Daily Web3 Headlines You Need To Know

Seed Web3 Daily
3 min readNov 17, 2022

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17 November #NFT #Developers #DeFi&Trading #Policy&Law

Are we still gonna talk about Web 5.0? (Source: proyectaDS)

🖼 NFT

Coachella NFTs Trapped in FTX Crypto Fallout
The festival partnered with FTX.US to sell $1.5 million worth of NFTs back in February, a couple of months before the Southern California event’s first staging since the pandemic. The collection included 10 NFT “Coachella Keys,” which granted lifetime access to the festival and VIP perks such as luxury experiences and exclusive merchandise. Many of those NFTs now appear to be stuck and inaccessible on the defunct exchange…(Read More)

Justin Bieber Paid $1.3 Million for a Bored Ape NFT. It’s Now Worth $69K
Bored Ape Yacht Club hype was in full swing earlier this year as celebrities “aped into” the pricey Ethereum NFT collection. Some have even used their Apes to create products, themed restaurants, live performances, and more. But the buzz has faded amid the crypto bear market, and the price to join the exclusive club has been dropping lower and lower in recent weeks…(Read More)

🔗 Developers

FTX just imploded, and Jack Dorsey wants to talk about the next stage for crypto?
It’s barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5. The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about plans to build a decentralized web on Bitcoin’s blockchain through Block subsidiary TBD…(Read More)

📈 DeFi / Trading

New York Fed Partners with US Banks on 3-Month Digital Dollar Project
The Federal Reserve Bank of New York’s Innovation Centre (NYIC) in partnership with some US banking giants has kickoff a three-month digital dollar proof-of-concept (PoC) project. This project “will explore the feasibility of an interoperable digital money platform known as the Regulated Liability Network (RLN),”…(Read More)

BlockFi on the Brink of Bankruptcy? Another Victim of FTX Collapse
BlockFi Inc., a popular cryptocurrency lender, is currently preparing for alleged bankruptcy proceedings, the Wall Street Journal (WSJ) said yesterday, quoting anonymous sources familiar with the matter. BlockFi halted customer deposit withdrawals and acknowledged its significant exposure to the recently fallen FTX last week…(Read More)

HIVE Revenues Down 45% in Q3 Despite Higher BTC Production
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE), a cryptocurrency mining company focused on green energy, announced on Wednesday its financials for the third quarter of 2022. Similar to other publicly listed miners, HIVE reported a visible slump in revenue compared to the previous year due to the drop in Bitcoin (BTC) and Ethereum (ETH) prices…(Read More)

DeFi Giant MakerDAO Speeds Up DAI Transactions and Withdrawals, Expands to Arbitrum, Osmosis
Decentralized-finance (DeFi) protocol MakerDAO said it can now handle “near-instant” transactions and faster withdrawals across the Ethereum blockchain and layer 2 networks for its $6 billion stablecoin, DAI. The new infrastructure called Maker Teleport enables users to send and withdraw DAI by circumventing the Ethereum blockchain’s base layer…(Read More)

Crypto Market Slides After Genesis Withdrawal Halt, but Big Investors May Hunt for Bargains
Digital assets extended losses on Wednesday after the crypto financial firm Genesis Global Capital announced that it was temporarily suspending redemptions and new loan originations, the latest industry player to struggle in wake of crypto exchange FTX’s meltdown. Bitcoin (BTC) dropped 3.5% to $16,456 during U.S. morning trading hours on Wednesday…(Read More)

⚖️ Policy & Law

Abu Dhabi Grants Permission to Binance to Offer Custodial Services
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted Financial Services Permission (FSP) to Binance, the world’s largest cryptocurrency exchange. ADGM, an international financial hub located in the United Arab Emirates’ capital city…(Read More)

FTX’s Bahamas Unit Applies for Bankruptcy Protection in the US
FTX Digital Markets, the Bahamas subsidiary of troubled cryptocurrency exchange, FTX, has applied for Chapter 15 bankruptcy protection in the United States. The unit is seeking protection from creditors in the US, a court filing registered late Tuesday in the Southern District of New York shows. This is even as another court filing processed the day before suggests that the FTX Group could be indebted to more than one million creditors…(Read More)

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