The corporate takeover of NFTs (but like, in a good way)
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
The corporate takeover of NFTs (but like, in a good way)
The boy who cried 'Ethereum Merge'
RESOURCE: What is the Avalanche Network? (Learn in 10:30)
Web3 'Hit TV Shows', coming soon...
Terms used (click for translation):
NFTs, Blockchains, Proof of Work / Proof of Stake, Web3
The corporate takeover of NFTs (but like, in a good way)
Remember back when there was Whatsapp, FB Messenger, IG dms and iMessage?
...then Slack came along and was like “hey, let’s do messaging, but for businesses”?
And then they sold for 27.7 Billion dollars?
Well, Salesforce (who actually acquired Slack, although that’s not really relevant to this story) have just kinda done the same thing for NFT marketplaces.
They’ve launched NFT Cloud to help brands and businesses mint and sell NFT assets.
NFT Cloud is currently in pilot mode so we don’t know a huge deal about it - but here’s what we do know:
The platform is touted as a ‘stepping stone’ for brands and businesses to create and sell NFTs
Brands and businesses will be able to tap into Salesforce’s existing cloud-based tools, engage online communities and pull data from their offerings
The pilot is live and available to limited customers, with the expected public expansion in October
NFT Cloud won’t support any blockchains that use the energy intensive, proof-of-work consensus model
It aims to allow companies to offer NFTs with utility (like engagement or access) rather than without functional utility (like most digital art)
While all of the above are important, the last two are really important.
Why?
Let’s start with point 4: After their plans to move into the NFT space were announced in February, hundreds of Salesforce employees banded together in protest citing environmental [and fraud] problems.
So the use of blockchains that use the more energy efficient proof-of-stake model might have been a sort of 'internal condition' from the employees.
As for point 5, here at Web3 Daily, we are HUGE believers in NFTs with utility.
(In fact we may just be working on something behind the scenes as we speak).
Art for art's sake is great. It’s beautiful to look at, and there’s a market for it.
But to truly make the most of blockchain technology, NFTs with utility - like getting access to certain events - are even better.
If Salesforce can pull this off, it might just be the easy-to-use service businesses need to go all-in on NFTs.
Let’s see what happens!
The boy who cried 'Ethereum Merge'
Do you need an excuse to get out of work today?
Not a problem!
Read this linked article, it'll give you an instant migraine.
Don't believe us? Here's an excerpt:
"The testnet adopted the “merge-compatible protocol rules” implemented by the “Bellatrix” update.
Once these steps were completed, the testnet had to cross the Terminal Total Difficulty value."
Yikes.
Ok, here's what's going on / why it's important:
The forever delayed Ethereum 'Merge', from proof-of-work to proof-of-stake, is ACTUALLY making progress.
If you need a refresher on what changes 'The Merge' will bring, it's this:
Reduced energy consumption (by up to 98%)
Increased transaction speeds
Users will have the ability to earn interest on their ETH
(Hopefully) lowered transaction fees
The aim of this update: to create a blockchain product that can rival the performance of Mastercard and Visa.
The hopes this brings to the community: cold hard cash baaaby (their ETH will become more valuable).
The important part: the Ethereum development team are testing it and it's ACTUALLY FREAKIN' WORKING!
Here's why it doesn't feel as important as it should:
The Merge has been delayed so many damn times that the broader community are pretty sick of these incremental progress reports.
The proof of this lies in the Ethereum price. Usually, any whiff of positive forward momentum sees a boost in ETH's price.
This time *crickets*.
It's all very, 'boy who cried wolf'.
BUT - the community's waining patience doesn't mean this isn't an important development.
It is - and while we're weary - we're still very excited!
Resource of the day
What is the Avalanche Network?
(Learn in 10:30)
Web3 'Hit TV Shows', coming soon...
Creative input is like salt.
Not enough and the end product is bland.
Too much and it's unfit for human consumption.
It's for this reason that Web3 projects, which take a heavy focus on community collaboration, can sometimes feel a bit hit and miss.
For example: an animated show, funded by the sale of 10,000 NFTs, that lets buyers contribute to the storyline of the show?
Sounds great on paper.
But 10,000 voices, all shouting ideas at each other in a group chat? We're not sure if that's the recipe for a gripping and cohesive narrative.
That being said, it's an idea with merit - and it'd be a shame to throw the baby out with the bath water.
Rob McElhenney, co-creator of 'It's Always Sunny In Philadelphia' might have the secret sauce to making this concept work.
Ol' Bobby Mac is creating a Web3 entertainment company, called 'Adim', which will invite creators, writers, artists, designers and developers to submit ideas as an application to join the virtual writers room.
The best of the bunch (100 in total) will be invited to join the 'Adimverse' and work together to create original shows.
After each writing session, everyone that contributed will receive a “Core Character” NFT, which will pay them future royalties on any intellectual property created.
This is exciting for two reasons:
It might actually work.
If it does, it'll create a framework for others to follow.
Two thumbs up, we love it!
Your Daily Dose of Web3
Anthony Hopkins adopts Ethereum name and asks Snoop for NFT buying advice
Crypto exchanges delist Litecoin over privacy feature concerns
Despite bearish trend, hedge funds are dipping their toes into crypto
Madison Cawthorn failed to properly disclose up to $950K in crypto trades
Alright, that’s it for today!
Love to the family,