Will this F#*K up the NFT space?
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:
GUCCI adopts Bitcoin
'Would you like an NFT with your Starbucks latte?'
RESOURCE: How to research crypto purchases
Will this Hermès lawsuit F#*K up the NFT space?
Terms used (click for translation):
NFTs, Blockchain, Hard Wallet.
GUCCI adopts Bitcoin
In hindsight, "If your friends jumped off a cliff, would you?" is a pretty grim question to ask someone.
Humans are social animals, so yeah, once enough of us start doing something - chances are we will collectively follow.
Some 'metaphorical cliff jumps' over the years include:
Pokemon Cards
Leaving Myspace for FB
Leaving FB for Instagram
Leaving Instagram for TikTok
Planking? Fidget Spinners? Hover Boards?
...you get the point.
It might hurt your 'inner goth kid' to hear this, but once a trend breaks, we have a tendency to conform.
In the crypto world, Bitcoin is largely predicted to be the 'gateway drug' to broader Web3 adoption.
And as of today, another cool kid (Gucci) has announced plans to accept, not only Bitcoin - but Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu in-store.
The new payment options will be available at select U.S. locations later this month, with plans to roll out the program to other North American stores this summer.
Here's why this is important/cool:
For every legacy brand that embraces crypto, we get a little closer to the dam wall of 'Web3 adoption' breaking.
'Would you like an NFT with your Starbucks latte?'
It's weird when you have the reactions of "couldn't care less" and "that's exciting!" simultaneously...
Starbucks announced its plans to enter the Web3 space with the launch of its own NFT collection later this year.
Each NFT will provide loyal customers with access to exclusive content, experiences and other benefits.
Exclusive Starbucks content? couldn't care less.
The potential onboarding of millions of Starbucks customers to Web3 technology? That's exciting!
(Not having our names spelled as 'Cheby' and 'Sev', because it's now immutably written on the blockchain? Also exciting.)
Sure, it might not mean that every Starbucks customer all of a sudden has a MetaMask and OpenSea account, but it's a start!
A 'loyalty NFT' from Starbucks could be a great first touchpoint for new Web3 users, one that makes it a little more familiar and a little less daunting.
Resource of the day
How to research crypto purchases.
~14 mins
Will this Hermès lawsuit F#*K up the NFT space?
This is one small step for man Hermès, one giant leap for mankind NFT copyright law.
Hermès is suing digital artist Mason Rothschild for copyright infringement, after he released his “MetaBirkins” NFT series.
Rothschild is arguing that MetaBirkins is an art project that provides commentary on the relationship between consumerism and the value of art.
Which means it's protected by the first amendment.
...ok, cool story. Is that it?
Well, sort of. While the lawsuit itself feels relatively run-of-the-mill, the ruling has the potential to send massive ripple effects across the NFT / art world.
This case is one of the first to dispute how intellectual property law applies to NFTs, which means the outcome will help to establish legal precedence.
I.e. if Hermès wins, other brands can come after digital artists with similar suits, make the same argument, and likely win.
Kind of like how, as a kid you might go to your dad and say 'mom said it was ok', and he'd buckle to hold up a united front of authority.
To quote Rothschild's lawyers, this case could have a “chilling effect” on artists who want to depict famous brands but don’t have the money for a successful legal defense.
Judge Rakoff said he'd provide a “bottom line ruling” by Friday on Rothschild’s motion to dismiss.
Watch this space.
Your Daily Dose of Web3
$APE surges then sinks as Elon teases with Bored Ape collage as profile pic
Texas crowdfunding platform offers investors fractional ownership in Bitcoin mines
Hundreds of NFTs listed on OpenSea from Shanghai residents during COVID lockdown
France becomes first big European nation to grant crypto giant Binance regulatory approval
Alright, that’s it for today!
Love to the family,