Lag0s

Week Summary

Technology

Earth has captured a temporary 'second moon,' a small asteroid named 2024 PT5, which will orbit until November 2024.

Research indicates that larger AI chatbots are increasingly prone to generating incorrect answers, raising concerns about their reliability.

Meta's Chief Technical Officer discussed advancements in AR and VR technologies, particularly focusing on the Orion AR glasses.

The author reflects on their experience with Rust, proposing several changes to improve the language's usability and safety features.

The Tor Project and Tails OS have merged to enhance their efforts in promoting online anonymity and privacy.

OpenAI is undergoing leadership changes, with key executives departing amid discussions about restructuring and the company's future direction.

Git-absorb

The concept of critical mass explains how significant changes occur when a threshold of acceptance is reached, impacting technology and society.

WordPress.org has banned WP Engine from accessing its resources due to ongoing legal disputes, raising concerns about security for WP Engine customers.

PostgreSQL 17

Hotwire Native is a web-first framework that simplifies mobile app development, allowing developers to reuse HTML and CSS across platforms.

Radian Aerospace is progressing on a reusable space plane, completing ground tests and aiming for full-scale flights by 2028.

A groundbreaking diabetes treatment using reprogrammed stem cells has enabled a patient to produce insulin independently for over a year.

Apple is developing a new home accessory that combines features of the iPad, Apple TV, and HomePod, expected to launch in 2025.

SpaceX's Starlink service is set to surpass 4 million subscribers, reflecting rapid growth and significant revenue projections.

TinyJS is a lightweight JavaScript library that simplifies dynamic HTML element creation and DOM manipulation for developers.

OpenSea faces challenges including SEC litigation and market competition, highlighting the struggles within the NFT space.
NFTs haven't recovered despite crypto values rising. While they're hanging on, the technology is in troubled waters. OpenSea, once the largest marketplace for NFTs, is facing pending litigation from the SEC, a previous unreported 'matter' with the FTC, inbounds from US and international tax authorities, heightened competition, accusations of gender discrimination, and employee attrition. This article tells the story of the marketplace's rise and fall.
Hi Impact
OpenSea NFT Marketplace Cryptocurrency
OpenSea receives Wells Notice from SEC, labeling NFTs as 'securities'.
NFT marketplace OpenSea has received a Wells Notice from the SEC, indicating the regulator's interest in pursuing enforcement action against the company. Considering NFTs as securities significantly expands the SEC's regulatory power in the crypto space. OpenSea's CEO has vowed to fight the notice and pledged $5 million to support NFT creators and developers who may face similar scrutiny.
Hi Impact
OpenSea
NFT
United States
Digital Chamber urges Congress to classify NFTs as consumer goods, not securities, amid SEC scrutiny.
The Digital Chamber has urged Congress to clarify the legal status of NFTs, advocating for them to be classified as consumer goods rather than securities in response to the SEC's potential regulatory action against OpenSea. This comes after OpenSea received a Wells notice, which suggests the SEC might take enforcement steps, reflecting broader concerns over regulation in the NFT space.
Hi Impact
Regulation
United States
NFTs
OpenSea
Significant Decline in NFT Sales Amid Regulatory Scrutiny
In September 2024, NFT sales experienced a significant decline, reaching their lowest monthly volume since 2021. According to data from CryptoSlam, the total sales volume for NFTs fell to $296 million, marking a 20% decrease from August's $373 million. This drop is even more pronounced when compared to March 2024, which was the strongest month for digital collectibles, where sales peaked at $1.6 billion. The number of NFT transactions also saw a sharp decline, dropping 32% from 7.3 million in August to 4.9 million in September. Despite the overall downturn in sales and transactions, there was a notable increase in the average value of NFT transactions, which rose by 18% from $50.71 in August to $60 in September. This suggests that while fewer NFTs were being sold, those that were sold tended to have a higher value. The decline in the NFT market coincides with increased scrutiny from the United States Securities and Exchange Commission (SEC). In late August, Devin Finzer, the CEO of OpenSea, reported that the platform received a Wells notice from the SEC, indicating that some NFTs on the marketplace might be classified as unregistered securities. This regulatory pressure was further highlighted when the SEC fined the NFT-themed restaurant Flyfish Club $750,000 for selling NFTs, a move that drew criticism from some SEC commissioners who argued that these NFTs should not fall under securities laws. In response to the SEC's actions, Luca Schnetzler, CEO of the popular NFT collection Pudgy Penguins, dismissed the regulatory concerns as unfounded, suggesting that the SEC's focus on OpenSea should extend to larger entities involved in NFTs, such as Sotheby’s, Nike, and Pokémon. This ongoing tension between NFT creators and regulators reflects the broader challenges facing the NFT market as it navigates legal and market dynamics.
Hi Impact
OpenSea
NFTs
United States

Month Summary

Technology

OpenAI is considering a new subscription model for its upcoming AI product, Strawberry, while also restructuring for better financial backing.

Telegram founder

The startup landscape is shifting towards more tech-intensive ventures, with a focus on specialized research and higher capital requirements.

Boom Supersonic's XB-1 demonstrator aircraft successfully completed its second flight, testing new systems for future supersonic travel.

announced the uncrewed return of Boeing's Starliner, with future crewed missions planned for 2025.

OpenAI's SearchGPT aims to compete with Google Search by providing AI-driven information retrieval, though it currently faces accuracy issues.

Tesla is preparing to unveil its autonomous robotaxi technology at an event in Los Angeles, indicating ongoing challenges in achieving full autonomy.

The US Department of Justice is investigating Nvidia for potential antitrust violations related to its AI chip market dominance.

Apple plans to use OLED screens in all iPhone 16 models, moving away from Japanese suppliers and introducing new AI features.

Amazon S3 has introduced conditional writes to prevent overwriting existing objects, simplifying data updates for developers.

Chinese scientists have developed a hydrogel that shows promise in treating osteoarthritis by restoring cartilage lubrication.

Nvidia's CEO is working to position the Nvidia as a comprehensive provider for data center needs, amidst growing competition from AMD and Intel.

OpenAI

Nvidia Blackwell

Amazon is set to release a revamped Alexa voice assistant in October, powered by AI models from Anthropic's Claude, and will be offered as a paid subscription service.