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The White House Is Concerned About Crypto + All the Web3 news you missed this week
The White House published a statement warning about the risks of cryptocurrencies, pointing to last year’s various collapses. It was part of Team Biden’s ongoing efforts to close regulatory gaps within the crypto ecosystem.
We're hopeful that Congress will take strong action addressing needs in this space, but we're continuing to push forward on the administrative front, implementing a lot of the [executive order] recommendations as well as encouraging regulators … to continue their efforts to ramp up enforcement and crack down on bad practices in the space,” the official said, calling the approach “dual tracked.
Here is a more comprehensive writeup of the current administrations focus on chocking off crypto from the banking system - aka Operation Choke Point 2.0
Here’s the Web3 news from the past week
I Scammed this Influencer So He Couldn't Scam You (Coffeezilla - YouTube)
Coffeezilla, the YouTube scam investigator, shows how easy it is to pay influencers to promote an obviously fake NFT
Coinbase NFT halts artist drops as 24-hour trading volume barely reaches $100 (Fortune via Yahoo)
Coinbase paused launching new NFTs with artists exclusively on its platform in order to focus on other "features and tools" requested by artists. Despite monthly trading volumes of hundreds of millions of dollars since April 2021 when Coinbase NFT was launched, recent data shows that trades over the past 24 hours have amounted to only $149. OpenSea saw over $10 million in volume just this Tuesday compared to Coinbase's seven-day total near $1,500.
Somnium Space CEO Artur Sychov says that the introduction of OpenAI's chatbot, ChatGPT, may speed up the process of creating a realistic AI-powered digital avatar to emulate deceased loved ones. The product’s "Live Forever" feature will allow users to create an interactive version of themselves which can be interacted with after their death.This technology is being developed as a way for people who have passed away to remain connected with their family and friends through a digital presence.
Meta reported a $4.28 billion operating loss in the fourth quarter for its Reality Labs division, bringing the total for 2022 to $13.72 billion. Sales of VR headsets in the U.S. declined 2% in 2022 from the prior year as of early December, according to data shared with CNBC by research firm NPD Group. Zuckerberg told CNBC’s Jim Cramer last summer that he hopes to “get to around a billion people in the metaverse doing hundreds of dollars of commerce” by the second half of the decade.
CEO Evan Spiegel discussed how generative AI could be used to improve photo resolution or create Snaps based on text input in the near term. In five years time however he suggested that this technology could unlock the full potential of AR with parents being able to point out objects which can then come alive using generative AI tech when wearing AR glasses.
Gemini Earn users are a step closer to recovering their money with an agreement announced today between US cryptocurrency exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group
Off topic stories I found interesting
I have to go back…
After three years of embracing the perks that come with working remotely - namely no commute, more time with the family, the flexibility to run errands during work hours, etc. - I've decided it's time for me to return to working in an office much more regularly. A lot of people have established strong opinions on remote vs in-person work - myself included - so I thought it might be interesting to share my perspective which recently flip flopped.
A few months after Covid sent us all to work remotely, I had a lot of optimism about how well working remotely was going, and I was convinced it would be the future. But now - I believe that the effectiveness of remote work during that time period was artificially inflated by the pre-established bonds between co-workers who had previously worked together in-office. Since then, with turnover of employees throughout orgs and teams, those old bonds have shrunk and are no longer enough. The soul, spirit and culture of organizations have dissipated. When you work remotely, you’re not making memories together anymore. Conversations and connections become less personal. Serendipity of ideas and collaboration disappeared. I miss all of that.
While I think plenty of people and organizations are capable of working remotely, I don’t think it is how I thrive. Miscommunication is easy, clear communication takes so much more effort. There’s a buzz and energy from working together that is motivating to me during the tough times. I enjoy working side-by-side with colleagues on challenging problems, feeding off people’s energy and enthusiasm, and sharing in both success and defeat.
So I’ve decided, I’m going back. I’m working in the city every Tuesday and Thursday, blocks away from my first tech job almost 18 years ago in the flatiron district of NYC - it’s been a long time, but the city still gives off the same energy of endless enthusiasm for the future.
In case you missed it - this was the most opened article from last week’s news roundup
What's Holding DAOs Back? (Coindesk)
Despite their potential for creating a fairer internet, DAOs can be hindered by immense coordination and regulatory costs. To make them viable, entrepreneurs are building tools to reduce these burdens while regulators address policy issues like securities laws. By lowering coordination and regulatory costs, we can help fulfill the vision of a more democratic internet through DAOs.
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