Web3 Financial News

On June 8, HyperPlay — a Web3-native game launcher — said it closed its Series A funding round after raising $12 million from investors, including co-leaders Griffin Gaming Partners and Bitkraft Ventures. 

Blockchain technology, the backbone of Web3, can take the engage-to-earn model for artists to a new level, enabling more direct and meaningful interactions with fans. Thanks to its unmatched security and features, such as decentralization and tokenization of assets, artists can create unparalleled experiences for fans and for themselves. For example, they can leverage the technology to retain full ownership rights of their work and directly monetize their content. Many artists, including musicians and digital artists, have been using nonfungible tokens (NFTs) to tokenize their creations.

The U.S. House Financial Services Committee will hold a hearing on June 13 on the topic of cryptocurrencies, potentially giving more clarity to the markets.

The metaverse continues to expand, with industry giants and upcoming players racing to seize a slice of the potentially trillion-dollar pie. Close to $2 billion was invested in blockchain-based metaverse deals in 2022, according to Cointelegraph Research’s VC database. 

The dynamic convergence of game theory and social media is a rapidly growing space in the cryptocurrency world. Ivars Indriks, the founder and CEO of HundrX, a pioneering Web3 layer for Twitter, offers valuable insights into the gaming industry’s evolution over the past seven years and presents a compelling case for how insights from this space can be applied effectively in the social media industry. Indriks, with his solid grounding in game theory and extensive experience in mobile gaming, holds an intriguing vision for the future of social networks. His enthusiasm for emerging trends, such as the rise of AI, digital twins and Web3 technology, is evident as he examines the challenges and opportunities inherent in these developments.

The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software.

Despite an incredible surge of over 50,000% between April 15 and May 5, Pepe Coin (PEPE) is experiencing a significant decline of more than 60% from its peak, with 15% of the drop occurring in the past week.

As the fashion industry continues to embrace the “phygital” evolution, French luxury house Louis Vuitton announced the launch of the VIA Treasure Trunk, the virtual representation of its iconic travel trunk.

The arrival of the PC was transformative for gaming — avid players could suddenly experience what it’s like to be a pilot, a train driver or even a goat through simulation.

Web3, the latest iteration of the internet that leverages the power of decentralization, is very much about building trustless ecosystems that naturally present credible services to its communities. Trust is a fundamental pillar of Web3. Communities should feel safe when it comes to their data and transactions, especially as the responsibility is transferred from centralized entities to decentralized networks ruled by code alone.

An innovative new web3 project called DeeLance is building a crypto and NFT-powered metaverse that, in an industry first, puts the jobs market on the blockchain.

China's perspective on web3 has come to light through a recently released white paper that suggests China is open to incorporating web3 into its future internet.

Trading is hard.

As the Web3 gaming landscape is getting bigger by the day, mainstream players who enjoy playing popular titles games such as PUBG, Fortnite or Apex Legends are starting to take notice. However, there’s still a technical understanding barrier before Web3 gaming can reach a broader audience. Players need gameplay elements that they are familiar with to warm to blockchain games that usually come with technical lingo like play-to-earn (P2E), nonfungible tokens (NFTs) or crypto wallets.

Crypto exchange Binance has announced the winner of its Web3 reality show, titled “Build the Block,” held in the metaverse. Within the show, startups competed with each other to win an investment from Binance Labs. 

Focusing too much on the tokenization of assets instead of encoding social relationships of trust was a key complaint regarding the current state of Web3 that found a clear voice in a mid-2022 paper published by Ethereum co-founder Vitalik Buterin along with E. Glen Weyl and Puja Ohlhaver. Titled “Decentralized Society: Finding Web3's Soul,” the paper explores soulbound tokens (SBTs), a unique form of nonfungible tokens (NFTs) that represent the credentials of a user.

The Sui network, backed by Mysten Labs, has announced a multiyear partnership with the Red Bull Formula One Racing team.

The Sui Network, backed by Mysten Labs, has announced a multi-year partnership with the Red Bull Formula One Racing Team less than a month after the blockchain’s mainnet went live.

Groundbreaking web3 freelancing and remote work metaverse platform DeeLance, which is essentially a decentralized version of Fiverr and Upwork, could be the next cryptocurrency to explode.

Web3 app ecosystem Pi Network has launched a "self-moderating" social platform with integrated tokenomics, meant to encourage better content and raise accountability - where users pay to post.

The CEO of Pudgy Penguins — a nonfungible token project that recently launched a line of “phygitals” on Amazon despite the bear market — has offered one piece of sage advice to budding projects: Stop talking about crypto.