Apple can breathe 🍎 🫣
Apple's 30% tax rule to stay for now, ruling on a pause. Americans swiped their way to $1 trillion debt. DeLabs' NFTs can't decide where to set up camp. Base is here. How about Star Trek NFTs?
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The US Supreme Court has pressed the "pause" button on a request that could have tweaked the rules of Apple's App Store.
And guess who's eagerly waiting for this change? crypto and NFT app developers.
Here’s the history
Apple runs the App Store, the only "shop" for iPhone apps. They're super strict about what gets in, often checking and sometimes rejecting apps. Plus, they take a chunky 30% cut from digital sales.
The plot twist: Epic Games, makers of the mega-hit game Fortnite, decided to spice things up. They introduced a sneaky way for players to buy their in-game currency, "V-Bucks", with special deals. This meant players could avoid Apple's 30% fee.
Apple was not amused. They swiftly kicked Fortnite off the App Store and gave Epic a "time-out" by suspending their developer account. Google joined the drama by doing the same thing on their Play Store.
Epic's CEO, Tim Sweeney, wasn't having any of it. He called Apple's 30% cut way too high and thought players should have options. So, he took Apple and Google to court and even started the #FreeFortnite movement. He went all out, even suggesting fans give Apple products the cold shoulder.
Apple wasn't just going to sit and watch. They fired back with a countersuit against Epic.
Fast forward to April 24, 2023. A California court has ruled that Apple's ban on outside payments for app developers is unlawful, potentially benefiting cryptocurrency and NFT projects. The court found that Apple's policy, which includes a 30% commission on in-app payments, violated state competition laws.
Present scenario
Justice Elena Kagan's decision on August 9 refused to let a federal appeals court decision take immediate effect, as Epic had requested — with no explanation.
Justice Kagan's decision grants Apple a few more months of relief from the Ninth Circuit's ruling as the tech giant prepares to appeal at the Supreme Court.
If the Supreme Court denies Apple's appeal, the Ninth Circuit's ruling will become effective. If the Supreme Court eventually leans towards Epic, apps may direct users to external NFT platforms, bypassing Apple's 30% fee.
NFTs in Focus
Apple currently has stringent regulations around the sale and usage of NFTs in iOS apps. They prevent NFTs acquired from external platforms from unlocking exclusive content within apps.
Apple's 30% commission has presented challenges for cryptocurrency companies, especially those wishing to offer non-fungible tokens (NFTs) to their users. Currently, to purchase an NFT within an iOS app, one must use Apple's payment system which takes a 30% cut and only supports fiat currency.
TTD Numbers🔢
$1 trillion
Americans are setting records, but not the fun kind - The US credit card debt has reached $1 trillion. Yes, that's 12 zeros!
What Happened? On August 9th, reports revealed that US credit card balances had reached a never-before-seen milestone. The last few months saw Americans borrowing like there's no tomorrow.
In just three months, the credit card debt has climbed up by $45 billion, reaching a total of $1.03 trillion, says New York Federal Reserve Bank.
While credit card debts are booming, total household debts are chilling at $17.01 trillion.
📉 Alarming facts
Average Joe now has about $5,000 of credit card debt.
The interest on this debt - 20%!
Most Americans are now playing catch-up with their finances, relying on credit cards to manage daily expenses.
Rewind to April 2021: Credit card debt was $736 billion - a 36% increase in just 2 years!
The Fed is cranking up interest rates, which spells higher borrowing costs for folks. Current US interest rate? The highest in 20 years at 5.5%. Inflation's cooling down but isn't gone, so prices are still rising.
🚩 Red Flags: The troubles don't end here. US banks reported losses of almost $19 billion in Q2, thanks to increasing defaults on credit card and real estate loans.
TTD NFTs 🐝
DeLabs is on the move again with its NFT project y00ts. Previously on Solana, y00ts jumped to Polygon and now it's packing bags for Ethereum.
DeGods, another star from DeLabs, also made this journey before, moving from Solana to Ethereum.
This move comes as DeGods gears up to unveil its "Season 3" content.
💰 About that $3 million grant...
DeLabs had scored $3 million from Polygon Labs to shift from Solana.
To boost the DeLabs team and empower other Polygon-based initiatives.
Change of heart! DeLabs is giving the entire grant back.
Polygon Labs is channeling $1 million of this returned amount to bolster "Polygon-native builders and creators."
“Polygon Labs has been a truly incredible partner for y00ts,” said DeLabs founder Rohun “Frank” Vora. “But ultimately, we believe it makes the most sense for y00ts to be on the same chain as DeGods.”
Star Trek NFTs
CBS Studios has officially entered the NFT realm.
Their application to use the iconic "Star Trek" name for NFTs and crypto collectibles linked to the "Continuum" series has received a green light from the United States Patent and Trademark Office (USPTO).
CBS dropped their application at the USPTO back in April and by Aug. 8, the office registered the character mark for Star Trek. This paves the way for an online market that would feature digital crypto collectibles and NFT-authenticated video clips.
The "Star Trek Continuum" won't be the next TV show to binge but rather an NFT collection capturing the essence of the iconic starships from Star Trek's vast universe, tailored to fans' preferences.
TTD Base ⛓️
Coinbase's highly-anticipated Ethereum layer-2 network, Base, has finally hit mainnet. This move is integral to Coinbase's ambitious plan to usher in a new era of decentralised apps, potentially in the millions.
To commemorate Base's mainnet launch, Coinbase kicked off a month-long event titled "Onchain Summer."
"I think it's incredibly exciting that there's been so much energy and appetite for folks to come and use Base, even before we publicly launched," - Jesse Pollak, Coinbase's senior director of engineering
Base Network's total value locked (TVL) surged 72% in a week, ranking fifth in the layer-2 ecosystem with $147 million ($155 million atm).
🔗 Dapp Deluge: Base's launch isn't just about the network. Over 100 decentralised apps are set to be available at launch. Notably, several of these were developed by developers who got a sneak-peek into the blockchain last month.
🚫 Token? No Thanks: Coinbase's approach with Base is slightly off the beaten path. While many L2 networks like Arbitrum and Optimism have native tokens, Base won't. The focus is squarely on nurturing developers and fostering a robust Base-native community.
With no token in the picture, Coinbase sidesteps potential regulatory pitfalls, especially since it's already in a tussle with the SEC.
📈 Layer-2 Powerhouses: Arbitrum One leads the layer-2 pack with an impressive $6 billion TVL, capturing 57% of the market share. Following closely is Optimism, with a TVL of $2.8 billion and a 27% market share, and zkSync is in third place with 4%.
Even though its TVL is minuscule when compared to the likes of Arbitrum and Optimism, Base has managed to eclipse other established networks such as Starknet and Loopring
TTD Collab 🫱🏻🫲🏼
Aptos Labs and Microsoft are embarking on a multiyear partnership to enhance global Web3 through Microsoft's Azure OpenAI Service combined with Aptos blockchain technology.
Microsoft's collaboration with Aptos Labs is geared towards promoting Web3 adoption.
The Aptos token, APT, has surged 13%, becoming one of the standout digital assets.
Backstory: APT is the flagship token of the Aptos blockchain. Originating after the downfall of Meta's Diem project, Aptos emerged as a layer-1 venture backed by heavyweight investors such as Andreesen Horowitz, Multicoin Capital, and Coinbase Ventures.
Why the Big Deal? The union of Aptos Labs and Microsoft marks a watershed moment in surmounting persistent barriers to entering Web3. Aptos Labs' announcement emphasised the reality of the internet's future, asserting that it's under construction on the Aptos platform.
Features of the Partnership:
Aptos will leverage Microsoft Azure infrastructure to introduce new AI-infused blockchain tools, notably the Aptos Assistant chatbot. This AI chatbot will function as a customer service proxy, catering to both intrigued network users and developers intent on building projects.
By intertwining Aptos Labs' blockchain tech with Microsoft's AI capabilities, the aim is to "democratise the use of blockchain," enabling users and innovators to effortlessly transition to Web3 and craft groundbreaking decentralised applications underpinned by AI.
TTD Surfer 🏄
Podcaster Joe Rogan and rapper Post Malone have criticised the idea of a US CBDC, calling it a "game over" scenario for American citizens.
SHIB and PEPE saw significant gains in the crypto market after the US Federal Reserve announced a new crypto supervision program.
The SEC plans to appeal a recent court ruling that found XRP, the cryptocurrency associated with Ripple, is not necessarily a security.
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