What is the mainstream media saying about web3 🤔?

Welcome back to another issue of Web3 Seems Legit, the weekly newsletter that keeps you in tune with the latest web3 gossip. This week, we have a hot cup of celebrity tea 🐸🍵.

In this issue, we're getting to the bottom of these latest web3 headlines:

• What does Kim K's SEC charge mean for crypto? The SEC charges Kim Kardashian $1.26 million for pumping a crypto security. Yes, Kim K. Should influencers be worried?

• Will Elon's purchase of Twitter change social? The acquisition is back on and Musk has agreed to buy Twitter for $44 billion! What could the new Twitter look like?

• Are NFTs dead? According to the media it is, but by now we've learned to not always listen to what the mainstream news says.

What does Kim K's SEC charge mean for crypto?

The SEC is a busy organization. Aside from poking fun at the crypto industry, their job is to protect investors in the securities market, and we know there are a lot of shady people out there.

But of all the people they could go after, they decided to charge Kim Kardashian 🤔.

tl;dr she was paid $250,000 to promote the crypto token EthereumMax. For failing to disclose the amount of the paid sponsorship, she now has to pay $1.26M.

It's no secret, stuff like this happens all the time in the crypto space, so forcing influencers and celebrities to disclose the promotion details probably isn't a bad thing 👀.

But even if so, it's clear that going after Kim Kardashian, of all people, is just a major PR stunt. This is yet another scare tactic and attempt from the SEC to show us that they really want to be the boss of crypto 👎.

We have to hand it to them though, their marketing department did pretty good. Meanwhile, here's a little look at the trading activity of politicians!

Will Elon's purchase of Twitter change social?

Say goodbye to Twitter and hello to Twitter web 3.0 🙌

After a short back and forth, Elon has decided to honor his original acquisition deal with Twitter and buy it for $44 billion. We don't know what changed his mind, but what we do know is that he has blockchain on his mind 😏.

Here's our guess on what Elon will do once he takes over Twitter:

• Get rid of Parag (current Twitter CEO) 🫡

• Get rid of angry, woke employees 🫡

• Get rid of all the bots 🫡

• Get rid of ads and censorship 🫡

Whatever happens, the willingness to address the issues with web2 platforms and attempt to fix it is already a huge step forward and win for web3 💯.

But not everyone is as excited as we are though 🤷.

Are NFTs dead?

There's been a narrative floating around in the media that NFTs are dead. The big scary headline is that NFT trading volume is down 97% from its peak 😱!

If you just look at that metric, sure, overall trading volume is down and trending the same as other markets. Yet, there is still tons of NFTs being traded and new projects making money 🤔.

So instead of saying NFTs are dead, maybe a better way to think of it is that NFTs are slowly maturing. The speculative nature of it has reduced and the focus is shifting to utility, which we think is legit 👍.

In other news 🗞️

• Ray Dalio resigns from Bridgewater

• Do Kwon denies reports that $39.6m of his crypto is frozen

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