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Hey Waivly Crew! 🌊 Yesterday, OpenSea announced that it would be migrating to a new Web3-based marketplace protocol dubbed Seaport. Bill Gates has stated that crypto and NFTs are "100% based on greater fool theory."

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OpenSea is migrating to Seaport Protocol

On Tuesday, OpenSea, the leading NFT marketplace, announced it was migrating to Seaport, a new Web3 marketplace protocol designed for safely and efficiently buying and selling NFTs.

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The move to Seaport could save users an estimated 35% in gas fees for transactions, according to the blog post. Based on data from last year, it would amount to more than $460 million (138K ETH) in total savings.

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On top of that, new users will no longer have to pay a one-time setup fee to use the platform, saving an additional $120 million (35K ETH) each year.

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“Seaport is a game changer, it’s open source, inherently decentralized and a modern foundation that will help us (and any teams using it) build and release new features more quickly,” OpenSea said.

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Along with lowering gas fees, OpenSea announced multiple new features, including the ability to make offers on entire collections or NFTs with specific traits and signature options that are easier to read and understand.

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OpenSea first announced Seaport in late May and made it clear that it does not control or operate the protocol. Instead, the company will simply build on top of it alongside other builders, creators, and collectors of NFTs.

The Waves

💼 Coinbase lays off 18% of its workforce

👏 Web3 takes centre stage at Money 20/20

👀 El Salvador still believes in Bitcoin

📉 Bitcoin slips 10% to touch $20,000

Tech Special

Adobe’s web-based Photoshop will be free to everyone

Adobe has made its existing web version of Photoshop free and plans to open the service up to all users around the world.

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The company is testing the free version in Canada, where users can now access Photoshop through their web browser after signing up for a free Adobe app online account. The “freemium” service will include a variety of basic tools to give users an idea of what can be achieved in Photoshop.

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“We want to make [Photoshop] more accessible and easier for more people to try it out and experience the product”, Maria Yap, Adobe’s VP of digital imaging told The Verge.

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“I want to see Photoshop meet users where they’re at now,” she added. “You don’t need a high-end machine to come into Photoshop.”

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Adobe has yet to share when the web version of Photoshop would be made available to a wider audience. However, we know the company plans to add more tools, including refining edges, curves, the dodge and burn tools, and Smart Objects conversion.

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Bill Gates says crypto and NFTs are ’100% based on greater fool theory’

Speaking at a TechCrunch talk on climate change Tuesday, Microsoft co-founder Bill Gates said he doesn’t believe the hype behind NFTs and cryptocurrencies.

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Gates dismissed both as market-driven by sentiment. “As an asset class, it’s 100% based on the greater fool theory—that somebody’s going to pay more for it than I do”, he said.

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The “greater fool” theory refers to the idea that during a market bubble, anyone can make money by buying overvalued assets, as long as they can sell them to someone who is willing to pay a higher price.

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Instead, Gates said he prefers to invest in assets with tangible outputs, like farms or factories, “or a company where they make products.” Gates went on to share that he holds no position in cryptocurrencies or NFTs. “I’m not involved in that. I’m not long or short in any of those things,” he said, adding that he was also suspicious of assets designed to “avoid taxation or any sort of government rules.”

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“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Gates joked, referring to one of the most popular NFT projects, Bored Ape Yacht Club.

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Of course, this isn’t the first time Gates has criticized cryptocurrency for its lack of value. During a "Reddit Ask Me Anything" session in May, the billionaire stated: "The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”

Own and secure your crypto with Ledger

If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.

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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.

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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.

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