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What a rollercoaster this week has been for the Web3 space. We witnessed a major token crash to zero, and saw some huge steps forward for Web3 adoption.
There’s a lot to cover, so let’s hop in!
In this week’s Web3 Rollup, we discuss:
- UST/LUNA Collapse
- Big tech enters Web3
- Is Coinbase the Apple of Web3?
- Web3 Tool of the Month
UST and LUNA Collapse
After beginning to lose its peg over the weekend, stablecoin UST collapsed on Monday. UST is an algorithmic stablecoin that is maintained through the process of burning or minting LUNA/UST to maintain the price of these tokens.
The event seems to have been coordinated, as we can see on-chain a series of large transactions made that was the initial catalyst for this death spiral.
UST was used in many different ecosystems, so the entire crypto market is feeling the effects of this event.
We will likely see a slow in overall crypto adoption, as well as more regulations incoming.
Big Tech Enters Crypto
First up, we have Instagram announcing that they will begin testing NFTs on the platform this week.
Select creators can connect their wallet to Instagram and begin sharing NFTs. Some of the features to be seen when sharing NFTs will be an automatic tag of the project and creator, as well as the image having a shimmering effect to stand out.
They will be soon integrating AI to use 3D NFTs with IG story filters.
Next up, we see Google entering the ring as well, announcing that they will be building a web3 team focused on building services for developers running blockchain applications.
They plan on supporting developers who want to build Web3 software, by offering back-end services – much like they did in Web2.
Lastly, big news from the CEO of AMC who stated that 35% of total online payments have been made with crypto.
Earlier this year AMC began accepting DOGE, SHIBU, BTC, and ETH as payment.
Is Coinbase becoming the Apple of Web3?
Just as Apple has built their own ecosystem of products, software, streaming platform, app marketplace, and more, Coinbase is beginning to do something similar within Web3.
They have built the largest crypto exchange in the world, which acts as a starting point and onramp for most people. They also have the Coinbase Wallet where you can store your crypto, connect and interact with dApps in Web3. They recently launched their NFT Marketplace, allowing people to create, buy, sell, and trade NFTs. And they have Coinbase Commerce, which allows retailers to sell products and services for crypto.
Coinbase seems to be building out all the platforms required to simplify the onboarding of new users to Web3.
Web3 Tool of the Month
Our Web3 Tool of the Month comes from our friends over at Bankless. Bankless has partnered with Visa for the creation of the Bankless Card. As you spend money with the card, users will earn tokens in the DAO of their choosing.
The card will allow users to:
- Purchase, spend, and earn governance tokens in a simple mobile app
- Generate revenue for your DAO while earning cashback rewards
- Onboard to a new DAO by earning its token
Apply to Join the Web3 Academy Community
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