SEC hammers down on Coinbase 🔨

😟 Bitcoin = Inadequate? … “Game On” for Ubisoft’s NFT Project … And Vodafone Rings In The NFT Era … ☎️

Author

Nahin Talhah
July 07, 2023

😟 Bitcoin = Inadequate? … “Game On” for Ubisoft’s NFT Project … And Vodafone Rings In The NFT Era … ☎️


What’s up Web3-ers.

In today’s issue, we’re diving into:

  • The SEC’s damning indictment of bitcoin, and what this could mean for the NFT world and your Crypto investments.

  • Ubisoft “levels up” by putting yet another foot into the ever less murky waters of NFT-based gaming.

  • Vodafone and Cardano team up to bring web3 and the telecoms world a step closer together.

  • How big brands leverage this “a word” to make consumers trust them without question … And why this is GREAT news for blockchain technology.

SUCCESS PRINCIPLE LESSONS #105

Each week we decode one of the key Web3 principles giving you the inside track on what makes a successful Web3 strategy.

This week’s principle… Authority

How many times when shopping online do you think twice about the validity of your purchase, whether it’s scrolling through the terms and conditions or completely ignoring the fine print?

But why is that?

The answer: Authority.

Reputation, background, and experience all tie in to the authority we give to brands. Consumers eat up the new products being released by giant brands purely because the authority they’ve accrued makes us as buyers trust in their vision. cough* cough* every Apple product since 2005

Authority in Web3

In Web3, things work differently though, because the natural hierarchy between buyer and seller is less pronounced, meaning brands in Web3 can’t operate with their Web2 mindset.

With transparent blockchains, there’s no room for any sleaze in Web3. Publicly displayed wallets where users can track transactions is the new way to build authority. Coinbase, Binance, OKX and all these various exchanges support users’ efforts to track transactions and keep them accountable which in turn translates to a large valuable user base.

Alternatively, some brands (like Nike) might have no authority in Web3, but they’re partnering with brands who do. In Nike’s case, that came in the form of them acquiring RTFKT, a Web3 native businesses focusing on digital fashion which helped Nike gain a type of authenticity Web2 native brands wouldn't typically be able to create.

So authority is just as important in Web3 as in Web2 … We’re just reframing how that authority is built, and how we display it.

Now, on with the main event …

ROSTER ROUNDUP

Each week we like to give you a little insight into what’s going on behind the scenes at Roster HQ. We’ve had two “biggies” the past 7 days …

  1. We’re officially planning our launch event for the upcoming MBA course and will be hosting an exclusive meet-up to celebrate. We’ve got some exciting special guests, so stay tuned for access!

  2. And another potential Roster role on the table, as we’re soon to be looking for Student Success Managers and Project managers. Follow our LinkedIn page for first access to the role announcements when they launch. You’ll be first to know!

(Note: If you’re as eager for the Web3 Mini MBA launch as we are -- and why wouldn’t you be? -- you can get advanced notifications and updates here.)

BITCOIN = INADEQUATE?

After suing Coinbase last month, the SEC seems to once again have it in for the Crypto market. Though this time, hopefully only temporarily, as they rejected Bitcoin spot ETF filings, citing concerns over adequacy.

All is not lost, however, as The SEC requested asset managers to refile their applications. The market did react with a 5% dip in Bitcoin prices following the rejection, though given the 20% increase when news about spot ETF broke, this is hardly a catastrophe worth writing about.

The long and short of it is, the US government is concerned with market makers manipulating prices, whereas the exchanges are concerned with giving the government such power and control over its services, leaving the two at loggerheads.

But news breaking in the last day or so seems to suggest an approval could be on the cards, as analysts at the brokerage Bernstein said the probability a U.S. spot bitcoin ETF will be approved is fairly high, and the share price of Coinbase has surged, following the refiling.

“GAME ON” FOR UBISOFT’S NFT PROJECT

Ubisoft — the company behind Assassin’s Creed, Splinter Cell and Far Cry — has announced its first blockchain game called "Champions Tactics."

This is yet another breaking story of gaming companies excitedly jumping aboard the good ship NFT, and staking their claim in the rapidly-expanding web3/gaming trend.

"Champions Tactics" is build on the Oasys blockchain, and utilises non-fungible tokens (NFTs) for in-game assets and interactions. While Oasys may be a new name in the space, the platform is already making waves thanks to its low gas fees, and quick transaction times.

VODAFONE RINGS IN THE NFT ERA

From the Welsh rugby team, to the tennis at Wimbledon, to Glastonbury, and now Cardano … Vodafone is putting its fingers in lots of partnership pies.

While no formal project has been announced with Cardano, the global telecoms giant has made their intentions clear.

And what’s impressed us most, has been their use of Web3 jargon to communicate, making them come across a lot more genuine than the typical Web2 company entering Web3 looking to simply hop on the bandwagon for a quick cash grab.

Vodafone is also building a community through its Discord, and could well kick things off by using a Web3 approach to reward schemes or loyalty bonuses for customers.

☎️ READER REQUESTS

Every week we pick one lucky reader’s question, and give you a full rundown here. Today’s request comes from Minal who wants to know…

“Does Web3 Have The Support Of Big Institutions?”

Brands like Nike, Prada, Ralph Lauren are in Web3 for a reason. 

While it might seem like ‘the powers that be’ aren’t exactly fighting Crypto’s corner just yet, that DEFINITELY doesn't paint the full picture. 

Sure, as you read above, the SEC may be looking to make it difficult for Crypto and Web3 to take off, but when you consider that over $5 billion USD worth of Bitcoin is held in the US treasury … And that more than half of Fortune 100 companies are already building Web3 solutions, including giants like Microsoft …

It’s safe to say, even if big brands and institutions aren’t out and proud about their love of Web3, they ARE utilising it, they ARE planning for the future, and their actions show us, they’re 100% on board.

THAT’S A RITELIST (W)RAP …

We always love hearing from our readers …

So if you want to reach out with a question, comment, or a suggestion for the best gluten-free baked goods, or what to watch on Netflix (nothing too scary though please,) just hit reply to this email, and we’ll get right back to you.

Alternatively, if you want to be kept up-to-speed on the developments of our upcoming Web3 MBA course, just go here and register your details.

Until next time…