We bring you the latest in the Web3 and AI industry, structured in bite-sized news that you can read in a minute!
Here’s what’s happening in Web3 and AI in 1 minute.
Web3
BTC Used to Buy Pizzas Now Worth $1B
1️⃣ As Bitcoin’s value has soared, the cost of the pizza purchased with BTC has also increased. The purchase of the pizzas serves as a reminder of the opportunities that were missed.
Bitcoin Faces Resistance Near $100K
2️⃣ Bitcoin’s recent rally towards $100,000 has been met with resistance from market manipulators, but analysts remain optimistic about Bitcoin’s long-term potential, The current market sentiment suggests a potential short-term correction.
NFT Market Maintains Momentum
3️⃣ The NFT market has continued its upward trend, with weekly sales volume remaining strong despite a slight decline. Ethereum and Bitcoin remain dominant in terms of sales volume, while Solana leads in the number of buyers.
Australia Seeks Input on Crypto Tax Reporting
4️⃣ Australia is considering implementing the OECD’s Crypto-Asset Reporting Framework to improve tax transparency on cryptocurrency transactions. This move aligns with global efforts to regulate the crypto industry and combat tax evasion.
Cantor Fitzgerald Invests in Tether
5️⃣ Financial services firm Cantor Fitzgerald has reportedly acquired a 5% stake in the stablecoin issuer Tether. This move could potentially strengthen Tether’s position and influence its regulatory landscape.
FIFA Partners with Mythical Games for Blockchain Game
6️⃣ FIFA has partnered with Mythical Games to develop FIFA Rivals, a free-to-play soccer game built on the Mythos blockchain. The game aims to attract a massive audience, leveraging the popularity of soccer and blockchain potential.
Trump Chooses Fund Manager As Treasury Secretary
7️⃣ President-elect Trump has selected hedge fund manager Scott Bessent to be the US Treasury Secretary, citing him to be savvy with international investors and economics. The fund major previously worked under George Soros and had been a major fundraiser for Trump.
China-Based ETFs Outflows Signal Shift
8️⃣ US Bitcoin ETFs are experiencing significant inflows, coinciding with record outflows from China-based ETFs that reflect concerns about China’s economy. This trend aligns with historical patterns where Bitcoin benefits from economic uncertainties.
AI
O.XYZ Faces Allegations of Misrepresentation
1️⃣ Blockchain company O.XYZ is under fire for allegedly overstating its AI processing power, partnerships, and satellite programme. Concerns also surround the recent launch of the O.XYZ token, with accusations it provides no utility and could harm investors.
AI Takes a Leap in Quantum Computing
2️⃣ Google DeepMind’s breakthrough in quantum error correction leverages AI to identify and correct errors in quantum systems, allowing researchers to address a major hurdle in the development of these powerful machines.
AI Boom Could Boost Bitcoin Mining
3️⃣ The rise of AI data centers might inadvertently benefit Bitcoin miners. As AI companies compete for cheap electricity, it could limit the downward pressure on Bitcoin’s hashrate, potentially stabilising mining profitability.
DCG Launches Yuma to Drive Decentralised AI
4️⃣ Digital Currency Group has established Yuma, a new subsidiary focused on fostering decentralised AI projects on the Bittensor network. This move underscores DCG’s commitment to the intersection of crypto and AI.
xAI Secures $5 Billion in Funding
5️⃣ Elon Musk’s xAI has raised an additional $5 billion, valuing the company at $50 billion. xAI’s focus on developing advanced AI models, including the recently launched Grok-2, positions it as a major player in the AI race.
Nvidia Leads the AI Charge
6️⃣ Nvidia’s strong Q3 earnings report reinforces its position as a dominant force in the AI industry. The company’s focus on agentic AI, which creates autonomous AI systems and aligns with the broader industry trend towards developing more sophisticated and intelligent AI.
AI Code Poisoning Raises Concerns of New Threat
7️⃣ A recent incident involving ChatGPT has highlighted a growing concern in the cybersecurity community: AI code poisoning. This technique involves injecting malicious code into the training data of AI models, leading them to generate harmful outputs.
US Compares AI Race to War Programme
8️⃣ The US-China Economic and Security Review calls for a Manhattan Project-like initiative to advance artificial intelligence in order to keep up with China’s technological advances. Recommendations include prioritising AI projects in the US.
