#181 - Big web2 names are leaving 😧

GM and welcome to Decentra Daily.

We're the newsletter that's the WB-3PO to your Luke. 

R2-D2, you know better than to trust a strange computer.

Today,

1. Web2 brands are leaving the space 👋

2. A cool Dune dashboard ⛓️

3. GPT plugins & worries, Ticketmaster tokenized tix 🎟️

Plus, all the web3 headlines, memes, and Tweets of the day.

What's this? 🤔Our new floor price index tracks the biggest, most influential pfp projects, art collections, and gaming assets. It's a one-blink snapshot of the market today.

Some big web2 names have ditched NFTs - but not Reddit!

A couple of weeks ago, Meta announced they were pulling NFT support from Instagram, just a year after they proudly launched the integration.

Why? They didn't give a clear reason. But the general consensus on Crypto Twitter was that Meta is looking purely at its balance sheet and cutting all non-essential projects.

Now, two other web2 NFT projects are shutting down

In the past few days, more big companies and organizations are walking back their previously-hyped web3 plans.

In 2022, Disney created a "next-gen storytelling" department containing dozens of employees.

The aim was to develop Disney's web3 strategy – how will the studio make content, tell stories, and reach audiences in the metaverse?

The whole team has been cut as part of a wider round of Disney layoffs. Another case of corporations categorizing web3 as "nice to have" rather than essential operations.

(But, it's worth noting that Disney did see some blockchain success 👉 )

Also canceling its NFT project: The UK treasury.

The government department announced its NFT collection under the leadership of now-prime minister Rishi Sunak.

The plan was to create an "NFT for Britain" that could be collected/invested in, similar to commemorative coins or gold bullion.

Now, that project is relegated to "under review" status.

But while some web2 orgs are leaving the space, Reddit is doubling down

After the successful launch of Reddit's Collectible Avatars, the social media platform continues to move further into web3.

Here are the recent developments:

• The Nyan Cat will feature in the next collectibles drop

Nyan Cat Creator, Chris Torres, is among the artists featured in the next round of Reddit collectibles.

• Reddit is building an NFT marketplace

Which will allow anybody to buy and sell avatars – all maintaining Reddit's content strategy of "no crypto words."

• Collectible Avatars: Gen 3

The third generation of avatars is dropping soon, but no official launch date yet.

It makes sense – they're the only web2 name who really produced a clear vision and execution

There's also Nike, through its early acquisition of RTFKT. But I feel like we're still waiting to see Nike wield the full force of their brand in web3.

Notable Tweets ✅

On the web3 wire 

Ticketmaster sells NFT-gated tickets. First show? Avenged Sevenfold 💀Bands can choose to offer fans NFT VIP passes with perks and presales. Holders connect wallets to Ticketmaster to verify ownership and access benefits.

The open letter to put a hiatus on AI development ✉️+1000 tech names, including Elon Musk and Steve Wozniak, ask for a 6-month moratorium on the development of all AI tech that's "more powerful" than GPT-4, to prevent "profound risks to society."

Bitcoin outperforms Ether, gold, and the Nasdaq 📈BTC has experienced its best quarterly gains for two years.

Watch the blockchain grow in real-time

Blockchains are like ships in the mist.

The chains are where the real stuff happens. Assets are minted, burned, deposited, and withdrawn. 

But activity and attention in the space happen somewhere else – on trading platforms, in games, in wallets, on Twitter.

In fact, you can function perfectly well in web3 without ever actually interacting directly with a blockchain (aside from signing transactions).

And as developers build increasingly accessible interfaces, the distance between user ↔️ chain will only increase.

– which can leave blockchains feeling strange and alien.

If that sounds familiar, take a look at this neat Dune dashboard, made by @0xKofi.

It tracks daily activity on a handful of the most-used blockchains, including Ethereum, Polygon, and Binance.

So you can see just how many millions of events are happening on-chain every day.

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Meme of the day

 “Bro. The Fed is trapped. Jerome is clueless.”

G'day! 👋

What we're reading this week