This is the last Wednesday of 2022, so that makes it the last edition of Web3 Wednesday of this year. Well, the year 2022 was interesting, to say the least. We witnessed multiple ups and downs throughout the course of this year and have come a long way with the Web3 Wednesday newsletter.
First of all, I’d like to thank everyone for subscribing to our newsletter and for your continuous support and feedback. In 2023, we’ll add more segments to the newsletter to make it more informative, interesting, and engaging. And we look forward to your feedback.
Even though the crypto winter seems harsh at the moment, as they say, “when the going gets tough, the tough get going.” So, we’ll keep bringing you new insights, deets, and drama around the web3 world so that you can stay on top of everything crypto and make the best decisions for your web3 journey.
This week in Web3 Wednesday:
- Solana’s top NFT projects DeGods and Y00ts, are bridging to Ethereum and Polygon
- Coinbase releases 2023 crypto market outlook report
- Asset management firm Fidelity step-ups its crypto game, says new trademark filings
- International Chess Foundation dips its feet in web3 with Avalanche integration
Solana’s top NFT projects DeGods and Y00ts, are bridging to Ethereum and Polygon
Nonfungible token (NFT) firm Dust Labs is migrating its two top-performing Solana NFT projects — DeGods and y00ts — onto Ethereum and Polygon in a bid to expand their adoption.
DeGods will bridge over to Ethereum, while its sister project, Y00ts, will move to Polygon with a grant from layer 2's partnership fund.
With this news, the Solana ecosystem has lost another top gem to Ethereum and Polygon. Ever since the crypto crash earlier this year and the subsequent meltdown, the ecosystem has lost over 90% of its TVL and suffered multiple setbacks, with its top projects ditching the ship and migrating chains.
Let’s see whether the year 2023 brings back the days of glory for Solana or if it will get lost in the dark as earlier ETH-killers such as EOS & Tezos.
Coinbase releases 2023 crypto market outlook report
Coinbase, the No. 1 U.S. crypto exchange with a $7.5B market cap, has released its annual crypto market outlook report presenting three key themes expected to prevail in 2023, as well as updates on Bitcoin, Ethereum, regulation, and more.
Three key takeaways from the report are:
- We expect digital asset selection will transition towards higher quality names like bitcoin and ether based on factors like sustainable tokenomics, the maturity of respective ecosystems, and relative market liquidity.
- We think investors’ willingness to accumulate altcoins has been severely impacted by the deleveraging in 2022 and may take many months to fully recuperate.
- We believe the next market cycle in digital assets will be shaped significantly by the development of standards and frameworks for regulated entities.
Asset management firm Fidelity step-ups its crypto game, says new trademark filings
The $4.5 trillion asset management firm Fidelity Investments has filed three new trademark applications covering various Web3 products and services, including an NFT marketplace and a crypto trading platform in the metaverse.
New trademark applications suggest the investment giant is ready to step up its game in crypto, eyeing new opportunities in the metaverse. These trademark filings include an online marketplace for buyers and sellers of digital media, referral services for investment advice and financial planning in the metaverse, virtual real estate investing, and crypto trading and exchange services.
Notably, the patent applications also target investment services for mutual funds and retirement fund investment services in the metaverse.
International Chess Foundation dips its feet in web3 with Avalanche integration
The International Chess Federation (FIDE), the sport’s governing body, announced Friday it is partnering with the Avalanche blockchain to bring its competitions into Web3.
Seems like, with this partnership, chess is going on-chain. “Chess is a unique sport, and this cooperation will allow us to unify our community and strengthen the ties between players, clubs, federations, and FIDE,” Emil Sutovsky, FIDE CEO, said in a statement.