETH), MATIC, apecoin, and stablecoin USDC. However, it remains unclear whether Ralph Lauren will receive the crypto directly or if BitPay will convert it into fiat on the brand's behalf. The store will also feature exclusive handbags and accessories only available at this location.
https://twitter.com/BitPay/status/1643336233949573130?s=20
Miami, home to NFT giant Yuga Labs, has become a popular destination for crypto enthusiasts and a hotspot for industry events, including Bitcoin Miami.
Story 8: Bitget Launches $100M Web3 Fund to Boost Crypto Projects in Asia
Top crypto derivatives and copy trading platform, Bitget, unveiled its Bitget Web3 Fund during Hong Kong Blockchain Week, with an initial investment of $100 million. The fund aims to invest in Web3-friendly venture capital and outstanding Web3 projects, supporting the development of the next generation of crypto projects. The Bitget exchange plans to go beyond derivatives in 2023 by fostering a positive attitude towards the digital currency economy and bolstering the Web3 environment.
https://twitter.com/bitgetglobal/status/1645307781711540226?s=20
The Bitget Web3 Fund will target VCs and projects globally, prioritising Asian partners with a clear roadmap, experienced team, and innovative solutions to real-world problems. The fund has already received inquiries from venture capitalists such as Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential partnerships.
Gracy Chen, the Managing Director of Bitget, highlighted the rapid evolution of the Web3 space and the need to support deserving projects to advance Web3 as a global phenomenon, much like Web2. The exchange has acquired several Web3 applications recently and pledged support as a sponsor for Juventus and the Juventus Women's Team for the 2022-2023 season. In a significant move, Bitget also acquired the BitKeep wallet, a Web3 access gateway with over 9.5 million users, to enhance the Web3 surfing experience for its users.
Founded in 2018, Bitget is a leading cryptocurrency exchange, serving over 8 million users in more than 100 countries, with futures trading and copy trading as its primary features.
Story 9: NFT Airline Tickets Gain Traction as Flybondi Adopts TravelX's NFTicket Technology
Technology startup TravelX is enabling Argentinian airline Flybondi to offer NFT tickets to its customers, with several other air carriers expected to adopt this model by year-end. Flybondi passengers can now activate NFT versions of their tickets, enabling them to change the name on the reservation or transfer the ticket to another person. This allows companies to decide later which staff members will travel on purchased tickets.
TravelX's NFTicket technology uses the Algorand blockchain and could become the new standard in the travel industry, according to Alejandro Nardi, Chief Product Officer at TravelX. Flybondi introduced its NFTicket Marketplace last September, with about 1% of the airline's monthly ticket sales being tokenised. As of last week, every Flybondi ticket sold is tokenised and integrated directly into the airline's online platform.
The new ticket distribution method is expected to increase efficiency, reduce customer service costs, and boost revenue for Flybondi. Bryan DiSanto, Head of Web3 Brand and Marketing for gaming studio InfiniGods, believes the new airline tickets are significant for widening the adoption of NFTs and can help airlines build loyalty.
To activate the NFTicket technology, called Ticket 3.0, customers purchase a ticket on Flybondi's website with a credit card and receive a confirmation email. A second email provides a link to activate Ticket 3.0. Users create an account associated with an Algorand address, but they don't receive their private keys and must use the platform to modify or transfer tickets.
Flybondi has deliberately avoided crypto- and blockchain-related branding to prevent alienating customers who may be intimidated by the technology. In the coming weeks, Flybondi travelers will be able to resell their NFT tickets via their Ticket 3.0 accounts, with the airline receiving a portion of the price increase for each resale transaction.
TravelX has met with about 70 airlines worldwide to discuss the NFTickets technology and expects most low-cost carriers to adopt the model within the next 12 to 18 months.
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