Web 3.0 The Future Is Now

Here’s the latest news from the world of Web3. The future is already here so get onboard and enjoy the ride. Stay on top of the latest trends, current market updates and what companies are already taking the leap into the future.

Edition 1 – By Priyesh Dusara

NFT sales increase year on year

In spite of the bear market, NFT sales reached an impressive $101 million in 2022, a 67.57% increase from the previous year. Ethereum still dominates the NFT sector with 21% of the market share, followed by Wax and Polygon. But is this a sign of mass adoption, as digital megastructures propel towards the transition to web3? With more major brands, cultures, and countries embracing decentralized technology, the future of money, art, and people is becoming brighter.

Please remind us, what are NFTs again

NFTs (non-fungible tokens) are unique digital assets that can be used to represent ownership, value, and data. They are built on blockchain technology and are cryptographically secured, meaning they can never be replicated or counterfeited. NFTs will be used to store, track, and trade digital assets, such as art, music, sports memorabilia, and much more. This will enable users to own and trade digital assets in a secure and trustless manner, without needing to rely on a third party. NFTs will also enable new business models, such as decentralized marketplaces and digital collectables, and will enable developers to monetize their creations in a way that was not previously possible.

Yuga Labs co-founder steps down

Gordon Goner (also known as Wylie Aronow) has announced his intention to step away from his role as a core team member of Yuga Labs and Bored Ape Yacht Club for a period of rest and reflection, as he seeks to prioritize his health. Gordon has been diagnosed with congestive heart failure, but has assured his followers that his symptoms are still mild, meaning that he is still able to lead a largely normal life. Nonetheless, he will remain involved with Yuga Labs as a board member and strategic advisor.

Porsche enters the NFT space

Image by Kahl Orr

Porsche's initial attempt at entering the world of Web3 failed to meet expectations. Launching their NFT collection was a bit like my experience swimming 100 metres - it didn't have the legs to compete. With a high mint price and a lack of communication from the team, only 16% of the supply was sold on launch day.

Naturally, the community was not pleased and vocalized their disappointment, some even dubbing the collection as a cash grab and lambasting Porsche on Twitter. Nonetheless, Porsche did take notice and responded to the criticism. They declared they would be cutting the supply and halting the mint, only to post an hour later that the mint was still open and would conclude the following day. Eventually, 1993 NFTs were minted, which is 26% of the supply. Oh, dear.

Burberry getting ahead in digital fashion

House of Blueberry, a leader in the digital fashion world, has just raised $6 million in seed funding. The investment, led by Makers Fund, will be used to further expand their presence on Web2 and Web3 platforms and in the interactive entertainment industry. Since its inception in 2012, House of Blueberry has sold over 20 million digital assets on popular platforms such as Roblox, The Sims, and Second Life. They have also partnered with renowned fashion brands such as Natori and Boy Meets Girl, launching collections like Jonathan Simkhai's first Metaverse Fashion Week and the first-ever Metaverse fashion drop with Dear Evan Hansen on Broadway. Their recent success has solidified their place in the digital fashion scene and this new funding will help them to continue to grow and take over the metaverse.

Cool Japan

DAOs (Decentralised Autonomous Organisation) and NFTs, according to the Japanese prime minister, assist the government's "Cool Japan" plan.

Prime Minister, Fumio Kishida, who has previously backed blockchain-based efforts for governments employing digital solutions, claimed that there are "different opportunities for implementing Web3" in Japan.

Image by Masashi Wakui 

On February 1, during a hearing before the Budget Committee of the Japanese House of Representatives, Masaaki Taira, a member of the Liberal Democratic Party, asked a question. Kishida responded by stating that there were "many options for implementing Web3" in Japan. In order to revitalise areas and promote "Cool Japan," the government of Japan, he continued, could make use of elements like nonfungible tokens DAO’s and NFTs This is a national strategy intended to showcase the innovations and culture of the nation to the rest of the world.

The government's working force on Web3 policy is presided over by Taira. He mentioned coordinating with Japanese tax authorities and looking into the possibility of producing a digital yen. The nation's central bank declared in November that a pilot trial for a digital currency will begin in the spring of 2023. Exciting times!

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