This Week in Web3... 

FTX’s Sam Bankman-Fried Found Guilty on All Charges

Sam Bankman-Fried, the founder of the crypto exchange FTX, has been found guilty of seven counts of fraud and conspiracy in connection to the collapse of the platform. The verdict followed 15 days of testimony, with many close associates and his ex-girlfriend testifying against him. Bankman-Fried, who once enjoyed billionaire status and significant influence in the crypto industry, now faces up to 110 years in prison. This case signifies a significant event in the crypto world, with FTX's downfall previously causing panic and substantial losses in the industry.

OpenSea Announces Company Restructuring, Lays Off Half of Staff

OpenSea, one of the biggest  NFT marketplaces, announced a major restructuring under the vision of "OpenSea 2.0," as shared by CEO Devin Finzer. Aimed at improving reliability, user experience, and speed, the company will downsize its workforce, affecting half of its employees. This move mirrors recent changes in other major Web3 companies. The platform aims to expand its offerings, highlighting the recent OpenSea Studio launch and new storytelling features.

ApeFest Hong Kong Recap

This past week the BAYC community raved about the highly anticipated ApeFest Hong Kong. Check out some highlights!

Over the weekend Apefest Attendees claimed to have suffered agonizing eye problems because of UV lights on the stage

Adidas Partners With Bugatti for Crypto-Powered Footwear Auction

Bugatti and Adidas have collaborated to launch the "adidas X Crazyfast Bugatti" football boot, available in a limited quantity of 99 pairs. Merging adidas's Speedframe sole plate technology with Bugatti-inspired designs, these boots will be auctioned exclusively on adidas's Collect Web 3 platform from November 8-11. Successful participants will receive a unique digital shoebox that can be redeemed for both a digital and physical pair. In November 2023, Rafael Leao and Karim Benzema are set to debut these boots on the pitch.

This Web 3-based release underscores the merging of innovation in design, performance, and digital commerce.

The Simpsons’ Latest Episode Mentions NFTs and Crypto

In the latest 'Treehouse of Horror' episode, 'The Simpsons' delves into the world of NFTs, humorously critiquing their value and the frenzy around them. Homer turns Bart into an NFT, prompting Marge to navigate the blockchain for a rescue as Springfield's art shifts to digital. The episode features numerous NFT references, including a satirical look at prestigious art vs. valueless profile pictures (PFPs), reflecting on the NFT market's volatility and last year's crash. Notably, this isn't the first time the show has poked fun at cryptocurrency, continuing a trend of skepticism toward digital assets.

Quick Headlines

• Biden and Barack Obama Deepfakes 

•  Nearly 90% of consumers no longer trust influencers, new study finds

• Are NFTs Back? Sales Jump 32% in October

AI Corner

Elon Musk Says AI Will Eventually Create a Situation Where “no job is needed”

Elon Musk, in a recent dialogue with U.K. Prime Minister Rishi Sunak, asserted that AI may eventually outpace human intelligence, suggesting a future where jobs may become obsolete. "It's hard to say exactly when, but there will come a point where no job is needed... One of the challenges will be how we find meaning in life," remarked Musk.

Such a perspective can be daunting, especially given the deep connection many have with their professions. 

However, embracing an optimistic lens could usher in an era where people have greater freedom to pursue passions and quality time with loved ones. This evolution might even bolster discussions around universal basic income, reimagining employment as a choice rather than an obligation. What if this paves the way for universal basic income, making work a matter of choice rather than need? Imagine the possibilities!

I'd love to hear your thoughts. How do you envision a world where work is a choice rather than a necessity?

Elon Musk has also introduced his latest endeavor, a new AI chatbot aiming to rival ChatGPT, meet “Grok.”

This Week We’re Bullish On

Alice Delahunt

Alice Delahunt, CEO of SYKY, is at the vanguard of fashion's digital transformation. With a storied career that includes pivotal roles as the Chief Digital and content Officer at Ralph Lauren and the Global Director of Digital and Social at Burberry, Alice is a recognized industry pioneer in Digital, Brand Strategy, and Web 3.0.

She's served as a Non-Executive Director Board Member for Soho House and held advisory positions with tech giants like Google & Snapchat. Alice's insights and innovations have been spotlighted in global publications like Vogue, Forbes, and Business of Fashion. With SYKY, she's crafting the next chapter in fashion's digital narrative.

Positive Affirmation for This Week

“Courage starts with showing up and letting ourselves be seen.”

- Brené Brown

Hope you enjoyed this week's edition of the Alpha newsletter!

We're looking for brands to share with The Alpha. If you’ve got a product or service you think we’d love, let us know!👇

Remember, I'm Bullish on you!

With gratitude,

Shira