@cryptocracy 9 July 2022 more from that month

Web3 Chronicles: NFT Vs. The Metaverse Happy Saturday! I’d like to invite you to join me next Wednesday, July 13, as I discuss **Web3 monetization and content ownership** with Adam Waring of **gFam.live**. Adam and I will have a conversation about web monetization protocols and then we’ll have a panel discussion with host Ryan Gerardi. It’s totally free to join and listen. ****Learn more right here******.** https://autoconversion.net/blog/news/content-monetization-ownership-web3/ https://gfam.live/

This week in crypto news …. Rockefeller International chairman says bitcoin will **stage a comeback**. He also said some of the bad crypto apples need to be weeded out. **Why bitcoin failed** to be a hedge against inflation. *This is no time to be depressed about markets, prices, and crypto scams and schemes. I’m optimistic long-term.* https://www.coindesk.com/layer2/2022/07/08/bitcoin-will-make-a-comeback-rockefeller-international-chairman-says/ https://www.cnbc.com/2022/07/08/why-bitcoin-doesnt-seem-to-be-a-hedge-against-inflation.html Binance volume went through the roof with **zero trading fees**. CEO Changpeng “CZ” Zhao is concerned it could lead to **wash trading**. The crypto exchange is **added to the registry** in Spain. https://www.coindesk.com/markets/2022/07/08/market-wrap-bitcoin-gains-for-third-consecutive-day-as-binance-launches-zero-trading-fees/ https://cointelegraph.com/news/binance-users-support-0-fee-trading-despite-cz-s-wash-trading-concerns https://www.reuters.com/technology/bank-spain-includes-binance-its-crypto-registry-2022-07-08/ Coinbase is offering $50 for **first-time ETH stakers**. *Opportunity or threat?* https://www.nasdaq.com/articles/coinbase-is-offering-up-to-%2450-in-rewards-for-staking-ethereum Tether **liquidated a bitcoin loan** made to Celsius. China tells businesses they can’t **pay workers in USDT**. It may have something to do with **minimum velocity** **(A short-but-interesting read)**. *Ever wonder how Tether can fly upside down and not fall? Read the article on minimum velocity to see how it compares to Formula 1 race cars.* https://decrypt.co/104738/tether-liquidated-celsius-loan-bitcoin https://coingeek.com/china-court-says-tether-stablecoin-should-not-be-circulated/ https://www.tipranks.com/news/article/tether-usdt-joy-of-driving-upside-down/ Three Arrows Capital partnered with Vincent Van Dough on Starry Night Capital. They were supposed to raise $100 million for an NFT fund. Instead, they’ll end up with **less than $5 million**. *Bankruptcy is not a good thing for companies. It keeps them in business, but they must suffer heavy losses to do so.* https://www.coindesk.com/markets/2022/07/08/three-arrows-wanted-a-100m-nft-collection-instead-its-worth-less-than-5m/ Aave wants to build a **decentralized stablecoin** based on Ethereum. *That’s really what the market needs, isn’t it?* https://dailyhodl.com/2022/07/08/defi-giant-aave-unveils-plans-for-new-decentralized-stablecoin-based-on-ethereum-eth/ How bad is the **crypto market crash**, really? What the **dot-com bust** can teach us about the crypto crash. https://www.cbsnews.com/news/coinbase-crypto-market-crash-bitcoin-growth/ https://cointelegraph.com/news/what-the-dot-com-bust-can-teach-us-about-the-crypto-crash

TRON DAO **adds $20 million** to reserve. Meanwhile, Decentral Bank DAO bug facilitates minting of **$10 trillion stablecoin** for $10. *I’d have a heart attack.* https://coinjournal.net/news/tron-dao-adds-20m-to-its-reserve-to-safeguard-against-bear-market/ https://www.business2community.com/crypto-news/decentral-bank-dao-bug-allows-user-to-mint-10-trillion-of-usn-stablecoin-02519166 Grayscale **removes BCH, LTC, and LINK** from Digital Large Cap Fund. https://u.today/grayscale-removes-bch-ltc-and-link-from-large-cap-fund-cardano-retains-weighting Former head of TikTok gaming launches a **Web3 protocol**. https://cointelegraph.com/news/former-head-of-tiktok-gaming-leaves-web2-to-build-core-web3-protocol Convenience store chain WaWa is turning **hoagies into NFTs**. *I wonder if they talked to Reuben first.* Why do the social networks continue to **push NFTs**? *Maybe because they know how addicting they are and that certain people will always go for the needle in their arm.* Cent’s plan to **take over the world**. *Jack Dorsey’s tweet still sold for too much money. It’s not worth $3 million.* https://www.bizjournals.com/philadelphia/news/2022/07/08/wawa-nft-hoagiefest.html https://www.theverge.com/2022/7/8/23199958/social-network-nft-push-twitter-reddit-facebook-meta https://dot.la/cent-turns-tweets-into-nft-2654470625/particle-1 Web3 phishing attacks **nearly double**. Web3 gaming has **bigger challenges** than the crypto winter. Are sidechains the future of **Web3 scalability**? Can Web3 **bridge the wealth gap**? *Read these from the lotus position.* https://cointelegraph.com/news/social-media-major-web3-pain-point-as-phishing-attacks-almost-doubles-report https://venturebeat.com/2022/07/08/web3-gaming-has-bigger-challenges-than-the-crypto-winter/ https://cointelegraph.com/news/deconstructing-sidechains-the-future-of-web3-scalability https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/08/3-ways-to-bridge-the-wealth-gap-in-web3/?sh=33c61316dd61 Where NFTs fit into **intellectual property**. Follow these **6 rules** for a successful NFT project. https://www.financialexpress.com/digital-currency/non-fungible-tokens-and-their-place-in-the-intellectual-property-spectrum/2588294/ https://medium.com/@1eth1da/6-rules-for-a-successful-nft-project-in-2022-b4659154905c 6 times people predicted the **end of crypto**. *And look what happened instead.* https://www.yahoo.com/entertainment/6-other-times-people-predicted-120047001.html The big business meta **dive into the metaverse**. McKinsey discusses how to **create value in the metaverse**. Thirty-eight percent of current metaverse participants said they’d **add restaurant purchases** to their metaverse menu. *I wonder what fine dining in the metaverse would be like. Could you order a filet mignon and enjoy its taste while your avatar slides it between her lips? Could you sit in a dimly lit tavern holding your lover’s hand and taste the bittersweet loaf of lemon pancake on your tongue? Hmmm … the mysteries of the magical metaverse.* https://news.virginia.edu/content/big-business-dives-metaverse https://www.mckinsey.com/about-us/new-at-mckinsey-blog/meet-the-metaverse-creating-real-value-in-a-virtual-world https://www.restaurantdive.com/news/report-38-of-consumers-interested-in-metaverse-would-add-restaurant-purch/626598/ Croatian Web3 startup to offer **lifetime Netflix and Spotify memberships** via NFTs. https://cointelegraph.com/news/croatian-web3-startup-offers-lifetime-netflix-and-spotify-membership-via-nfts *Snark and commentary in italics. Feel the love?* Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice. Do your own research.* https://cryptocracy.substack.com/p/web3-nfts-and-the-magical-metaverse