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This Week In Web3 - Remembering what web3 stands for, how you can help Ukraine, weekly wrap and more

GM!

We are Kable—your one stop for everything web3. This Week In Web3 is where we bring to you the highlights of the web3 world every week & leave you with something to think about. Welcome to our first issue & stay tuned for more crunch.

In today’s issue we cover:

  • Web3 Community Stands with Ukraine

  • Web3 Weekly Wrap

  • Learn with Kable Recap

  • Are projects like Invisible Friends bad for the NFT space?

Ukraine is suffering and needs all the help the world has to offer. At times like this, the web3 community has shown strong support for Ukraine and is bullish on the power of web3 tools and platforms to make a difference. 🇺🇦

To do your part, here are some resources you can donate to and web3 initiatives you can learn about:

Disclaimer: Wherever there is a group of people gathering funds to help the needy, there are also scammers looking for an opening to swindle people. Here are some prominent fraudulent activities you need to be aware of:

If we could summarise ETHDenver in a line, it would be: Coders and HODLers trying to get a glimpse of the future with 1000s others trying to land a job in web3.

“Less than 1,000 full-time developers are responsible for over $100 billion in total value locked in smart contracts,” Electric wrote.

This means there is a high demand for developers who can bear the weight of coding in Solidity. Sounds like good news, right? But new developers entering web3 might not necessarily have the experience to build sensitive financial rails. That is why people like Jake McCarthy, a contributor to the financial news outlet Raging Bull, have been fruitlessly trying to fill a developer role for three months.

Between the ongoing Russia Ukraine war, Anonymous hacker collective has taken it upon themselves to support Ukraine by engaging in a cyberwar against Russia. Various anonymous accounts were seen using the #OpRussia and #OpKremlin hashtags on Twitter, similar to the #OpISIS campaign that was launched earlier in an attempt to take down the terrorist organisation’s online propaganda attempts.

While the retirement investment company, IRA Financial Trust, was being hacked for $36M worth of cryptocurrency, the Sioux Falls police department was also being swatted. The police department received a report of an alleged robbery, but they concluded it to be bogus; the real robbery was happening online.

Victims described imposing strict controls on their Gemini accounts, reassured that such a mishap would be impossible.

“Coordinated efforts like these emphasize the growing sophistication of cybercrime that make cyber threats both difficult to prevent and challenging to recover from,” the company said.

Learn with Kable👩‍🏫

For our Tools Tuesday segment, this week, we explored some interesting tools to socialise & BUIDL together in web3.

The recent Opensea Attack once again raised questions about the security of blockchain technology but what really happened? Read our thread on how the scammer managed to pull this off & what are the best practices to avoid falling for such attacks.

Are projects like Invisible Friends bad for the NFT space?🤷

NFT collector and Twitter user @kdonenine shared his opinion on projects like Invisible Friends essentially giving a bad name to the NFT sphere. How?

The biggest and most reputed NFT projects, like BAYC, Punks, Doodles & Pixel Vault, took months to build. Some of them were even given out for free initially! That sounds unimaginable for the projects launching today. Many projects start out with an overrated hype that is used to justify their high floor price and people buy into them (FOMO much?).

Unlike BAYC & Punks, the launch of these projects is followed by their price drop and people taking to Twitter with “falling floor” and “rekt”. Mekaverse and Hapebeast are some of the examples of projects following this theme. This often leads to an atmosphere of mistrust and pessimism in the NFT space where many deserving projects suffer.

Successful and stable projects are often marked by strong regard for community, reputation and riding the learning curve. That’s why we always advise you to:

 🧑‍💻DYOR

 🤖Invest in projects you truly believe in

 ✋STOP giving in to FOMO!

This leads us to the question, where does it all go wrong? Is it the project or the people?

And about the Invisible Friends hype, we can just wait and watch.👀

And that, our friends, is a wrap!

Want to stay updated on the latest web3 news? Subscribe to This Week In Web3 and get your weekly dose of crisp web3 news at a glance.

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If you’re an early-stage Web3 builder or would like to venture out to the Web3 ecosystem, our creative-capital studio Spacekayak would be more than happy to assist and come along with you on your Web3 journey!

Know all about Spacekayak here.

wagmi 🚀