Apple Hates Web3

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gm, Happy Wednesday! 🖤

• Word on the block is Twitter is neckdeep in developing their crypto wallet. (@wongmjane)

• New Apple marketplace guidelines essentially make it impossible to token gate features within apps. (A)

• Another Web-3 smartphone is on the horizon, Vertur's high-end phone which can run a node and turn photos into NFTs at the press of a button. The price is hefty, though! (YT)

• Today NFTiff holders can get a sneak peek at their 1/1 Tiffany & Co Punk Pendants. (@alexarnault)

• Over the past month, over 700 ETH (~$1 M) has been stolen by a phishing scammer known as 'Monkey Drainer'. Here is the breakdown.

• FTX comes out on top at auction for Voyager's digital assets. Users affected by past issues will receive up to 72% of their funds back. (CT)

• This crypto detective is the modern Sherlock Holmes of Web-3, tracking down scammers and doing generally just work in the space. Follow (@zachxbt) to stay safe.

• The new blockchain Aptos is already doing insane numbers, suggesting positive competition in the market. (TB)

• MetaTattooClub surpasses 15K SOL volume, floor price jumps by 32.72% over the past 24 hours. (@Metatattooclub)

• FOMO kicks in pre-yOOts reveal as 1 wallet reportedly swept 50 yOOts NFT. (@Doclnno_sol)

Apple Is Not In The Web3 Spirit 🍎

The optimists are excited that Apple is explicitly permitting the sale and circulation of NFTs in apps acquired from the App Store. But the optimists aren’t questioning, or even upset that certain figures with authority will still be telling users what they can and can’t do. Web3 didn’t catalyze in order to be satisfied with half measures, instead, its aim is to be a totally permission-less ecosystem, and Apple’s latest move demonstrates why Web2 integration of Web3 elements will always miss the mark.

The TLDR of what Apple is mandating is that sure you can go ahead and sell NFTs, but those NFTs are not allowed to unlock features in the app, for that specific function you still need to use the App Store payment processing system to unlock any additional features. In other words, Apple is ensuring that NFTs do not decentralize Apple’s seemingly mafia-like monopoly over all transactions within its ecosystem.

This action essentially renders NFTs inert in the context of the Apple ecosystem. They are not allowed to have any power on their own, and therefore they are not functionally NFTs, they are only nominally NFTs. NFTs would have empowered users with claims to their digital property but Apple is ensuring this will definitely not happen.

🧵 Of The Week

Stoned Ape Crew Announces $PUFF 🍃

In order to change cannabis culture with Web3 technology, and solve the industry's payment processing by utilizing cryptocurrency, Stoned Ape Crew felt the need to add another utility to their depository with PayLeaf; the world’s first Solana POS payment solution for dispensaries. PayLeaf is developed to make it easier for dispensaries and retailers to accept crypto by sidestepping concerns around price volatility in conversion. Users can convert to a token of their choice in real-time, and make automatic swaps between Solana, $USDC, and the Stoned Ape Crew's utility token, $PUFF.

“Dispensaries are limited in terms of digital payment methods. Credit cards are not yet allowed and debit cards carry huge fees for customers. With PayLeafs Feeless Payments system, network fees are a thing of the past so customers can spend more in-store.” The team tweeted.

The Beta phase is live and the crew is currently onboarding merchants to sign up and get their stores activated. Read the whole thread here.

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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