Decentralized Ethereum (ETH) scaling platform Polygon (MATIC) announced the launch of Polygon zkEVM Public Testnet, an “Ethereum-equivalent” ecosystem with cross-compatibility to existing smart contracts, developer tools, and wallets built on Ethereum and Polygon PoS. zero-knowledge Ethereum Virtual Machine (zkEVM) is a layer 2 construction on top of Ethereum that aims improve scalability through mass transfer processing rolled into a single transaction. The testnet launched under Polygon’s zero-knowledge R&D team as a full-featured, open-source implementation of zkEVM. Decentralized finance (Defi) protocols Aave and Uniswap, along with Web3 social platform Lens and gaming studio Midnight Society, will be among the first projects …

BNB Chain, the blockchain of the Binance crypto exchange and Binance Coin (BNB), launched its latest development-focused initiative, which targets European developers to build and scale decentralized applications (DApps) on the network. The three-week virtual “innovation incubator” program focuses on Web3 startups with at least one key member based in the European Union (EU). Those accepted into the program receive mentorship from industry experts and BNB Chain specialists on tokenomics design and Web3 marketing strategies. The incubator will host exclusive meet-ups in cities across the continent, such as Lisbon, Paris, Berlin, Barcelona, Warsaw and London. According to Zoe Wei, the …

The idea of Web3 has begun to take hold among business web developers in recent years. Modern business models emphasize the significance of moving beyond Web2 and discovering new ways to manage, organize and create meaning from the enormous volume of user-generated data, even though ideas about the current developments of the Web are still hazy and unclear. The Semantic Web is frequently linked to the concept of Web3 as business strategies and web developers envisioned it. Tim Berners-Lee, the inventor of the World Wide Web, initially proposed the idea in 1999. He saw the potential for enabling robots to …

The chief financial officer of NFT marketplace OpenSea, Brian Roberts, has become the latest high-profile Web3 executive to step down amid the bear market, resigning from his position after only 11 months in the role. In an Oct. 7 post on LinkedIn, the former CFO of ride-share platform Lyft and OpenSea said it was time for him to “come ashore” from the “open seas,” but didn’t state his exact reasons for leaving, though he noted he would be staying on as an advisor to the company moving forward. Roberts was appointed as the OpenSea CFO in 2021 after working at …

Such a philosophy is common among investors who are enthusiastic about blockchain’s potential to dominate Web3 as it becomes the infrastructure of the new internet. Yet, if you swap “cryptocurrency” with “stock,” you get a Warren Buffett quote — word-for-word. Of course, Buffett would never say such a thing about cryptocurrency because he thinks it’s worthless. So do a host of other heavy hitters, ranging from Buffett’s close ally Charlie Munger to gold’s poster boy Peter Schiff. Add to the list J.P. Morgan Chase CEO Jamie Dimon, Nobel Prize-winning economist Paul Krugman, and even Massachusetts Senator Elizabeth Warren — a …

The innovation and, as a result, the booming popularity of social media started at the beginning of the century with the concept of the online social graph. This specific data structure draws a line between social networks’ users and the people, places and things with which they interact. However, time has shown that the major social media platforms have several disadvantages related to centralization. The flagships of the change are likely to be sprouts of current Web3 projects. What is Lens Protocol? Lens Protocol is a blockchain-based open-source social graph created to reshape the future of social media concepts in …

The real economic utility of Web3 — a broad term that refers to some future iteration of the internet — can only be realized by utilizing existing payment onramps and offramps, according to Max Rothman, vice president of crypto and digital assets at Checkout.com. In an interview with Cointelegraph, Rothman explained that companies operating in Web2 and Web3 are largely sioled from one another, which means they cannot access each other’s benefits. “Web2 companies have mastered seamless online payments and the user experience,” he said, referring to businesses that operate in the current state of the internet. “For Web3 companies …

By 2030, Web3 is expected to reach a market size of $81.5 billion, according to Emergen Research, but the industry still has challenges to overcome, including security and interoperability, said players interviewed by Cointelegraph. Interoperability, in short, provides communication between blockchains, aiming to offer a similar experience to users as Web2, hiding infrastructure complexity away and ensuring they don't have to know what solution is powering the mobile app they use, explained Derek Yoo, CEO of PureStake, a development team for the layer-1 blockchain Moonbeam. However, interoperability also brings more moving parts to any system, and security is one of …

Paris Fashion Week 2022 consisted of 64 shows and 42 presentations, many of which demonstrated the future of fashion. From the sprayed-on dress worn by supermodel Bella Hadid at the Coperni show to upcycled fresh looks consisting of recycled garments, Paris Fashion Week brilliantly highlighted trends for upcoming seasons. While the majority of Fashion Week attendees and designers celebrated physical elements — such as in-person fashion shows and tangible designs — a handful of creators incorporated Web3 features to demonstrate fashion’s enormous digital potential. Web3 democratizes fashion Shedding light on this, Victor Weinsanto, a French designer who launched his brand …

A new survey commissioned by blockchain entertainment provider Coda Labs suggests that despite the huge amount of money being poured into Web3 gaming, traditional gamers are still yet to warm up to crypto or NFTs and have little interest in Web3 games. According to the survey, gamers pointed to practical barriers as their main reason for shying away from Web3 games, with gamers often not knowing how they might work and lacking a blockchain wallet. The survey found that only 12% of non-crypto gamers have tried Web3 games, while just 15% of those yet to try were interested in doing …

In this week’s newsletter, read about how Warner Music Group partnered with OpenSea to give artists a way to engage with their audiences. Find out how Tennis legend Maria Sharapova is exploring her growing interest in nonfungible tokens (NFTs) and check out how blockchain game Illuvium is trying to create an interoperable game. In other news, Meta enabled cross-posting for NFTs on Instagram and Facebook. And, don’t forget this week’s Nifty News featuring the Build-A-Bear Workshop entering Web3 and a CryptoPunk selling for 3,300 Ether (ETH) amid the bear market. Warner Music Group partners with OpenSea to create more Web3 …

A decentralized autonomous organization (DAO) has been established to serve as an ally for every project and business that's embracing Web3. ThreeOh DAO says the next generation of the internet can bring entrepreneurship, wealth and opportunities to communities around the world — and it wants to represent the interests of Web3 and DeFi users when regulations and policies are being decided. Those behind the DAO say they have the necessary infrastructure in place to engage with policymakers and make an impact — amplifying the voices of everyone in this nascent industry on national and international stages. Crucially, this organization says …