Week 42: Check out what happened in the Web3 world

The price of Bitcoin is $19,137.70; over the past five days, the price has declined by 0.69%. Ethereum’s price has also plunged by 0.51%. The global crypto market cap is $916.59B, a 0.44% decrease over the last day. NASSCOM has launched a report that has an optimistic view of the Web3 start-up landscape in India, Flipkart and eDAO Partner to Power ‘Flipverse’ on Polygon – these and more in this edition of Friday Web3 News Wrap-up.

The price of Bitcoin is $19,137.70; over the past five days, the price has declined by 0.69%. Ethereum’s price has also plunged by 0.51%. Experts believe Bitcoin becoming less volatile than stocks might appear like a positive development. But crypto traders are warning that in a low-volume environment, that might not be a great thing

The global crypto market cap is $916.59B, a 0.44% decrease over the last day.

As per the Coinmarketcap, the total crypto market volume over the last 24 hours is $57.62B, which makes a 32.33% increase. The total volume in DeFi is currently $3.05B, 5.30% of the total crypto market 24-hour volume. The volume of all stable coins is now $52.99B, which is 91.96% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 40.08%, an increase of 0.10% over the day.

NASSCOM report optimistic about Web3 start-up landscape

NASSCOM has released this week a report, ‘The India Web3 Startup Landscape – An Emerging Technology Leadership Frontier’ that has some key findings:

  • 450+ Web3 startups in India as of H12022
  • $1.3 Bn+ Web3 investments since 2020 
  • 75K+  Tech talent in the blockchain industry 
  • 11% Of global Web3 talent is in India, growing at the fastest rate 
  • 138% Rise in blockchain and cryptocurrency-related jobs since 2018 
  • #1 Global adopter of DeFi in terms of value received on-chain, adjusted for PPP 
  • $88 Bn  Value received on-chain in India in 2020-21 

The above figures reflect India is emerging as a global player in the Web3 market, with a competitive talent pool, high rates of adoption and products built for the world

Flipkart and eDAO Partner to Power ‘Flipverse’ on Polygon

Flipkart, India’s e-commerce giant, is making a major foray into Web3 with a bold experiment in the future of shopping on Polygon. 

The Flipverse will give people a chance to experience a AAA game-like high-fidelity metaverse where their digital avatars can go on quests to unlock new e-commerce experiences. The goal is to make possible new use cases that create a highly engaged, bi-directional relationship between consumers and their favorite brands.

Adoption of e-commerce has come a long way over the past decade, making buying and selling of products online accessible and simple, if a little boring. Web3 is powering a new wave of technological innovation that promises to build on what’s been accomplished before and also bring back some of the excitement and delight. 

Crypto bank Nuri shuts down

German crypto bank Nuri has told its 500,000 users to withdraw funds from their accounts as the firm prepares to shut down and liquidate the business. In a letter, CEO Kristina, writes:

Even though we weren’t able to continue writing our story, the power of technology and the endless possibilities of blockchain-based finance won’t end here: 

We still believe in innovative financial technology and are convinced that Blockchain, cryptocurrency and decentralised finance will offer opportunities that add true value to the lives of people. Still, financial innovation should be safe, understandable and easy to use for as many people as possible. We are excitingly looking up to all the brave founders and builders out there, who resiliently keep building a new, fair, diverse, inclusive and disruptive financial system.

Polygon Crosses 53,000 DApps Mark

Polygon was home to more than 53,000 decentralized applications (dApps) at the end of September, according to latest figures from Alchemy, the world’s leading Web3 development platform. 

That’s an increase of over 60% since June and almost an eightfold jump from the start of the year. The dApps figure is the cumulative number of applications ever launched on both the mainnet and the testnet and represents a highwater mark of ecosystem activity.



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