TronWeekly

Crypto World News

You are here: Home / Archives for Web3

Web3

Immutable initiates $500M as ecosystem development fund

by

Immutable, the world’s largest NFT and gaming-focused crypto firm, has announced the formation of a $500 million ecosystem development fund to promote GameFi adoption and the crypto gaming industry in general.

The company’s first venture investment fund was revealed in a news release on Friday.

Robbie Ferguson2
Robbie Ferguson, Co-founder & President of Immutable

The cash will be used to create and construct web3 games and NFT-focused firms using Immutable X, the company’s layer-2 Ethereum-focused platform, according to the company’s President and co-founder, Robbie Ferguson.

These projects, he said, will be the driving force behind the organization’s primary goal of allowing the next generation of web3 gaming.

The company’s consistent investment in the area stems from its belief in its potential as one of the most significant opportunities ever to exist on the internet3. He further added,

“The total addressable market will be enormous and much bigger than what gaming is today – a $100 billion industry for in-game items alone.”

The third generation of internet services for applications and websites is known as Web3. To synthesise and create a data-driven semantic web, it focuses on artificial intelligence. It also aspires to create websites that are more intelligent, linked, and open. Users would engage with one another without the necessity of middlemen in Web3. As a result, information will be shared and censorship by governments and companies will be reduced.

Immutable to join hands with other NFT investors

BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, and other NFT-focused investors will be partnered with the fund, according to Ferguson.

He backed this up by claiming that the gaming industry’s total addressable market has grown by 10% every year.

He went on to say that, based on the notion that events like movies, TV series, and music will end up in the gaming world, the sector might be worth $1 trillion in the near future only for ownable assets.

Immutable capital was raised, according to Ferguson, through a variety of sources, including the company’s venture partners, balance sheets, and VC allocations.

Web3 Days Are Over? Jack Dorsey’s Web5 Touts Itself As The Next Web Evolution

by

Web3 Rest in Peace! No, we didn’t say that. Its former Twitter head and current Square CEO Jack Dorsey proclaimed while unveiling Web5, touting it to be the next generation of the decentralized internet.

Square’s new Bitcoin business TBD which focuses on making DeFi accessible has first tweeted the new project calling it “an extra decentralized web platform”.

In the slide presentation, the firm wrote that the current web model holds users’ data and identity captive which is why they created Decentralized Identifiers [DIDs] and Web Nodes [DWN] that brings data ownership and identity control back to individuals or organizations.

The combined force of DIDs and DWN is set to produce a web of secure messaging, data sharing, and credential exchange that it claims would replace Web3’s one-off protocols such as encrypted messaging, photo sharing, etc.

Screenshot 2022 06 11 180335
Immutable initiates $500M as ecosystem development fund 3

Jack Dorsey’s abhorrence towards Web3 is well known and has raised questions on multiple occasions about the supposed decentralized nature of the space.

As reported by TronWeekly, Dorsey especially expressed displeasure over leading Web3-friendly large-scale investors such as Andreessen Horowitz [a16z] for looking to monopolize the platform.

He is not alone. Lauren Capelin who works as the lead investor at one of Australia’s biggest startup accelerators has also raised concerns over traditional venture capital funding for some Web3 startups, warning it might, in reality, hinder rather than help firms build the next-generation tech.

Web3’s Funding Style Has Received A Lot Of Flaks

As a matter of fact, several Web3 startups often receive funds through less traditional methods, like DAOs.

DAOs secure funds by selling tokens to a community of people, who hold individual voting rights over the direction and purpose of the organization.

Often DAOs require members to prove their worth in terms of skills or services they can bring to the table. Many of these DAOs then vote on those proposals or projects that are fund-worthy.

But, Capelin has her skepticism with regards to Web3 projects which she felt would suffer as opposed to benefitting.

“I think the dangerous thing is venture capital funding these communities. But there’s definitely space for large-scale investors in capitalizing the core infrastructure of this space [through] more traditional sources of funding,” She added.

Mastercard Extends Payments Services to Web3 and NFTs

by

Mastercard has unveiled ambitions to increase access to the non-fungible token (NFT) market by using card payments.

In a blog post published on June 9, Raj Dhamodharan, the business’s executive vice president, claimed that the company had collaborated with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway, and MoonPay to allow NFT trade.

“We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services,” he said. “With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.”

Mastercard to ease payments for NFT

Obtaining an NFT from a marketplace such as OpenSea now requires funding a crypto wallet and paying in a token such as ETH or SOL. This is, however, beginning to change.

Coinbase and Mastercard have already teamed up to enable cash payments on Mastercard’s new NFT platform. Visa is keeping a close eye on the NFT business after purchasing a CryptoPunk late last year. MoonPay has been offering its partners an NFT payment solution since January.

According to Dhamodharan’s blog post, a recent Mastercard survey of more than 35,000 people in 40 countries indicated that 45 percent of those polled had purchased or were considering purchasing an NFT, and about half of those polled wanted more flexibility.

Visa also announced the introduction of its own NFT creator program earlier this year to promote independent NFT artists and small businesses looking to increase their revenue using NFT technology.

The promotion of mass adoption of cryptocurrency and NFTs by two of the world’s top payment processing networks might be the impetus for both asset classes to launch a new bull market in the second half of 2022.

When buying NFTs with Mastercard, the same cybersecurity tools and “complete range of capabilities to reinforce customer safety” will be in place as they are when making retail transactions. Making NFTs less vulnerable to phishing scams and more secure for beginners would allow the NFT market to expand.

Binance Set Up A $500M Debut Fund To Boost Web3 Ecosystem

by

Binance, the world’s largest cryptocurrency exchange, is soon launching its own venture capital fund. On 1st June, the firm’s venture arm, Binance Labs, said it has raised $500 million for its debut start-up fund. Leading venture capital firms DST Global and Breyer Capital and a few others have lent their support.

As per sources, Binance Labs intends to use the capital to invest in firms building “Web3.” The launch of Binance’s new fund comes amidst a testing time when Bitcoin [BTC] and other digital currencies are on a prolonged downtrend.

The world’s dominant crypto asset BTC has shed more than 50% since reaching an all-time high of nearly $69,000 last November. That has dented publicly-listed crypto companies like Coinbase, whose shares have plunged 69% since the start of 2022.

On top of that, investors and traders fear that the market-wide slump will feed through to privately-held crypto start-ups. But that has hardly made any impact.

Binance unfazed by the current market drawdown

While start-up valuations of $1 billion or more are “slowing down a bit,” there’s “no current impact in early-stage private markets,” Ken Li, Binance Labs’ executive director of investments and M&A, told CNBC.

Capitalizing on the current dip in the digital assets market, Binance Labs is hoping to find founders building what it sees as the next big thing in tech. Its bets will be divided into pre-seed, early-stage, and growth equity, and the fund will invest in tokens as well as shares.

“We are looking for projects with the potential to drive the growth of the Web3 ecosystem,” Li said. Such projects may include infrastructure, nonfungible tokens, and decentralized autonomous organizations. Binance estimates there are currently around 300,000 to 500,000 active Web3 developers, a number it hopes to grow “substantially.”

Last year, the trading platform has made a series of high-profile equity investments. But this is the first time the firm has formally raised a VC fund with financing from external investors.

The latest development also comes after Andreessen Horowitz last week announced a massive $4.5 billion fund to invest in crypto start-ups. Partner Ariana Simpson called Bear markets the best opportunities to come about.

OpenSea Deploy New Web3 “Seaport” Marketplace On Ethereum

by

NFT kingpin OpenSea unveiled Seaport, a new web3 marketplace protocol for safely and efficiently buying and selling NFTs. Build for all builders, creators, and collectors of NFTs, the platform claimed that the core smart contract is open source with no contract owner, upgradeability, or other special privileges. 

Unlike conventional NFT marketplace where users can trade digital collectibles via only crypto as a medium of exchange, Seaport enables users to offer an array of payment tokens like ETH / ERC20 / ERC721 / ERC1155.

In order for that offer to be accepted, a number of items must be received by the recipients indicated by the offerer. One can assume it to be a modern version of a Barter system.

Besides that, the newly launched OpenSea protocol will allow specific trades and swaps. Twitteratis appeared to be puzzled by the new features.

One user tried to offer his interpretation by saying that users can open “channels” and set criteria such as “I’ll swap this BAYC for three Azuki’s + 20 eth” and if someone deposits those matching assets, the trade occurs.

Not only that, the Seaport protocol has introduced the “tipping” as long as the amount does not exceed that of the original offer.

“This allows alternative interfaces to include their own fees and can be combined with zones to support listings with dynamic amounts and recipients, as well as other novel applications like on-chain English auctions,” the blog read.

OpenSea’s open-source new protocol isn’t the first?

The world’s largest NFT marketplace also stated that this is just the beginning for Seaport. “We built the initial version of the protocol to unlock use cases and optimizations that creators and collectors expect from a modern web3 marketplace,” it added.

Having said that, some drew a comparison with the leading DEX Uniswap’s V3 launch. Solidity Developer Shegen tweeted,

“The @opensea Seaport launch is basically a UniSwap v3 moment for NFTs in terms of market efficiency and access to better tools for the general public.”

On May 5th, 2021, UniSwap V3 was unveiled on the Ethereum mainnet. The DEX’s latest version brought forth the new concept of multiple pools per pair of tokens, each with a different swap fee.

Google Aims To Become The Numero Uno Choice For Blockchain Developers

by

Aiming to lead the Web3 space, Google’s cloud division has announced its new team that would be offering services for developers running blockchain applications. This was revealed by Amit Zavery, vice president at Google Cloud, on 6th May adding that “the idea is to make the Google Cloud Platform the first choice for developers in the field”.

“While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto-related technologies,” he wrote in an email.

“We’re not trying to be part of that cryptocurrency wave directly,” Zavery told CNBC in an interview. “We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises.

Image

Moving forward, the tech firm is planning to build a system for companies that are looking to incorporate blockchain data easy for people to explore while simplifying the process of building and running blockchain nodes for validating and recording transactions, Zavery said.

He also said that Google’s tools can work in other computing environments, such as Amazon Web Services.

While investors look for a lesser volatile option like cryptocurrencies, enthusiasm surrounding other blockchain-based projects is on the rise.

According to Zavery, these crypto applications have made their way into the mainstream and have increasing relevance in industries such as financial services and retail.

Google might have a competitive advantage?

As the global tech giant fight for market share against fierce rivals like Alibaba, Amazon, and Microsoft, Google intends to provide offer “back-end services to developers interested in composing their own Web3 software.”

In January this year, Google’s cloud unit unveiled a plan for a Digital Assets Team to tap into the NFT market. The firm said it was looking at how customers could make payments with cryptocurrencies.

The search engine giant along with Amazon and Microsoft forms the big 3 cloud providers. Amazon AWS might be leading the pack but the business is growing faster than its core advertising unit.

Google cloud platform Alphabet’s CFO Ruth Porat said last week that the fastest growth in headcount is inside the cloud division.

Meta Exec-“We have the opportunity to shape the global metaverse”

by

Meta’s VP and Managing director, India Ajit Mohan spoke at length on the future of internet advertising in the metaverse. In an exclusive interview with a local media outlet, the exec highlighted the roles played by the platform especially during the pandemic by bringing attention to the “public health agenda” and reiterated that political ads comprise only a small proportion of its revenue.

To a query on the future of advertising in Web 3.0, Mohan said the firm in a short span of time, had carefully articulated the idea of a virtual immersive world and the change of identity to Meta. Without mincing any words, the top exec stated that they haven’t cracked the metaverse yet and have still miles to go.

“We have no illusion that we are building the metaverse. We know that we are going to contribute to what will become metaverse and that different companies will create different spaces. It should be interoperable,” he added.

META, Facebook, Ajit Mohan, Ajit Mohan interview, Interview Vice President Managing Director Meta, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

With regards to the importance of formulating policies for cryptocurrencies and non-fungible tokens, Mohan said “a lot of these laws and policies had to be developed post-facto” and they were proactively working with stakeholders, including regulators around the world to ensure innovation while absorbing the learnings of the last two decade.

Meta will shape the Web 3.0 – Exec

When asked if the firm would lead the Web 3.0 landscape, the VP observed that when the firm first arrived, the ecosystem was at its early stage and that now “it really is an open canvas”. Expressing confidence, Mohan believes that the firm is in a better position to create value and have the right opportunity to shape the next generation of the internet.

A few days ago, the firm’s CTO Andrew “Boz” Bosworth tweeted that Meta is working on a web version of its social virtual reality Horizon Worlds platform. The post was part of a thread defending the platform’s 47% cut of sales in Horizon Worlds. 

Bosworth revealed that when the web version of Horizon Worlds launches, the fee for sales would be 25% to avoid the Meta Quest Store’s 30% cut. He argued that this percentage is “a much lower rate compared to other similar world-building platforms.”

Opera Unveils Crypto Browser In iOS Version

by

Leading web browser Opera has rolled out the iOS version of their crypto browser, designed to meet the needs of crypto experts as well as onboard newbies to Web3, with a non-custodial crypto wallet built-in. Opera released the first public beta version of their new Crypto Browser Project for mobile and desktop in mid-January 2022 which was previously available on Windows, Mac, and Android devices.

The blog announced that the app’s built-in crypto wallet supports Ethereum, Polygon, and Celo blockchain technology and Opera plans to integrate more ecosystems in near future.

In terms of its functionality, the team claimed that users can buy crypto using fiat currency and exchange, and send and receive supported tokens. Besides that, they can also integrate their existing crypto wallets, provided they’re compatible with Ethereum Virtual Machine, into the browser’s built-in wallet.

Opera Crypto Browser

The browser comes with security features like an ad tracker, pop-up blocker, and cookie dialogue blocking. It also uses cryptocurrency mining protection to block crypto-jacking scripts.

Apart from that, Opera also introduces a news and data aggregator called Crypto Corner, which focused on providing real-time crypto information and updates, asset prices, and gas fees, as well as crypto events, airdrops, and even podcasts.

Opera’s love affair with Web3

In 2018, Opera became the first online browser to incorporate a built-in bitcoin wallet with Web3 accessibility. The platform’s serious rendezvous with the “next generation of the internet” began last month when the firm announced enabling support for eight major blockchains including Solana, Polygon, StarkEx, Ronin, Celo, Nervos, IXO, and Bitcoin.

The move was touted as the platform’s “big leap towards web3“. EVP Mobile at Opera, Jorgen Arnesen, at the time proclaimed, that Web3 will eventually become a “standard web technology, and consumers won’t even realize they’re dealing with it. They want a greater user experience and a genuine advantage.”

Speaking on the latest launch, Arnesen said,

“The interest in Web3 is continuing to grow. The Opera Crypto Browser Project was built to simplify the Web3 user experience that has often been bewildering for mainstream users. We believe Web3 has to be easy to use in order to reach its full potential and mass adoption.”

Uniswap Labs’ New Venture Arm To Fuel Its Web3 Ambitions

by

Uniswap Labs, the creator behind the leading decentralized exchange protocol Uniswap has unveiled its own venture division. Announcing via Twitter, the new wing plans to onboard millions of users into the web3 economy, with the goal of unlocking universal ownership & exchange for all.

As stated in the announcement blog, the venture unit plans to inject capital at different stages and levels of the web3 stack, ranging from infrastructure to developer tools and consumer-facing applications.

In addition to that, the team behind the fund claims that it will actively participate in on and off-chain governance when relevant, collaborating with the communities that have formed around the protocols they invested in to support their evolution.

VhV qmAE?format=jpg&name=small

However, the size of Uniswap Labs Ventures’ fund is not yet disclosed but has appointed Teo Leibowitz to lead the Ventures division alongside Chief Operating Officer, MC Lader.

Prior to launching its venture arm, Uniswap Labs has invested in 11 startups and projects such as Tenderly, MakerDAO, Aave, Compound Protocol, PartyDAO, LayerZero, and the Ethereum developer platform.

Venture capital [VC] firms focused on Web3 projects and crypto businesses are accumulating billions of dollars worth of assets under management as more capital is injected into the sector. The news comes after several venture giants like Sequoia Capital and Bain Capital Ventures, both launched their respective crypto-dedicated funds, this year.

That said, Uniswap has joined a growing list of crypto-focused entities that have formally deployed resources to investing in other companies in the space, including crypto exchange FTX and DeFi protocol Cake, which both recently launched venture funds.

Uniswap Ventures is a big deal for DeFi and Web3- Expert

DEX like Uniswap, which already has experience building in web3, can apply their expertise and lessons learned to other facets of the crypto market through their early-stage investments, this is what DeFi researcher Ryan Rasmussen of Bitwise Asset Management wrote in a tweet.

The leading decentralized exchange is the fifth-largest in DeFi by Total Value Locked [TVL], a metric that represents the value of crypto assets deposited on the protocol, according to blockchain data provider DeFi Pulse. It had $7.04 billion in TVL, around half that of the leading DeFi platform, Maker, as of April 11, DeFi Pulse shows.

Opera’s New web3 Initiative Now Supports Bitcoin, Solana, Polygon, Starkex, and Others

by

As part of its “big leap towards web3,” Opera, the maker of its namesake multi-platform web browser, enabled support for eight major blockchains today. Solana, Polygon, StarkEx, Ronin, Celo, Nervos, IXO, and Bitcoin are now supported by Opera, the world’s first native web3 browser with a built-in crypto wallet.

Millions of active opera users within eight separate blockchain ecosystems may profit from blockchains, decentralized programs (dapps), and services. Users may now use StarkWare-powered DiversiFi to access the vast ecosystem of Polygon or Solana dApps and the benefits of Layer 2 DeFi. 

Today’s launch also includes access to the Polygon and StarkEx PoS blockchains and Ethereum Layer-2 ecosystems.

Axie Infinity gamers may also access the Ethereum-based Ronin Network to control their non-fungible token-based creatures, which were ironically hacked for more than $600 million.

Opera’s giant leap towards web3

Opera’s objective to stay chain agnostic and smoothly enroll millions of users to Web3 while remaining environmentally sensitive includes the integration of many blockchains, particularly Layer 2s.

“Ever since we started in the Web3 space in 2018, we’ve been sealing partnerships with the most popular and cutting edge blockchains and web3 domain name providers to accelerate crypto’s evolution from proof of concept towards mass adoption.”

“Web3 will eventually become a standard web technology, and consumers won’t even realize they’re dealing with it. They want a greater user experience and a genuine advantage, “EVP Mobile at Opera, Jorgen Arnesen, stated.

Opera released the first public beta version of their new Crypto Browser Project for mobile and desktop in mid-January 2022. The Crypto Browser Project offers the most comprehensive, all-in-one Web3 surfing experience available.

In 2018, Opera was the first online browser to incorporate a built-in bitcoin wallet and necessary Web3 compatibility.

The Crypto Browser Project, which features built-in dapp support, a non-custodial crypto wallet, and Crypto Corner, marks the beginning of a new path toward a dedicated Web3 surfing experience to accelerate the creation of the next generation of the Web. This is starting to take shape.