Latest In Metaverse, Web3, and NFTs

Hello, again, and welcome back to my Latest in Metaverse, Web3 and NFTs newsletter. Your Linkedin newsletter to find out about the most curious, exciting and most recent developments in these fascinating spaces.

So, without further ado, let’s dive right in!

The UK elects cryptocurrency supporter Prime Minister

Following Luz Truss’s controversial resignation last week, Rishi Sunak has been chosen to be the UK’s new prime minister.?

During his time as finance minister, Sunak had guided the UK's new aspirations for cryptocurrencies and announced that he wanted to turn the UK into a crypto hub. He also helped introduce the Financial Services and Markets Bill which, if passed into law, could give local regulators a great deal of power over the cryptocurrency industry.?

The local crypto industry is ready to welcome him as a government leader and looks forward towards the future of the industry in the United Kingdom.

Reddit’s Collectible Avatars

Reddit has now become the latest social network to integrate NFT support into its platform in the form of "blockchain-backed collectable avatars.” as they announced through a post in their blog .?

The company describes them as "limited edition avatars made by independent artists, in partnership with Reddit." The collectable avatars will be uniquely numbered, with multiple avatars of each sale design.

The collectable avatars are limited edition Reddit avatars that provide owners unique benefits on the Reddit platform. They feature non-fungible token (NFT) technology on the Polygon blockchain, so you'll need a vault (your digital wallet on Reddit) to store them.

Filecoin launches Web 3.0 data storage solution for carbon offsets

According to the company, this free storage utility aims to address the shortcomings of traditional storage solutions for all types of digital assets in the environment.

Filecoin Green, a Protocol Labs initiative designed to reduce FIlecoin's environmental impact and make Filecoin verifiably sustainable, has spearheaded an initiative to power Web 3.0 technology with verifiable clean energy.

According to the announcement , the company aims to address the shortcomings of traditional carbon storage solutions by "combining granular blockchain tracking functionality with Web 3.0 information sharing infrastructure."

Binance Oracle to connect Web3 to the real world through smart contracts

Cryptocurrency exchange Binance announced the launch of a new data feed network, Binance Oracle, that enables blockchain smart contracts to connect to real-world data, starting with its internal blockchain offering, BNB Chain.

To start, Binance Oracle will enable existing decentralized applications (DApps) and Web3 ecosystem partners in BNB Chain to access existing data feeds and advanced computations. The ability to connect smart contracts with off-chain data will be available to other blockchains in due course.