Plus, the Cleveland Cavs launch an NFT
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The celebrity video app Cameo is launching an Ethereum NFT membership pass that will give its holders access to exclusive experiences and perks. Cameo Pass is launching on Feb. 17 for 0.2 ETH on OpenSea and serves as an access pass to Cameo's membership club. More: - Some of the experiences the NFT will unlock include parties at the Cameo House in Beverly Hills, meet-and-greet opportunities, and online Q&A opportunities.
- The NFTs will feature artwork from Doodles artist Burnt Toast, cartoonist Luke McGarry, and NFT artist Vinnie Hager.
- The Cameo Pass product will be directly led by Cameo co-founders Steven Galanis, Devon Spinnler, and Martin Blencowe.
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GameStop will launch its own NFT marketplace In partnership with the Ethereum L2 Immutable X. In an effort to expand beyond its core physical video game business, GameStop is looking to build an online hub for video game NFTs like avatar outfits and weapons. More: - GameStop has hired over 20 people to work on its NFT and crypto unit
- GameStop and Immutable also partnered to launch a $100M fund that will back projects launching on the new marketplace.
- The fund is denominated in Immutable X's IMX tokens.
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Forefront: The Web3 Social Landscape. Thomas Scaria and Natasha Khimji published a piece on Forefront's Mirror page breaking down the current social landscape in Web3 Full article TL;DR: - Social graphs and reputation systems:
- Web2 — centralized networks own and monetize user data.
- Web3 — users travel with their data across platforms
- Web2 — "likes" and "follows" incentivize users to contribute to the network
- Web3 — reputation systems develop based on social media likes/comments, participation in protocol governance, and investing patterns
- Collective ownership through DAOs and platformless coordination:
- Social DAOs coordinate users to create content and grow a brand together
- Investment DAOs create shared ownership through mutual economic investment
- Apps, protocols, public goods, and ecosystem growth:
- Examples include Seed Club, Mirror, Gnosis Safe, PartyBid, Islands
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Wormhole, a popular bridge between the Solana and Ethereum networks, was exploited for over $326M. Noted white-hat hacker Samczsun claims that Wormhole didn't properly validate all input accounts, allowing the hacker to mint 120,000 ETH for free on Solana. More: - Wormhole, with the help of Jump Capital, has replenished the stolen ETH to ensure wETH will continue to be backed 1:1.
- The 120,000 ETH lost in the hack was crypto's fourth-largest and DeFi's largest loss ever.
- Here is a Twitter thread going into detail on how the hack was carried out.
Ethereum founder Vitalik Buterin has been a notable critic of cross-chain bridges due to their security flaws.
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The NBA's Cleveland Cavaliers have partnered with the NFT platform Sweet to launch NFT experiences for their fans. The My Cavs Locker NFT acts as a virtual showcase for subsequent NFT drops by the team. More: - You can claim the NFT for free.
- Fans who attend games in person will receive virtual collectibles.
- Fans also have the option to buy and sell their Cavs NFTs.
- The experience runs on the Tezos blockchain.
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Quick Hits - For Completeness of Vision and Ability to Execute, the Gartner Magic Quadrant named Adobe a Leader among 17 vendors — See why here.*
- 1inch will be debuting new liquidity pools to optimize for stablecoin swaps.
- The International Olympic Committee is launching a game with NFT prizes.
- The music NFT marketplace HitPiece was reportedly selling music NFTs without permission.
- Ferrari is exploring how to incorporate web3, NFTs, and the metaverse.
- A bipartisan bill was reintroduced to eliminate taxes on small crypto transactions.
- Your money matters. Let's make more of it. Stocks are great, but there are many more options now. That's why we've been reading the Alts newsletter.*
*This is a sponsored post.
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 |  | Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering. Connect with him on Twitter @trevorisonline |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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