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Topics of This Newsletter 📋

1. Web3 Patent Registrations: The latest numbers!

2. What are NFTs? Educate yourself on the basics of NFT tech!

3. Industry Digest: The hottest news about Web3 and NFTs!

4. Brands in Web3 - Food: Are NFTs changing the food industry?

5. Ludo Updates: New and exciting updates from our team!

6. Socialverse: The latest memes and hottest takes on social media!

Growing Number of Web3 Patents 📋

Despite the calmer summer months, the number of patent and trademark registrations in the Web3 sector has been trending higher compared to the earlier months of the year. This shows that there is continued interest in blockchain-related topics independent of a downtrend in digital asset prices.

NFTs: More than Just a Digital Buzzword! 💡

Discover the Power of NFTs!
New to NFTs? They're more than just digital art. From gaming to fashion, NFTs are revolutionizing online interactions and ownership. Dive into our guide and explore the endless possibilities they offer!

Unlock the NFT Revolution!
NFTs are transforming the digital world, impacting art, games, and luxury brands. Want to understand why they're such a big deal? Check out our comprehensive guide! 🌐🎨🎮👚

🚀 Web3 & NFT Pulse Check! 🎨 📊

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Ludo’s Industry Digest 🗞

We've combed through the myriad of Web3 news from the tail end of summer so you don't have to. From the vast array of updates, we've distilled the most crucial and impactful ones for your convenience.

NFTs 👛

PayPal & NFTs: PayPal has applied for a patent to launch an NFT marketplace, facilitating both on-chain and off-chain trading. This marketplace will support not just digital collectibles but also real-world items like deeds. Despite the decline in NFT values, PayPal continues to expand its crypto offerings, with third parties managing on-chain transactions to bypass blockchain fees.

ERC-6551: ERC-6551 proposes a game-changing token standard where NFTs double as wallets. Targeting pain points in the current ERC-721 standard, it's geared to boost NFT projects, Web3 gaming, and DAO operations. Its compatibility with Layer 2 protocols promises more seamless interactions. While promising, it's still in its proposal stage but boasts over 17,200 wallets, mainly on Polygon. Projects like Stapleverse's Sapienz are adopting it, but challenges like complex asset selling and higher gas fees persist. This standard could reshape digital ownership in the Web3 domain.

Pudgy Penguins @ Walmart: Walmart is now selling toys linked to the popular NFT collection, Pudgy Penguins, across 2,000 US stores. These toys offer a unique code, granting access to Pudgy World, a game where users can personalize their penguin avatar. This game, hosted on zkSync Era’s layer-2 blockchain, is designed to merge tangible and digital experiences. Since its 2021 launch, Pudgy Penguins has generated over $400 million in digital collectibles sales. Toy designs are based on the associated NFT art, and sales will provide royalties to the NFT owners. This move sees Walmart capitalizing on the latest digital toy trends.

Art 🖼

NFTs in London: London's Saatchi Gallery showcases NFT art in its "Long Live London" exhibition, signaling growing acceptance in the mainstream art world. Artists and experts, like Diego Castro and Leo Crane, celebrate this as a pivotal moment for NFTs, emphasizing their transformative potential. Despite some criticisms, the NFT community remains positive about its future and the innovative opportunities it offers.

Sports 👥

SPURS: Tottenham Hotspur, a Premier League team, has partnered with the Chiliz blockchain to launch its Web3 fan token to enhance fan engagement and rewards. Through Socios.com, a platform built on the Chiliz blockchain used by over 80 major sports teams globally, Spurs will offer its fans digital collectibles, real-world rewards, and the ability to participate in team decisions. This blockchain initiative aligns Tottenham with other football giants like Manchester City, Arsenal, and Barcelona. The SPURS token will be available on October 4 on crypto exchanges that support Chiliz tokens.

Crypto Community 👥

The Bit Boy Comedy: Ben Armstrong, former Bitboy Crypto YouTube host, was arrested during a livestream outside Carlos Diaz's home, where he claimed Diaz took his Lamborghini. This follows Armstrong's split from HIT Network, which now seeks to sell Lamborghini. Armstrong was charged with loitering and simple assault. Diaz verified the visit using security footage.

What happened before?
Ben Armstrong, founder of BitBoy Crypto, was ousted from his company in August 2023, a move he labeled a "coup." This sudden departure was announced both by Armstrong on Twitter and via a company email. Speculation surrounding the reasons for his removal includes his association with "shady" meme coins, allegations of substance abuse, abusive behavior towards colleagues, and his provocative actions related to a harassment case by attorney Adam Moskowitz. Despite Armstrong's belief in a potential return to BitBoy Crypto, the company seems determined to proceed without its founder.

Gaming 🎮

Microsoft & Crypto?: Leaked documents suggest Microsoft may embed crypto wallets in its Xbox consoles. The details shared on the ResetEra gaming forum, although validated by Xbox Head, Phil Spencer, also noted some outdated content. If actualized, this move could let gamers purchase in-game assets with crypto, promote direct digital item trades, and boost overall crypto adoption. With Microsoft's recent alliance with blockchain network Aptos Labs, their inclination towards blockchain seems evident.

Minecraft vs. Play-to-Earn: In July, an independent Minecraft server named Satlantis introduced a play-to-earn feature, allowing players to earn Bitcoin by completing in-game quests. However, Mojang, a Microsoft subsidiary and the developer of Minecraft, has now requested the removal of this feature, as confirmed in a Discord post by Satlantis founder, David Dineno. While expressing his frustration with the decision, Dineno encouraged users to withdraw their in-game satoshi and reassured them that all in-game assets would be honored. Satlantis is now exploring alternative platforms that support innovation.

Media & Entertainment 📺

IYK secures $16.8M: Web3 startup IYK raised $16.8 million in seed funding led by A16z Crypto. The company aids brands like Adidas and Johnnie Walker in launching digital collectibles linked to real products using NFC technology. With this funding, IYK aims to launch a platform for users to craft combined physical and digital experiences easily.

Finance 🏦

Ethereum Fund: Bitwise is starting two new Ether funds on October 2. These funds let people invest in Ether without buying it directly. Many companies are waiting for a green light from the SEC to start similar Bitcoin funds. Nine other Ether funds are also set to begin on October 2.

Valkyrie: Valkyrie has been greenlit to incorporate Ether (ETH) futures contracts into its existing Bitcoin ETF. The newly adjusted fund, the first of its kind in the US, will officially launch on Oct. 3 as the "Valkyrie Bitcoin and Ether Strategy ETF", though its ticker will stay as BTF. This decision is in line with a rising interest in ETH futures ETFs in the market.

Legal 🏛

Su Zhu’s Arrest: Three Arrows Capital's co-founder, Su Zhu, was caught and arrested at Singapore's Changi Airport. He's been jailed for four months for not following court orders regarding the hedge fund's liquidation. Another co-founder, Kyle Davies, faces a similar four-month sentence but hasn't been found yet. This company once had about $10 billion in assets and went bankrupt in 2022. Its problems caused big changes in the crypto world after a significant project collapsed.

SEC accused: Venture capital firm Paradigm has criticized the SEC for allegedly overstepping its bounds in its case against Binance. The SEC had accused Binance of various securities law violations. Paradigm also highlighted concerns over the SEC's use of the Howey test to classify assets as securities.

Gensler: SEC Chair Gary Gensler expressed concerns about crypto firms' handling of customer assets in a congressional hearing. He avoided specific details about the SEC's plans for bitcoin ETFs, but stated they're actively considering the matter. Additionally, Gensler warned that a potential government shutdown could greatly impact SEC operations, reducing its active staff by over 90%. He sidestepped commenting on the ongoing Ripple case and emphasized the need for Congress to address crypto firms' commingling of assets.

SBF Trial: Sam Bankman-Fried, former leader of FTX, has begun the high-profile criminal trial. He faces charges, including fraud and money laundering related to the operations of the cryptocurrency exchange. The case will explore the truth behind FTX's disclosures to its investors and the handling of billions of dollars. Four former senior FTX executives are cooperating with the government. The broader crypto industry's reputation is also on the line, with significant implications depending on the outcome. The defence contends Bankman-Fried believed he was acting legally and relied on colleagues for guidance.

To follow SBF’s trial, listen to this podcast.

Brands in Web3 - Food 🍕

Our regular research reports explore how Non-Fungible Tokens (NFTs) are changing various fields, with this piece focusing on the culinary industry. NFTs are unique digital items on the blockchain. Big brands like KFC and Pizza Hut are using NFTs, offering digital art and special online events to connect with customers. This helps boost their online presence, provide exciting experiences, and create new income sources.

Major food companies are finding unique ways to use NFTs. For example, Taco Bell sold NFTs themed around tacos and donated the earnings to charity.

At first, some saw NFTs as a fleeting trend, but they've shown lasting value in the food industry. They help brands strengthen customer ties, innovate, and discover new business strategies. There are challenges, like environmental concerns, but the benefits suggest NFTs will be key in shaping the food industry's future. As real and digital worlds merge, NFTs highlight the evolving nature of business and customer connections.

📣 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:

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Socialverse

The most interesting Twitter post and threads we have come across recently 👇