😱 Drama for Open AI & Binance & Nike Announcement

🎣 w3.catch-of-the-week cw47

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Vicktoria Klich & Quinn Wilhelm
November 24, 2023

GMGM, and welcome to the 🎣w3.catch-of-the-week, your shortcut to staying informed in the buzzing world of emerging technologies. I, vickchick030, your go-to bookworm, have once again slogged my way through the deep deep rabbit hole (better known as Web3 😉) to tell you about the most important Use Cases. Time to sync up and break down the week’s most discussed dramas 🫡.

vickworm030

What a week - it proved once again that crypto is as unpredictable as a rollercoaster 🎢. Remember November 2022, when Sam Bankman-Fried was ousted from FTX? Fast forward to November of this year, and it seems we're in for a repeat, but with a different Sam in the hot seat. We'll get to that story in a bit…

But the drama doesn't stop there though. In the turbulent world of crypto Twitter, we witnessed a major headline. Changpeng Zhao, commonly known as CZ, the CEO of Binance, was targeted by the SEC, which accused Binance of money laundering and fined it 4.3 billion dollars.

🙆‍♀️ A defining moment for the entire crypto space. Although there have been rumours of Binance's downfall for some time, the crypto community is divided as to whether this settlement between the SEC and Binance is now good or bad news. Anyway the memes were top-notch.

May i present you: The Grim Reaper ☠️


😳 What went wrong at OpenAI
💰 Numbers of the week
😍 w3.hub furniture upgrade
👟 RTFKT driving adoption
🧠 Roblox revealing crazy insights

😱 OpenAI Coup

OpenAI has become a household name and has made a rapid rise to mainstream success that no other company has managed. With ChatGPT, they have reached more than 100 million users in record time, all without any significant marketing spend, making their technology an integral part of many people's daily lives.

Last week, however, the company was shocked by unexpected news. Almost every media outlet has reported on it, and new developments are emerging daily. Today I'm here to bring you up to date and summarise these events as simply as possible. Let's dive in 🫡

That is me following X since Friday

📖 Background and Context

OpenAI, a pioneer in AI research under CEO Sam Altman and Co-Founder Greg Brockman, has significantly advanced the field. With Microsoft holding 49% of its shares, it has played a key role in the organization's growth and the expansion of AI applications and research.

⚡️ The Trigger Moment

The tech industry was taken aback by the abrupt firing of CEO Sam Altman by OpenAI's board last Friday, a decision made under unclear circumstances. The demotion and subsequent resignation of Greg Brockman compounded this event. These sudden changes in leadership led to internal unrest within OpenAI and raised concerns among key stakeholders, including Microsoft.

👉 It is suspected that there may have been discrepancies between OpenAI's non-profit and for-profit orientations.

👀 Microsoft’s Reaction

In a strategic move following the leadership crisis at OpenAI, Microsoft, led by CEO Satya Nadella, quickly integrated OpenAI's core research team into its operations. This integration was highlighted by the appointment of Sam Altman and Greg Brockman to lead a new advanced AI research team at Microsoft.

📉 Internal Downfall

The departure of Altman and Brockman from OpenAI led to widespread employee support for both of them, while the board was publicly criticised for a lack of transparency and envolvement of employees and stakeholders.

Furthermore, the appointment of Emmett Shear (Founder of Twitch.tv) as the new CEO of OpenAI, with his publicly stated intention to slow down the progress of AI, has added to the uncertainty about the future direction of the company.

👉 As a result, a total of 550 out of 770 employees threatened to quit if Sam and Greg didn't come back 🤯

Tl;dr: Of course, a certain Elon Musk could not leave these events uncommented and has satirically summarised the situation:

🤯 The Comeback

On Wednesday morning, the wild odyssey came to an end as OpenAI announced that Sam and Greg would be returning to OpenAI.

Whether the whole thing was just a marketing campaign to attract the attention of the whole world or whether there are more internal problems behind it remains to be seen. To be continued…

🏄🏽‍♀️ Vickys Top Picks by Numbers

As the OpenAI saga unfolds, Sam Altman's commitment to Worldcoin remains steadfast. Amidst the OpenAI chaos, Worldcoin experienced significant volatility, with its token $WLD plummeting and then recovering.

Let's move on to this week's investment highlights. We're zooming in on the sectors that are bringing in the most money - reflecting the kind of intelligent investing we value at w3.fund 😉.

$440 Million

This is the impressive sum that Indian start-ups in the field of generative AI have raised since 2019. Among others, Adobe Systems has reportedly acquired Rephrase.ai, an Indian AI startup known for converting text into professional-looking videos.

$18 Million

Privy has secured an $18 million Series A funding round led by Paradigm. This investment strengthens Privy's mission to streamline crypto app development and focus on user-friendly and self-custodial experiences. Privy has already supported more than one million users to launch on-chain products and aims to use this funding to grow its team and improve its developer toolkit.

$10 Million

Matr1x, a Singapore-based NFT gaming company, has raised a further $10 million for its mobile gaming projects. This latest funding, led by Folius Ventures and co-backed by SevenX, doubles the studio's total venture capital to $20 million to fund its flagship mobile shooter game Matr1x Fire.

🪑 New Furniture at the w3.hub

The w3.hub has just received an exciting ✨upgrade✨ in its journey to evolve as a premier Co-Working Space for the Web3 community. Here's a quick rundown of what's new and buzzing:

Our founders l<3ve the new phone booths

Upgraded Workspace: We've stepped up our game by introducing adjustable tables, comfy chairs, additional screens, and phone booths. This move is designed to enhance the comfort and functionality of our space.

Beyond Work: It's not just about working. Our space, with its big areas, balconies, and community kitchen, fosters exchanges and insights into the diverse projects of our members.

🤓 For more insights, check out my recent LinkedIn post about the w3.hub's journey and its transformation

Nike and RTFKT Launch New Dunks

Nike and RTFKT, one of the most popular Web3 projects, caused a stir last week with the unveiling of the new Dunk Genesis sneaker. Here are the key facts about this latest project that combines digital fashion with physical footwear.

  • Two Editions Released: Nike x RTFKT Dunk Ghost Edition and Dunk VOID Edition, each priced at $222.

  • Unique Features: Includes a detachable "Vial Clip Tongue" and "Modular Heel Shield" for customization.

  • NFC Chip Integration: Features the RTFKT World Merging chip, linking physical shoes to digital assets.

  • Expected Shipping Dates: VOID Edition by July 31, 2024, and Ghost Edition by August 31, 2024.

  • Previous Collaborations: Continues the legacy of earlier releases like the RTFKT x Nike Air Force 1 and CryptoKicks sneakers.

  • Accessible Without NFTs: Unlike past versions, these sneakers were available without owning an NFT.

🤓 Fun fact: If you're one of the lucky ones who managed to get hold of the shoes, you're already in profit. Because the shoes, or rather the order confirmation, are already being traded on eBay for around $500.

💅 For me, this is an interesting fact that emphasises that the demand for more phygital wearables is definitely high.

To coincide with the release, an activation from RTFKT has also gone live in Fortnite, dive in:

Roblox's Insights on Gen Z's Digital Expression

Roblox, renowned for captivating Gen Z with its immersive experiences, has just released a telling report on digital self-expression. Here are my top 3 takeaways from this insightful study:

👉 Growing Importance of Digital Fashion: 56% of Gen Z users prefer styling their avatars over their real-world appearance, with 84% considering digital fashion at least somewhat important. This trend is even more pronounced among older Gen Z individuals (aged 22-26), with 64% favoring avatar fashion over physical dressing.

👉 Brand Recognition in Virtual Spaces: A significant 52% of Gen Z users focus on stylish digital clothes and brand recognition for their avatars. Moreover, 84% would likely consider a brand in the real world after engaging with it in virtual spaces, highlighting the crossover impact of digital fashion.

👉 Spending Willingness and Avatar Customization: Gen Z is open to investing in digital fashion, with 52% comfortable spending up to $10 monthly on it. Avatar customization goes beyond fashion, with increasing interest in personalized makeup, hairstyles, and expressive features like emotions, signaling a broader trend towards holistic digital self-representation.

Back at w3.hub - back to my mealprep routine 🤪

🔍 Our friend Max from Blockstories is looking for a Research Lead & Writer

💡 You prefer something else? The Binary Builders are part of the w3.hub fam an are looking for a Cosmos SDK Marketing Manager

👛 Always wanted to get one of these Suri Frey (by Vanessa Mai & Rebecca Mir) Bags? We got you.

Vicky & Marvin are Web3-obsessed. That's why they host a weekly podcast featuring updates and cool stuff.

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