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Looking forward to 2023 + All the Web3 news you missed this week
As we step into 2023, the repercussions of a turbulent Web3 and Crypto landscape in 2022 still reverberate. Although optimism for 2023 is scarce among industry individuals I’ve connected with, they anticipate it will be a year to endure and lay the groundwork for future growth. Over these next few months there may be conversations about regulation as well as fearmongering predictions on further downturn - however hidden gems should also arise from this time of difficulty.
I am excited to attend ETH Denver early March which will be a great opportunity to gauge sentiment within our space! Reach out if you’re going to be attending and interested in connecting.
Note: I’m moving the news roundup to Thursday mornings moving forward.
Here’s the Web3 news from the past week
Donald Trump's foray into the NFT market has seen a steep decline, with sales volume and prices crashing since reaching their peak. On Wednesday, sales of his Polygon NFTs were down 98% from their peak day just weeks ago. This sharp decrease in demand suggests that investors may have lost interest in Trump's NFTs but it remains to be seen whether this is a temporary trend or if it will continue going forward.
Is Meta Pivoting To AR? (Forbes)
Mark Zuckerberg's ambitious vision of a VR-powered Metaverse recently took an interesting turn as he introduced the concepts of MR (Mixed Reality) and XR (Extended Reality) into his plan. On December 30th 2022, Meta announced their acquisition of Luxexcel; a company that can print 3D lenses for prescription glasses as well as VR headsets. This could potentially allow them to include an AR solution in their broader vision which may indicate that Mark Zuckerberg is more concerned about Apple's AR focus than previously thought. This move could help broaden his top-heavy VR focus and expand the possibilities of the Metaverse.
Coinbase has recently agreed to a $100 million settlement with the New York State Department of Financial Services for violating anti-money laundering laws. The company will pay $50 million in fines and invest another $50 million to improve its compliance program, as regulators are taking steps to bring crypto exchanges into line with global anti-money laundering protections. As part of the settlement agreement, Coinbase must work closely with an outside monitor for at least one year while it improves its compliance operation; this follows other investigations against FTX and Binance regarding AML regulations.
Gemini Trust Co., co-owned by Cameron and Tyler Winklevoss, has accused Digital Currency Group (DCG) CEO Barry Silbert of bad faith stall tactics in the $900 million locked funds dispute. Gemini claims DCG owes them money, while Silbert responded with a proposal to Genesis and Gemini's advisers. In addition, Winklevoss also alleged that DCG took $1.675 billion from Genesis Global Capital for personal gain instead of repaying creditors.
"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Derar Islim wrote in a letter sent to clients on Wednesday.
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies' approaches to supervision in this area.
Beware the Dangers of Crypto Regulation (Bloomberg)
The recent crypto fraud involving FTX has highlighted the need for caution when it comes to regulating this market. While the potential risks of contagion and systemic financial risk cannot be discounted, regulators must take care not to stifle innovation or impose too many burdens on investors. Haste could result in legislation that does little good, so a more measured approach is needed until further evolution occurs within the market itself. For now, caution is still advised when considering how best to regulate cryptocurrencies.
Crypto’s New Political Vanguard to Watch in 2023 (Blockworks)
Here’s what five incoming and influential politicians friendly to crypto causes are planning in the year ahead
Rishi Sunak, the new Prime Minister of the United Kingdom, is pushing for plans to make UK a hub for blockchain-based technology and related investments.
Sitiveni Rabuka, newly elected Prime Minister of Fiji has expressed interest in making bitcoin legal tender in his country.
Pierre Poilievre from Canada won the top Conservative party’s position and declared an ownership stake in a bitcoin ETF as well as other cryptoassets. He also expressed interest in allowing Canadians to use Bitcoin as payment method.
Yoon Suk Yeol was elected President of South Korea with promises to deregulate digital asset industry by increasing capital gains tax threshold on crypto transactions set to be taxed next year.
J D Vance won US Senate seat after Rob Portman announced retirement reported owning $250K worth of bitcoins while being vocal opponent against Biden's infrastructure bill reporting requirements on Crypto companies/miners
In case you missed it - this was the most opened article from last week’s news roundup
The Different Types of NFTs: A Simple Guide (CoinDesk)
It’s never a bad time to brush up on the ever-changing NFT landscape. Here’s a helpful rundown of eight popular kinds of tokens, from profile picture NFTs and sports collectible NFTs to play-to-earn gaming NFTs and utility NFTs.
Hi, I’m Andrew Chang - I created the Web3 Roundup to share what I’m learning in this space. I’ve spent my career at the forefront of the technology industry in areas such as crypto/blockchain (Former COO @ Paxos, co-founding partner of Liberty City Ventures), video and adtech. I learn by meeting with founders, investors and other thought leaders and approach Web3 with the same enthusiasm – and skepticism – I had about crypto/blockchain technologies 10 years ago.
You can connect with me on LinkedIn