Here are the top web3 stories from this week.
NFTs in the News
Big Names Continue to Embrace NFTs
💍 Tiffany’s made headlines this week with their launch of jewel encrusted Cryptopunks in the physical world for that passionate NFT community. The City of Miami announced an NFT collection in collaboration with Time, Mastercard, and Salesforce. Solana NFT marketplace leader Magic Eden is expanding to Ethereum. FC Barcelona is selling a piece of their media arm to fan token giant Socios for $100MM. Lastly, the web domain NFT.com traded for $15MM this week. Catch my article on Web3 Web Domains here.
My Discussion on Web3 in Entertainment and Sports
📺 I was a guest this week on the Clicks and Bricks video podcast. We had a great discussion about the impact of web3 in TV, movies, music, gaming and sports. Watch here.
SEC Stays Aggressive
⚖️ The SEC announced charges against 11 individuals for a $300MM Crypto scam. The SEC alleges that the Forsage program was an elaborate Ponzi scheme, and they are going after individuals in the U.S. and abroad. Additionally, the founders of Dropil token project were sentenced this week for fraud.
NonFungible Releases Quarterly NFT Report
💥 Another Crypto bridge was hacked with $190MM drained from the Nomad bridge protocol. Properly securing cross chain bridges has been a huge issue for the market, as this problem follows the $600MM loss by Axie Infinity last year. To add to the pain, more than 5K Solana wallets were hit with a $6MM loss on a security breach as well this week. Lastly Bitcoin super bullet Michael Saylor stepped down as CEO of MicroStrategy, as the software company took a $900MM loss on their massive $BTC holdings.
Web3 Funding Continues
💰 Crypto fund Variant announced $450MM for web3 startups. Influencer Gary Vee gets $50MM led by A16Z for VeeFriends. Workout app Sweatcoin raises $13MM to launch their token. Sweatcoin will go head-to-head with Stepn and others in the Move 2 Earn space.
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