The CFTC served Ooki DAO papers by posting them in an online discussion forum+ All the Web3 news you missed this week
In its first lawsuit against a DAO, the Commodity Futures Trading Commission served papers to Ooki DAO’s pseudonymous members via their online discussion forum and a help chat box on the DAO’s website. The CFTC has asked the District Court of the Northern District of California to give its blessing to this service method, saying that “by choosing to organize itself as a DAO, the Ooki DAO has structured its business in a way that has erected significant obstacles to traditional service of process.”
Its going to be fascinating to watch how regulators adopt to the decentralized governance structure of DAOs. I’ve noticed an increase focus on regulatory movement in this industry so I’m adding a new “Regulatory” section to the Friday news roundup.
Now on to all the other Web3 news you missed this week.
Here’s the Web3 news from the past week
NFTs For Art And Philanthropy Could Be Crypto’s Next Act (Forbes)
In the art world, NFTs offer the ability to authenticate works of art, while DAOs could be used to distribute micro-grants to working artists. Indeed, the smart contracts used by DAOs have potential in the philanthropic world at large, reports Forbes: “Smart contracts promise to expedite the grantmaking process and add greater transparency over the acquisition and use of funds.”
Christie’s Auction House Announces On-Chain NFT Art Platform (CoinDesk)
After selling a Beeple NFT for $69.3 million in 2021, Christie’s has now become the first global auction house to host fully on-chain NFT sales, with the launch of “Christie’s 3.0.” The platform’s first auction, comprising 9 NFT works by the artist Diana Sinclair, will run between September 28 and October 11.
Walmart Makes Metaverse Debut With Roblox Experiences (Adweek)
In a bid to connect with young shoppers, Walmart is launching two experiences on Roblox: Walmart Land and Walmart’s Universe of Play. The activation will include games, digital fitting rooms, and virtual concerts, including one next month featuring Madison Beer, Kane Brown, and Yungblud. While numerous brands are courting consumers on Roblox, Adweek reports that Walmart is the biggest retailer to do so.
The metaverse could be transformative, but it’s a legal and ethical minefield (CNN)
The metaverse stands to amplify the internet’s pre-existing problems, writes Jane Thomason. Some of its most pressing challenges and open questions include intellectual property rights in a decentralized environment, informed consent around data collection, and child protection.
Robinhood Web3 wallet enters beta, taps Polygon as first blockchain (Cointelegraph)
Robinhood has launched a beta version of its self-custody Robinhood Wallet to an initial cohort of 10,000 iOS users. At this point, the wallet can be used to “perform common tasks such as trading, rewards, storage and DApp-based yield farming of cryptocurrencies,” but future versions will also include NFT marketplace support.
Crypto gaming sucks — But devs can fix it (Cointelegraph)
In order for developers to create successful Web3 games, they need technical and financial infrastructure both pre- and post-launch. Specifically, Web3 games would benefit from scalable and flexible blockchains, selective token selling, more social engagement tools, improved asset utility, and support from guilds and metaverse platforms.
Does the US Government Have a Monopoly on Trust? (CoinDesk)
There’s a disconcerting element to statements suggesting that government involvement will necessarily help consumers trust crypto, writes Matthew Homer, a CoinDesk columnist who previously worked at government agencies. As trust in government leaders in fact declines — with more people seeing government as a dividing force in society, rather than a unifying one — crypto itself could fill that trust gap. In order to do so, the sector must prove itself secure and reliable, influential individuals must act with accountability, policymakers need to take a forward-looking approach to the space, and the youngest generation of consumers have to demonstrate buy-in.
US Fed Chair Powell Urges Caution on Regulating DeFi (CoinDesk)
Noting that the DeFi winter “didn’t have significant effects on the banking system and broader financial stability,” Federal Reserve Chair Jerome Powell said that he supported a ‘careful and thoughtful’ approach to DeFi regulation that makes use of many of the same rules as traditional finance. At the moment, the Fed is evaluating but not moving forward with a central bank digital currency, and, per Powell, won’t be making that decision for “some time.”
Off topic stories I found interesting
Actor Bruce Willis Becomes First Celebrity to Sell Rights to Deepfake Firm (Collider)
Action movie legend Bruce Willis has just become the first Hollywood actor to sell his rights to the possibility of a "digital twin" to the US firm Deepcake.
In case you missed it - this was the most opened article from last week’s news roundup
Sushi DAO holds Election for the Next Chief Executive (The Crypto Times)
Sushi DAO, which operates the crypto exchange SushiSwap, will hold an election for its next CEO (aka its “Head Chef”) on September 26. The 5 candidates have spent recent weeks campaigning, holding AMAs, and participating in public debates. “The election is a novel experiment in corporate governance and the decentralized business models,” writes Ritu Lavania, and, per one candidate, a bid for transparency in the otherwise opaque finance world.
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 or Twitter (@DigitalDrex)