Unstoppable Messaging Comes To Web3

GM. It Lootbox bringing the TGIF vibes. Time to play games and listen to 🎵 Friday.

For today

• Unstoppable Messaging coming to Unstoppable Domains

• Magic Eden launches Magic Eden Games

• US Tax Man clarifies NFT tax

• The Sneakies - Do Kwon arrested

Unstoppable Messaging Coming

Unstoppable Domains drops Unstoppable Messaging. Get it?

If you don't know Unstoppable Domains, they are the web3 domain name service on Polygon (aka ENS of Polygon).

So what's this messaging thing?

Unstoppable Messaging is a domain-to-domain messaging platform that will allow users to send encrypted messages to other domain owners using their web3 domain. Think of it as iMessage for Unstoppable Domains.

Why this matters

Right now, it's a pain in the butt to directly contact someone who has connected their wallet address to your project, but you don't have their email or phone number.

This allows you to reach out to these users and potential users directly without knowing their true identity. Yay!

The unfortunate thing... it'll only work for wallets that are connected to Unstoppable Domains' service.

What to expect

Unstoppable Domains is still building BUIDLing the platform, but they told us what to look forward to.

• Message domain holders: If you've got any of the .polygon, .nft, .x, or any of the other domain endings minted on a wallet, you can message anyone that has done the same.

• Connect with your community: Building a dapp? You will be able to message others with badges for collections they hold, making it easy to message specific subgroups within your larger community.

• Privacy by design: All messages will be encrypted, and there's no need to share private email and phone numbers.

• Safety features: You are in control of the messages you receive. Don't like the user or project sending you a message? Block 'em. Simply enable a select list of users whose Kool-Aid you like.

Wen messaging?

You've gotta wait till the end of 2023. But you can join the waitlist like the line at GDC.

Magic Eden Launches Magic Eden Games

Tired of your friend asking, "bro, where can I find web3 games?"

Well, problem solved?

'Cos Magic Eden launched Magic Eden Games, a destination for web3 game devs to grow their player bases and communities.

What you get by partnering there

• You can acquire new player communities, share game updates, and document your milestones.

• Each title receives its own explore game page with description, studio description, images and video and a curated game-specific marketplace.

• Generate revenue through minting collections on the Magic Eden launchpad and royalties on the secondary marketplace.

Btw - they now have a Bitcoin marketplace for Ordinals.

The Tax Man Provides Clarity On NFTs

The US Department of the Treasury and the IRS have proposed that certain types of non-fungible tokens (NFTs) be classified as collectibles, which would subject them to higher capital gains taxes than securities and other assets. 

This marks the first time the tax regulator has addressed NFTs, which has been a challenge for accountants. Finally getting clarity!

What you should know

• The proposed classification would mean that net capital gains tax from selling certain NFTs for a profit could be as high as 28%, compared to the 15% to 20% range for securities and other goods. 😳

• The IRS has suggested using a "look-through analysis" to determine whether an NFT can be classified as a collectible.

• The Treasury and the IRS are accepting public comments on the proposal until June 19, 2023, before issuing official guidance.

What this means for web3 gaming

This proposed tax classification could have significant implications for both web3 game developers and players.

Game devs may need to consider how the potentially higher tax rates could affect their NFT-based game economies, while players may need to be more mindful of the tax implications when buying, selling, or trading NFTs.

It's also possible that collectible game NFTs will be classified under personal use, meaning players won't be able to claim any losses associated with it.

Want to read the IRS statement? HERE.

The Sneakies

• The immutable and Polygon marriage is already producing babies as the first wave of games on Immutable's zkEVM chain have been announced.

• SEC working overtime and making moves against crypto

  • They sent a Wells notice to Coinbase. 

  • Charged crypto billionaire Justin Sun for fraud and other securities violations.

  • Sued celebrities Akon, Ne-Yo, Lindsay Lohan and more for allegedly promoting crypto companies without disclosing they were paid.

  • Now Sushi is proposing a legal defence fund in response to the subpoena of Sushi head Jared Grey and the DAO.

• Terra Luna founder Do Kwon has been arrested in Montenegro. 

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