This Week in Web3...

A recap of This Week in Web3

Solana’s NFT marketplace booms

Tensor, a new NFT trading platform on the Solana network, has recently surpassed Magic Eden in trading volume, becoming the leading marketplace in Solana’s NFT space. With over $1 million in NFT trades, representing about 60% of Solana's total NFT market share, Tensor attracts high-volume traders, contrasting with Magic Eden's broader user base.

The platform, maintaining loyalty through its intuitive interface and robust features, gained traction partly due to the collapse of FTX, which pushed traders towards on-chain NFT trading. Additionally, Solana's ecosystem is further strengthened by its new artist residency program, which was showcased at the Miami Art Basel event, highlighting the network's commitment to supporting artists and creators in the NFT space.

Rug Radio Merges with Decrypt

Decrypt, a crypto, and web3 news company has announced its intention to merge with Rug Radio, a decentralized web3 media firm. This merger, creating a new holding company while retaining both brands, aims to enhance Decrypt's integration into the web3 ecosystem and broaden Rug Radio's content distribution.

The deal, expected to close in early 2024 without regulatory hurdles, will combine Decrypt's journalistic reach with Rug Radio's creator community, potentially leading to innovative revenue models and expanded coverage areas. Both companies, which currently generate around $3 million in annual revenue, will maintain their existing teams post-merger.

Rug Radio also announced its partnership with Arbitrum, which will lead and build out the tech behind the decentralized media reward system.

Pudgy Penguins Announces Web3 Game

At Art Basel Miami, Pudgy Penguins revealed their upcoming Web3 gaming venture, "Pudgy World," an immersive digital environment using zkSync Era technology. Set to launch in alpha next year, the game will be accessible to everyone, but special perks will be available to NFT holders and purchasers of Pudgy Penguin toys.

Quick Headlines

• Museums are learning to love NFTs

•  How AI could power the climate breakthrough the world needs

AI Corner

Europe Agrees To Landmark AI Regulation

The European Union has reached a provisional agreement on new rules governing the use of artificial intelligence, positioning itself as a global leader in AI legislation. The deal, resulting from extensive negotiations, mandates transparency obligations for AI systems like ChatGPT, including technical documentation, compliance with EU copyright laws, and detailed summaries of training content.

High-impact AI models will need to undergo evaluations, risk assessments, and report on incidents, cybersecurity, and energy efficiency. The legislation also restricts government use of real-time biometric surveillance in public spaces to specific cases involving serious crimes or threats.

This Week We’re Bullish On

Yatreda

Yatreda Art Collective, an Ethiopian family of artists, emerged in the Web3 space in 2021 with their "Kingdoms of Ethiopia" project. Led by Kiya Tadele, formerly in the modeling industry, the group includes her husband, Joey Lawrence, sisters Roman and Suzy Tadele, and friends Tigist and Abiy. Yatreda focuses on reviving and preserving Ethiopian legends and stories, digitizing them on the blockchain with artistic flair.

Their recent work, "The End of Innocence" collection, launched through Fellowship, has been well-received, with an ongoing auction reaching a bid of 22 ETH. The collective is recognized for its powerful storytelling and commitment to honoring Ethiopian heritage.

Positive Affirmation for This Week

“Good riddance to decisions that don't support self-care, self-value, and self-worth."- Oprah

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