Daily Web3 Headlines You Need To Know

18 November #NFT #Developers #Metaverse #DeFi&Trading #Policy&Law

🖼 NFT

How traditional artists are using Web3 to meet new audiences
Indeed, they say that NFTs change the relationship they have with their audience, opening up new forms of art. Things change when the audience actually owns the artworks, no longer forced to loaf around galleries filled with art owned by other people. “Web3 feels much more like a space that becomes part of the fabric of the artwork itself rather than being a market in the traditional sense,” they say. While they can’t quite retire on the proceeds of their origami collection…(Read More)

🔗 Developers

Sui Network, a New Blockchain From Ex-Meta Employees, Launches Its Testnet
Sui Network, a layer-1 blockchain created by ex-Meta (nee Facebook) engineers got a step closer to going live by announcing it has opened its testnet — a place where the viability of the technology can get a more thorough examination. The testnet “Wave 1” will be used for validators and full nodes…(Read More)

🌖 Metaverse

Metaverse ‘explosion’ will be driven by B2B, not retail consumers: KPMG partner
The Australian arm of Big Four accounting firm KPMG could soon be holding executive meetings and closing multi-million dollar deals with clients in the Metaverse, with the firm now exploring how the revolutionary technology can transform its business model. In a recent interview, KPMG’s James Mabbott, Partner in Charge at KPMG Futures said the firm sees real potential in the technology creating new and more efficient ways for businesses…(Read More)

📈 DeFi / Trading

HSBC and Wells Fargo Expand DLT Solution for FX Transactions
HSBC Bank plc and Wells Fargo & Company, two giants in the banking industry, announced on Thursday the expansion of a distributed ledger technology (DLT) solution they are using for foreign exchange (FX) settlements. It now includes CNH (offshore yuan). According to the press release, two institutions launched the bilateral blockchain solution in December 2021…(Read More)

Bitcoin price target now $13.5K as BTC trader says ‘exit all the markets’
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing only mild volatility at the Wall Street open. The pair showed acclimatization to events around the FTX insolvency, the latest including revelations that Alameda Research had been immune from liquidation while trading on the platform…(Read More)

⚖️ Policy & Law

Bitstamp Gains Registration in Spain amidst European Expansion
Bitstamp, a Luxembourg-based cryptocurrency exchange, has gained a virtual asset service provider registration in Spain almost four months after it received a similar approval in Italy. With the Spanish approval, the exchange can now offer crypto-to-fiat and electronic wallet custody services to its users in Spain, CoinDesk reports on Thursday…(Read More)

FTX Saw ‘Complete Failure of Corporate Controls’ under Bankman-Fried
John Ray III, the new Chief Executive Officer of troubled cryptocurrency exchange, FTX, has described the running of the FTX Group under Sam Bankman-Fried, Co-Founder and former CEO, as “a complete failure of corporate controls.” Ray III also described the business environment under Bankman-Fried as “unprecedented.”…(Read More)

No Blockchain for Aussie Stock Market, RBA Is “Very Dissapointed”
The Australian Securities Exchange (ASX) cancelled its plans to replace the current Clearing House Electronic Subregister System (CHESS) with a blockchain alternative in light of ‘solution uncertainty’. Australian regulators and banking authorities expressed strong disappointment. The project has been under development for the last five years and costs more than $170 million…(Read More)

Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets
The Securities Commission of the Bahamas announced Thursday that it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. In a press release, the commission said it made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds….(Read More)

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