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NFT Worlds Collapses As Minecraft Bans NFTs
Earlier this week, I stumbled upon a new Web3 phenomenon: people creating art with an AI tool like DALL-E, after which they minted it as NFTs.
I also stumbled upon this infographic documenting what happened the past few months in crypto, which caused the ETH prices to dump.
— 🩸💀 AMERICAN RADASS
NFT WORLDS COLLAPSES AS MINECRAFT BANS NFTS
The Microsoft-owned video game Minecraft banned NFTs from its game, becoming the latest title to join the battle between the traditional gaming world and Web3.
“To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset,” Minecraft studio Mojang said in a statement.
The biggest loser of Minecraft’s announcement has been NFT Worlds, a Web3 gaming project focused on third-party blockchain and NFT Minecraft integrations. Prices for the project’s NFTs plummeted 70% following the announcement, though the project’s developers say they won’t be abandoning the community.
EX-COINBASE MANAGER ARRESTED FOR INSIDER TRADING
On July 21, the U.S. Department of Justice filed an indictment against Ishan Wahi, a former Coinbase manager, and two other individuals for obtaining approximately $1.5 million through cryptocurrency insider trading on the Coinbase exchange.
According to the Department of Justice, this is the first case of insider trading in the crypto industry. The defendants used their privileged knowledge while working at Coinbase to sell information to others and invest in cryptocurrencies scheduled for listing on the exchange.
As a result, Coinbase has filed a petition asking the Securities and Exchange Commission to begin setting better rules on digital asset securities.
📰 OTHER NEWS FROM THE PAST WEEK
Uniswap is integrating decentralized NFT marketplace Sudoswap to allow for efficient NFT swaps when it launches its NFT platform.
MetaMask is working on a confirmation window before you unknowingly sign away your NFT assets
Time Magazine’s President Keith Grossman recently said that he hoped to migrate all future subscriptions into NFTs of “TIMEPieces,” which give holders exclusive subscription rights and the ability to own their data.
Cardinal, a Solana-based infrastructure protocol that aims to improve the utility of NFTs, has raised $4.4 million in a seed funding round.
Meta is partnering with digital fashion startup DressX to provide new avatar fashion looks on Meta's Avatar Store.
Tesla has sold almost all of its BTC reserves, retaining only 25% of the Bitcoin it purchased last year.
✨ NEW IN THE SPACE
💀 HOW TO RECOGNIZE A RUG PULL
Bored Ape NFT whale Franklin lost 100 wrapped Ethereum, worth roughly $150.000, to a joke bid gone wrong for an ENS domain he registered on July 20.
The FBI has identified 244 victims in various crypto-related cyber frauds, with an estimated loss of $42.7 million, according to a document published on July 18.
Virtual pet-owning game Neopets said that it was investigating a breach of customer data and recommended that users change their passwords.
🔮 LOOKING FORWARD
It’s no financial advice, but you might want to start doing your research and grinding for these allowlists before it’s too late.
📖 LEARN HOW TO DO YOUR OWN RESEARCH
In this amazing Twitter Thread, Shaman explains how he found his scammer by researching and working with the communities he is in.
😂 LAUGH OUT LOUD
We had a lot of laughs the past few days - here are a few other ones that made me laugh!
🤓 DISCLAIMER: NFA & DYOR
This newsletter is a curated overview of the most exciting things I’ve read the past week, the projects I’ve researched, and the NFTs I’ll be trying to buy.
This means I’m - per definition - biased, so don’t consider this as financial advice and keep doing your own research if you see something you like.