#1: Faces of Web3 News
Haven't had the time to check the news? Let's give you a quick run through!
Every week, Faces of Web3 curates a list of the top events happening in the Web3 space. We hope this helps you stay knowledgeable and up-to-date with the latest trends so you can do your own research AND contribute to those coffee conversations. 💛
What a week of shocking stories - from the fall of Luna and UST stablecoins to a shocking revelation by the Azuki creator. Here’s a quick roundup with 10 news stories that caught our attention this week in the metaverse.
1) The Azuki drama
Zagabond, the creator of Azuki which launched in April, tweeted an article about three rug projects (cryptophunks, tendies and cryptozunks) they had launched under false identities with the founder posing as a female developer. This revelation led to mass dumping of the project by many Azuki holders, and resulted in the floor price falling from 30Eth to 9.9Eth in three days.
2) *Binance halts Luna and UST trading as value drops by over 99%
Top crypto exchange platform Binance has indefinitely suspended the trading of Luna and UST tokens on its platform following one of the industry’s biggest meltdowns. The tokens had lost nearly 100% of their value in a span of days, leaving collectors distressed. Meanwhile, developer Terraform Labs has been scrambling to find ways to resolve the situation, with no luck so far.
3) Other coins to follow Luna’s crash?
With the dramatic fall of Terra’s UST stable coin and Luna’s altcoin, many in the crypto community have raised concerns over other altcoins suffering the same fate. Tron DAO, a DAO focused on decentralizing the web, has deployed $2b to prevent similar attacks on the Tron network and the de-pegging of its stable coin, USDD.
4) NounDAO commissions BlockBusterDAO labs
BlockBusterDAO labs is a filmmaking collective set to produce two unique films and tv story bibles to serve as a guide and foundation for the future stories and animations Noun creates. Noun is a generative NFT collectible project on the Ethereum blockchain. The NounDAO governs the Noun’s ecosystem.
5) Instagram to begin testing NFTs
Instagram is joining the NFT community. The company announced it was set to release a new feature that enables its users to flaunt their NFTs and connect their favourite crypto wallets. The feature will support NFTs minted on four blockchains: Ethereum, Polygon, Solana, and Flow. This feature would be integrated slowly, starting with select collectors in the USA.
6) Anonymous approves Cult DAO’s ‘Revolut to’ Earn DeFi project
Anonymous, the infamous international activist hacker group, has given a nod to Cult DAO, a project working on increasing the DeFi adoption speed. This comes right after Cult DAO announced the airdrop of its play-to-earn token, Revolut to Earn. This could boost the token's development and the crypto community's trust in CultDAO's mission.
7) Ethereum dip raises concerns
The bear market is upon us all as Ethereum holders experience more dip from $2439Eth at the start of the week to $1909ETH (approximated figures) on Thursday the 12th of May. This dip has caused a lot of concerns on the nft space as creators and collectors wish for the quick recovery of the market.
8)Coinbase
Crypto exchange giant Coinbase has announced that users and investors on their platforms should note that their assets on the platform are not safe in the case of bankruptcy of the exchange giant. Who knew users actually stood to lose everything if their favorite exchange platform went bankrupt? Shocking, I say!
9)Check out Madonna’s new SuperRare NFT
Madonna has released a new NFT on SuperRare, and it’s fascinating. The NFT was created in collaboration with digital artist Beeple. The release, titled “Mother of creation”, is a triptych of 3D art in video form. The NFT, which shows video clips of a nude 3D reiteration of Madonna with flowers and trees sprouting from her, has received a lots of praise and criticism from Nft art lovers and creators.
10)Crypto regulations in Nigeria
The Nigerian SEC released new rules to govern crypto and NFT transactions in Nigeria which stakeholders say will only stifle innovation in the Nigerian crypto industry because they weren’t consulted by the SEC. While some people noted that the “regulation” goes against everything that crypto stands for and the regulation is akin to those of a stock brokerage firm. Others said it might be a good thing as it could have the effect of forcing the CBN to lift its ban on crypto in Nigeria.
*As at the time of this publication, Luna trading is back on binance. Let’s just say in this web3 world, things move fast!
See you next week!