One person - 114 scams, Google Cloud to Support Polygon, OpenSea is in Big Trouble, Build a NFT ticketing app
In this issue: One person alone has released 114 memecoin scams, Google Cloud to Support Polygon, OpenSea is in Big Trouble, Learn how to build a NFT ticketing app
Hey friends! It is me Suhail again and eager to update you on the latest developments in the world of Web3.
So, let’s start with the biggest news happened this week.
News and Announcements 📰
Looks like crypto scammers are at it again! According to blockchain investigator, ZachXBT, they have been launching a ton of fake memecoins over the past couple of months. In fact, one wallet address alone has released 114 memecoin scams in just the past 45 days. ZachXBT even found out that the stolen funds from the scams were being sent to the same deposit address every time. It's pretty crazy, and there might even be more scams out there. Stay safe, everyone!
OpenSea, the famous NFT marketplace that reached a $13 billion valuation during the height of NFT fever last year, is now being valued at only $3 billion by one of its biggest investors, according to DL News. Tiger Global, the venture firm that invested in OpenSea’s $300 million Series C round in January 2022, has marked down its OpenSea equity from $126.8 million to $30.2 million, reflecting a 76% reduction.
OpenSea has been struggling with a drop in NFT sales on its platform and stiff competition from Blur, which now has higher weekly trading volumes. To compete, OpenSea launched OpenSea Pro, a revamped version of the Gem NFT marketplace aggregator that gives out commemorative NFTs to early users.
Google Cloud is partnering with Polygon Labs to make it easier for developers to build decentralized applications (dapps) on the Ethereum-based layer 2 blockchain. By bringing its Blockchain Node Engine to the Polygon ecosystem, developers can focus on building on the protocol while keeping control over where nodes are deployed. This move will help businesses embrace blockchain technology through Polygon and could advance the protocol's ZK innovation strategy.
Google Cloud is actively pushing further into the Web3 world, offering support for startups and emerging projects in the industry to scale their projects faster and more securely. The partnership with Polygon is a step towards improving data availability and enhancing the resilience and performance of scaling protocols.
Resources and Guides 📝
I’ve just published a tutorial on how to a NFT Ticketing app with Paper and Next.js.
Reddit onboarded millions of users into NFTs without them having wallet address. Here is how you can do too
- authenticate users with email/password
- allow users buy NFTs with credit card
Alrighty, folks, that's all for this week's edition of the This Week in Web3 newsletter. I hope you had a good time reading it and learned something new.
If you liked it, don't be shy, give it a share. Catch you next week for more Web3 updates and insights. See ya!