Welcome to No Standing's Web3 Weekly Recap. In this newsletter, we’ll keep you updated 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 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.
TLDR
We understand your time is precious, so we've trimmed the fat and distilled each news piece to its essence. We've provided the full stories below for those looking to delve deeper. Let’s get you up to speed, one summary at a time.
Story 1: Friend.tech, a decentralised social media app, has garnered over 100,000 users in less than a month. The on-chain social app, which sells shares of social media profiles, has seen 1.3 million transactions since its launch.
Story 2: Japanese entertainment giant Square Enix collaborates with Polygon for a unique Web3 experience named 'Symbiogenesis'. This gamified NFT project, launching in spring 2023, allows players to trade and engage with a virtual storyline.
Story 3: Shopify is integrating Solana Pay, a Web3-native payment solution, allowing merchants real-time access to funds and enhanced digital storefront capabilities. Built by Solana Labs, Solana Pay offers high-speed transactions and near-zero fees.
Story 4: Yuga Labs' CEO highlighted the company's shift from primarily gaming to becoming a significant influencer in the NFT cultural landscape. This transformation emphasises community, creator support, and redefining NFT ownership experiences.
Story 5: OpenSea, a dominant NFT platform, has revised its creator fee strategy, introducing optional fees on secondary sales. This move, aligning with DeFi principles, challenges traditional notions of digital ownership and artist royalties.
Story 6: YG Plus announced Blackpink's innovative fan engagement initiative, "BLACKPINK THE PALACE" on Roblox. Launching on August 25th, this project offers fans an immersive digital universe, celebrating the K-pop group's iconic moments and style.
Story 7: Magic Eden collaborates with Polygon, dedicating $1 million to support innovative NFT projects. This partnership offers financial backing and mentorship, aiming to foster unique, scalable NFTs within the Polygon ecosystem.
Story 8: Unstoppable Domains introduces encrypted messaging for its Web3 domain users. Integrated with XMTP, it allows communication across platforms like Lens and Coinbase Wallet, enhancing Web3 domain utility and promoting decentralised communication.
Story 1: Friend.tech Fetches 1.3M Transactions in Under a Month
Launched less than a month ago, Friend.tech is revolutionising the decentralised social media landscape. The platform has already attracted over 100,000 users and processed an impressive 1.3 million transactions. Unlike traditional social media, Friend.tech offers a unique proposition, it sells shares of social media profiles and operates with social tokens. In just 24 hours, the platform earned $1.42 million in fees, making it the third-most profitable crypto platform.
https://twitter.com/BuildOnBase/status/1691941354405020110?s=20
The app operates on Base, Coinbase's layer-2 network, and has already generated over $2 billion in revenue from fees. The concept isn't entirely new; token-powered social media apps have been around, with tokens offering incentives or benefits to holders. However, Friend.tech's rapid growth and adoption set it apart.
Users grant the app permission to create shares on a smart contract linked to their account on X (previously Twitter). These shares or social tokens can be purchased by other users, granting them access to group chats and direct messages. Additionally, the platform offers insights into trending users and an activity feed for owned shares. Despite its popularity, Friend.tech is currently invite-only, requiring a referral code for sign-up. As of August 21, the platform recorded over 80,000 unique buyers and 30,000 unique sellers. However, the presence of trading bots remains a concern for some users.
Story 2: Square Enix Partners with Polygon for Gamified NFT Experience
Square Enix, a leading Japanese entertainment company, has announced a partnership with the Polygon network to introduce a groundbreaking Web3 experience. The initiative, titled 'Symbiogenesis', is a digital collectible art collection that takes the form of gamified NFTs. Initially announced in November of the previous year, the project is set to launch its sale of 10,000 NFTs in the spring of 2023.
https://twitter.com/0xPolygonLabs/status/1625871219261308928?s=20
Players can utilise the collected digital art as profile pictures and even as characters within the game's evolving storyline. The unique aspect of this art is its ability to evolve based on the strategic decisions made by players. Square Enix emphasises that 'Symbiogenesis' is not just about collecting art; it's an immersive experience where the art is intrinsically tied to a virtual, turn-based adventure.
Naoyuki Tamate, the producer of Symbiogenesis at Square Enix, highlighted the project's focus on community building and trading. The collaboration with Polygon was chosen due to its high transaction speeds, minimal gas fees, and user-centric design.
An intriguing feature of the game is the ability for players to replicate and trade their art, fostering a more interactive community. In a climactic twist, only three players will be chosen for the final "World Mission", where they will determine the game's ending and the fate of its virtual world.
This move by Square Enix signifies its commitment to the burgeoning Web3 space, with several blockchain-based games in its pipeline. The growing interest in Web3 gaming projects is evident, with venture capital investments reaching approximately $1.5 billion.
Story 3: Shopify Adopts Solana Pay for Web3-native Payment Solutions
Shopify, a leading e-commerce platform, has announced its collaboration with Solana Pay, introducing a cutting-edge Web3-native payment solution. This integration aims to provide merchants with immediate access to their funds, eliminating the need for intermediaries and enhancing their digital storefront's capital, liquidity, and liability protection.
https://twitter.com/solana/status/1694336131599393186?s=20
Developed by San Francisco-based Solana Labs, Solana Pay operates on the decentralised Solana network. It stands out for its rapid transaction speeds, negligible fees, and sustainability. The platform has already gained traction in the industry, assisting companies like MonkeDAO, MadLads, Helius, and Solana’s merch store in integrating Web3-native payment solutions.
For Shopify's vast user base, this integration signifies more than just a new payment method. Solana Pay eradicates bank fees, chargebacks, and holding times, facilitating direct payment settlements using USD stablecoins, which remain unaffected by market fluctuations. With a presence in over 75 countries and trusted by major brands like Mattel, Netflix, and Supreme, Shopify's move to embrace Solana's decentralised platform indicates a significant shift in e-commerce. This partnership paves the way for a seamless Web3-native payment experience, ensuring sustained revenue and innovative growth.
Story 4: Yuga Labs Transitions from Gaming to NFT Cultural Catalyst
In a recent discussion on Farokh’s Spaces show, Yuga Labs’ CEO provided insights into the company's evolving direction. Once primarily recognised as a gaming entity, Yuga Labs is now positioning itself as a pivotal force for cultural change within the blockchain and NFT community. This change mirrors the innovative spirit seen in entities like the Bored Ape Yacht Club.
https://twitter.com/waleswoosh/status/1694378930629656906?s=20
The CEO stressed that Yuga Labs' identity extends beyond gaming. It's now a community-focused organisation that aims to craft a unique cultural narrative, intertwining technology and art within the blockchain environment. This broader perspective means Yuga Labs is championing creators, advocating for their royalties, and fostering an environment where creators and collectors can come together. This collaboration aims to reshape the understanding of ownership and interaction in the NFT world.
One of the company's ambitious visions involves the renowned Cryptopunks. Yuga Labs sees potential collaborations with museums and is working on a history book detailing Cryptopunks' journey, emphasising its growing cultural importance.
Yuga Labs' new direction challenges the traditional view of NFT holders, promoting them as active contributors to the value creation process rather than just passive consumers. This forward-thinking approach has resonated with the community, with many expressing optimism for Yuga Labs' understanding and commitment to the ever-evolving NFT ecosystem.
Story 5: OpenSea Changes Creator Fees, Sparks Debate in NFT Community
OpenSea, a leading figure in the NFT ecosystem, has announced a significant shift in its approach to creator fees. Initially, the platform's vision was to enforce creator fees on secondary sales across Web3 platforms. However, challenges in achieving ecosystem-wide opt-in led to a change. Starting August 31, new collections on OpenSea will have optional creator fees for secondary sales. While this aligns with certain DeFi principles, it contrasts with the traditional concepts of royalties and digital ownership that have been foundational to the NFT movement.
https://twitter.com/opensea/status/1692224333551186379?s=20
Historically, one of the NFT revolution's appeals has been the potential for artists to earn royalties from secondary sales, reinforcing the idea of digital ownership. OpenSea's new strategy could dilute this principle, potentially affecting the relationship between artists and collectors and raising concerns about artists' long-term sustainability in the NFT space.
Tech industry veteran Mark Cuban voiced his concerns about OpenSea's decision, particularly the platform's move away from collecting and distributing royalties. He views this as a potential trust-eroding step that could negatively impact the broader industry.
While OpenSea's new approach emphasises choice and flexibility in creator fees, it underscores the ongoing challenge of balancing emerging DeFi ideals with the traditional mechanisms that have driven the NFT sector's growth. As the NFT world continues to evolve, maintaining harmony between innovation and foundational values will be crucial for the ecosystem's continued success and credibility.
Story 6: Blackpink Unveils Immersive Fan Experience on Roblox "BLACKPINK THE PALACE”
In a groundbreaking move, YG Plus, under YG Entertainment, has unveiled that global K-pop sensation, Blackpink, is set to introduce "BLACKPINK THE PALACE" on Roblox. This immersive fan experience releases on August 25, aiming to provide the group's dedicated fanbase, known as Blinks, a unique virtual journey. Following their historic achievement as the first Asian artists to headline Coachella Festival in 2023 and amassing 90 million YouTube subscribers, Blackpink continues to break barriers.
https://twitter.com/ygselect/status/1693820288235131331?s=20
"BLACKPINK THE PALACE" is designed as a vibrant hub for Blinks worldwide, allowing them to dive deep into a digital realm inspired by the band. Within this virtual palace, fans can interact, explore, and enjoy exclusive content that resonates with the band's legacy. Highlights include spaces inspired by Blackpink's memorable music videos, digital fashion collections, and signature dance routines. This initiative, crafted in partnership with metaverse studio Karta, promises fresh content throughout the year.
Fans also have the opportunity to acquire Blackpink's iconic outfits and emotes for their avatars, deepening the bond between the artists and their followers. Hyojung Lee, Head of IPX Division at YG PLUS, expressed excitement for the launch, emphasising the chance for fans to engage with avatars of all Blackpink members. To mark the launch, early visitors to "BLACKPINK THE PALACE" will receive an exclusive Roblox badge.
Story 7: Magic Eden Partner with Polygon to Launch $1M Fund for NFT Creators
Magic Eden, a prominent player in the NFT space, has announced a significant partnership with Polygon, a leading blockchain platform. Together, they're launching a $1 million fund dedicated to backing visionary creators keen on developing groundbreaking NFT projects on the Polygon network. This initiative goes beyond financial support; selected creators will benefit from Magic Eden’s mentorship program, gaining insights and guidance to refine and enhance their projects.
https://twitter.com/MEonPolygon/status/1692227357556290043?s=20
The primary objective of this collaboration is to financially support NFT projects specifically designed for the Polygon ecosystem. This move is part of a larger strategy to amplify the presence and impact of NFTs within Polygon's thriving environment. Magic Eden stresses the importance of supporting artists, especially in the competitive and often challenging NFT market.
To qualify for funding, projects will be evaluated based on three key criteria: their uniqueness, potential for scalability, and capacity to introduce transformative changes in the NFT landscape.
While Magic Eden originally emerged within the Solana ecosystem, it's steadily expanding its reach as a multichain marketplace. As of November 2022, Magic Eden began its expansion by incorporating support for Polygon NFTs, allowing users to mint and trade on the platform. Given Polygon's growing reputation as a hub for Web3 gaming and various decentralised applications, this partnership underscores Magic Eden's commitment to fostering quality and innovation in the NFT world.
Story 8: Unstoppable Domains Launches Encrypted Messaging for Web3 Domain Users
Unstoppable Domains, a prominent player in the Web3 domain space, has unveiled its latest feature, encrypted messaging. Announced earlier in March, this new addition allows users of any Web3 domain offered by Unstoppable to send encrypted messages to one another. A significant aspect of this feature is its interoperability with the Extensible Message Transport Protocol (XMTP), enabling domain holders to communicate seamlessly with users on XMTP-enabled platforms, including popular apps like Lens and Coinbase Wallet.
https://twitter.com/unstoppableweb/status/1694379048963887363?s=20
Lisa DeLuca, Senior Director of Engineering and Product at Unstoppable Domains, emphasised the importance of this development, noting its potential to make Web3 domains more functional and accessible to a broader audience. Unstoppable Domains has been at the forefront of enhancing domain utility, having previously introduced a single sign-on service for Ethereum and Polygon applications and promoting the use of decentralised websites.
The new messaging feature isn't just about communication; it's about decentralised communication. Unlike traditional Web2 messaging apps like WhatsApp, Unstoppable Messaging allows users to interact without sharing personal details like phone numbers or emails. It also incorporates essential features like blocking and notification management.
DeLuca envisions this messaging feature as a tool to foster community building within Web3, especially among NFT enthusiasts. With the ability to attach badges to profiles, users can easily identify and connect with others sharing similar interests in specific NFT projects. While the initial focus is on consumer messaging, plans are underway to enable decentralised apps and businesses to send bulk messages to their communities, further expanding the platform's capabilities.
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