4 things that are happening in Web3 right now – Aug 2022 

Sex, drugs and guns in Web3

Coindesk’s weekly theme covers “sins” in the cryptosphere: how illicit industries are using crypto and adapting to Web3. The digital magazine discusses paying for porn with cryptoplans for a metaverse casinohow Web3 is being utilized to facilitate the sale of sex, drugs and guns, and the defense of crime. The articles demonstrate how the rise of new technology with Web3 still in its nascent state is quickly swept up in unlawful or at least morally questionable activity – and how law and regulation always lags outrageously far behind. “In Defense of Crime” argues crime is necessary, online and offline, to demonstrate the need for societal reform. 

Theme Week: Sin Week, Coindesk

NFTs can now be shared across Facebook and Instagram 

NFT adoption comes to social media as Facebook and Instagram users can now post non-fungible tokens from their digital wallets. The announcement that Meta would integrate digital collectibles into its platforms came in May this year and now the feature is available to wallet holders whose NFTs have been minted on the Flow, Ethereum or Polygon blockchains. Instagram is now estimated to have between 1 and 2 billion users, so the move to add NFT integration will put digital collectibles on the smartphone of every user, increasing the likelihood of widespread adoption like never before. 

Meta announces Facebook and Instagram users can post NFTs from digital wallets, CoinTelegraph

Why do metaverse graphics still suck and the problem with legs 

A billion of us will have experienced the metaverse by the end of this decade, according to the latest research, yet the graphics still look like something from 20 years ago. Decrypt demand answers to why virtual worlds are “rendered in blocky, cartoonish visuals reminiscent of a 2000s-vintage game”. The main problems are processing power and internet speed. The next issue is the open-world nature of the metaverse; while MMO games are limited in the way they play out, the options in a metaverse are somewhat infinite. Legs are a problem in the metaverse because a VR headset doesn’t see them: you can look forward and down at your hands but the legs are not in your line of vision. 

After $177 Billion in Investment, Why Do Metaverse Graphics Still Suck?, Decrypt

Bitcoin whales are selling, while shrimps are accumulating more  

Large sell-offs of Bitcoin are occurring as whales, those with wallets containing over 1000 BTCs, seek to deal with market uncertainty. This is according to the accumulation trend score, which is a tool that is used to determine market sentiment between investors. It also reports that while buying has slowed for shrimp investors, those with less than 1 BTC in their wallets, many are still identifying the $20,000 – $25,000 range as an ideal entry point for BTC.

Research: Data shows Bitcoin whales are massively selling holdings, CryptoSlate

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