Web3 Wrap-Up: Coinbase launches Base, Spotify enters Web3, Enterprise collabs ?? ??

Welcome back to the Web3 Wrap-Up. Your weekly 5 minute summary of recent events in the Crypto & Web3 market.?

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In this edition:

• ?? Colombian court holds hearing in the metaverse
• ?? Dapper Labs’s NBA Top Shot Moments may qualify as a security, says US judge
• ?? Mastercard to allow crypto payments in Web3 via USDC settlements
• ?? Spotify is testing token-enabled music playlists
• ?? International Monetary Fund (IMF) released a board paper with a framework for crypto assets
• ?? AlUla's UNESCO World Heritage site Hegra opens to visitors in the metaverse ?? Coinbase unveils new Ethereum L2 network powered by Optimism
• ???? Hong Kong's Securities and Futures Commission (SFC) consults on allowing retail traders to trade crypto
• ? Ankr partners with Microsoft to offer enterprise node hosting services

This week, we’re sharing about crypto exchange Coinbase who launched Ethereum L2 network Base. It aims to provide a low-cost, secure, and developer-friendly environment for decentralised applications.?

Mastercard is also planning to allow cryptocurrency payments through its platform using USDC. In addition, the International Monetary Fund (IMF) has released a board paper outlining a framework for regulating and supervising crypto-assets, which could have significant implications for the industry.?

And that's just the beginning - we also saw Spotify's foray into the world of NFTs, plans for Hong Kong to establish itself as a crypto hub, and YouTube's incoming CEO, Mohan, hint at potential future plans for NFTs, acknowledging their potential for helping creators develop deeper relationships with fans. He also mentioned that YouTube was "thinking big" about how to make the viewing experience more immersive and bring more interactions to gaming.

It can be tough to keep up with all the updates in this space, but we're here to help you navigate the ever-changing landscape of Web3 and Crypto.

So sit back, relax, and continue reading for a look at the past week’s news, recent events and market activity across Crypto, Web3, DeFi, NFTs and the Metaverse.

I present to you the Web3 Wrap-Up!

• Coinbase unveils new Ethereum L2 network powered by Optimism - Crypto exchange Coinbase has announced the launch of Base, an Ethereum layer-2 network designed to provide a low-cost, secure, and developer-friendly environment. The network aims to reduce transaction fees and increase the speed of transactions, while also providing a more efficient and scalable platform for decentralised applications (dApps). According to Coinbase, Base will be compatible with existing Ethereum tooling and infrastructure. The launch of Base is expected to contribute to the growth and adoption of decentralised finance (DeFi) and other Web3 applications. Base will not have its own dedicated token. Instead, it will use ETH as the primary token to pay for transaction fees and other costs on the network. This is in contrast to other layer-2 networks, such as Polygon and Optimism, which have their own tokens that are used for transaction fees and other functions on the network. The launch of Base is expected to contribute to the growth and adoption of DeFi and other Web3 applications.

• AlUla’s UNESCO World Heritage site Hegra opens to visitors in the metaverse - Hegra, a UNESCO World Heritage site located in AlUla, Saudi Arabia, has been recreated in the metaverse. It's an ancient city that was once the capital of the Nabataean Kingdom and is renowned for its rock-cut tombs and monumental facades. The virtual recreation was developed by a team of experts in partnership with the Royal Commission for AlUla and is meant to provide a way for people to experience the site even if they cannot visit it in person. The virtual recreation of Hegra in the metaverse is not just a simple copy-paste of the physical site. Instead, it includes a range of features that make the experience more engaging and interactive. The virtual recreation of Hegra in the metaverse is not just about entertainment, it's also about education. The virtual site includes a variety of educational resources that make learning about the site more fun and engaging.For example, visitors can enjoy interactive exhibits that provide more in-depth information about the history and culture of the site. Moreover, virtual tours offer a unique and immersive way to explore the city, with the ability to view it from different angles and perspectives. The move to the metaverse is part of a larger effort to promote cultural heritage and tourism in the region. By offering a virtual recreation of Hegra, the Royal Commission for AlUla is able to reach a wider audience and engage people in new and innovative ways. The metaverse is an exciting new frontier for organisations, as it allows them to interact with audiences in ways that were previously impossible. I can't wait to see what other virtual experiences will be created in the future to promote cultural heritage and tourism.
• Mastercard to allow crypto payments in Web3 via USDC settlements - Mastercard is planning to allow cryptocurrency payments through its platform using USDC, a stablecoin pegged to the US dollar. The move is part of Mastercard's efforts to support the growing demand for digital currencies and provide its customers with more flexibility in their payment options. The integration of USDC into Mastercard's platform will enable users to make transactions in a more efficient and secure manner, while also reducing the risks associated with traditional payment methods. The move is seen as a significant step towards wider adoption of cryptocurrencies and the development of Web3 technologies.
• IMF released a board paper with a framework for crypto assets - The International Monetary Fund (IMF) has released a board paper outlining a framework for regulating and supervising crypto-assets. The paper proposes a risk-based approach that takes into account the potential risks and benefits, as well as the characteristics of different types of crypto-assets. The framework aims to provide guidance for policymakers and regulators in managing the risks associated with crypto-assets, while also promoting innovation and competition in the financial sector. The paper recommends that regulators should focus on four key areas: investor protection, financial stability, AML/CFT, and market integrity. It also suggests that regulators should work together to develop a coordinated approach to regulating crypto-assets, given the global nature of the market. Overall, the paper represents a significant step towards creating a more comprehensive and coherent regulatory framework for the crypto-assets market.
• Dapper Lab’s NBA Top Shot Moments may qualify as a security, says US judge - Dapper Labs, the Canadian blockchain company known for creating NBA's Top Shot Moments, is currently facing a class-action lawsuit for allegedly violating federal securities laws. The lawsuit claims that Dapper Labs offered non-fungible tokens (NFTs) without proper Securities and Exchange Commission (SEC) registration. A judge from New York recently denied Dapper Labs' motion to dismiss the lawsuit. The outcome of this lawsuit could have significant implications for the NFTs industry. If the court ultimately decides that Top Shot Moments are securities, it will change the way NFTs are regulated, and could discourage investors from buying them. It is worth noting that this case is not the first time that NFTs have been questioned from a regulatory perspective. However, it is a high-profile case that has brought attention to the need for clearer regulations and guidelines around NFTs and other Web3 technologies. In response to the lawsuit, Dapper Labs has emphasised that it has always been transparent about the nature of Top Shot Moments and has taken measures to ensure that these tokens are not considered securities. It is clear that the NFTs industry is still in its early stages, and further legal challenges are likely to arise as the market evolves.?
• Colombian court holds hearing in the metaverse - A Colombian court held its first hearing in the metaverse using the virtual platform Decentraland and was attended by all parties involved, as well as judges and attorneys. At the two-hour hearing held by Colombia’s Magdalena Administrative court, participants in a traffic dispute appeared as avatars in a virtual courtroom. The country is among the earliest worldwide to test real legal hearings in the metaverse, immersive virtual reality to make digital spaces feel more lifelike, often with avatars representing each participant. The use of virtual platforms like this for legal proceedings is seen as a way to increase accessibility and efficiency, particularly in remote or difficult-to-reach areas.
• Spotify is testing token-enabled music playlists - Spotify is partnering with Overlord, a platform that allows non-fungible tokens (NFTs) holders to access exclusive content, to launch a pilot program for token-gated playlists. This is a significant move for Spotify, as it marks the company's foray into the world of blockchain technology and NFTs. The pilot program, called "Playlist Takeover," will allow NFT holders to curate their own playlists and make them available exclusively to other NFT holders. This means that fans of a certain artist or genre can create playlists that cater to their specific interests and share them with a like-minded community. The program is part of Spotify's efforts to explore the potential of blockchain technology and NFTs in the music industry, as well as to offer new and exciting ways for fans to engage with their favourite artists. While the pilot program will be available to a limited number of users at first, Spotify has plans to expand it in the future.?
• Hong Kong's SFC consults on allowing retail traders to trade crypto - The Hong Kong Securities and Futures Commission (SFC) has announced plans to allow licensed exchanges to facilitate retail trading of cryptocurrencies like Bitcoin and Ethereum. This move is aimed at establishing Hong Kong as a crypto hub, and has received support from China's Liaison Office officials. Despite China's own crypto crackdown previously, it is believed that this move will help to further stimulate the growth of the cryptocurrency industry in the region, and attract investment and talent from around the world. With the new regulations in place, exchanges will need to meet the SFC's strict licensing requirements and compliance standards, which will help to ensure that investors are protected and market integrity is maintained.
• Ankr partners with Microsoft to offer enterprise node hosting services - Ankr, a provider of blockchain infrastructure, has announced a partnership with Microsoft to expand its node hosting services. This partnership allows Ankr to use Microsoft's cloud infrastructure to provide more secure and reliable node hosting services to customers. The partnership is a significant step for Ankr, as it will allow the company to reach more customers. While Ankr can use Microsoft's cloud infrastructure, the partnership also gives Microsoft a new revenue stream. The company can offer blockchain services to its customers and benefit from the growing demand for blockchain infrastructure. Ankr offers node hosting, staking, and decentralised cloud computing services that are secure, reliable, and user-friendly. These services are ideal for those looking for a dependable blockchain infrastructure provider. Node hosting is a crucial element of blockchain infrastructure because it enables users to run nodes and participate in the network.

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