Hello and welcome! 👋

Welcome to the latest edition of the “Web3 Simplified” newsletter from Fox and Happy Blocks, where we’ll explore this cutting-edge technology's latest business use cases.

In this edition, we will dive into the world of physical art and explore how non-fungible tokens (NFTs) are changing the way we authenticate and value art pieces.

Before we dive in, don’t forget to register for our upcoming eight-week Web3 Simplified education course starting on April 18. Seats are limited, and few spots remain. Learn more about the program details and register here. We’d appreciate it if you would also share this information with your friends or colleagues who may be interested.

****News: upon popular demand, we added a group course in German, taking place each Wednesday evening CET (April 19th until June 7th)****

Happy reading!

👾 Weekly Web3 Business Case: NFTs as a fraud-proof solution for art

Imagine you were looking to buy your first piece of physical art. One important question may cross your mind: how can I be sure this piece is authentic?!

Before NFTs, verifying the authenticity of physical artwork was considered a daunting task. Art collectors and buyers have to rely on the reputation of the seller or the opinions of art experts. These dependencies often led to fraud cases, where fake artworks sold at exorbitant prices.

By minting an NFT for a physical art piece, buyers can be sure they are purchasing an authentic piece of art. The NFT acts as a digital certificate of ownership and is stored on the blockchain — making it impossible to counterfeit or manipulate.

Example: SoulMade Origin is a Web3 company using NFTs to fraud-proof physical art. They connect the physical piece of art with an NFT. These NFTs contain metadata about the artwork, including information about the artist, artwork, date of creation, and more. Check out our latest BlocksTrail Podcast episode with Founder Karin Weigelt further down in the newsletter.

NFTs don’t only benefit consumers! Read up on the five benefits NFTs offer as a fraud-proof solution for business owners below.

1️⃣ Increased trust and credibility: By attaching an NFT to a product or digital asset, businesses can provide higher security and transparency, helping reduce the risk of fraud and improve customer confidence.

2️⃣ Intellectual Property Protection: NFTs can protect intellectual property such as artwork, music, and other creative works, providing them with a unique and verifiable record of ownership.

3️⃣ Enhanced marketability: Businesses using fraud-proof NFTS can differentiate themselves from their competitors by offering higher security and transparency, making them attractive to customers concerned about fraud.

4️⃣ Improved efficiency: With fraud-proof NFTs, businesses can automate the process of verifying ownership and authenticity, saving time while reducing risks of errors or fraud. This improves operational efficiency and reduces costs.

5️⃣ New revenue streams: NFTs can create new revenue streams for businesses by allowing them to sell digital assets confidently.

We encourage all art collectors, artists, and business owners to continue exploring the world of NFTs and discover their many benefits!

🚨 Scam alert

Last December, a Twitter user and NFT collector known as “sevenseason” fell victim to a scam and lost 14 Bored Ape Yacht Club NFTs worth a combined total of 852 ETH (over $1.07 million). 🤯

Under the pseudonym Jason Brubeck, the fraudster posed as a casting director from an Emmy award-winning company, Forte Pictures. He asked sevenseason to license the intellectual property rights for a particular NFT, specifically Bored Ape Yacht Club (BAYC) #2060. To make the scam seem legit, “Jason” and his conspirators created fake BAYC Twitter accounts and pretended they had signed licensing deals with an AI-powered social scam known as “The Unemployd.” These fake accounts interacted with people daily and hosted Twitter Spaces events to build credibility.

After carefully reviewing the contracts and discussing the terms with the fraudster, the victim received an email claiming someone submitted a bid through The Unemployd. The scammer then instructed them to visit their website to sign the contract, which is how their NFTs were stolen.

What sevenseason should have done instead: They could have avoided this situation by taking time to research and confirm the identity and legitimacy of “Jason Brubeck” and Forte Pictures before engaging in any transactions and being cautious of unsolicited offers. Or at least move his Bored Ape #2060 to a different wallet instead signing a transaction with a wallet where many of his valuable NFTs were stored.

Lesson Learned: Always conduct due diligence and exercise caution when engaging in transactions or agreements! By taking time to verify identities, confirm their legitimacy, and conduct thorough research, individuals can protect themselves from falling prey to complex and sophisticated scams.

To further educate yourself on navigating the Web3 world and avoiding such scams, we encourage you to register for our upcoming eight-week Web3 Simplified education course, where we will provide more practical advice on how to stay safe in the Web3 world.

🎤 Check out the latest BlocksTrail podcast episode!

Join Fox and Happy Blocks Co-Founder Ursula Volpe and Co-Founder and Managing Director of Soulmade Origins, Dr.-Ing. Karin Weigelt for our third and latest episode covering fraud-proof art, gamification, and holding an NFT in your hand. Listen via Spotify or YouTube.

We look forward to sharing more episodes with you in our upcoming newsletters!

🤝 Fox and Happy Blocks partners with W3bmint

We’re excited to announce our first partnership with our friends at W3bmint (or Webmint) to help businesses unlock the full potential of Web3. Founded by the team behind the successful NFT project Tasty Bones (250K followers, 11.1K ETH trading volume, No. 1 on Open Sea), W3bmint provides no-code, easy-to-use software to help brands onboard and engage their customers in Web3. Learn more about them here, and stay tuned for more updates!

✈️Meet Fox and Happy Blocks in Zurich

Meet Fox and Happy Blocks Co-founder Ursula Volpe this Friday, 24 March, in Zurich at the “Real World NFT Use Cases 2023” event. Tickets are still available, and it’s a great chance to meet the Zurich Web3 community! The Swiss NFT Association organizes the event. Here’s what to expect:

🟡 Three great presentations and panel discussions, followed by Q&A
🟡 A bug bounty from Fiat 24 with fine dining as a prize!
🟡 Edible and drinkable NFTs
🟡 NFT Airdrops from a local project

😈 This week’s Web3 Meme

What would a Web3 newsletter be without a meme?! Enjoy!

Best Regards,

Dr. Su-Zeong Fröhlich and Ursula Volpe
Co-founders of Fox and Happy Blocks

PS: Do you know someone new to Web3? Please share this newsletter and help them learn more! Rewards and surprises for referrers may be coming soon. 😉 

Disclaimer: The content of this newsletter does not serve as financial advice. This newsletter is strictly educational and does not serve as investment advice, solicitations to buy or sell assets, or guidance to make financial decisions. Please be careful and always DYOR (do your own research).