Weekly Highlights | July 11/07/22
Polygon to Bring Web 3.0 Functionality to Smartphones
The Polygon blockchain network is the latest to introduce Web 3.0 functionality to mobile smartphones through its partnership with ‘Nothing’, a tech startup. Polygon is following Solana to bring this feature to users.
Nothing will utilize the Polygon chain to present digital assets on its Android-based phone. The digital assets collection will be called Nothing Community Dots, including token airdrops to investors in the Nothing community, among other benefits.
The news of this interesting partnership follows Solana's announcement not more than two weeks ago that it is building its blockchain phone dubbed Saga.
Meta (Facebook) To Close Novi Wallet and Reshape Its Web 3.0 Presence
Meta is shutting down the Novi digital wallet soon. Users have been urged to withdraw their funds before the start of September. People feel this further confirms that Facebook is moving on from its Libra experiment.
From September 1, 2022, Novi will not be accessible to any user through the app and WhatsApp. Users are advised to withdraw their funds before then, which can be done either to their bank account or debit card registered to their Novi wallet.
A spokeswoman for Meta expressed to Bloomberg and confirmed that you can expect to see more of Meta in the Web 3.0 space as they seek to build on what they developed over the years.
EU Brings New Crypto Market Rules and Agrees to Tame Wild West Web 3.0
The EU is coming for the Wild West market of the Web 3.0 space to smoothen it out through a series of regulations. If these regulations come into play officially, crypto firms will be required to obtain a license and customer safeguards to sell or issue digital tokens and assets.
Going by the current setup, the Web 3.0 space is mostly unregulated. Crypto firms within the EU are only necessitated to have money-laundering controls in place. However, that is about to change as EU representatives from several states and the European parliament are set to agree on a deal through the Crypto-assets law (MiCA). This will see digital tokens and asset providers follow stringent requirements to protect users’ wallets and take on more liability should they lose investor assets. Once these new regulations are rubber-stamped, they will enter the implementation period.
It seems the bear market is setting Web 3.0 along a new course; look at the EU decision, for example. States are becoming more interested and think they have to protect their citizens. So, could we see more regulations in the future? Be sure to find out in our weekly highlights of the Web 3.0 space.