When it comes to Web3, the organic ebb and flow of innovation lights up every week. Recently, a dash of controversy shaped the neon frenzy with Y00ts, an NFT collection announcing a migration from Polygon’s blockchain to Ethereum. This decision stirred an undertone of criticism, given its previous acceptance of a hefty $3 million grant from Polygon earlier this year. The intent behind this migration is to unify the DeGods and y00ts communities, elucidated by Rohun Vora, Project lead, known to many as Frank.
While the waters of controversy roiled, Coinbase released its Base blockchain into the wild, marking the event with Onchain Summer, an immersive series of Web3 activations across multiple fields, including art, gaming and music. Partners such as Coca-Cola, Friends With Benefits, and other brands, provide illustrious company on this major undertaking.
This alluring festival of the non-fungible is also granting considerable funding to developers. With a pledge of over 100 ETH (approximately $186,000), Coinbase bolsters creatives’ enthusiasm and drive in the expansive world of decentralised applications (dapps).
On one hand, developments such as these underpin the vibrant potential of blockchain technology and the exciting future of Web3. However, considerable vigilance remains necessary. Take, for example, the fervour around the new friends.tech app. It recorded a record high 136,000 active users on Base. Yet, this virality hides its questionable origins, lack of a privacy policy, and a gasping network, defying trust in the project.
The role of artificial intelligence (AI) in the blockchain ecosystem too isn’t above potential pitfalls. Aptos, a Layer 1 blockchain begun by erstwhile Facebook employees, recently made waves by tying up with Microsoft to expand its AI technology-based assistance. Although the Aptos token observed a 15% spike as a result of this news, it remains essential to view such developments with a discerning eye. Machine learning and blockchain may indeed offer breakthrough possibilities for emerging markets, yet investments should be made with a side dish of scepticism.
Whether it’s the fine line between innovation and controversy or the ambitious strides of AI, blockchain’s vibrant canvas is a delightful play of lights and shadows. From intriguing NFT collections to immersive digital experiences, the essence of blockchain’s future is as unpredictable as it is exciting. Maintaining an open mind while being apt to question might not just be a strategy, but indeed a necessity in such a turbulent, yet promising landscape.
Source: Coindesk
