Happy NFT Day! – WoW by Ludo #02
Your recent digest of all things Web3, NFTs, and the Metaverse
Happy NFT day from the team behind Ludo! 😎
As we approach the end of summer, we're stoked to drop the second edition of our World of Web3 newsletter. Despite bearish vibes in the crypto and Web3 realms, August was bullish on breakthroughs and alpha leaks. In this issue, we've curated the most game-changing updates into a must-read industry digest. Don't sleep on our deep dive into how the travel and hospitality sectors are mooning with NFT utility. Get the latest on what we've been "BUIDLing" here at Ludo!
Enjoy the read! 🤗
Lucky Winners 🍀
In our last newsletter we gave away two tickets for the TOKEN 2049 event in Singapore worth $500 each sponsored by COINsiglieri. The lucky winners are:
Jeremy Ng, Co-Founder of OpenEden Labs as a new subscriber and Michael Young from UniSat Wallet who shared the newsletter with others.
Topics of This Newsletter 📋
Web3 Patent Registrations: The latest numbers!
Industry Digest: The hottest news about Web3 and NFTs!
Hot Take: Expert takes by our team.
August Insights: What shook the Web3 space this summer?
Brands in Web3 - Celebrities: Celebrities as Web3 ambassadors?
Ludo Updates: New and exciting updates from our team!
Socialverse: The latest memes and hottest takes on social media!
Growing Number of Web3 Patents 📋
Despite the summer season, the total number of patent registrations for Web3 is skyrocketing. In August, we saw 150 new patent registrations, the highest monthly registrations in 2023 and up 50% from July. The names of registering companies include famous brands like Rakuten, Bank of America, Nike, Mastercard, LG, Xerox, etc. Most of the patent registrations are about the tokenization of real-world assets (RWAs). The increasing number of big corporations' blockchain-related patent registrations is something to be bullish about!
In the first edition of our newsletter, we presented these numbers for the first time and got exceptional feedback. For example, Marc Baumann picked up our chart in the Dematerialzd – Web3 for Brands newsletter! (You may wonder why Marc is referring to a decline in patent registrations because we looked at the total number of registrations, whereas he only analysed registrations by top brands.)
Poll Time 📊
Have we already seen the bottom in NFTs (e.g. BAYC)?
Refer Us to Your Friends 🤝
Your friends won't want to miss out on our amazing newsletter! It's packed with insider tips, exclusive content, and a whole lot more. Share this link with your friends to get them in on the action! 🎉
Ludo’s Industry Digest 🗞
We've made the effort to go through all the Web3 news from this late summer, saving you the trouble. Out of the numerous updates, we've handpicked the most significant and influential ones to present to you:
Royalties: OpenSea, the leading NFT marketplace, has shaken up the game by making creator royalty fees optional. Following many changes around this mechanic in recent months, this move shifts the dynamics of secondary sales. While it could be seen as a push for more decentralization and user control, it also poses risks for artists counting on those royalties for recurring revenue. This news has sparked a lot of controversies in the communities, especially among artists and creators but also amongst famous business people.
Not collecting and paying royalties on NFT sales is a HUGE mistake by @opensea. It diminished trust in the platform and hurts the industry. And I say this as an @opensea investor @DevinFinzer
— Mark Cuban (@mcuban)
Aug 18, 2023
Reaction: Yuga Labs - the company behind the famous Bored Ape Yacht Club collection and many other well-known NFT projects - reacted drastically by removing support for “all upgradable contracts and any new collections”.
OpenSea announces 0% royalties, with Yuga removing its collections
$Blur nuked -30%, with farmers throwing the towel
The marketplace competition should have brought innovation, which instead left room for destruction.
Could the situation have been handled differently? 🤔
— Gatsby🦎 (@gaatzby)
Aug 19, 2023
Redeemable NFTs: OpenSea is spearheading the future of redeemable NFTs, despite the current lack of industry standards. They're launching an open standard for both on-chain and off-chain redeemables and seeking community contributions. New ERC and SIP proposals aim to set the groundwork for redeemable NFTs, including a unique "trait redemption" mechanism. OpenSea has also rolled out a proof-of-concept NFT, Burnie the Flame, for users to mint and explore.
Redeemables are one of the most exciting use cases of NFT technology— but they lack a standard. So we’re publishing ERC-7496, ERC-7498, SIP-14, and SIP-15 for redeemables and working with the community to ensure they fit the ecosystem's needs.
— OpenSea (@opensea)
Aug 28, 2023
Web3 Crocodile: Famous fashion brand Lacoste 🐊 revealed new benefits for all holders of its Undw3 (Underwater) NFTs, including access to contests, creation sessions video games and more.
Sneaker 👟: Dior presented a new sneaker shoe with the name “B33” that includes an NFC chip to access the blockchain-based certificate of authenticity.
Cooperation 🙌: Doodles and Crocs collaborated to fuse fashion and tech, releasing exclusive Classic Clogs on August 29. Buyers received a "Crocs Box" digital collectible with Doodles wearables. Doodles' collectors had early access on August 28 with special pricing!
Image: Doodles & Crocs
Parallel 👖: Tommy Hilfiger has launched 'Tommy Parallel', a virtual universe in partnership with The Fabricant. Visitors can use avatars donned in Tommy's digital outfits. While highlighting the brand's move into the digital realm, this venture has caught attention within the Web3 community.
Image: Tommy Hilfiger
Migration: DeGods, originally the leading NFT collection on Solana, transitioned to the Ethereum blockchain in April. Founder Frank has announced another strategic move: y00ts, DeGods' sister project, will migrate from Polygon to Ethereum's mainnet. This follows y00ts' previous migration from Solana to Polygon just a few months prior. These consecutive shifts aim to capitalize on Ethereum's established ecosystem but the DeGods move didn’t pay off - also due to an underwhelming “season 3” of the project.
#DeGods nfts floor price went from 10 ETH to 3.68 ETH in less than 30 days📉
After the migration from Solana (where they were the largest Solana-based NFT collection by all-time sales volume) to Ethereum, the collection doesn’t seem to have found the right path to become a top… twitter.com/i/web/status/1…
— IMPosay.eth (@eth_imposay)
Aug 24, 2023
Season 3: In a dramatic turn of events, the co-founder of DeGods exited the project shortly after the launch of DeGods Season 3. While the reasons behind the departure remain unclear, it's a pivotal moment causing some FUD (Fear, Uncertainty, Doubt) in the community. The departure is critical, as Season 3 (which, amongst other features, involved an art downgrade) was met with much criticism.
Degods Season 2 vs Season 3
— SolHub (@koolk123456)
Aug 26, 2023
In the 2 days after DeGods announced Season 3, 455 NFTs were dumped into bids.
86% of them have since been dumped by the buyer. Most have traded 3+ times. More than 15 have traded 10+ times
Speaks to how NFTs once dumped create an ongoing supply issue
— NFTstats.eth (@punk9059)
Aug 23, 2023
NFT Ads: Starting September 15, Google will allow ads for NFT games, as long as they don't promote gambling. Previously, Google had strict rules against cryptocurrency-related ads, but has been gradually easing them. Games where players can buy in-game items are permitted, but betting games remain banned. This will further improve adoption and use of NFT-bases games.
Shareholder: The crypto community is buzzing about friend.tech, a groundbreaking decentralized social network (built on Coinbase’s new Layer 2 network “Base,” which we discuss later) redefining friendship in the digital age. Dubbed a "marketplace for friends," this blockchain-based platform allows you to invest in social tokens representing individual users and their networks. These tokens aren't just symbolic; they grant you access to exclusive, gated content from creators.
Traders, highly valued content creators, and crypto celebrities have already earned tens of thousands of dollars. If you want to dig deeper into the numbers, we recommend this Dune dashboard.
It will be interesting to watch how this new trend unfolds as in recent weeks we have seen increased interest and trading activity and on the other hand - a new target group joining the platform: OnlyFans creators.
NFT Market 📉
Negativity: The NFT market hasn’t been in good shape recently and reached a new bottom measured in trading volume and the number of active traders. Even popular collections like Bored Ape Yacht Club have reached new lows as the floor price for the popular apes fell below 30ETH. What does it need to spark new interest and attract new users?
Yesterday's ETH volumes on major NFT exchanges were below 5000 for the first time in over two years.
— NFTstats.eth (@punk9059)
Aug 28, 2023
In the past week, the transaction volume of the entire network NFT market was only 73.2 million US dollars, the lowest in the past two years. In addition, in recent weeks, the number of NFT trading users on the entire network has fluctuated around 50,000, which is also the lowest… twitter.com/i/web/status/1…
— Wu Blockchain (@WuBlockchain)
Aug 29, 2023
This is how the NFT market works right now
— Steve ethereum.hbar (@steveb_crypto)
Aug 28, 2023
Ludo opinion: In the dynamic realm of Web2 to Web3 migration, many solutions are emerging to reduce the costly User Acquisition (UA). The landscape is bustling with opportunities from investment funds snapping up Web2 games and ensuring a seamless transition to Web3, to tech innovators offering diverse migration strategies. Stay tuned for more updates in our next edition.
Gaming also took centre stage at TOKEN 2049 (more about the event later), drawing attention to the main event and various side activities. We're on the cusp of experiencing games that meld the gameplay we adore from Web2 with the innovation of Web3. Impressively, both seasoned Web2 game developers and emerging Web3 native game creators made their presence felt.
This blend forecasts the birth of novel gaming ecosystems, set to attract a fresh wave of users and spark myriad collaboration opportunities. Numerous initiatives now offer tools to streamline the transition between these two worlds. Even more intriguing is the integration of NFTs, facilitating the transfer of real-life perks to the blockchain and vice versa.
As the horizon of Web3 gaming is broadening, we at Ludo are deeply engaged in this space, and it's a thrilling time to be part of the journey.
Media & Entertainment 📺
Festival: Tomorrowland's 2023 edition has made a big splash in the Web3 world by raising $2.2 million from NFT sales. But it's not just about the money; these NFTs are changing the game for fan engagement. Gone are the days when the festival's buzz dies down post-event. With these digital tokens, fans get more than just digital art. Think of them as VIP passes that give you early-bird access to shows, pre-sale tickets, and more. It's like the festival never ends. And it's not just Tomorrowland; other festivals are jumping on the NFT bandwagon to juice up the fan experience. Bottom line? NFTs are reshaping what it means to attend a festival, taking the experience beyond time and space. 🎶🚀🔥
The entertainment industry just got a massive upgrade!
Tomorrowland is using NFT technology correctly, giving their holders exclusive early access to shows and more.
This move has also generated an additional $2.2M in revenue.
Here's everything you need to know.👇🧵
— Kermit 🐸 (@crypto__kermit)
Aug 29, 2023
Layer 2: Coinbase launched Base, its new Layer 2 blockchain solution designed to accelerate transactions and cut costs. Base aims to solve some of Ethereum's scalability issues without compromising security. Acting as a second layer over Ethereum enables faster, cheaper transactions while still keeping them secure and decentralized. Suppose you're searching for a solution to Ethereum's high fees and slow speeds. In that case, Base is a key player in the Layer 2 space, especially as it already attracted more users than its competitors Arbitrum and Optimism just a few weeks after its launch.
Milestone: 100,000 ETH bridged to @BuildOnBase 🔵
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak)
Aug 29, 2023
📈Blockchain Base is the fastest L2 (Layer 2) network to reach the first 100,000 users.
📍This milestone was achieved in just 56 days after launch. For comparison, the chart illustrates the development speed of popular networks such as Polygon, Arbitrum, Optimism and Starknet.
— Being Invested | Alpha 🔸 (@BeingInvestedHQ)
Aug 27, 2023
Stablecoins: PayPal has entered the crypto arena with its own dollar-backed stablecoin PYUSD. This move signifies a major step in mainstream adoption, allowing users to make transactions and store value with the U.S. dollar's stability but the crypto's flexibility. By launching its stablecoin on the Ethereum blockchain, PayPal aims to become a formidable force in the digital assets market. Keep an eye on this play as PayPal delves into the crypto-verse.
- .@nansen_ai analysts found that 90% of Paypal's PYUSD supply is custodied by Paxos Trust.
- Around 7% of the total supply is accounted for by crypto exchanges.
- The Uniswap pools (PYUSD/WETH) and (PYUSD/USDC) have fewer than 50,000 coins in them.
- There are fewer than 10… twitter.com/i/web/status/1…
— Vishal Chawla 🛸 (@vishal4c)
Aug 25, 2023
Approval: Coinbase got approval from the National Futures Association to offer crypto derivatives in the U.S., opening up a market that makes up 75% of global crypto trades. This is a win for U.S. crypto investors and a boost for Coinbase, whose stock jumped 3% on the news. The move is a positive step for the U.S. in the global crypto economy.
Twitter (X): Is X (formerly Twitter) planning to add crypto payments to its services? At least they have recently acquired the licence for crypto payments and trading in the US. With millions of users, this would be a big boost for the industry.
Big Win: In a big win for the crypto industry and Greyscale, a US court ruled against the SEC, which blocked Greyscale’s plans to convert their Bitcoin trust into an ETF. It doesn't mean it's all clear skies, but it's a step. This could shake up the SEC's approach to crypto, making room for many different Bitcoin ETFs and other favourable regulations. 🚀📈
JUST IN - Bloomberg: “Grayscale closer to spot #Bitcoin ETF launch”
— Bitcoin Magazine (@BitcoinMagazine)
Aug 30, 2023
SEC vs. NFTs: Despite the recent setbacks for the SEC, they are continuing their fight against the crypto industry and, for the first time, charged an LA company for selling unregistered securities as NFTs. The targeted company Impact Theory paid a $6 million settlement fee and had to destroy all the Founder's Key NFTs.
NFTs are Dead 💀
— ryandcrypto 🛡️ (@ryandcrypto)
Aug 29, 2023
Crypto & DeFi 🤑
Stables are becoming a thing: The volume of transactions settled in stablecoins is rising constantly. Are stablecoins, therefore, the killer app of Web3?
Jail: Sam Bankman-Fried (SBF), the founder of crypto exchange FTX, was jailed after a judge revoked his bail due to alleged witness tampering. He'll stay in custody until his trial on October 2. The case involves wire and securities fraud charges, and the judge believes there's enough reason to think Bankman-Fried tried to interfere with witnesses.
Stablecoin wars: The competition between the US-pegged stablecoins USDT (Tether) and USDC intensified in August. Tether increased its market share while USDC has been losing momentum, which led to heated discussions between the founders of both projects on Twitter (X).
Read the full story: https://bitcoinist.com/new-stablecoin-war-tether-binance-sun-usdc/
USDT vs USDC | Source: Twitter @Travis_Kling
Ludo’s Hot Take 🔥
The Growing Maze of Blockchain Chains: A Double-Edged Sword
We just witnessed a successful launch of Coinbase’s new Base Layer 2 solution on top of Ethereum. But new Layer 1 and Layer 2 chains are always launching, but this boom has downsides. Liquidity is getting fragmented across chains, making transactions less efficient and opening the door for scams. Moreover, the mental toll of navigating these multiple chains can't be overlooked. For beginners, navigating this space is almost impossible - the complexity seems overwhelming.
The question isn't just whether to bridge to a new chain, but whether that chain offers something genuinely valuable. While the FOMO around launching new chains is strong, we should focus on fewer, better, more interconnected options. Users need quality over quantity to navigate this already convoluted landscape safely. Of course, this is one of our core missions as Ludo, providing a central hub that brings together the best opportunities in Web3 from all the relevant blockchains - abstracting away unnecessary complexity.
New L1s are still launching. After Aptos, Sui, and Sei, Zeta chain, a new L1 has raised $27M.
Base, opBNB, Aevo, Zora, Shibarium, Mantle, Metis, now DeBank and Shibarium are new L2s launched in the last 6 months.
How many chains do we need?
There are currently 204 chains listed… twitter.com/i/web/status/1…
— Crypto Koryo (@CryptoKoryo)
Aug 18, 2023
Brands in Web3: Hospitality & Travel 🧳
Ready for a virtual adventure that could redefine how you experience travel and hotels? 🌍✈️ Say hello to the exciting world of NFTs in travel and hospitality! Imagine checking into a Marriott and getting way more than just a room—how about a tailor-made Augmented Reality journey that blends the real and virtual worlds? Or what about a truly personalized travel experience on your next flight with Lufthansa, built entirely on a blockchain-based loyalty program? These are just two examples of how NFTs are creating next-level guest experiences.
Ever felt that loyalty points were kinda meh? Wyndham Hotels is flipping the script by letting you convert loyalty points into cool stuff like Bitcoin or gift cards. 💳🚀 It's a total game-changer for rewards programs. And speaking of game-changers, how about using NFTs to improve the world? Initiatives that use NFTs to raise awareness and fund causes like ethical elephant tourism are popping up.
But there's more. Want the VIP treatment? Some luxury resorts are offering NFT-based experiences that are so exclusive, you'll feel like royalty. And let's not forget about NFTs as keepsake event tickets, turning your night out into a lasting digital memory. 🎟️🎶
We're just scratching the surface here. This article digs deep, offering real-world examples and laying out the massive potential of NFTs to revolutionize travel and hospitality. From unique experiences and revamped loyalty rewards to social impact, NFTs are opening up new frontiers in how we explore the world. This isn't just tech talk; it's about crafting unforgettable journeys and elevating the travel game. So, if you're all about that #CryptoLife and love to explore, you won't miss this deep dive into the future of travel on the blockchain! 🌐🔗
Ludo Updates 🏗
🔒 Safeguard Your Brand in the Crypto Age with ARGOS: A Ludo x EBRAND Collaboration 🛡️
The crypto boom brings huge opportunities but also risks, especially for brand protection. Therefore, we have partnered with EBRAND to provide a groundbreaking solution that sets new brand security standards across Web3, crypto domains, and NFTs called ARGOS 🌐
✔️ Tackle IP misuse and scams that tarnish your brand's rep.
✔️ Protect your crypto domains from hijacking or misuse.
✔️ Stay ahead with real-time monitoring across 15+ blockchain networks.
Don't let scammers dictate your narrative. Take control and secure your brand's future today. 🌟
Are you also interested in partnering with us? We would love to talk to you! Just fill out this quick form!
Ludo @ TOKEN 2049
We had the honor to visit the TOKEN 2049 conference in Singapore on September 12th and 13th - one of the key events in the blockchain industry. As an official partner of the event we have been very happy to see its huge success with more than 10’000 attendees and the Who-is-Who of the Web3 industry as speakers and panelists.
#TOKEN2049 in Singapore 🇸🇬 has been a blast! @sergiuliano & @_0xMatt_ represented our team and met with other industry leaders in #Web3.
We will share more insights about what we have learned during the next days and are already looking forward to the next edition!
— Ludo | Discover Web3 (@LudoWeb3)
Sep 16, 2023
We took the opportunity to meet many of our investors and industry experts, talk about the latest breakthroughs at Ludo and the future of the Web3 space in general.
Our CEO Sergiu Draganus with Sebastian Borget, the founder of THE SANDBOX.
Meeting our investor and advisor Prashant Malik (right), General Partner of Tykhe Block Ventures
TOKEN 2049 Review & Ludo Insights
TOKEN 2049 defied any notions of a bear market, showcasing a bustling venue of 10k attendees, 400 side events, and a lunch scene reminiscent of the Shibuya crossing.
Building on Bitcoin: Gaining momentum largely due to Ordinals. Not only did the Ordinals summit on the 12th attract a crowd with its subsequent networking afterparty, but an insightful Token2049 panel featuring names like Eric Wall and Nic Carter also shone. The influx of VC capital and a growing intrigue about Bitcoin's building culture suggest a trend to watch.
Gaming's Evolution: Both legacy Web2 game producers and Web3 natives made their mark. The bridging of these realms hints at new ecosystems and collaborations. Tooling for migration between these worlds is an emphasis, a niche where Ludo has significant plans.
NFT Resilience: PFP communities, such as Pudgy Penguins and DeGods, maintained a formidable presence. The Asian market remains particularly fervent about their PFP commitments.
Market Dynamics: Amidst liquidity challenges, market makers vied for dominance. Moreover, a sensed rivalry was evident among centralized exchanges eyeing Binance's throne.
Institutional Shifts: Tokenizing money market funds gained traction, notably propelled by Franklin Templeton's on-chain initiative. CEO Jenny Johnson's presence reinforced institutional interest in this domain.
Our personal view: The excitement for Ludo's offerings was palpable. Key discussions with giants like SkyMavis and Animoca Brands validated our direction. Overwhelmed at times by the event's magnitude, it undeniably provided invaluable insights and positioned Ludo prominently on the global stage.
📣 What are your takes on the recent developments in Web3? What project do you want us to look at? What breaking news did we miss?
Join the discussion with our experts on Ludo’s social media channels:
The most interesting Twitter post and threads we have come across recently 👇
Blur is finally dying, but not before nearly dragging down the NFT market with it.
Here's a mini thread/rant on how we got here and what I think happens next ↓
— gino.eth 💽 (@GinoTheGhost)
Aug 20, 2023
The rise of web3:
How Reddit built the world's largest NFT ecosystem 🧵👇
— Lamboland (@LambolandNFT)
Aug 5, 2023
Insights on the State of NFTs Today
1) Hype is dead 💀
Azuki + Elementals, Captainz reveal, Ether mint, & DeGods S3 all crumbled after hype
2) Utility is dead 💀
NFTs delivering utility are all down bad. BAYC is approaching 1/2 of a floor punk
3) Liquidity is dead 💀
— JBond (@jbondwagon)
Aug 20, 2023
We’ve read the entire @Delphi_Digital x @naavik_co 's 70-page gaming report, so you don’t have to 🕹
Here is the state of the blockchain gaming market covered in 10 tweets
(including trends like Modular Blockchains and Infrastructure)
— GameSwift 🎮 (@GameSwift_io)
Aug 21, 2023
How NFTs will change the world 🧵👇
— Lamboland (@LambolandNFT)
Aug 22, 2023
I spent $10.5k for my doodle which is now worth $2.2k.
At least I’m getting $20 off on a pair of Crocs 🤷♂️
— legen (@legen_eth)
Aug 28, 2023