Netflix of Web3 and Great NFT trading wall of China
Gm 1Walletoors
A shortage of stories in Web3? Don’t know her. But we do know how to make the most current stories related to crypto, NFTs, and other degen activities digestible. Here are this week’s stories:
🌹 Web3, will you accept this rose?: Dubbed ‘Netflix of Web3’, Mad Realities raises $6m to create what might just be the world’s first crypto dating show
👛 What’s the future of NFTs in China?: N(ot a) F(un) T(ime). China seeks to regulate the digital market
🍨 Sweet Scoop: Spilling the tea on why to own an NFT
📲 1W Updates: A road to a radically fair economy must include Android ...
Web3 influences the content creation industry
Crypto dating show streaming soon
Mad Realities aims to become the next big streaming platform with a Web3 twist. They raised money by selling NFTs that gave buyers access to their media platform. Mad Realities hosts episodes of Proof of Love, an interactive blockchain Bachelorette hosted on YouTube where the community (NFT holders) decides what happens (and who happens). With the initial success, they recently raised money from a diverse group, including Paris Hilton’s media company🔥as well as traditional Silicon Valley giants, to pursue their vision of creating a decentralized media company, an ambition that would shake up the entertainment space and shift the power dynamics back to the consumers.
Government regulation in web3
Large financial associations stifle the NFT economy in China
Have you jumped down the NFT rabbit hole yet? While the world embraces the NFT boom and its inclusive potential in the creative world, friends in China are forced to grapple with another head-scratching regulation designed to make it impossible to speculate in NFTs. While China has already taken steps to stop crypto mining and trading, NFTs have mostly escaped government scrutiny as they don’t fit neatly into traditional regulatory frameworks. Big brands like McDonalds and Audi have created NFTs for Chinese consumers, both putting the digital asset class in the mainstream and increasing public interest. However, regulation appears imminent in light of a joint statement from the country’s powerful financial associations to not offer trading platforms for NFTs to “prevent financial risks”. The technology companies appear to have picked up the cue by taking a more cautious approach so as not to get on the wrong side of any upcoming regulation. Without the economic incentive to collect and yolo, do NFTs still have value? Looks like we’ll find out soon in China.
🍨Sweet Scoop: The value of NFTs
What is the value of an NFT? NFTs have exploded in popularity over the past year, and they are being used in more creative ways every day. There are many reasons to own NFTs - and the how and why really depends on who is making, holding, buying and selling them. NFTs are a vehicle for artists to create and distribute their work. Stores distribute NFTs to establish customer loyalty. Exclusive clubs create a limited number of tokens that give special access only to members. Whatever the motivation, NFTs are slowly making their way into different parts of the economy. While the desire for quick financial wins is part of the popularity, so too is the desire to change the way organizations are built, structured, and financed. So if you haven’t already, go forth and dabble in the NFT world.
📲1Wallet Updates
For Android users on a waitlist, we have great news for you! We broke ground with Android development and hope to have concrete dates for alpha releases in the coming weeks. If you’re interested in fishfooding (pre-alpha), please let us know via Discord!
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See you soon,
1Walletees