Innovation & Launches
Solana is getting a new incentive rewards mechanism (2 minute read)
Step Finance, a Solana-based DeFi protocol, has announced the launch of an incentive mechanism called Reward Options. The mechanism allows Step's users to buy STEP tokens at a fixed price. It is the first airdrop of call options in the industry. The options will be issued every 5 days and have a 5-day expiry. They will have a strike price a specific percentage above the current spot price of STEP to stabilize the token's price and to stop users dumping them.
Move toward digital dollar gains steam as Boston Fed says its prototype can handle 1.7 million transactions per second (5 minute read)
The Federal Reserve Bank of Boston and MIT recently released research on the technological viability of a Central Bank Digital Currency. The research proposes two potential architectures for a US CBDC, with one theoretically able to handle 1.7 million transactions per second, settling transactions in less than two seconds. Americans are already using digital forms of money to execute most transactions. A CBDC could foster greater financial inclusion with those who are skeptical of banks. The next phase of the research will look into making the digital dollar interoperable with other CBDCs and potentially cryptocurrencies.
GameStop is launching its own NFT marketplace (3 minute read)
GameStop is planning to launch an NFT marketplace and will create a fund for game developers who use it. The marketplace is built on Immutable X, a platform based on Ethereum. Immutable aims to lower energy consumption and transaction fees. GameStop's marketplace will feature in-game assets, such as digital real estate, weapons, and character skins. Existing NFTs on Immutable X will be able to list on the marketplace. GameStop plans to launch the marketplace later this year.
Guides & Resources
Library of Web3 (Website)
This website contains a list of web3 resources. It covers topics such as NFTs, DAOs, Layer 1s and Layer 2s, working in web3, and much more. The page is still a work in progress and will be updated constantly.
What is an Investing DAO? Who Should Start One? (6 minute read)
This article discusses investing DAOs, what they are, who should start and join them, and the importance of community for success. An investing DAO uses smart contracts to allow members to collectively pool capital, invest, manage the portfolio, and run community, operational, and governance processes. Their core action is to pool and invest capital to generate financial or social returns. Investing DAOs allow members to see more deals, win more deals, and collaborate together to learn and grow.
The future of NFTs (5 minute read)
This Twitter thread gives an overview of the future of several NFT projects and technologies. Topics include soulbound NFTs, retail, social investing, legal applications, activism, education, and more. Each topic is only discussed briefly in one or two lines. NFTs will enter into many industries and change the way a lot of markets and businesses operate.
Decoupling of NFTs and Crypto Spurs Debate About Future of New Asset Class (4 minute read)
While the crypto market drops into bear territory, the NFT market remains at an all-time high. NFTs have gone rapidly mainstream, with many businesses, artists, collectors, and crypto enthusiasts embracing the technology. People are not only buying NFTs for profits, but for many other reasons like identity, community, and an emotional connection with art. This is in contrast with those in the crypto community who may not be attached to their tokens in the same way. Like all markets, the NFT market will likely see a correction phase. The correction will determine whether NFTs are a true asset class or if they're just a pop-culture fad.
Who’s Using the Metaverse? Poker Players in Decentraland (3 minute read)
ICE Poker is a virtual casino on Decentraland. It hosts around 6,000 unique players a day and has generated more than $7.5 million in revenue in the last three months. Online gambling platforms have always been popular among virtual communities. Users who want to win actual coin in the casino will need to purchase one of its NFT wearables, which can cost at least 2.46 ETH (around $6,500) on secondary marketplaces. NFT owners can loan their wearables to other users for a 60-40 share of any revenue earned with it.
Who owns your address in AR? Probably not you (12 minute read)
Upland is a blockchain-powered game that lets people buy, develop, rent out, and sell virtual land parcels based on real-world property borders. The game is focused on fun, with most of its in-game transactions having little to no monetary value in the real world. Upland plans to eventually expand into AR and allow third-party developers to one day build their own game and non-game applications with its platform. How these worlds handle real and virtual world property rights will be an important discussion as virtual land games become more popular and develop more real-world utility.