The NFT craze has minted its first billionaires.&nbsp;



The founders of buzzy blockchain startup OpenSea have joined the three-comma club following a fresh funding round announced Tuesday that values the company at $13.3 billion—up from $1.5 billion just six months ago. With estimated 18.5% stakes in OpenSea, cofounders Devin Finzer and Alex Atallah are each worth about $2.2 billion, Forbes estimates. (Forbes applies a discount to the value of privately-held companies due to limited liquidity. An OpenSea representative declined to comment.)



Founded four years ago, the&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2021/11/23/what-every-crypto-buyer-should-know-about-opensea-the-king-of-the-nft-market/?sh=10edd5c62f89">New York City-based startup was an early player in the NFT market that took off in early 2021</a>. Shorthand for “nonfungible tokens,” NFTs are computer files used to track ownership of unique digital assets like art, music and even virtual sports cards on a ledger known as a blockchain. OpenSea bills itself as a peer-to-peer platform on which users can create, buy and sell all sorts of NFTs—in exchange for a 2.5% cut of each sale.&nbsp;



OpenSea has grown rapidly over the past year. In March 2020, the five-person outfit counted roughly 4,000 active users doing $1.1 million in monthly transactions,&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2021/11/23/what-every-crypto-buyer-should-know-about-opensea-the-king-of-the-nft-market/?sh=10edd5c62f89">for about $28,000 in monthly revenue</a>. Its luck changed in February 2021, when platforms like the Winklevoss twins’ Nifty Gateway&nbsp;<a href="https://www.forbes.com/sites/michaeldelcastillo/2021/04/05/revenge-of-the-winklevii-facebook-winklevoss-bitcoin-nft-billionaire-revenge/?sh=b87bb51572af">generated buzz</a>&nbsp;by auctioning off high-end digital art. By July, OpenSea had closed a $100 million funding round led by venture capital firm Andreessen Horowitz and recorded about $350 million worth of transactions that month. The next month, transactions hit $3.4 billion—a staggering ten-fold increase that earned the company $85 million in revenue from commissions.&nbsp;



The NFT market cooled off slightly in the months that followed, before heating up again in December. OpenSea&nbsp;<a href="https://dune.xyz/rchen8/opensea" target="_blank" rel="noreferrer noopener">processed more than $3.3 billion worth of sales last month</a>, generating&nbsp;about $82.5 million in revenue for itself. Today, the company employs more than 70 people.&nbsp;



Finzer and Atallah, each around 30 years old,&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2021/11/23/what-every-crypto-buyer-should-know-about-opensea-the-king-of-the-nft-market/?sh=10edd5c62f89">have familiar resumes for young tech billionaires</a>. CEO Finzer grew up in the Bay Area, studied at Brown University and took a job as a software engineer at Pinterest. In 2015, he cofounded his first startup, a search engine called Claimdog, before selling it to Credit Karma a year later for an undisclosed sum. Colorado-born Chief Technology Officer Atallah proved to be a spreadsheet whiz from a young age. While he was a student at Stanford, he worked at Palantir, according to his LinkedIn profile, and after graduating worked at Silicon Valley startups Zugata and Whatsgoodly.



In January 2018, the duo teamed up for the Y Combinator startup accelerator with an idea for paying users crypto to share their Wi-Fi hotspots. But CryptoKitties—the cartoonish virtual cats that were among the earliest examples of NFTs—captured their imagination.&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2021/11/23/what-every-crypto-buyer-should-know-about-opensea-the-king-of-the-nft-market/?sh=10edd5c62f89">Finzer and Atallah quickly pivoted to launch OpenSea and relocated to New York.</a>



Since its start, OpenSea has raised more than $420 million from investors, according to data from PitchBook. The $300 million series C haul announced Tuesday was led by venture capital firms Paradigm and Coatue. OpenSea says it plans to increase its headcount, with a focus on its “trust and safety” teams, and invest in making its products more accessible to a wider audience.&nbsp;



OpenSea faces heightened competition, including from crypto giant Coinbase, which in October announced plans to launch its own NFT exchange. Critics have also called out the potential for fraud and scams in the NFT world. In September,&nbsp;<a href="https://opensea.io/blog/announcements/employee-information-use-at-opensea/" target="_blank" rel="noreferrer noopener">Finzer requested the resignation of OpenSea’s head of product</a>&nbsp;after he was discovered to be buying NFTs shortly before they went live on the marketplace. And, just last week, a New York art gallery&nbsp;<a href="https://cointelegraph.com/news/opensea-freezes-2-2m-of-stolen-bored-apes" target="_blank" rel="noreferrer noopener">reportedly claimed that $2.2 million worth of NFTs had been stolen from him</a>&nbsp;and listed on OpenSea.&nbsp;



If the company can navigate the choppy waters, even greater riches could be on its horizon. Some $23 billion worth of NFTs exchanged (virtual) hands in 2021, according to data tracked by&nbsp;<a href="https://dappradar.com/blog/2021-dapp-industry-report" target="_blank" rel="noreferrer noopener">DappRadar</a>–and the market is just getting started.



“Our vision is to be the destination for these new open digital economies to thrive,” Finzer said in an emailed statement.



By Eliza Haverstock, Forbes Staff

Screenshot 2022-01-25 at 14.12.10

The First NFT Billionaires: OpenSea Founders Each Worth Billions After New Fundraising

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<a href="https://www.forbes.com/digital-assets/assets/bitcoin-btc/?sh=4bddb11c4357">Bitcoin</a> fell below $35,000 Saturday morning to its lowest level since July as a selloff continues in which the cryptocurrency has fallen almost 50% since its <a href="https://www.forbes.com/sites/jonathanponciano/2021/11/10/bitcoin-hits-new-record-high-after-inflation-surges-to-30-year-peak/">record high</a> in November.



<h2 class="wp-block-heading">KEY FACTS</h2>



Bitcoin reached a low of $34,020 around 5:15 a.m.,&nbsp;<a href="https://www.coingecko.com/en/coins/bitcoin/usd" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to CoinGecko, before rebounding to $34,614 at 12:58 p.m. ET, bringing its decline to 9.9% over the past 24 hours.



Since it touched a&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2021/11/10/bitcoin-hits-new-record-high-after-inflation-surges-to-30-year-peak/">record high</a>&nbsp;of $69,044 in November, the leading cryptocurrency has lost more than $600 billion in market value.



Other top digital currencies have continued their recent swoon, with&nbsp;<a href="https://www.forbes.com/digital-assets/assets/ether-eth/">Etherum</a>&nbsp;off 13.3% over the past 24 hours and&nbsp;<a href="https://www.forbes.com/digital-assets/assets/binance-coin-bnb/">Binance Coin</a>&nbsp;down 15.2%, according to CoinGecko.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



Investors sold cryptocurrencies earlier this month when the Federal Reserve&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/01/05/stocks-plunge-after-fed-minutes-show-central-bank-could-remove-more-stimulus/?sh=5e92fe304448">announced</a>&nbsp;it may move more quickly than expected to remove pandemic-era stimulus due to high levels of inflation. Crypto experts warned the currencies could be extremely volatile over the next few weeks, and Oanda Senior Market Analyst Ed Moya&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/01/10/looking-ugly-crypto-market-crash-intensifies-after-300-billion-sell-off-how-low-can-bitcoin-prices-go/?sh=4a0cdf57a11b">said</a>&nbsp;in an email to&nbsp;Forbes, “The long-term outlook is still bullish for both the top two cryptocurrencies, but the short-term is looking ugly.”



<h2 class="wp-block-heading">TANGENT</h2>



El Salvadorian President Nayib Bukele said his country purchased 410 bitcoin for <a href="https://www.forbes.com/sites/zacharysmith/2022/01/21/el-salvador-buys-15-million-worth-of-bitcoin-really-cheap-president-crows-as-selloff-continues/?sh=1262213560ed">$15 million</a> on Friday, saying in an emoji-laden <a href="https://twitter.com/nayibbukele/status/1484651539587289091?s=20" target="_blank" rel="noreferrer noopener">tweet</a> that the selloff had left the cryptocurrency “really cheap.” El Salvador became the <a href="https://www.forbes.com/sites/roberthart/2021/06/09/el-salvador-makes-history-as-worlds-first-country-to-make-bitcoin-legal-tender/">first country</a> to accept bitcoin as legal tender in September.



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-01-21/white-house-is-set-to-put-itself-at-center-of-u-s-crypto-policy" target="_blank" rel="noreferrer noopener">reports</a>&nbsp;the Biden administration is preparing to release a government-wide strategy for digital assets as soon as next month. The administration will task federal agencies with risk and opportunity assessments as part of an executive order, people familiar with the plans told Bloomberg.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.bloomberg.com/news/articles/2022-01-22/bitcoin-extends-slide-and-has-fallen-than-50-from-record-high?utm_source=google&amp;utm_medium=bd&amp;cmpId=google" target="_blank" rel="noreferrer noopener">Bitcoin Has Lost Half Its Value Since Hitting Record High</a>&nbsp;(Bloomberg)



<a href="https://www.forbes.com/sites/jonathanponciano/2022/01/10/looking-ugly-crypto-market-crash-intensifies-after-300-billion-sell-off-how-low-can-bitcoin-prices-go/?sh=4a0cdf57a11b">&#8216;Looking Ugly&#8217;: Crypto Market Crash Intensifies After $300 Billion Sell-Off—How Low Can Bitcoin Prices Go?</a>&nbsp;(Forbes)&nbsp;



<a href="https://www.forbes.com/sites/zacharysmith/2022/01/21/el-salvador-buys-15-million-worth-of-bitcoin-really-cheap-president-crows-as-selloff-continues/?sh=1262213560ed">El Salvador Buys $15 Million Worth Of Bitcoin &#8216;Really Cheap,&#8217; President Crows, As Selloff Continues</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/annakaplan-1/"></a>

In this photo illustration, a Bitcoin logo is displayed on a

Bitcoin Falls Below $35,000 As Selloff Nears 50% From Record High

<p id="h-the-u-s-doesn-t-need-to-know-who-they-re-targeting-or-show-probable-cause-when-ordering-facebook-whatsapp-or-any-tech-company-to-help-agencies-spy-on-users-in-secret-newly-unsealed-court-documents-show">The U.S. doesn&#8217;t need to know who they&#8217;re targeting or show probable cause when ordering Facebook, WhatsApp or any tech company to help agencies spy on users in secret, newly-unsealed court documents show.



U.S. federal agencies have been using a 35-year-old American surveillance law to secretly track WhatsApp users with no explanation as to why and without knowing who they are targeting.



In Ohio, a just-unsealed search warrant reveals that in November 2021, DEA investigators demanded the Facebook-owned messaging company track seven users based in China and Macau. The warrant reveals the DEA didn’t know the identities of any of the targets, but told WhatsApp to monitor the IP addresses and numbers with which the targeted users were communicating, as well as when and how they were using the app. Such surveillance is done using a technology known as a pen register and under the<a href="https://www.law.cornell.edu/uscode/text/18/part-II/chapter-206" target="_blank" rel="noreferrer noopener">&nbsp;1986 Pen Register Act</a>, and don’t ask for any message content, which WhatsApp couldn’t provide anyway, as it is end-to-end encrypted.



As&nbsp;Forbes&nbsp;<a href="https://www.forbes.com/sites/thomasbrewster/2021/08/03/american-law-lets-us-government-spy-on-whatsapp-without-having-to-explain-why/">previously reported</a>, over at least the last two years, law enforcement in the U.S. has repeatedly ordered WhatsApp and other tech companies to install these pen registers without showing any probable cause. As in those previous cases, the government order to trace Chinese users came with the statement that the Justice Department only needed to provide three “elements” to justify tracking of WhatsApp users. They include: the identity of the attorney or the law enforcement officer making the application; the identity of the agency making the application; and a certification from the applicant that “the information likely to be obtained is relevant to an ongoing criminal investigation being conducted by that agency.”



“Other than the three elements described above, federal law does not require that an application for an order authorizing the installation and use of a pen register and a trap and trace device specify any facts,” the government wrote in the latest warrant.



The latest case shows that America’s unexplained snooping has a global reach, far beyond domestic WhatsApp users and those in neighbouring countries, affecting foreign targets whose identities the government does not know. According to another search warrant unearthed by&nbsp;Forbes, one previous case in Ohio saw another seven WhatsApp users targeted, three in the U.S., four in Mexico. For each, the U.S. either knew the alias or the real name of the user.



<h2 class="wp-block-heading" id="h-chinese-opioid-sales">Chinese opioid sales</h2>



As the Chinese WhatsApp numbers were published unredacted in the search warrant,&nbsp;Forbes&nbsp;was able to find indications that the DEA was seeking to carry out surveillance on Chinese individuals and entities shipping opioids on the web and over encrypted apps. One number was included as a contact in a comment from 2020 on a blogpost, offering shipment of pharmaceutical products, providing an email containing the domain of what appears to be a Chinese company. (As no charges have been filed in the case,&nbsp;Forbes&nbsp;is not revealing the numbers of the names of the entities being targeted by the DEA probe. The Justice Department in Ohio hadn’t commented at the time of publication.)



Another was listed on a Facebook page where chemicals were being sold by a company promising “research” chemicals. Pictures on the page showed cellophane bags containing various powders and pointing to Telegram and Wickr numbers, as well as the WhatsApp contact, promising high purity substances, including psychoactive drugs benzodiazepines, which include diazepam (better known by its brand name Valium) and alprazolam (also better known as its brand name Xanax.)&nbsp; One of the numbers was also posted to a Facebook group called “dark research chemicals forum,” where users have been discussing how to get hold of various substances, many looking for benzodiazepines.



Though the DEA may be legitimately using the Pen Register Act to track the Chinese chemical suppliers fuelling America’s opioid crisis, there remain concerns about the lack of an explanation of “probable cause.” Yet, despite complaints from the likes of the ACLU about the law going back decades, there’s little sign of any movement on Capitol Hill to address any of the more contentious aspects of the Act. American agencies can, therefore, continue to carry out surveillance on users of one of the world’s most popular messaging apps without having to provide any reason, either to a judge or the public.



This story is part of The Wire IRL feature in my newsletter, The Wiretap. Out every Monday, it’s a mix of strange true crime and real-world surveillance, with all the relevant search warrants and court documents for you to pore over. There’s also all the cybersecurity and privacy news you need to read. 



By Thomas Brewster, Forbes Staff

Logos – Stock Pictures

WhatsApp Ordered To Help US Agents Spy On Chinese Phones—No Explanation Required

Is the metaverse the future of the internet? It’s already here with Big Tech banking on it, and it just might unlock untold economic opportunities for Africa.



BY TIANA CLINE



&#8220;IT FEELS LIKE SCI-FI WHEN WE TALK ABOUT it. If you think about the internet that we look at, the metaverse is going to be an internet that we are inside of,” says Derya Matras, Facebook’s Vice President for Africa, the Middle East and Turkey. “Over the last few years, we’ve been observing social communication getting more and more immersive. I remember being in high school and dreaming of having a phone that I could take with me everywhere so I could talk to my best friend. Even being able to talk to my parents over video felt like sci-fi twenty years ago. It’s important that we observe where the technology is moving already.”



Matras explains that the metaverse will be made up of a set of digital experiences that seamlessly interconnect. A deeper and wider virtual reality (VR) that is far more than social media and video games. This is one of the reasons Facebook changed its company name to Meta at the end of October 2021.



<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:35% auto"><figure class="wp-block-media-text__media"><img loading="lazy" decoding="async" width="683" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-683x1024.jpg" alt="" class="wp-image-53909 size-full" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2022/01/Derya-Matras-scaled.jpg 1707w" sizes="(max-width: 683px) 100vw, 683px" /></figure><div class="wp-block-media-text__content">
The metaverse is going to give a lot of opportunities to Africa but the connectivity has to be there.



– Derya Matras
</div></div>



“Facebook is primarily known as a social media company but we actually define ourselves as a tech company that has the mission of connecting people and businesses. As social technology evolves, we will also,” she says. “Obviously, the metaverse is not there yet and it’s going to take a good ten years to build it all together as an industry.”



Matras believes that the metaverse has the potential to unlock huge economic opportunities for Africa. As a company, Facebook has already made some significant investments into bringing more affordable broadband to the continent. They’re in the process of building 2Africa, the longest undersea cable in the world which will effectively connect three continents – Africa, Europe and Asia (with plans of going live in 2023).



“The metaverse is going to give a lot of opportunities to Africa but the connectivity has to be there. And it is the responsibility of tech players like Facebook and telecom operators and governments to build that collectively,” says Matras. While Facebook, as a social media platform, isn’t going anywhere, what excites Matras the most about the metaverse is its educational implications.



Immersive learning through the use of VR is a field that Louise Claassen, an executive fellow at Henley Business School Africa, is already working on. (And outside of the business school, she also spends a lot of time in AltspaceVR, a social VR platform acquired by Microsoft in 2017.)



“For decades, people have been immersed into the virtual reality space but as individuals. What is happening now is increasingly, we’re seeing multi-user VR environments,” she explains. 



While independent VR social spaces have been in existence for a number of years – many of which already have vibrant, thriving communities – people are now looking into these environments as business tools and in the med-tech space. Research out of the University of Maryland, for example, showed that VR not only increases memory retention, but when used as a learning tool could potentially treat memory-related disorders like Alzheimer’s.



 “One of the qualities we have in virtual reality is embodiment, that sense of being present in a different environment. Your body is responding to where your mind believes that you are. There are all sorts of very interesting opportunities that this convergence into the metaverse present,” says Claassen. 



At Henley, Claassen works with VR by creating rich immersive experiences for her students and in particular, global case studies that transport them to different places to understand different economies: “From a business school perspective, we believe that it’s important for leaders to have well-developed cultural intelligence and they can only do that if they travel. While physically visiting and being immersed in different contexts still has tremendous merit, what virtual reality does is it democratizes that process so more students can go to more locations more frequently.”



What the metaverse can bring to education (and many other sectors) is that immersive experience at the click of a button. A digital twin where data is not only visualized, but augmented.



“When we can see each other move in a three-dimensional space, we decode that information in a very different way and that’s very powerful,” says Claassen, “it give us a much more dynamic experience of the world which is pretty much what the metaverse offers, on scale.”

future technology metaverse

Can The Metaverse Provide Opportunities For Africa That Are Out Of This World?

BY TIANA CLINE



IN AN INTERNET ENABLED VIRTUAL WORLD, THERE NEEDS to be a way to own digital items. Non- fungible tokens (NFTs) are already proving this is possible. Locally, the debut collection from artist Norman Catherine fetched $53,000 at Africarare, the first South African VR metaverse.



In November 2021, Nigeria&#8217;s contemporary art fair partnered with Super rare to showcase digital works by African artists such as Linda Dounia and Rendani Nemakhavhani.



Collecting NFTs is becoming increasingly popular but what if you could use something you’ve bought online? Created by Larva Labs, Meebits are one of the first NFT collections to be created as 3D avatars. Avatars are an important part of the metaverse because they’re what will ultimately represent a person, digitally. Microsoft, for example, is adding 3D virtual avatars to Mesh, their new collaborative platform which will enable mixed realities within Teams, as part of their metaverse strategy.



When the collection of (approximately 20,000 different) Meebits launched in May, it sold out in six hours. And to date, the most expensive Meebit has been sold for $222.9K.



“Meebits are algorithmically generated 3D characters linked to NFTs on the Ethereum blockchain. They are rendered in voxels (or pixels with volume) similar to characters from popular games such as Minecraft or Roblox. You can use these NFT characters as metaverse avatars, or in games, and virtual reality,” explains Zhulik the Meebit. “If you purchase a Meebit, you get the 3D model. You can then take the 3D model and animate the avatar in real time using VR equipment such as a headset and controllers or a full body suit.” 



Because Meebits have utility as a 3D avatar, they can be used in various ways which has only added to their growing popularity. 



“For the first time, we have true digital ownership and I believe we are going to see an even bigger wave of creativity and innovation in intellectual property. The exciting thing about NFTs is that this is only the beginning.”

BRITAIN-BLOCKCHAIN-NFT-TOKENS

The Future Of NFTs: ‘This Is Only The Beginning’

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



“Everydays: The First 5,000 Days,” a piece of digital artwork, finds itself alongside paintings made by the likes of Picasso, Rothko, van Gogh and Monet as one of the most expensive art pieces sold at an auction in 2021, a year when non-fungible tokens (NFTs) garnered mainstream attention and emerged as one of the hottest tech trends.



<h2 class="wp-block-heading">KEY FACTS</h2>



Made by the 41-year old artist, Mike Winkelmann—better known as Beeple—the digital art<a href="https://www.forbes.com/sites/abrambrown/2021/03/11/beeple-art-sells-for-693-million-becoming-most-expensive-nft-ever/">&nbsp;was sold</a>&nbsp;in the form of an NFT for $69.3 million, becoming the most expensive piece of digital art to go under the hammer.



Christie’s—the auction house that sold Beeple’s artwork—<a href="https://www.christies.com/presscenter/pdf/10337/Christie's%20EOY%202021%20Press%20Release_10337_1.pdf" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;last week that it has sold NFTs worth $150 million in 2021.



In simple terms, an&nbsp;<a href="https://www.forbes.com/sites/abrambrown/2021/02/26/what-is-an-nft-and-should-you-buy-one/?sh=10db653024b2">NFT</a>&nbsp;is a type of unique or non-replicable digital token that is registered on a blockchain—the same decentralized technology used by cryptocurrencies—that can be used as a record or authenticate the ownership of assets both in the digital and physical world.



This has meant that everyone from&nbsp;<a href="https://tarantinonfts.com/" target="_blank" rel="noreferrer noopener">celebrities</a>,&nbsp;<a href="https://nbatopshot.com/" target="_blank" rel="noreferrer noopener">the NBA</a>,&nbsp;<a href="https://www.marvel.com/articles/gear/first-ever-marvel-digital-comic-collectibles-nft-veve" target="_blank" rel="noreferrer noopener">Marvel Comics</a>&nbsp;and even&nbsp;<a href="https://decrypt.co/87752/ubisoft-first-major-gaming-company-launch-in-game-nfts" target="_blank" rel="noreferrer noopener">video game</a>&nbsp;makers have jumped on board the NFT bandwagon as mainstream interest in digital collectible items surged.



According to <a href="https://trends.google.com/trends/explore?date=2021-01-01%202021-12-31&amp;geo=US&amp;q=NFT" target="_blank" rel="noreferrer noopener">Google Trends data</a>, search interest in the term “NFT” spiked briefly in March and April before hitting its currently ongoing surge in August and a <a href="https://trends.google.com/trends/explore?date=2021-01-01%202021-12-31&amp;geo=US&amp;q=how%20to%20buy%20NFT" target="_blank" rel="noreferrer noopener">similar trend</a> can also be seen for the phrase “how to buy NFT.”



<h2 class="wp-block-heading">BIG NUMBER</h2>



$23 billion. That’s the total value of all NFT sales that took place in the past year, according to data&nbsp;<a href="https://dappradar.com/blog/2021-dapp-industry-report" target="_blank" rel="noreferrer noopener">published</a>&nbsp;by DappRadar. In comparison, total NFT sales in 2020 were worth less than $100 million.



<h2 class="wp-block-heading">SURPRISING FACT</h2>



NFT was&nbsp;<a href="https://www.theguardian.com/books/2021/nov/24/nft-is-collins-dictionary-word-of-the-year" target="_blank" rel="noreferrer noopener">declared</a>&nbsp;as 2021’s “Word of the Year” by Collin’s English Dictionary last month, as it beat out the likes of “crypto” and “cheugy” to claim the top spot.



<h2 class="wp-block-heading">TANGENT</h2>



While NFT-based art pieces—like the ones made by Beeple—grabbed the bulk of the headlines in early 2021, a majority of interest in NFTs was driven by digital collectibles. Similar to rare Pokemon or baseball trading cards projects like Cryptopunks offered thousands of unique digital collectibles with varying degrees of “rarity.” One particular collection that gained a lot of attention online was the&nbsp;<a href="https://www.cnet.com/how-to/explaining-the-bored-ape-yacht-club-nft-collection/" target="_blank" rel="noreferrer noopener">Bored Ape Yacht Club</a>&nbsp;which is made up of a collection of 10,000 NFT-based avatars. Owners of these cartoon ape avatars, which cost a minimum of $210,000, include celebrities like Post Malone, Steph Curry, Jimmy Fallon and DJ Khaled. Owners of the expensive digital asset have received exclusive invites to meetups in California, New York, Hong Kong and several other places. These meetups have included an actual yacht party in New York and a&nbsp;<a href="https://www.inputmag.com/culture/bored-ape-yacht-club-nft-nyc-ape-fest" target="_blank" rel="noreferrer noopener">concert</a>&nbsp;featuring the likes of&nbsp; Chris Rock, Aziz Ansari and The Strokes.



<h2 class="wp-block-heading">CONTRA</h2>



As their popularity surged in the past year, NFT also emerged at the center of several controversies including accusations of art theft and their potential environmental impacts. A majority of NFTs&nbsp;<a href="https://www.wired.com/story/nfts-hot-effect-earth-climate/" target="_blank" rel="noreferrer noopener">rely on</a>&nbsp;the “proof-of-work” blockchain Ethereum, which keeps a record of NFT&nbsp; transactions through a process called mining. Environmental advocates have warned that mining, which relies on a decentralized network of computers around the world, consumes a significant amount of energy that can lead to a rise in carbon emissions. Another controversy around the technology has involved the theft of digital art where original creators are not attributed. Several illustrators and artists who host their content online have&nbsp;<a href="https://futurism.com/the-byte/artist-stealing-nfts" target="_blank" rel="noreferrer noopener">complained</a>&nbsp;that their work is being turned into NFTs without their consent or any attribution.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/abrambrown/2021/02/26/what-is-an-nft-and-should-you-buy-one/?sh=10db653024b2">What Is An NFT—And Should You Buy One?</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/ninabambysheva/2021/12/23/nfts-generated-over-23-billion-in-trading-volume-in-2021/?sh=62ea52375f0a">NFT Market Generated Over $23 Billion In Trading Volume In 2021</a>&nbsp;(Forbes)



<a href="https://www.wired.com/story/nfts-hot-effect-earth-climate/" target="_blank" rel="noreferrer noopener">NFTs Are Hot. So Is Their Effect on the Earth’s Climate</a> (Wired)



By Siladitya Ray, Forbes Africa

Van Gogh, Monet—And Beeple? As NFTs Exploded One Of The Most Expensive Art Pieces Sold In 2021 Was Entirely Digital.

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Meta Platforms made a key stride in its rebrand from Facebook this month, acquiring the exclusive rights to the name “Meta” from a South Dakota bank in a $60 million transaction.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



South Dakota-based Meta Financial Group said Monday in a Securities and Exchange Commission&nbsp;<a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0000907471/52079c8b-0b39-4a47-9618-ceb924bca466.pdf" target="_blank" rel="noreferrer noopener">filing</a>&nbsp;that it sold all Meta trademark assets to Beige Key LLC, which is connected to Meta Platforms, spokespeople for Meta Platforms and Meta Financial confirmed to&nbsp;Forbes.



Reuters&nbsp;<a href="https://www.reuters.com/business/media-telecom/exclusive-facebook-owner-is-behind-60-mln-deal-meta-name-rights-2021-12-13/" target="_blank" rel="noreferrer noopener">first reported</a>&nbsp;the connection between Beige Key and Meta Platforms, which changed its name from Facebook in October.



Meta Financial and its subsidiary MetaBank will have one year to remove Meta from its name and all branding, according to the filing.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



A MetaBank spokesperson said in a statement to&nbsp;Forbes: “There is a relationship between Beige Key LLC and Meta Platforms and MetaBank was aware of such relationship prior to entering this agreement.”



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Facebook CEO and founder Mark Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/lisakim/2021/10/28/facebook-announces-new-name-meta/?sh=2b750aec7f83">said</a>&nbsp;the company would change its name to Meta during an October 28 conference. The name change reflects the company’s pivot to the “metaverse,” referencing the company’s increased focus on augmented and virtual reality technology. The company has become more aggressive with its push into the “metaverse” recently, making a beta version of its social virtual reality game&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2021/12/09/facebook-dives-deeper-into-the-metaverse-two-months-after-meta-name-change/?sh=4d71bb901f7b">available</a>&nbsp;to all American and Canadian adults last week.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



The user operating the @metaverse Instagram account told the New York Times Monday that the social media service — which is owned by Meta Platforms — shut down her account a few days after the Meta name change. The account was shut down for over a month before Instagram restored it, saying it was a mistake.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.reuters.com/business/media-telecom/exclusive-facebook-owner-is-behind-60-mln-deal-meta-name-rights-2021-12-13/" target="_blank" rel="noreferrer noopener">Exclusive: Facebook owner is behind $60 mln deal for Meta name rights</a>&nbsp;(Reuters)



<a href="https://www.nytimes.com/2021/12/13/technology/instagram-handle-metaverse.html?smtyp=cur&amp;smid=tw-nytimes" target="_blank" rel="noreferrer noopener">Her Instagram Handle Was ‘Metaverse.’ Last Month, It Vanished.</a>&nbsp;(New York Times)



<a href="https://www.forbes.com/sites/dereksaul/2021/12/09/facebook-dives-deeper-into-the-metaverse-two-months-after-meta-name-change/?sh=4d71bb901f7b">Facebook Dives Deeper Into The Metaverse Two Months After Meta Name Change</a> (Forbes)



<a href="https://www.forbes.com/sites/dereksaul/"></a>By Derek Saul, Forbes Staff

Facebook Covers Sign At Menlo Park Headquarters

Facebook Owner Pays $60 Million For ‘Meta’ Name Rights

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Two months after its&nbsp;<a href="https://www.forbes.com/sites/lisakim/2021/10/28/facebook-announces-new-name-meta/?sh=67cbb91f7f83">buzzy name change</a>&nbsp;from Facebook, Meta&nbsp;<a href="https://about.fb.com/news/2021/12/horizon-worlds-open-in-us-and-canada/" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;a further leap into the “metaverse” Thursday, making the beta version of its multiplayer virtual reality game downloadable to all American and Canadian adults for free.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Meta describes “Horizon World” as ​​a “social VR experience where you can create and explore together,” representing a key component of the company’s expansion into the metaverse.



The metaverse is a&nbsp;<a href="https://www.wired.com/story/what-is-the-metaverse/" target="_blank" rel="noreferrer noopener">vague term</a>, but it represents a shift into augmented and virtual reality spaces on the Internet — including VR gaming — and Meta’s website&nbsp;<a href="https://about.facebook.com/meta/" target="_blank" rel="noreferrer noopener">dubs it</a>&nbsp;the “the next evolution of social connection.



“Horizon Worlds” is available on Meta’s Oculus Quest 2 VR headset (Facebook&nbsp;<a href="https://about.fb.com/news/2014/03/facebook-to-acquire-oculus/" target="_blank" rel="noreferrer noopener">acquired</a>&nbsp;Oculus for $2 billion in 2014).



The “Horizon Worlds” beta had previously been downloadable on an invite-only basis.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



During the company’s October name-change announcement,&nbsp;Meta founder and CEO Mark Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/lisakim/2021/10/28/facebook-announces-new-name-meta/?sh=67cbb91f7f83">said</a>&nbsp;he sees the metaverse, not social media, as the company’s future: “Over time, I hope that we are seen as a metaverse company, and I want to anchor our work and identity on what we&#8217;re building toward.”



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



Microsoft founder&nbsp;<a href="https://www.forbes.com/profile/bill-gates/?sh=5b5e1dde689f">Bill Gates</a>&nbsp;predicted that “most virtual meetings” will take place in the metaverse “within the next two or three years” in a Tuesday blog post. Microsoft has announced its&nbsp;<a href="https://news.microsoft.com/innovation-stories/mesh-for-microsoft-teams/" target="_blank" rel="noreferrer noopener">own plans</a>&nbsp;for the metaverse. Gates stepped down from the company’s board last year.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/lisakim/2021/10/28/facebook-announces-new-name-meta/?sh=67cbb91f7f83">Facebook Announces New Name: Meta</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/cathyhackl/2020/07/05/the-metaverse-is-coming--its-a-very-big-deal/">The Metaverse Is Coming And It’s A Very Big Deal</a>&nbsp;(Forbes)



<a href="https://www.wired.com/story/what-is-the-metaverse/" target="_blank" rel="noreferrer noopener">What Is the Metaverse, Exactly?</a> (Wired)Follow me on <a href="https://www.twitter.com/derek_saul" rel="noreferrer noopener" target="_blank">Twitter</a>. Send me a secure <a href="https://www.forbes.com/tips/" rel="noreferrer noopener" target="_blank">tip</a>. 



<a href="https://www.forbes.com/sites/dereksaul/"></a>By Derek Saul, Forbes Staff

In this photo illustration the American online social media

Facebook Dives Deeper Into The Metaverse Two Months After Meta Name Change

Close up of businesswoman checking financial stock market analysis with mobile app on smartphone on the go, against illuminated corporate skyscrapers in financial district at night. Financial investment, stock market and exchange, accounting concept

Fintech’s Fraud Problem: Why Some Merchants Are Shunning Digital Bank Cards

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Twitter’s Chief Technology Officer Parag Agrawal became the company’s new CEO Monday after co-founder Jack Dorsey&nbsp;<a href="https://www.forbes.com/sites/carlieporterfield/2021/11/29/twitter-ceo-jack-dorsey-steps-down/">stepped down</a>, culminating what Dorsey called a “rigorous process” for the company’s board to select a new leader for one of the world’s most powerful social media companies.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Agrawal joined Twitter in 2011 following stints at Microsoft, AT&amp;T and Yahoo, and has served as the company’s CTO since October 2017, where he had been in charge of technical strategy involving machine learning.



Dorsey said in a&nbsp;<a href="https://twitter.com/jack/status/1465347002426867720?s=20" target="_blank" rel="noreferrer noopener">company email</a>&nbsp;Agrawal was his top choice as he’s been “behind every critical decision that helped turn this company around.”



Agrawal holds a PhD in computer science from Stanford University and became Twitter’s first Distinguished Engineer for his impact on the re-acceleration of audience growth in 2016 and 2017, according to a news release.



He&nbsp;<a href="https://twitter.com/paraga/status/1465349749607854083/photo/1" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in a company email “the world is watching us right now,”&nbsp;<a href="https://twitter.com/paraga/status/1465349749607854083/photo/1" target="_blank" rel="noreferrer noopener">adding</a>&nbsp;in a news release he is “incredibly energized” by the opportunities ahead for the company as it “reshapes the future of public conversation.”



He is now tasked with meeting Twitter’s aggressive goals, including doubling annual revenue this year and reaching 315 million monetizable daily active users by the end of 2023, CNBC&nbsp;<a href="https://www.cnbc.com/2021/02/25/twitter-sets-goals-to-double-revenue-reach-315-million-users-by-end-of-2023.html" target="_blank" rel="noreferrer noopener">reports</a>.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“The Board ran a rigorous process considering all options and unanimously appointed Parag. He’s been my choice for some time given how deeply he understands the company and its needs,” Dorsey&nbsp;<a href="https://pbs.twimg.com/media/FFX1IQ0WUAEqaLH.jpg" target="_blank" rel="noreferrer noopener">said</a>&nbsp;in a company-wide email announcing his departure. “He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep.”



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Twitter’s user growth struggled in recent years, both with getting existing users to use the app again and with recruiting new users, Recode&nbsp;<a href="https://www.vox.com/recode/2020/3/1/21160375/jack-dorsey-twitter-elliott-management-paul-singer-ceo" target="_blank" rel="noreferrer noopener">reports</a>. Twitter stopped reporting its monthly active users in 2019 as the numbers were stagnating around 300 million—at the time, Facebook reported having approximately 2.5 billion monthly users. Elliott Management, an “activist investor” firm and Twitter stakeholder,&nbsp;<a href="https://www.bloomberg.com/news/articles/2020-02-29/singer-s-elliott-is-said-to-seek-to-replace-twitter-ceo-dorsey" target="_blank" rel="noreferrer noopener">attempted</a>&nbsp;to oust Dorsey from his position in 2020 over the company’s slow growth, according to a Bloomberg report. The management group also thought that by replacing Dorsey, who was CEO of Twitter and Square at the time, with a full-time CEO could make Twitter more favorable and valuable on Wall Street, Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2020-02-29/singer-s-elliott-is-said-to-seek-to-replace-twitter-ceo-dorsey" target="_blank" rel="noreferrer noopener">reported</a>. Twitter&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/10/26/twitter-shares-jump-after-apples-privacy-changes-have-minimal-impact-on-quarterly-earnings/?sh=49d38c4d7169">reported</a>&nbsp;user growth and revenue that met analysts’ expectations in the third quarter of this year, despite Apple’s iPhone privacy changes.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<a href="https://www.cnbc.com/2021/11/29/twitter-ceo-jack-dorsey-is-expected-to-step-down-sources-say.html" target="_blank" rel="noreferrer noopener">Reports</a>&nbsp;of Dorsey’s impending resignation surfaced Monday morning, and he confirmed he was stepping down, effective immediately in a company-wide&nbsp;<a href="https://twitter.com/jack/status/1465347002426867720?s=20" target="_blank" rel="noreferrer noopener">email</a>. Dorsey said in the email he believes a company being founder-led is “severely limiting and a signal point of failure,” adding that “there aren’t many founders who choose their company over their own ego.” Dorsey co-founded Twitter in 2006 and served as CEO until he was&nbsp;<a href="https://www.theverge.com/2015/10/5/9457277/jack-dorsey-twitter-ceo-timeline" target="_blank" rel="noreferrer noopener">pushed out</a>&nbsp;in 2008, but&nbsp;<a href="https://www.forbes.com/sites/kathleenchaykowski/2015/06/11/twitters-ceo-costolo-steps-down-dorsey-returns-as-interim-ceo/">returned</a>&nbsp;to the role in 2015 after Dick Costolo stepped down. He still serves as CEO of Square, of another company he co-founded in 2010.



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



Dorsey faced criticism in recent years for his hesitations to censor users, including controversial public figures, on the app. Paul Barrett, deputy director of the NYU Stern Center for Business and Human Rights, said in a statement Dorsey “leaves behind a mixed legacy.” “A platform that&#8217;s useful and potent for quick communication but one that&#8217;s been exploited by a range of bad actors, including former President Donald Trump, who did his best on Twitter to undermine democracy—until Dorsey&#8217;s people finally had enough and shut him down,” Barrett said.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/carlieporterfield/2021/11/29/twitter-ceo-jack-dorsey-steps-down/?sh=5f067f931901">Twitter CEO Jack Dorsey Steps Down: ‘Finally Time For Me To Leave’</a> (Forbes)



<a href="https://www.forbes.com/sites/annakaplan-1/"></a><a href="https://www.forbes.com/sites/annakaplan-1/">Anna Kaplan</a>Follow



<a href="https://www.forbes.com/sites/annakaplan-1/"></a>

Twitter tests several new features for its mobile app

What To Know About Parag Agrawal, Twitter’s New CEO

<p id="h-startups-are-supposed-to-specialize-but-opensea-s-founders-thrived-by-building-a-wide-open-market-for-creating-and-trading-all-manner-of-nfts-whether-art-music-or-gaming-now-that-they-re-centimillionaires-and-poised-to-become-billionaires-they-have-other-worries-competitors-fraudsters-and-the-next-crypto-crash">Startups are supposed to specialize, but OpenSea’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.&nbsp;



In March 2020, as Covid-19 began to spread, OpenSea founders Devin Finzer and Alex Atallah held a gut-check phone call. Their five-person startup had built a platform on which users could create, buy and sell all sorts of nonfungible tokens (NFTs)—computer files used to track ownership of unique digital assets like art and music on a ledger known as a blockchain. Yet 26 months after going live, they had just 4,000 active users doing $1.1 million in transactions a month, which translated (given OpenSea’s 2.5% sales commission) to a paltry $28,000 in monthly revenue. The NFT market had a “dead feeling,” recalls CTO Atallah, who conducted his side of the call from the basement of his parents’ Colorado home, where he had gone to work as New York locked down. Ominously, Rare Bits, a direct and better-funded competitor, had just announced it was folding. The pair set a do-or-die goal of doubling business by the end of the year—and met it in September.&nbsp;



Finally, in February 2021, the NFT market roused from hibernation—and went crazy. In July, OpenSea processed $350 million in NFT trades. That same month, in a round led by Andreessen Horowitz, it raised $100 million in venture capital at a $1.5 billion valuation. In August, as NFT hype (and FOMO) reached a fever pitch, volume spiked tenfold to&nbsp;<a href="https://dune.xyz/rchen8/opensea" target="_blank" rel="noreferrer noopener">$3.4 billion</a>—an $85 million commission windfall for OpenSea in a month when it likely burned less than $5 million on expenses. Although transactions have since retreated to around $2 billion a month, the platform now has 1.8 million active users and a dominant share of the market. It’s up to 70 employees and is scouting for dozens more, including much-needed customer service reps.&nbsp;



Recently, there’s been talk of another round of venture investment at a valuation that could reach $10 billion. With a 19% ownership stake each, CEO Finzer, 31, and Atallah, 29, are centimillionaires on the cusp of becoming crypto’s newest billionaires.&nbsp;



Yet Atallah was humble as he chatted in November at a restaurant in New York’s kitschy new Margaritaville Resort Times Square, sitting near its 32-foot Statue of Liberty replica, which hoists a cocktail instead of a torch. He was there for the third annual&nbsp;<a href="https://www.nft.nyc/" target="_blank" rel="noreferrer noopener">NFT.NYC</a>&nbsp;convention, which boas­ted 5,500 registrants with 3,000 on the waiting list. Young enthusiasts prowled the hotel wearing&nbsp;<a href="https://opensea.io/collection/boredapeyachtclub" target="_blank" rel="noreferrer noopener">Bored Ape Yacht Club</a>&nbsp;sweatshirts—a tribute to a collection of 10,000 simian NFTs whose owners treat it as a social club as much as a collectible or investment.&nbsp;



You might say humility was at the heart of Finzer and Atallah’s successful strategy. Some advisors had urged them to specialize in an NFT niche—say, art, gaming or music. But they opted to build a category-agnostic platform because they didn’t think they were prescient enough to predict which NFT types would catch on.&nbsp;



Beyond casting a wide net, Finzer says, OpenSea has thrived simply by “being in the right place at the right time” and listening to users about what they want. The platform tracks NFTs on ethereum and other blockchains, and all purchases are made in crypto. Sellers can opt for a fixed-price or auction format. Artists can reserve a percentage of each resale price. Ultimately, Finzer sees the NFT ownership verification model working for anything from concert tickets to real estate—he’s just not sure what will succeed when. “I’ve always had a pretty gray view of the future,” he says.&nbsp;



Despite its sudden success, OpenSea faces big and varied risks—from fraud and another NFT market bust to new competition. In October, Coinbase, the nation’s largest crypto exchange and an original investor in OpenSea, announced it will launch its own NFT peer-to-peer marketplace. Within weeks, Coinbase had 2.5 million sign-ups for its waiting list, and CEO Brian Armstrong was predicting the new business “could be as big or bigger” than its core crypto trading business.&nbsp;



OpenSea’s open-market approach heightens the risk of counterfeits, scams and fraud—just ask Amazon or eBay. For example, a scammer can copy an image of someone else’s art and sell it as an NFT on OpenSea. Finzer says the site is working on an automated way to spot fakes and has moderators who investigate suspicious offerings. Still, people can present problems too. In September, Finzer&nbsp;<a href="https://opensea.io/blog/announcements/employee-information-use-at-opensea/" target="_blank" rel="noreferrer noopener">requested the resignation</a>&nbsp;of OpenSea’s head of product after Twitter users&nbsp;<a href="https://twitter.com/0xZuwu/status/1437921263394115584" target="_blank" rel="noreferrer noopener">discovered</a>&nbsp;a crypto wallet linked to that executive was buying NFTs shortly before they appeared on the price-moving OpenSea home­page—in other words, he was allegedly frontrunning his own employer’s decisions.&nbsp;



While they come across as humble, OpenSea’s founders are hardly low on ambition. Raised in the Bay Area by a physician mom and a software engineer dad, Finzer says he was “devastated” to be rejected by Harvard, Stanford, Princeton and Yale. (He settled for Brown.) After a short stint as a Pinterest software engineer, he cofounded his first startup, Claimdog, in 2015 and sold it to Credit Karma a year later.&nbsp;



As a kid, Atallah, the Colorado-born son of Iranian immigrants, made spreadsheets to compare the attributes of everything from birds to brow­sers. After graduating from Stanford, he worked as a programmer before teaming up with Finzer. In January 2018 they entered the Y Combinator startup accelerator with an idea for paying users crypto to share their Wi-Fi hotspots. But at that point, CryptoKitties—the cartoonish virtual cats whose ownership records were digitally inscribed on the ethereum blockchain—had captured the public imagination. “It was the first time people who didn’t really care about crypto were suddenly getting interested in it for reasons other than flipping a coin. I thought that was really powerful,” Atallah says. They quickly pivoted to OpenSea and later moved their operation to New York City.&nbsp;



Much like Beanie Babies, their cloth-and-stuffing ancestors, CryptoKitties turned out to be duds as investment-grade collectibles—the supply was too great to make most of them worth much. After spiking in early 2018, interest in both crypto and NFTs went into hibernation.&nbsp;https://view.ceros.com/forbes/sidebar-2-3-1?heightOverride=741



What awakened the market in early 2021 wasn’t OpenSea’s doing. Instead, platforms like the billionaire Winklevoss twins’ Nifty Gateway&nbsp;<a href="https://www.forbes.com/sites/michaeldelcastillo/2021/04/05/revenge-of-the-winklevii-facebook-winklevoss-bitcoin-nft-billionaire-revenge/?sh=4c2e24a01572">captured attention</a>&nbsp;with curated, high-quality art. Last March, Christie’s auctioned the NFT for digital artist Beeple’s “Everydays: The First 5000 Days”&nbsp;for $69 million, the third-highest price ever paid for work by a living artist.&nbsp;



As NFTs fetched eye-popping prices, more and more ordinary folks decided they too wanted to become creators, collectors or speculators—and turned to OpenSea, with its anyone-can-be-an-artist ethos, built-in secondary market and handy features. For instance, the site has an advanced filtering system so users can find NFTs with the rarest—and theoretically most valuable—attributes. (Only 46 Bored Apes have solid-gold fur, and they command a hefty premium.) When a new NFT is created and recorded on ethereum, the site automatically spawns a webpage displaying it—a nice feature as NFTs became a status symbol, with people sharing their OpenSea pages and changing their Twitter profile pictures to an NFT they own. “It became this circular feedback loop, driven by envy and desire. And OpenSea really captured that market,” observes Richard Chen, a partner at VC firm 1Confirmation and an early OpenSea investor.&nbsp;



Dani, 27, a former fashion designer living in Georgia, has turned a $17,000 investment in NFTs like the World of Women into a portfolio worth $715,000. AJ, a 37-year-old former gaming company CEO from North Carolina, put less than $10,000 into NFTs and now values his digital assets at $1.3 million. He recently convinced his gastroenterologist brother to start buying NFTs. The brother, in turn, hooked his own buddies. “They’re pretty much doing colonoscopies and then checking their phones for new NFT drops,” AJ says.&nbsp;



Sounds like a bubble, all right, raising the question of how OpenSea will fare when it bursts. Responds Finzer: “We have a large amount of padding in case we need to weather a winter.” 



<a href="https://www.forbes.com/sites/jeffkauflin/"></a>By Jeff Kauflin, Forbes Staff

Non-fungible token art.

What Every Crypto Buyer Should Know About OpenSea, The King Of The NFT Market

AS I WATCHED the militant group Taliban take control of Afghanistan, ousting the sitting president and his government, I started to reflect on leadership. Very swiftly, as America was finalizing its withdrawal of troops, insurgents stormed across the country, capturing all major cities. It was a stark reminder of how precarious and delicate the concept of leadership is.



In 1994, Brooks Bash poignantly asked if leadership and parochialism or narrow-mindedness were an enduring reality. Yet, with the turn of the century, there was evidently no room for parochialism.



As globalism took hold, leadership stretched beyond the confines of walls and of borders. Strangely enough, when borders closed as nations locked down last year in the wake of the Covid-19 pandemic, we were once again staring down the barrel of parochialism. How have we managed to fall so woefully behind? We are collectively navigating a particularly challenging period – one defined by the Covid-19 pandemic, the rise in populism and resultingly a rise in intolerance alongside technological shifts at an unprecedented rate.



Perhaps the most stark question we have been faced with against this backdrop is what should leadership look like? How we respond as leaders will be a greater definer of the times. Will parochialism once again define leadership? Historically, we have seen the impact of pandemics, of wars based on intolerance and of industrial revolutions. Though these events soon took their rightful place in the annals of history, the response of leaders has remained stark in our collective memory.



Parallel to the pandemic, we have entered the era of the fourth industrial revolution (4IR). The 4IR is changing every facet of society from the way we interact, to how our industries operate to the way we consume. While we have long been on the cusp of the 4IR, it is safe to say our current circumstances have hastened this shift.



As we interrogate leadership against our current and rather grim context, it is apparent that it is not willingness but the arsenal of skills needed to confront a major anxiety that is the essence of leadership. Of course, with the rapid pace of change we now find ourselves faced with, we have to interrogate what these skills should look like.



As we battle the pandemic, I have spent much of my time trying to understand what leadership in the 21st century means. Faced with the seemingly impossible task of righting the ship against a turbulent and unpredictable backdrop, leaders have had to take extraordinary measures, create Marshall plans and deploy resources. As the pandemic rolled into its second year, it became increasingly apparent that leadership could not be discussed in the abstract, or in terms of theoretical frameworks.



Rather, leadership as a practice needs to be interrogated and the layers of complexity have to be unpacked. Though there are various levels of complexities, it is apparent that a leader needs 4IR thinking, which entails the following skills: complex problem-solving, critical thinking, creativity, people management, coordinating with others, emotional intelligence, judgement and decision-making, service orientation, negotiation and cognitive flexibility. Importantly, we have to lead from a place of knowledge.



How do we begin to adapt to a changing world, and our changing circumstances, if those at the helm of our country are ill-equipped? For instance, as we modernize and reform our agricultural systems through land reform, we must have sufficient people who are knowledgeable in the political economy of farming to ensure continued food security and global competitiveness. As we tackle the problems of our shrinking industries, we need to understand issues of automation, technology and human capital to improve the quality of life of our people. This fundamentally calls for a reimagining of what it takes to be a leader. Are we ensuring that our engineers, our academics, our scientists and our philosophers are at the fore of leadership? This is crucial if we are to close the gaps that exist.



As we face an ever-changing context, leadership must speak to it. Will we continue to widen our disparities or will we find solutions to some of our most deep-seated inequities? Will we continue to let intolerance define our world order or in the disarray we find ourselves in, will we forge a sense of unity? There are leadership lessons to be learned from the successes and mistakes of the last year. If we are to use the pandemic as a yardstick for leadership strategies going forward, it must remain stark in our minds what accounted for the successes. If we are indeed to tap into the promise and override the peril, we must begin by approaching leadership differently and reimagine what it takes to be a leader in this new world.



By TSHILIDZI MARWALA The writer is the Vice- Chancellor and Principal of the University of Johannesburg, a member of the Namibia 4IR task force and author of the book ‘Leadership Lessons From The Books I Have Read’.

Smart city and global communication network ,Business  concept..

Reimagining Of The Leader In A New World

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Google amended its&nbsp;<a href="https://www.forbes.com/sites/annakaplan/2021/11/18/bidens-covid-19-vaccine-mandate-is-on-hold-but-here-are-companies-requiring-shots-anyway/?sh=2c4e7a767198">Covid-19 vaccine mandate</a>&nbsp;to include all remote employees who work with the federal government “directly or indirectly,” a policy driven by federal rules, sparking backlash from some company staff, according to internal emails reviewed by&nbsp;<a href="https://www.cnbc.com/2021/11/23/google-employees-sign-manifesto-against-widened-vaccine-mandate.html" target="_blank" rel="noreferrer noopener">CNBC</a>.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Google is requiring its employees to report their Covid-19 vaccination status by December 3, and will require staff who work with government contracts to get vaccinated even if they work remotely, the company told its employees in a memo last month obtained by CNBC.



Google&nbsp;<a href="https://www.nytimes.com/2021/07/28/business/google-return-to-office-masks.html" target="_blank" rel="noreferrer noopener">first said</a>&nbsp;in July that all employees returning to a physical office must be vaccinated, but CNBC’s Tuesday report is the first indication that any remote employees would be included in the mandate.



In response to the updated vaccination guidelines, CNBC&nbsp;<a href="https://www.cnbc.com/2021/11/23/google-employees-sign-manifesto-against-widened-vaccine-mandate.html" target="_blank" rel="noreferrer noopener">reports</a>&nbsp;at least 600 Google employees — representing 0.4% of the&nbsp;<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001652044/000165204421000020/goog-20210331.htm" target="_blank" rel="noreferrer noopener">roughly 140,000</a>&nbsp;people working at Google — signed a memo opposing the current vaccine mandate.



Google did not immediately respond to&nbsp;Forbes’ request for comment.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Google’s workforce has remained mostly remote since the beginning of the pandemic, though many employees will be&nbsp;<a href="https://www.theverge.com/2021/8/31/22650639/google-mandatory-return-january-2022-remote-work" target="_blank" rel="noreferrer noopener">expected</a>&nbsp;to return to the office beginning in January.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Google’s new policies are largely in response to a pair of federal vaccine mandates. President Joe Biden is&nbsp;<a href="https://www.forbes.com/sites/teakvetenadze/2021/11/04/most-us-workers-face-vaccine-mandate-with-new-jan-4-deadline-for-large-businesses/">requiring</a>&nbsp;all federal contractors —&nbsp;<a href="https://www.saferfederalworkforce.gov/faq/contractors/" target="_blank" rel="noreferrer noopener">including</a>&nbsp;people who work from home — to be vaccinated by January.&nbsp;The federal government also hopes to enforce a broader&nbsp;<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/04/fact-sheet-biden-administration-announces-details-of-two-major-vaccination-policies/#:~:text=First%2C%20the%20Department%20of%20Labor's,at%20least%20a%20weekly%20basis." target="_blank" rel="noreferrer noopener">mandate</a>&nbsp;that would compel all private businesses with 100 or more employees to require&nbsp;<a href="https://www.osha.gov/coronavirus/ets2/faqs" target="_blank" rel="noreferrer noopener">in-person staff</a>&nbsp;to either get vaccinated or get tested weekly by January, though a federal appeals court has&nbsp;<a href="https://www.forbes.com/sites/kimberleespeakman/2021/11/12/federal-appeals-court-reaffirms-decision-to-temporarily-halt-biden-administration-covid-19-vaccine-mandate/?sh=4742a17e1972">temporarily halted that policy</a>.&nbsp;



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



82.2%. That’s the proportion of American adults who are at least partially vaccinated against Covid-19, according to Centers for Disease Control and Prevention&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-total-admin-rate-total" target="_blank" rel="noreferrer noopener">data</a>.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.cnbc.com/2021/11/23/google-employees-sign-manifesto-against-widened-vaccine-mandate.html" target="_blank" rel="noreferrer noopener">Several hundred Google employees sign manifesto against widened vaccine mandate</a>&nbsp;(CNBC)



<a href="https://www.forbes.com/sites/alisondurkee/2021/11/23/biden-asks-appeals-court-to-reinstate-employer-vaccine-or-test-mandate-heres-what-could-happen-next/?sh=1ba4766c7922">Biden Asks Appeals Court To Reinstate Employer Vaccine-Or-Test Mandate—Here’s What Could Happen Next</a>&nbsp;(Forbes)



By Derek Saul, Forbes Staff

FRANCE-ECONOMY-TECHNOLOGY-VIVATECH

Google Will Reportedly Require Some Remote Workers To Take Covid Vaccine

When Kyle Rittenhouse fatally shot two men and maimed a third in August 2020, Facebook&nbsp;<a href="https://twitter.com/brianfishman/status/1299083851596214272" target="_blank" rel="noreferrer noopener">took relatively swift action</a>. A day after the incident in Kenosha, Wisconsin, it removed his Facebook and Instagram accounts, started to prohibit posts praising him and blocked his name from the apps’ search function.



The moves came as part of another new Facebook policy around violence and mass shootings that debuted that same week, though it’s unclear whether it dropped before&nbsp;or&nbsp;after Rittenhouse shot those men. And as part of its decision to reduce Rittenhouse’s profile on the platform, the company officially designated Rittenhouse as a “mass shooter.”



But the steps immediately drew criticism from within Facebook. In a post to Facebook’s internal Workplace message board days later, one employee wrote: “If Kyle Rittenhouse had killed 1 person instead of 2, would it still qualify as a mass shooting? Can we really consistently and objectively differentiate between support (not allowed) and discussion of whether he is being treated justly (allowed)?”



The Workplace post went on: “Can we really handle this at scale in an objective way without making critical errors in both under and over enforcement?”



That comment really hits the nail on the head. Facebook has been caught up in a years-long reckoning over what type of content to regulate and how it should do that. It has been roundly criticized by liberals for not doing enough and by conservatives for doing too much. As a result, it is pulled in both directions, more often than not pleasing neither side.



Recently, it has been pressed recently to take a stronger stance against violent content and posts that might lead to violence, which you might think could draw universal support. It hasn’t. And on Friday, it became even more complicated for Facebook: A jury found Rittenhouse <a href="https://www.forbes.com/video/6282826589001/biden-and-politicians-responds-to-kyle-rittenhouse-verdict/">not guilty</a>, reigniting outcries from right-wing pundits that Facebook had unfairly rushed to penalize him. (His lawyer had successfully convinced the jury that he acted in self-defense that August evening in Kenosha, Wisconsin, a city then engulfed in protests over the police shooting of a 29-year-old Black man, Jacob Blake.)



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">FACEBOOK DECLARED KYLE RITTENHOUSE A MASS MURDERER PRESERVE YOUR RECORDS ZUCKERBERG&mdash; Jack Poso 🇺🇸 (@JackPosobiec) <a href="https://twitter.com/JackPosobiec/status/1461764109402316808?ref_src=twsrc%5Etfw">November 19, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/facebook?ref_src=twsrc%5Etfw">@Facebook</a> owes Rittenhouse and its users an apology, to start. <a href="https://t.co/DPGT3PNcHx">https://t.co/DPGT3PNcHx</a>&mdash; Tom Fitton (@TomFitton) <a href="https://twitter.com/TomFitton/status/1461781361380016130?ref_src=twsrc%5Etfw">November 19, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Facebook has long been reluctant to make judgment calls about what belongs on its site—and when it has prohibited material such as violent content, it has not always been successful in keeping it from appearing on its platform. One of the most dramatic examples: the March 2019 Christchurch shooting in New Zealand, where the shooter livestreamed his onslaught on Facebook and YouTube. No one reported the video to Facebook until 29 minutes after it went up, and no part of the video triggered Facebook’s automated moderation software, according to a internal Facebook report about the Christchurch shooter. Facebook eventually shut off the feed, but it would spend the next day taking down 1.5 million copies of the video. In response, Facebook changed a number of its policies related to live videos, including speeding up how quickly its software reviews new live videos. (Before Christchruch, a broadcast would typically have lasted for 5 minutes before the program noticed it; subsequent changes lowered it to about 20 seconds.)



As with many Facebook policy changes, these were reactive, and the more recent past has seen more of Facebook trying to keep up with current events unfolding on its platform. In August 2020, shortly after the Rittenhouse shootings, Facebook CEO Mark Zuckerberg acknowledged the company had erred in not taking down a Facebook event page that encouraged a militia to form in the same Wisconsin city where Rittenhouse had shot the three men. Facebook users reported the militia group 455 times before Facebook removed it. And then in January, Facebook took measures against posts related to the U.S. Capitol riots only in the aftermath to the insurrection—even though sentiment delegitimizing the election had blossomed on Facebook in the months after Joe Biden’s victory, another internal Facebook report shows.



The Rittenhouse verdict raises a whole new set of questions. When should a “mass shooter” label get affixed to someone—before or after a trial? Ever? How exactly should Facebook tamp down on posts? Should it scrap the mass shooter policy entirely?



Over the weekend, Facebook, which didn’t return requests to comment, was again sent backtracking. It lifted its block around searching for “Kyle Rittenhouse” on Facebook and Instagram, helping posts about Rittenhouse from right-wing media personalities like Ben Shapiro and Dan Bongino to attract tens of thousands of comments, reshares and reaction emojis, the signals that then boost their posts further up users’ Facebook feeds. One Facebook group, American Patriots Appeal, is advertising a Rittenhouse T-shirt. It costs $27.99 and shows him crouched, G.I. Joe-style, holding a semiautomatic rifle. An emblazoned phrase appears alongside: “Kyle Rittenhouse Did Nothing Wrong.”



The internal Facebook documents cited in this story come from the documents that Facebook whistle-blower Frances Haugen turned over to the SEC; redacted versions have gone to Congress and a consortium of news organizations, including Forbes. They’re popularly known as The Facebook Papers.  



By Abram Brown, Forbes Staff

Kyle Rittenhouse Found Not Guilty In Kenosha Protest Shootings

Will The Kyle Rittenhouse Verdict Change How Facebook Treats Gun Violence—Again?

Facebook’s parent company says it will no longer let advertisers buy targeted ads for users based on sensitive information such as race, political affiliation, sexual orientation, religion or health. &nbsp;



In one of its first major moves since&nbsp;<a href="https://www.forbes.com/sites/martyswant/2021/11/03/with-facebook-becoming-meta-chief-marketing-officer-alex-schultz-says-were-not-running-from-anything/?sh=2214098856be">rebranding as Meta</a>, the company plans to remove options to target people based on how people reference causes, organizations or public figures. The changes—which will go into effect on January 19—will be rolled out across all of Meta’s platforms including Facebook, Instagram, Messenger and WhatsApp as well as its network of other websites and apps using Facebook’s ad-targeting tools. For example, advertisers will no longer see health-related categories for keywords such as “World Diabetes Day” and “Chemotherapy” or religion-based keywords including “Catholic Church” and “Jewish Holidays.”



In a blog post published today about the decision, Graham Mudd, Meta’s vice president of product marketing and ads, wrote that the company wants to “better match people’s evolving expectations of how advertisers may reach them on our platform.” He said the changes are based on feedback from policymakers, civil rights experts and others as a way to prevent advertisers from abusing the platform.&nbsp;



“It is important to note that the interest targeting options we are removing are not based on people’s physical characteristics or personal attributes, but instead on things like people’s interactions with content on our platform,” Mudd wrote. “However, we’ve heard concerns from experts that targeting options like these could be used in ways that lead to negative experiences for people in underrepresented groups.”



In a series of tweets about the decision, Roy Austin Jr., Facebook’s vice president of civil rights, said the decisions to remove ad-targeting options <a href="https://twitter.com/RAustin_Jr/status/1458165826670956546?s=20" target="_blank" rel="noreferrer noopener">“wasn’t an easy decision.”</a> He added that some advertisers expressed concern about their ability to “help generate positive societal change.” The company is also adding new tools to let users choose to see fewer ads about types of content they might not be interested in. While the company already gives people control over opting out of ads related to alcohol, parenting and politics, users will be able to also see fewer ads about gambling and weight loss beginning next year.



Samidh Chakrabarti, who led Facebook’s civic integrity team before leaving in September, wrote on Twitter that Meta’s updates are “an important step.” However, he said the company should also agree to a third-party audit to detect potential bias in the ad delivery system.



“Modern ad networks now deliver ads so precisely that they may create more bias than ad targeting itself,” Chakrabarti wrote.



Meta’s moves comes as European lawmakers are pushing to regulate how Facebook and other tech giants collect and use data for advertising. During the annual Web Summit tech conference last week, Věra Jourová, European Commission vice president for values and transparency,&nbsp;<a href="https://www.forbes.com/sites/martyswant/2021/11/02/european-union-lawmaker-says-whistleblowers-highlight-the-need-for-regulating-online-political-advertising/?sh=3ba7bcad31e3">said sensitive personal information shouldn’t be allowed for use in political advertising</a>. She said users should know why they’re seeing an ad, who paid for it and which data was used to target them, adding that there should also be a way to opt out.



“As we always say in Europe, we want technologies to serve the people and not vice-versa,” she said during a press conference in Lisbon. “Big Tech has really big power, but they did not assume the responsibility.”



Meta’s decisions to remove sensitive ad-targeting tools follows another big decision by the company to&nbsp;<a href="https://www.forbes.com/sites/annakaplan/2021/11/02/facebook-shutting-down-facial-recognition-software/?sh=249a30a66e90">shut down its facial recognition software</a>, which has long been seen by many consumer advocates as an invasion of user privacy. The change, announced last week, will begin rolling out over the next few weeks while Facebook deletes face scans of more than a billion users. The update also will end the social network’s ability to automatically suggest tagging people in photos and also affect a tool that helps blind and visually-impaired users identify images via text descriptions.



Earlier today, Meta also released its&nbsp;<a href="https://transparency.fb.com/data/community-standards-enforcement/" target="_blank" rel="noreferrer noopener">quarterly report</a>&nbsp;detailing how it enforced its policies from July through September of 2021 including detailed information about&nbsp;<a href="https://www.engadget.com/metas-latest-transparency-report-details-bullying-and-harassment-on-facebook-and-instagram-182854231.html" target="_blank" rel="noreferrer noopener">bullying and harassment on Facebook and Instagram</a>. The company also said it will let EY conduct an external audit of its metrics in the fourth quarter.



Although Meta is making a number of changes to its own policies, U.S. lawmakers continue looking at ways to regulate the company and other tech giants. Earlier today, a bi-partisan group of lawmakers announced new legislation that would let users opt out of having companies’ algorithms serve up data-driven content.&nbsp;



“This commonsense legislation will increase data transparency, expand consumer privacy, and shed light on mechanisms used to power Big Tech platforms,” U.S. Rep. Burgess Owens, R-Utah, one of the bill’s co-sponsors, wrote in a tweet.



Last month, Democratic lawmakers introduced a bill that would remove liability protections when a platform “knowingly or recklessly promotes harmful content.” A third bill, introduced by U.S. Sen. Catherine Cortez Masto, D-Nevada, would change the way large companies are able to collect, use or share user data while giving additional enforcement powers to the Federal Trade Commission and state attorneys general.



By Marty Swant, Forbes Staff

Category: Technology

FORBES AFRICA SOCIAL MEDIA

More from Technology