Here’s what happened in Web3 world this week (Aug 8-12)

Vitalik Buterin suggests using stealth addresses to protect NFT ownership data

Ethereum co-founder suggested using “a low-tech approach to add a significant amount of privacy to the NFT ecosystem” – stealth addresses

This method would mean that an NFT sender could protect their address when sending the NFT to a new owner. Only the receiver, and no one else, would be able to see the sender’s address.

“You would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is,” Buterin wrote.

СryptoPunk NFT will be split into thousands of pieces

CryptoPunk #3042 will be fractionalized into 56,000 pieces of ownership. A new initiative by an NFT infrastructure company Unique Network, which now owns the CryptoPunk.

The initiative will allow a wide number of investors to own a stake in one of the most popular NFTs. 

“This represents an exciting moment for interoperability. With our fractionalization of CryptoPunk #3042, we are heralding a new era of NFTs that are accessible, interchangeable and can be shared across chains, and at a fraction of the cost,” Unique Network CEO Alexander shared.

Unique Network bought CryptoPunk #3042 46.95 Ethereum ($82,000) in June 2022. It was originally acquired for just $16 in 2018, long before the NFT and CryptoPinks craze.  

Floyd Mayweather, Paris Hilton, Snoop Dogg, other celebrities under fire for NFT promotion

The consumer rights organization Truth in Advertising (TINA) is looking into how celebrities have been benefiting from being involved with NFTs.

TINA shared that it had sent out letters to seventeen high-profile celebrities, including Jimmy Fallon, Floyd Mayweather, Snoop Dogg, Paris Hilton, Eminem, Eva Longoria, Tom Brady, DJ Khaled, Gwyneth Paltrow, regarding the Bored Ape Yacht Club, World of Women, and Autograph collections. 

The organization says that it wants to point out to the celebrities that they are obligated to disclose how they have benefited from promoting these collections, according to Federal Trade Commission (FTC) guidelines.

“The bottom line is celebrities who promote NFTs generally aren’t helping improve the financial literacy of their fans and followers. And while some of these celebrities are able to take risks due to their massive wealth, many vulnerable consumers don’t have that luxury,” TINA shares.

In other news

The 10 most expensive CryptoPunks in 2022 – a feature article by NFTEvening

As CryptoPunks NFT owners get commercial rights, Yuga Hopes to secure their ‘Legacy as Artwork – a feature by Decrypt

NFT collections will be regulated like cryptocurrencies under EU’s MiCA law, official says – a news report by Coindesk

Gucci becomes first major brand to accept ApeCoin ($APE) via BitPay partnership – a news report by CryptoGlobe

Tornado DAO grapples with arrests as Discord, governance forum go dark – a news report by Decrypt

Events to look for next week

ETH Mexico City 2022
Aug 18, 2022| Mexico City, Mexico

Cover image: Milad Fakurian via Unsplash

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