Web3 with FTC For February 6th - Disruptions, Resignations, Regulations, and Revolution

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"Welcome to Web3 with FTC by Fintech Confidential, the

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place where we keep you up-to-date on the latest developments in the

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world of finance and technology.

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I'm your host Tedd Huff and today we delve into the ever-evolving

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world of Web3, where digital assets are changing the game.

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Join me as we bring you the latest news and insights from the front lines

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of the digital asset revolution."

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Here's what we will cover in today episode.

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"Satvik Sethi, former NFT Product Lead at Mastercard, resigned from the

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financial giant to focus on his top priority, joincircle, and his art.

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The Federal Reserve's interest rate hike has not impacted the

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crypto currency market much.

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Still, as the Fed continues to increase rates, the future of the "risk-on"

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crypto currency market remains uncertain.

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The UK government's proposal for regulating crypto currency is

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a positive step forward for the industry, and Binance and the

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community have voiced their support.

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With traditional financial institutions like Deka Bank entering the space,

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digital assets are becoming more accessible to a wider audience, providing

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investors with new opportunities.

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The current loophole in Blur's marketplace could challenge OpenSea's dominance and

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benefit both creators and collectors.

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The Immutable Passport system is expected to revolutionize the

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Web3 gaming space and reduce user acquisition costs for gaming studios.

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And lastly, streetwear designer and Web3 creator Bobby Kim is set to

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take his business to the next level with the help of U T A . Get ready

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to be part of the future of digital assets right here on Web3 with FTC."

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Our top story comes from Satvik Sethi, former NFT Product Lead at

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Mastercard, has publicly alleged workplace mistreatment and resignation.

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He minted and sold his resignation letter as an NFT to show his grievances.

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Sethi's claims of mistreatment include a 40% cut in salary, increasing workload,

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harassment and emotional distress, delayed salary payments, and being forced

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to work side jobs to make ends meet.

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He alleges that when he tried to fight back, his accounts were locked and

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disabled, preventing him from accessing his work and saying goodbye to his team.

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Sethi, who was known for being the face of Mastercard's NFT efforts,

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says he was a victim of mismanaged processes, miscommunication, and

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internal inefficiency at the company.

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He says that globally, Mastercard and NFTs was associated with him

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and that anyone with questions on Web3 was redirected to him.

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Sethi has resigned from Mastercard and is focusing on his top

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priority, joincircle, and his art.

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He says he expects more corporate bureaucracy on his way out, but he has

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the support of those around him and is determined to do well this year.

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Sethi's resignation from Mastercard is a setback for the time being, but he is

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optimistic that tomorrow will be better.

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Next up

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The Federal Reserve has raised interest rates by 25 basis points, bringing

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the federal funds rate to 4.75%.

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Despite this, the cryptocurrency market, led by Bitcoin and Ethereum, has remained

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steady in response to the announcement.

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Bitcoin is currently trading at $23,029, with a 0.3% increase in

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the hour after the announcement.

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Ethereum was also up by the same amount, trading at $1,577.

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Although both assets have increased slightly in the past week, they are

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still down from their all-time highs.

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The stock market has reacted to the news with mixed results, with the

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S&P500 and Nasdaq showing small gains.

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Experts have stated that the Federal Reserve's announcement added "nothing

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new" to the markets and that the "big question on everyone's mind" is if

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the bottom is in for risk assets.

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Bitcoin has typically followed the stock market due to its status as a "risk-on"

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asset, meaning its price can be volatile.

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As the Fed continues to raise interest rates, investors may shift

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towards "safe-haven" investments like gold or the US dollar.

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The Federal Reserve's interest rate hike has not had a significant impact

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on the crypto currency market, with Bitcoin and Ethereum remaining steady.

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However, as the Fed continues to increase rates, the future of the "risk-on"

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crypto currency market remains uncertain.

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We cross the pond, to cover how the UK government is taking a phased approach

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to regulate crypto currency activities and has released a proposal for

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consultation with industry stakeholders.

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Prime Minister Rishi Sunak aims to make the UK a global crypto hub and establish

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standards for crypto currency services similar to other financial services.

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The proposal aims to protect investors’ assets and prevent the repetition

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of incidents like the FTX collapse.

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The government has drafted rules to limit co-mingling of users’ funds with

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the firm’s funds and to ensure the prompt return of assets to investors

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in case of a custodian's insolvency.

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The consultation will close on April 30th.

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Binance, the largest crypto currency exchange, has expressed support

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for the UK government’s proposals and looks forward to contributing

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to the consultation process.

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The community has also received the proposal positively

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and found it promising.

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The UK government’s proposal for regulating crypto currency is

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a positive step forward for the industry and aims to establish

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trust and promote long-term growth.

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Binance and the community have voiced their support for the proposal,

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and the government is seeking feedback from industry stakeholders

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before taking the next step.

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Continuing in Europe, Germany's largest securities service provider, DekaBank,

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has teamed up with Swiss crypto currency firm METACO to offer its clients digital

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asset custody and management services.

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With over €400 billion in assets under management, DekaBank aims to

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provide institutional investors and millions of people in Germany access

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to the growing digital asset sector.

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DekaBank will leverage the harmonize platform from METACO to deliver

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digital asset services, becoming one of the latest traditional banks

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to expand into the crypto sector.

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The move comes as increasing client demands drive banks to venture

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into the digital asset space.

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Another German bank, N26, has announced plans to offer crypto trading services to

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customers in several European countries, highlighting the growing trend of

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banks expanding into the crypto sector.

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The digital asset revolution is gathering pace, and with players like DekaBank

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entering the space, it's becoming more accessible to a broader audience.

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The partnership between DekaBank and METACO is the latest example of how

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traditional financial institutions embrace the growing digital asset

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class, providing investors with new opportunities to invest in the future.

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With all the activity in Digital assets we will all need a safe place to store it.

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Ark Invest, a crypto and fintech investment firm, predicts that the

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use of digital wallets is on the rise and is expected to reach 65%

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of the global population by 2030.

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Currently, the global penetration rate for digital wallets is

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40%, and the number of users is increasing at a rate of 8% annually.

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Digital wallets are growing faster than traditional finance accounts,

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and their use has rebounded in the US after a dip caused by CO Vid 19.

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The firm predicts that the number of US digital wallet users will increase

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by 7% annually in the next eight years, totaling over 260 million users by 2030.

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Online wallets enable "closed-loop" transactions, where consumers and

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merchants can transact directly, cutting out the middleman.

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This could result in cost savings for consumers and merchants and provide wallet

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providers more value per transaction.

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Ark also predicts that closed-loop transactions could make up over

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50% of digital payments by 2030.

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Digital wallet growth is set to continue, and its popularity is increasing

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as it has the potential to cut out intermediaries, which is thought

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to benefit consumers and merchants.

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The increasing use of digital wallets is currently thought to save the

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economy almost $50 billion in costs.

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You cant help but think that OpenSea has decided that no matter how rough

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the seas get they refuse to sink.

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As the competition between zero-fee marketplace Blur and NFT platform

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OpenSea has intensified, with Blur reportedly finding a loophole

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to bypass OpenSea's blocklist.

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Blur has created a new marketplace on Seaport, a protocol released

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by OpenSea in May 2022 that isn't included in OpenSea's blocklist rule.

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This allows Blur to list collections that were previously blocklisted by

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OpenSea and enforce creator royalties.

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The evidence of this loophole can be seen on Blur's marketplace,

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where buyers can now purchase NFTs marked with a "permissioned" tab,

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ensuring full royalties are enforced.

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The royalty debate in the NFT space heated up in November, with OpenSea

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clarifying its stance with creators and building a royalty enforcement tool.

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With Blur's new feature, creators can now have enforced royalties on

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both of the largest marketplaces, potentially increasing their income and

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attracting more creators to the space.

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Blur made its debut in October 2022 and quickly gained popularity

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for its no-fee model, attracting professional NFT traders.

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However, the timing of its launch raised questions among creators in the space

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as the royalty conversation was ongoing.

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The current loophole in Blur's marketplace could challenge OpenSea's

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share of the overall trading volume and benefit both creators and collectors.

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The community is also looking forward to the launch of Blur's governance

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protocol and native token, BLUR.

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Ethereum's ImmutableX is launching the Immutable Passport, an all-in-one

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solution for gaming studios looking to onboard gamers into Web3.

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The non-custodial wallet, gamer profile, and authentication solution

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will provide security, compliance, and plug-and-play features for the

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development studios integrating Web3 components into their games.

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Similar to an Xbox Gamertag or Apple ID, the new tool does not require

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a password at sign-on and will not hold on to users’ private keys.

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The Immutable Passport will provide players with a secure digital

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wallet, fraud protection, and seamless authentication across

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Web3 games and marketplaces.

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The tool will also help Web3 gaming studios "drive adoption across

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mainstream audiences, maintain enterprise-grade security, and

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access meaningful player analytics."

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Studios that integrate the Passport will have access to active players

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in the ImmutableX ecosystem.

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Players can sign in with an email and a one-time password, making the

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onboarding process simple and secure.

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The launch of the Immutable Passport system is expected to be a game-changer

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for players and reduce user acquisition costs for Web3 gaming studios.

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As blockchain-based gaming continues to gain traction, the Immutable

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Passport is positioned to make the onboarding process for gamers into Web3

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easy, secure, and accessible for any game – mobile, console, or desktop.

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NFTs are just the beginning for Bobby Kim, co-creator of the

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Adam Bomb Squad NFT collection.

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He has just signed with one of Hollywood's leading talent representatives,

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United Talent Agency, or U T A

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. Bobby Kim, also known as Bobby Hundreds,

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for his work as a designer, author, photographer, and Web3 creator.

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And now, he's set to take his career to the next level with U T A.

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as his representative.

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Kim will be represented in all areas, including film and television projects.

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Kim's NFT collection, Adam Bomb Squad, generated over $35 million in trading

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volume and sold 25,000 NFTs in less than an hour during the 2021 NFT bull run.

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Despite the current bearish market for NFTs, Hollywood is still pursuing

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new talent and developing collections based on popular intellectual property.

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Kim has collaborated with big names like Disney and the NBA and has

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written a book titled "NFTs Are a Scam"; that is set for release.

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U T A , led by Lesley Silverman, is at the forefront of web3 ventures and

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also represents other high-profile individuals such as Proof CEO Kevin

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Rose and NFT artist Diana Sinclair.

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With U T A as his representative, Bobby Kim is ready to take his story telling

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abilities to new heights and explore opportunities in television, film

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production, writing, and publishing.

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Bobby Kim, a successful streetwear designer, and Web3 creator, is

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poised to expand his business even further with the help of U T A

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. Kim is set to release his second book

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in the entertainment industry.

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We wish Bobby all the best as he takes this exciting next step in his career.

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"That's a wrap for today's episode of Web3 with FTC by Fintech Confidential.

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We've covered some of the biggest Web3 disruptions that are shaking up

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the world and what they mean for you.

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From resignations to regulations to revolution, we've explored the impact

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these events are having on the industry and what you can expect in the future.

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Thanks for tuning into “Web3 with FTC”, where we cover what’s behind

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the disruptive and innovative world of Web3, Blockchain, Crypto and Fintech.

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And remember to follow us on our Telegram Channel, Linkedin, Facebook,

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and Instagram, and sign up for the latest news delivered straight to your inbox at

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access dot fintech confidential dot com.

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STAY DISRUPTIVE!

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This has been a production of Diamond D3 Media,

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with All Rights Reserved.

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This is provided for informational purposes only.

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It is not offered or intended to be used as legal, tax, investment,