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: Alice Delahunt, former Ralph Lauren and Burberry executive, launches SYKY, a digital fashion platform. SYKY, blending digital and physical fashion, aims to integrate traditional fashion with blockchain, offering curated collections and promoting emerging designers.
Story 2: The Bored Ape Yacht Club (BAYC) introduces the "Made By Apes Bodega", a centralised directory for verified MBA licenses. This initiative strengthens the bond between NFT owners and creators, emphasising authenticity and innovation.
Story 3: Honda collaborates with Animoca Brands to offer Formula 1 fans unique digital experiences, including exclusive NFTs, during Tokyo and Suzuka events. This initiative showcases Honda's commitment to innovative fan engagement in the digital era.
Story 4: MetaMask introduces Snaps Open Beta, offering enhanced wallet customisation. The platform promotes decentralisation, allowing developers to add features, and categorises them into Transaction Insights, Interoperability, and Notifications, ensuring a versatile user experience.
Story 5: Magic Eden, an NFT marketplace, now supports Solana's compressed NFTs (cNFTs), offering a cost-effective method for digital collectibles. cNFTs, stored off-chain, enable cheaper mass production, promoting wider adoption and accessibility.
Story 6: Mythical Games, known for pioneering "player-owned" economies, is introducing its popular title, Blankos Block Party, to mobile gamers. This move combines Web2 and Web3 features, offering a seamless gaming experience without blockchain complexities.
Story 7: PayPal has rolled out its PYUSD stablecoin on Venmo. Pegged to the U.S. dollar, PYUSD will be fully available in the upcoming weeks. The stablecoin is issued by Paxos Trust and backed by U.S. assets.
Story 8: Art collective PROOF plans to send 254 "Space Helmet" trait Moonbirds NFTs to the moon. The initiative, named "Lunaprise Museum," aims to preserve humanity's art and history on the lunar surface.
Story 1: SYKY is Bridging Luxury Fashion with Blockchain's Digital-Physical Realm
Alice Delahunt, previously Ralph Lauren’s Chief Digital Officer and Burberry’s Global Director of Digital and Social, has unveiled SYKY, a groundbreaking digital fashion platform. The startup, pronounced "psy-che", was initiated last year and recently secured a $10.5 million Series A fundraise, championed by Reddit co-founder Alexis Ohanian’s investment firm.
SYKY's unique proposition allows users to purchase both digital and physical fashion items. These items, crafted by both budding creators and renowned luxury brands, will primarily be introduced in curated drops. The inaugural SYKY collection will feature a limited edition of 40 digital fashion pieces and a unique physical handbag with its digital counterpart, designed by Chinese digital artist Fanrui Sun.
Delahunt, now SYKY’s CEO, envisions the platform as a blockchain-centric hub for top-tier creators in both the digital and physical fashion sectors. Her past endeavours include pioneering tech innovations in the fashion domain, such as livestreaming runway shows and introducing exclusive collection previews on social media.
https://t.co/eoXB9zO4ud
SYKY's platform will also host a secondary marketplace for trading on-chain digital fashion collectibles and an integrated social media function for users to flaunt their virtual fashion collections. Delahunt believes that SYKY's strength lies in its ability to connect the digital fashion ecosystem with the broader luxury fashion world, making it appealing to both tech enthusiasts and traditional fashion aficionados.
Story 2: Bored Ape Yacht Club Debuts "Made By Apes Bodega”
The Bored Ape Yacht Club (BAYC) has announced its latest venture, the “Made By Apes Bodega”. Revealed through their official Twitter channel, this new initiative showcases BAYC's dedication to deepening the connection between NFT enthusiasts and the artists behind them.
The Bodega is poised to become the main directory for all active and authenticated MBA licenses. This move by BAYC provides a unified platform for all legitimate Bored Ape and Mutant Ape creations, ensuring that enthusiasts and potential buyers have a reliable source to refer to.
https://x.com/BoredApeYC/status/1702072927963779147?s=20
What distinguishes the Bodega is its real-time integration with on-chain MBA licenses. This live connection guarantees that the showcased content is both current and genuine. It highlights the ever-strengthening relationship between blockchain technology and digital art, presenting a smooth, trustworthy interface for all involved parties.
In a subsequent tweet, BAYC honoured the "Apes" – the community members who have been instrumental in shaping and expanding their Intellectual Property (IP). The Bodega is more than just a directory; it stands as a tribute to the ceaseless creativity and innovation that the BAYC community is renowned for. This initiative not only emphasises authenticity but also celebrates the artistic spirit of its community members.
Story 3: Honda and Animoca Brands Unveil Formula 1 NFT Experiences
Honda, a leading automobile manufacturer, has entered into a strategic partnership with Animoca Brands to enhance the digital experience for Formula 1 enthusiasts during the Tokyo and Suzuka events. This collaboration will introduce exclusive membership NFTs and limited-edition commemorative tokens at the Japanese Grand Prix 2023.
https://x.com/animocabrands/status/1704022069409726709?s=20
The inaugural event, scheduled for September 20, 2023, in Tokyo, promises attendees exclusive Honda KEY NFTs. This initiative, in collaboration with Get protocol and Gryfyn, will provide attendees with a unique digital token. Moreover, a special commemorative NFT will be airdropped to ticket holders post-event, adding to the exclusivity of the experience.
To further engage fans, Honda will establish a dedicated booth from September 21 to 24 during the Japanese Grand Prix. Here, enthusiasts can obtain additional digital tokens and exclusive digital collectibles, enhancing their event experience.
Honda's venture into the NFT space signifies its dedication to consistently offering these unparalleled experiences to Honda KEY NFT holders in future events. This move is a testament to Honda's ambition to pioneer innovative methods of fan engagement in the rapidly evolving digital landscape.
In essence, the collaboration between Honda and Animoca Brands epitomises a progressive strategy for captivating Formula 1 fans, emphasising the transformative nature of fan interactions in today's digital-centric world.
Story 4: MetaMask's Snaps Open Beta Revolutionises Wallet Customisation
In a significant move towards personalisation, MetaMask, a premier Ethereum wallet, has unveiled its Snaps Open Beta. This innovative platform is set to transform wallet customisation, providing both users and developers an enriched and tailored MetaMask experience.
https://x.com/MetaMask/status/1703872777051054098?s=20
Key features of the Snaps Open Beta include:
User Empowerment: Users can now integrate distinct features into their MetaMask interface, elevating their wallet experience.
Permissionless Ecosystem: Embracing the spirit of decentralisation, any developer, irrespective of their association with MetaMask, can design and integrate features, fostering greater innovation.
Diverse Feature Categories: The platform categorises its offerings into three main segments: Transaction Insights, Interoperability, and Notifications. This classification ensures users benefit from a wide range of functionalities, enhancing the versatility and user-friendliness of their MetaMask journey.
Safety Prioritised: Recognising the critical importance of security in the digital asset realm, Snaps have been subjected to thorough audits by both third-party entities and MetaMask's internal team. An allowlisted MetaMask Snaps Directory further guarantees users access only to reliable features.
The introduction of Snaps Open Beta signifies MetaMask's transition from just an Ethereum wallet to a holistic web3 hub. Current Snaps in the beta version enable users to incorporate chains like Tezos and Solana, allowing multi-chain operations from one central platform. Given MetaMask's impressive user base, this advancement is set to further boost user engagement, making the wallet even more essential in the web3 ecosystem.
Story 5: Magic Eden Integrates Solana's Compressed NFTs for Cost-Efficiency
Magic Eden, a prominent nonfungible token (NFT) marketplace, has taken a significant step by announcing its support for Solana's compressed NFTs (cNFTs). This move aims to present a more scalable and cost-efficient alternative for digital collectible enthusiasts.
https://x.com/MagicEden/status/1702430156642492472?s=20
What sets cNFTs apart from traditional Solana NFTs is their data compression and off-chain storage. This unique feature allows for the production of NFTs in larger volumes at reduced minting fees. Magic Eden highlights the potential of cNFTs in various sectors, including gaming, music, events, and the metaverse. By facilitating mass-produced collections, creators can engage broader audiences without incurring additional costs.
Furthermore, Magic Eden emphasises the potential of cNFTs in driving NFT adoption. By reducing production costs, the marketplace believes it can serve as an accessible entry point for newcomers to the NFT space. Lower costs mean users can delve into NFT collecting without committing significant funds, thereby minimising potential financial risks.
Story 6: Mythical Games Brings Web3 Blankos Block Party to Mobile Users
After the triumphant launch of NFL Rivals, Mythical Games, a leading Web3 game studio, has announced its plans to bring Blankos Block Party, one of its flagship titles, to the mobile gaming community. Mythical Games has a rich history of creating games centered around "player-owned" economies and has been instrumental in the development of iconic game franchises such as Call of Duty, World of Warcraft, and Guitar Hero. Their recent success was further solidified with a $37 million USD Series C1 funding round, backed by notable investors like Andreessen Horowitz and Ark Invest.
https://x.com/playmythical/status/1704580692166750452?s=20
Blankos Block Party, initially available on PC, offers a harmonious blend of Web2 and Web3 functionalities. This integration allows players to execute in-app purchases without the necessity for cryptocurrencies or specific tokens from Mythical Games. This design ensures compliance with the stringent policies of major app stores. Mythical Games' philosophy of putting "gamers first" ensures that players can immerse themselves in the game without getting entangled in the technicalities of blockchain.
Since its mobile version's release, available on both iOS and Android, the game has witnessed a staggering 2.5 million downloads. Mythical Games has been meticulous about adhering to app store regulations, particularly Apple's rigorous policies. The virtual currency used for in-game purchases ensures app stores can levy their standard fees, but it's non-redeemable for cash.
With the success of NFL Rivals, Mythical Games aims to leverage this momentum by reimagining Blankos Block Party for mobile platforms, ensuring cross-play compatibility. The company's CEO, John Linden, remains bullish about the potential of Web3 in gaming, anticipating rapid growth and widespread adoption in the near future.
Story 7: PayPal Introduces PYUSD Stablecoin to Venmo Users for Transactions
U.S.-based payment giant PayPal has made a significant move in the crypto space by announcing the availability of its PYUSD stablecoin on the popular payment app, Venmo. As per a blog post from September 20, PayPal USD (PYUSD), which is pegged to the U.S. dollar, is now accessible to Venmo users and is set for a full-scale rollout in the near future. This development comes approximately six weeks after PayPal's initial announcement of the stablecoin's launch.
https://x.com/Paxos/status/1704564020370387306?s=20
PYUSD is issued by the reputable Paxos Trust and is fully backed by U.S. dollar deposits, short-term Treasuries, and other cash equivalents. Since its introduction to the open market, PYUSD has made its presence felt on several major exchanges, including Crypto.com, Bitstamp, Coinbase, and Kraken.
Blockchain analytics company Nansen highlighted that around 90% of PYUSD is held in wallets overseen by Paxos Trust. Additionally, crypto firm BitPay revealed its plans to support PYUSD on September 12, emphasising its payment utility and the active involvement of the community.
PayPal's foray into the crypto domain has been consistent and strategic. The company began accepting digital asset payments in 2021 and has since established mechanisms for Web3 payments in 2023. Furthermore, the New York State Department of Financial Services has given its nod to PYUSD, adding it to its approved list of coins.
Story 8: PROOF Sends Moonbirds NFTs to Space in Historic Lunar Mission
In an unprecedented move, PROOF, the art collective behind the Moonbirds collection, has announced its ambitious plan to send all 254 Moonbirds possessing the exclusive "Space Helmet" trait to the moon. This historic event is set to take place on November 15, and 50 privileged collectors of these Moonbirds will be invited to the Kennedy Space Center to witness the launch, followed by an exclusive black-tie gala.
https://x.com/moonbirds/status/1704164735615430907?s=20
The mission, named the "Lunaprise Museum," is a collaboration between the web3 marketing agency CreativeDepartmint and art curator Space Blue. This project aims to send a time capsule containing works from 222 iconic artists across various mediums, including fine art, digital art, music, and film, to the moon. This initiative is part of NASA’s IM-1 Lunar Lander mission, which marks NASA's first lunar return in over half a century, utilising a SpaceX Falcon 9 Rocket.
The Moonbirds collection holds the distinction of being the only profile picture (PFP) digital art collection in the Lunaprise Museum. These Moonbirds will be engraved onto indestructible nickel plates and stored with other digital artworks on Lunaprise disks. Kevin Rose, PROOF's co-founder and CEO, expressed his honour in being part of this mission that seeks to immortalise art and encapsulate humanity's essence.
Additionally, the Lunaprise Museum will feature the "Humanity Hall of Fame," a collection designed to showcase our society's life and love to future civilisations. This museum will also have a metaverse counterpart, offering a global immersive experience later in 2023.
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