Mon 20/03

Good Morning. Our Referral program is live. Please see the bottom of the letter for more details 😀 . We also sent out the first round of emails to eligible readers for their referral goodies yesterday! In news today; the Indian web3 market is ready to fly, Microsoft is testing a new wallet, NFTs are being resold at a crazy rate and youtube influencers are in trouble.

💥 Indian Web3 Market Likely To Reach Usd 1.1 Bn By 2032: As per the data presented at the Entrepreneur Web3 Summit on March 14, 2023, revealed that the Indian Web3 market is expected to grow from USD 0.0049 billion in 2022 to USD 1.1 billion by 2032, with a compound annual growth rate (CAGR) of 57%. The Indian metaverse market is valued at USD 2.4 billion, and it is projected to grow at a CAGR of 39.2% from 2022 to 2030 to reach USD 33.9 billion. The Indian blockchain market is estimated to increase at a CAGR of 47.3%, from USD 0.28 billion in 2019 to USD 4.3 billion by 2025. The non-fungible token (NFT) market is also expanding, and it is expected to increase from USD 2.46 billion in 2022 to USD 8.6 billion by 2027, with a CAGR of 22.82%. The Indian NFT market is expected to grow at a CAGR of 61.6%, from USD 3.3 billion in 2021 to USD 27 billion by 2028. The global Web3 market is projected to increase from USD 3.3 billion to USD 82.72 billion by 2030. The gambling sector is also expected to see significant growth, with the gaming market projected to rise from USD 2.6 billion in 2022 to USD 8.6 billion in 2027, at a CAGR of 27%.

👀 Secret Crypto Wallet Found In Microsoft Edge Browser: According to screenshots shared by Albacore, a software researcher, Microsoft is currently testing an integrated crypto wallet that is not custodial. This wallet can be utilized for crypto payments, as well as a gateway to Web3 and DeFi applications. The wallet comes with a user interface for cryptocurrency wallets, a decentralized application explorer, a news feed, and the ability to purchase cryptocurrencies through MoonPay and Coinbase. During the onboarding process, Microsoft emphasizes that the wallet is non-custodial, which means that users have complete control over their funds and that Microsoft will not have access to their password and recovery key.

📸 YouTube Influencers Face $1 Billion Class-Action Lawsuit: A group of popular finance and cryptocurrency YouTubers are facing a class-action lawsuit for their involvement in promoting the now-defunct cryptocurrency exchange, FTX. The plaintiff of the lawsuit, Edwin Garrison, is seeking $1 billion in damages due to allegations that the YouTubers promoted FTX without disclosing compensation, which constitutes crypto fraud. The lawsuit was filed on March 15th in Florida. The lawsuit names several well-known finance and crypto YouTubers, including Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg, and Creators Agency LLC as defendants. The lawsuit alleges that the YouTubers took part in a civil conspiracy with FTX and misled customers “with the false impression that any cryptocurrency assets held on the FTX Platform were safe and were not being invested in unregistered securities.”

📈 There Is An Unusual NFT Flipping Trend Going On: Fresh data from @NFTStatistics reveals an interesting trend unfolding in the NFT sector. The data shows that despite the market upswing, flippers have been losing 4,000 ETH per week over the past two weeks, which has puzzled industry analysts. However, the opposite is currently true, as @NFTStatistics reports that the past month has seen a surge in the number of flips recorded. Despite this, losses from these flips are nearing historical highs. Furthermore, @NFTStatistics has used on-chain data to demonstrate that flippers have lost over 12,000 ETH on Blur trades in the last month, possibly in anticipation of the Season 2 token unlock, where listings gain value in BLUR token based on their listed value.