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India plans on digital currency, NFT community outsmarts scammer & more!

GM, people of web3 ✨

This Week In Web3 is here to deliver important weekly updates of the ever-bustling web3 land. You get news that matters with a side of discussions, jobs, reads, resources & so much more in a glance.

In today’s issue we cover:

  • India’s CBDC rollout

  • Weekly Web3 Wrap

  • Scammer getting scammed

  • Job Board

  • Wealth for web3

  • Interesting Reads of the Week

Estimated reading time: 4.38 minutes

This week in crypto 📈

Weekly web3 wrap 🗞

The Reserve Bank of India's annual report, released on May 27, said it would take a “graded approach" toward the introduction of Central Bank Digital Currency (CBDC). It noted that the digital currency design must be in line with its objectives of monetary policy, financial stability and efficient operations of currency and payment systems.

What is a CBDC?

A CBDC is a digital currency issued by a central bank, which is the same as legal tender and can be exchanged one-to-one with fiat currency. It's different only in form. The RBI says, "A CBDC is a digital currency but it is not comparable to the private virtual currencies that have mushroomed over the last decade.”

Here is a summary of what the report covered:

  • The Reserve Bank plans to implement a gradual rollout of CBDC, moving from one stage to another: Proof of Concept, pilots and finally a launch.

  • Examining the appropriate design elements of CBDCs that could be implemented without affecting the current system is underway.

  • The introduction of CBDC has been announced in the Union Budget 2022-23 and an appropriate amendment to the RBI Act, 1934 has been included in the Finance Bill, 2022.

  • The Finance Bill, 2022, which provides a legal framework for the launch of CBDC, has been enacted.

More Web3 news you should know about 👇

🏈 NFL taps Mythical Games for first play-to-earn venture: Mythical Games and the NFL will launch an NFT game, NFL Rivals, where users play as team managers. All 32 teams will be available to trade as NFTs.

🪙 Stripe and OpenNode team up to allow instant fiat-to-bitcoin conversions for businesses: The new OpenNode app will launch on the Stripe App Marketplace in the coming weeks.

💰 A16z announces $4.5B Crypto Fund IV: The new $4.5 billion fund doubles the size of its last crypto fund, one-third of which will be earmarked for seed deals exclusively.

🚨 South Korean police freeze assets of Terra (LUNA) Foundation Guard: The police seem to fear that Luna Foundation Guard will run off with the funds, as it asks for grants to freeze their assets.

🖼 OpenSea introduces a new protocol, Seaport, to allow NFT trading: Seaport is a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.

When an NFT Community strikes back…

On one hand, where we keep hearing about rugpulls and traders getting scammed of their NFTs, there is an event that might make you say “gotcha!”.

The Solana community came together to “scam” a scammer in order to get back some stolen NFTs; oh, how the turntables. Here’s the story:

Scammers managed to drain 109 user wallets of the Discord channel of cross-chain gaming development studio Uncharted NFT. They got away with >150 SOL tokens and 25 World of Solana (WOS) NFTs, including three rare and highly valuable digital collectibles.

But the community didn’t sit quietly; they decided to get back what was taken. Here’s the aftermath:

  • On Twitter, the WOS team got in touch with their development partner, Cyberfrog, and raised royalties on the stolen NFTs to 98% from the default 5%.

  • The community kept an eye on the Solana NFT marketplace MagicEden for any new listings.

  • Within 2 days, the community managed to buy back 15 NFTs, while the other 10 were sniped (waiting until the last few seconds of an NFT auction to make a winning bid).

  • The community managed to retrieve the other 10 sniped NFTs as well and return the 25 WOS NFTs to the rightful owner.

Read this thread above to hear the story from WOS. This victory shows the power of a community that believes in the project and is ready to fight for what’s right.

On the topic of women-led projects & NFTs, we invite you to be a part of TPH's Women in Web3 Twitter series. This time we talk about The World of NFTs on Wednesday, June 1 at 8 PM IST. Set your reminder here 👇

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Work in Web3 👩‍💻

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💲 Join Binance

Wealth for Web3 💰

🏏 General Catalyst, a venture capital firm, leads a $2.5 million funding round in Stan, its first Web3 bet in India. Stan is a Bengaluru-headquartered blockchain-based Esports fan engagement startup.

👾 Lumos Labs, which is building a metaverse for builders and Web3 ecosystem enablers raised $1.1 Mn In Funding Led By Delta Blockchain Fund.

Interesting reads from this week 🤓

As momentum behind Terra 2.0 grows, Astroport’s community members have spoken loudly: they see a need for an automated market maker (AMM) that they know and trust on Terra 2.0. Five days ago, voting…

Every major technology shift has eventually brought forth a new wave of consumer tech companies. The emergence of the Internet led to messaging apps like AOL and Yahoo, marketplaces like Amazon and…

“Level 7: We Expect Too Much From Blockchain Games

or: lower your expectations

🧵 https://t.co/8aWCtx5Hb7”

Sketchnote

Time to learn a web3 concept in a sketchnote! Let's start by understanding web3.

When it comes to web3, you don't have to be clueless like Michael—introducing Web3 Academy by The Product House 🚀, your one-stop guide to everything web3. Join to benefit from our resources "ASAP as possible" and get on the fast lane to your web3 journey!

That’s a wrap for This Week in Web3, see you next week!

🚀 Check out The Product house to start your Web3 journey with live learning masterclasses & workshops by seasoned web3 builders!

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