The NFT craze is over, as per The Simpsons

Good evening, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Should Web3 change the global landscape of royalty and IP ownership and monetization?

• The Simpsons skewered NFTs.

• Ava Labs lays off 12% of its staff.

• New crypto hack via a fake ledger app on the Microsoft app store.

• South Korea’s SK Telecom partners with Aptos and Atomrigs Lab.

• Dictionomics: Initial Coin Offering 

A must-have
Should Web3 change the global landscape of royalty and IP ownership and monetization?

Web3 is a term that refers to the decentralized and distributed web, where users have more control and ownership over their data, identity and assets. One of the implications of web3 is that it could enable new ways of creating, sharing and monetizing intellectual property (IP) and royalties. For example, web3 platforms such as NFTs (non-fungible tokens) and DAOs (decentralized autonomous organizations) could allow artists, creators and innovators to directly connect with their audiences, fans and patrons and to receive fair compensation for their work. Web3 could also foster more collaboration and co-creation among different stakeholders, as well as more transparency and accountability in the IP and royalty systems.

However, web3 also poses some challenges and risks that need to be elaborated before it can fully change the global landscape of IP and royalty ownership and monetization. These include:

• Legal issues: The regulation of web3 platforms is still unclear and varies across different jurisdictions. There are also questions about how to protect IP rights in a decentralized environment, where anyone can copy, modify or distribute digital assets without permission or verification.

• Ethical issues: The web3 ecosystem relies on the participation and contribution of users, who may have different values, norms and incentives. There are also concerns about the potential misuse or abuse of web3 technologies, such as fraud, scams, hacking or cyberattacks.

• Technical issues: The web3 technologies are still evolving and face many challenges in terms of security, scalability, interoperability and usability. There are also trade-offs between decentralization and efficiency, as well as between privacy and transparency.

• Environmental issues: The web3 activities consume a lot of energy and resources, especially those based on proof-of-work consensus mechanisms. There are also debates about the environmental impact of web3 technologies, such as carbon emissions, e-waste or resource depletion.

Some examples of popular web3 networks include Ethereum, Solana, Polygon and Cosmos. Some examples of popular web3 platforms include OpenSea, Coinbase, Ledger and MetaMask. Many of these networks and platforms sell NFTs or cryptocurrencies like Bitcoin.

Some examples of IP web3 applications include:

• Doge Art Club: A collection of 10,000 unique NFTs featuring Doge characters with different traits and attributes. Each NFT has a referral code that rewards the owner with 30% of the value of any mint that uses their code.

• Cosmos: A network of interoperable blockchains that enables cross-chain communication and data exchange. Cosmos aims to create an internet of blockchains where each blockchain can retain its sovereignty and innovation while being compatible with others.

• Legal Nodes: A platform that connects web3 startups with legal experts who can help them structure their IP rights in a decentralized environment. Legal Nodes provides guidance on how to protect logos, program code, designs, user databases, and domain names for different types of web3 interfaces.

Global Biscuits

The Simpsons skewered NFTs.
In a recent episode of “The Simpsons,” NFTs were satirically criticized, despite the show having previously capitalized on the NFT craze in 2021. The iconic TV series introduced two gold-themed NFTs featuring characters Bart and Homer Simpson, which quickly sold out, netting over $1.1 million. The episode that aired recently mocked NFTs, depicting Marge attempting to destroy them to save Bart from “the blockchain.” VeVe, the digital collectibles marketplace that offered "The Simpsons" NFTs, acknowledged the show's reference to their golden NFTs. While "The Simpsons" appeared to satirize the NFT trend, the marketplace continues to offer these digital collectibles from various brands, utilizing augmented reality technology for interactive experiences. As the show claims, the NFT craze is ending, real-world sales of NFTs seem to be on the rise.

Ava Labs lays off 12% of its staff.
Ava Labs, the primary developer of the Avalanche blockchain, announced laying off 12% of its workforce, as shared by founder and CEO Emin Gün Sirer. The move is intended to allow the company to refocus and reallocate resources to reinforce the growth of the firm and the Avalanche ecosystem. While Sirer did not specify the exact divisions affected, Garrison Yang, Ava Labs' VP of Growth and Strategy, indicated via LinkedIn that the marketing team experienced job cuts. This decision follows recent efforts by Ava Labs to expand its business in India by hiring employees from Polygon and OKX. Sirer highlighted the challenging nature of bear markets and emphasized the company's commitment to advancing the Avalanche ecosystem in the coming years.

New crypto hack via a fake ledger app on the Microsoft app store.
Hackers stole almost $1 million in cryptocurrency by distributing a fake Ledger crypto wallet management app on the Microsoft App Store. Reportedly, unsuspecting customers downloaded the fake app, leading to the theft of approximately 16.8 Bitcoin valued at $587,238, alongside over $180,000 in Ethereum and BNB Smart Chain, totalling $767,238. The fake app, purporting to be associated with the major hardware wallet company Ledger, was removed from the store after discovery. Microsoft responded, confirming the app's removal and emphasizing their commitment to swiftly identifying and eliminating malicious content. The incident reflects the persistent challenge of counterfeit or harmful apps, with Microsoft battling this issue for years. The cryptocurrency space has witnessed a surge in hacking incidents this year, not only within the complex decentralized finance (DeFi) sector but also targeting prominent crypto brands and wallets.

Tastes of the regions

South Korea’s SK Telecom partners with Aptos and Atomrigs Lab.
SK Telecom, South Korea's leading mobile carrier, has initiated a strategic partnership with Aptos and Atomrigs Lab to advance its T wallet service, emphasizing the development and enhancement of the web3 wallet. This collaboration aims to solidify SK Telecom's association with preferred mainnets and decentralized applications while integrating Aptos' MoveVM blockchain technology, enabling broader access to Web3 services and providing users access to a promising dApp ecosystem. Avery Ching, Aptos' co-founder, emphasized the potential for unlocking new Internet experiences via Move, offering sub-second latency, high throughput, and enterprise-grade operations. This alliance follows SK Telecom's recent partnerships with CryptoQuant and Polygon Labs, indicating the company's concerted efforts in expanding its web3 ecosystem through various strategic collaborations.

Dictionomics
Initial Coin Offering 

An initial coin offering (ICO) is a way of raising money for new or existing projects by using digital currencies. In an ICO, a project or company creates its own tokens and sells them to people who want to support it or benefit from it. The tokens can be used to access the project's services, get a share of its profits, or trade them for other tokens. Some examples of ICOs are Ethereum, which raised funds to build a platform for smart contracts and decentralized applications; Filecoin, which raised funds to create a decentralized storage network; and Tezos, which raised funds to develop a self-amending blockchain platform. ICOs are very risky and not regulated by any authority so they may involve scams, frauds, or legal problems.

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