Mon 21/11

Good Morning. Web3 ecosystem has lost about $2 billion/16000 crores due to security lapses so far in 2022, Japan's Docomo to invest big money in web3 and CoinSwitch continues to invest heavily in India's web3 space. Yup, that's a lot of "web3" in today's letter but we have to! 

• Binance boss says India is not a viable market for crypto: “To be honest, I don’t think India is a very crypto-friendly environment,” Zhao, one of the most influential figures in the crypto industry, said at a TechCrunch crypto conference held on Thursday. Zhao also weighed in on the tax element in India. The nation's high tax environment has made it difficult for global companies to operate, according to him. “If you are going to tax 1 percent on each transaction, there is not going to be that many transactions,” he said. “A user could trade 50 times a day and they will lose like 70 percent of their money. There is not going to be any volume for an order book type of exchange. So we don’t see a viable business in India today. We just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there,” he said.

• CoinSwitch unveiled ‘Web3 for India’ at T-Hub: Crypto app CoinSwitch has unveiled ‘Web3 for India’ at technology startup incubator T-Hub here to create awareness of real-world use cases of Blockchain and crypto. The initiative highlights how India's startup ecosystem can create the next big opportunity using Blockchain, the firm said about the launch on Thursday, on the sidelines of its Block By Block Web3 community event. Welcoming the initiative, Mr. Ranjan said that Telangana wants to play a vital role in shaping India’s Web3 story. “This is a huge step for the Web 3.0 Community. We intend to establish Telangana and T-Hub as the go-to location for students, entrepreneurs, VCs, universities, corporates, and Web 3.0 enthusiasts across the globe,” said Mr. Rao.

• NoMaiMai's Shagun Singh sold nfts worth 16 crores: NoMaiMai, by Shagun Singh, is a collection of 4,000 Non-Fungible Tokens (NFTs) that includes hundreds of original graphic elements, artistic characters, and animations. He made 16 crores in six months with the launch of his two NFT collections, “Ridiculous Dragons” in April & “NoMaiMai” in October. The perks of owning a NoMaiMai nft include profit sharing from the NoMaiMai Café and Club, NoMaiMai Merch Line, Ridiculusum Clothing Label, NoMaiMai Mobile game, and NoMaiMai Animated Series. All NFT Holders will also have access to the premium crypto trading group and receive comprehensive stock trading training on top of all these profit-sharing benefits.

• Nike steps further into Web3 with the release of .SWOOSH: Nike says .SWOOSH will be a resource for Web3 education and a platform to buy and trade digital collectibles, such as virtual sneakers or jerseys. These items can be worn in video games and other immersive experiences, the company says. Additionally, SWOOSH will allow users to create their own collections on the platform, from which they can earn royalties. “We are shaping a marketplace of the future with an accessible platform for the Web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together,” Ron Faris, GM of Nike Virtual Studios, said in a press release.

• Blockchain Security Alliance Q3 2022 Blockchain Security Report: In the third quarter of 2022, Beosin EagleEye monitored over 37 major attacks in the Web3 space, with total losses of approximately $405 million, down approximately 43.6% from $718.34 million in Q2 2022 and a decrease of 59.6% from the loss of $1,002.58 million in Q3 2021. From January to September 2022, assets lost in the Web3 space due to attacks totaled $2,317.91 million.

• Japan Mobile-Phone Operator NTT Docomo to Invest $4B Into Web3: NTT Docomo, Japan's largest mobile-phone network, pledged to invest up to 600 billion yen (US$4 billion) into Web3 infrastructure. The company will collaborate with Astar Foundation, the developer of the public blockchain Astar Network, and Accenture to speed up Web3 adoption, according to a statement provided to CoinDesk. They will set up a consortium that allows individuals and corporations to utilize tokens for governance. “Collaborating with NTT Docomo, a company that has created case studies that have been used by tens of millions of people, we will further spread Web3,” Astar Network founder Sota Watanabe said in the statement. Japan's government owns one-third of the stock of NTT Docomo’s parent company, NTT.

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What are DAOs:  A decentralized autonomous organization (DAO) is an entity with no central leadership. Decisions get made from the bottom up, governed by a community organized around a specific set of rules enforced on a blockchain. DAOs are internet-native organizations collectively owned and managed by their members. They have built-in treasuries that are only accessible with the approval of their members. Decisions are made via proposals the group votes on during a specified period.

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