State of The Chain - Sunday Edition (9/18/2022)
September 18th, 2022

A twice-weekly industry status report for the emerging news and trending topics surrounding the business of web3.

Top-Line Trends

Bullish Updates 

Ethereum completes “The Merge”, web3 community reactions mostly positive • NFT markets see initial spike post-merge and look for continued benefit from Proof-of-StakeBinance and Google team up in effort to improve blockchain industry security and help startups • Japan’s SBI approved for Capital Markets Licence in Singapore • Sam Bankman-Fried’s FTX endeavors grow despite bear market risks • Starbucks rolls out web3 rewards program • Blockchain market predicted to reach $32 billion in MENA region by 2024.

Bearish Downsides

SEC chair hints that ETH may now qualify as a security after the “The Merge” • French proposal to give authorities power to seize crypto assetsArrest warrant issued for Do Kwan in South Korea • Ubisoft loses momentum in web3 adoption plan • Polkadot and Kusama prices fallHSBC CEO explains why crypto is not in the banking giant’s future • El Salvador’s Bitcoin strategy questionable one year in.

The Rest of the Rollup

A curated list of the top news, opinions, and insights from every corner of the web3 ecosystem. 

Business & The Blockchain

NFT artists and projects celebrate mergerAdobe to acquire Figma and what this might mean for NFTs • OpenSea collaborates to create NFT Rarity protocol • GameStop continues push into web3 with NFT-based loyalty program • Cayman Islands see first real estate sale using crypto • Blockchain use case: Blockchain solutions for the healthcare industry • Opinion: Bear market won’t slow down NFT brand activations • How content marketers should view web3 •Opinion: CEO of MNNT predicts push for brands to develop NFT strategy by 2025.


Hong Kong Central Bank exploring blockchain for SME financing • Exploring some of the less obvious problems with DeFi • How stablecoins may protect against global inflation • Why crypto users are exploring credit unions • Integrating NFTs into financial services • Opinion: Wall Street doesn’t need Bitcoin; Bitcoin doesn’t need Wall Street • Managing crypto losses in the UK


Fortnite creator launches NFT game • Emerging web3 gaming modelsEsports industry making its way into web3Anomura partners with Atari to bring “classical” game assets to web3 games • Epic Games is adding an NFT game to the platform • The collapse of cryptokitties • Korean gaming giant WeMade to launch Layer 1 blockchain.


From Love Island stars to Tommy Hilfiger, web3 makes a showing at NYFWNFT sports trading cards on the rise • NFTs and reimagining how digital art is valued • Blockchain music startup Arpeggi labs raises $5.1 Million from multiple industry backers • More web3 fashion events slated for the Metaverse.

Governmental/Legal/ Regulatory Compliance Updates

FDIC advisory to institutions regarding deposit insurance and crypto firms • Blockchain Association weighs in on White House crypto framework as “missed opportunity” • Some Salvadoran businesses omit Bitcoin from future plans • South Korea’s Seongnam plans NFT citizenship in the Metaverse • Whitehouse looks at potential rules for crypto miningGoogle's $4 billion fine may have negative impact on web3 protocols • APAC bank regulators take conservative approach to crypto • Report: Analysis of Americas web3 regulators and rules.

Scams/Rugs/Security Concerns

Five crypto scams to know before you start trading • Crypto advisor faces charges from the SEC • Dutch police arrest suspected Bitcoin thief by tracing transactions • Terra Classic continues losing streak • Staying ahead of crypto hacks and legal risks • US Treasury blacklists Bitcoin addresses linked to Iranian ransomware Group • Binance schools law enforcement on tracking crypto-crime • Bitcoin ATMs and their appeal to cyber-criminals

General Interest/Educational Content

Board Ape owner to launch IRL yacht club • Fintech education and the crypto job market • Questions about crypto from the Cato institute • A look at Biance CEO Changpeng Zhao • Incorporating crypto into an estate plan • Exploring the advantages of decentralization in web3 • Predictions on the future of web3

Market State

Check the current state of the crypto markets at CoinMarketCap

Blockchain BIOs 

A live view into the project plans and progress reports for all ongoing Blockchain BIO projects. If you want to know more about how a specific task was executed, scroll to the right on the embedded project plan below.

DAOYOUniversity Launch and Development

Tasks Completed

  • Launched NFT Onboarding project 

  • Published State of the Chain -  Midweek Supplemental edition

Tasks Started/In progress

  • Began development of website 

  • Began building discord

  • Finished NFT Onboarding BIO Litepaper 

  • Began soliciting for collaboration

Tasks Not Completed

  • Launch Discord MVP - Missed deadline

  • Launch NFT/POAP MVP - Missed deadline

Lessons Learned

  • Time management/prioritization/resource allocation  issues need to be addressed 

  • NFT/POAP strategy should not have been scheduled this early

  • Website development took much longer than expected

  • Very limited engagement, need to market/promote better

  • Need to assess and iterate on newsletter format/deliverable

Upcoming This Week 

  • Finish website MVP

  • Finish Discord

  • One potential collaboration meeting scheduled 

  • Continuing to send out invites to collaborate

Live Project Plan (Embedded from DAOYOU’s project management Dashboard)

NFT Onboarding (Visual Artist)

Tasks Completed

  • Published Litepaper (Late)

  • Wallet generated and funded

  • Thirdweb account set up

  • OpenSea account set up

Tasks Started/In Progress

  • Digitizing art 

  • Research and catalog content to be used for digital art gallery

Tasks Not Completed

  • N/A

Lessons Learned

  • Kinkos scanning is much cheaper and has similar DPI as many of the art scanning companies

  • Coinbase wallet setup is clearcut and easy

  • Coinbase hosted account setup, KYC, and funding is not user friendly 

  • Other options may be available to digitize physical art that are less expensive than kinkos

  • Issues with over-scheduling between this project, DAOYOUniversity obligations, and other work/life needs 

Upcoming This Week

  • Compile notes and lessons learned, create phase 1 & 2 report out 

  • Finalize art digitization and edit/color correct/prepare for mint!

  • Develop digital art gallery and upload to website

Live Project Plan (Embedded from DAOYOU’s project management Dashboard)

Community Corner

We want to hear from you!

The articles and opinions in this report are those of the original authors and are not legal, financial, or general advice otherwise. Always perform your own due diligence, and follow reasonable investment and security best practices when engaging with any financial or web3 instruments. For legal and financial guidance, please consult a qualified attorney or financial advisor. 

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