Here’s what happened in Web3 world last week (Aug 1-5)

After the last couple of months we had, a slow news week is a good thing. I wouldn’t call the previous week ‘slow’ for the crypto industry, especially given the Solana hack incident, but for the web3 world, it was quite (let’s call it) “leisurely.”

Tiffany & Co. CryptoPunks NFT collection sells out in 20 min, makes $12.5M

Last week a, jewelry giant Tiffany & Co. announced its limited NFT collection exclusively for CryptoPunks holders. 

Each NFT, from 250 of them, provided the right to a custom pendant with diamonds and gemstones, styled in the form of a CryptoPunk, worth 30 ETH. 

The collection was sold out in 20 minutes on August 5, raising $12.5 million.

Reddit user turned NFT hatred into art

A Reddit user, busterrulezzz, decided to make something good out of NFT criticism. “They say to build something during the bear market, so I did,” the post starts.

The social media user gathered comments and quotes from NFT critics and famous skeptics and created an NFT collection called “Worthless JPEGs.”

The collection is “a satirical NFT collection of 50 unique pieces made from an anti-crypto quote, a parodic image, a derogatory comment, and a QR code pointing to the original comment on Reddit. 40 quotes are taken from Redditors, and ten comes from famous people (Warren Buffet, Peter Schiff, Dan Olson, etc.)” 

Instagram integrates NFT feature to “100 more countries,” adds more wallets support

The NFT feature that has only been available to a limited number of creators in the US has now become available to 100 more countries, including in the Americas, the Middle East, Asia Pacific, and Africa, and adds support for more wallets and blockchains.

The feature allows Instagram’s users and creators to display their NFT collections on the app. In order to do it, users have to connect their accounts to a third-party digital wallet. The list of supported blockchains now includes Ethereum, Polygon, Flow, and wallets – Trust Wallet, Coinbase Wallet, MetaMask, Dapper Wallet, and Rainbow.

In other news

Is it a good time to buy non-fungible tokens? Expert answers – an interview via Cointelegraph

Behind the scenes of the world of NFTs with Mint Podcast creator Adam Levy – a podcast via CryptoSlate

Uniswap DAO considers creating Uniswap Foundation – an article via CryptoBriefing

Tinder distances Itself from Metaverse after disappointing results – an article via CryptoPotato 

Events this week

Korea Blockchain Week

August 8-12 | Seoul, South Korea



Blockchain Futurist Conference 

August 9-10 | Toronto, Canada


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What makes a work of art transformative?

What makes a work of art transformative and considered fair use under US copyright law? IP attorney Lance Koonce lays out the four factors that constitute fair use under copyright law precedents.



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