MetaMask Co-Funder: Memecoins Reveal Web3 And AI Consent Flaws

Dan Finlay, the co-founder of the MetaMask crypto wallet platform, recently carried out an experiment with memecoins to explore issues of consent and trust in the Web3 ecosystem. By minting two tokens — 'Consent' on Ethereum and 'I Don’t Consent' on Solana — Finlay encountered what he described as 'deeply unpleasant in predictable ways.' The experiment quickly turned into a disturbing look at the intersection of hype and responsibility, linking his experiences to broader discussions about data consent in artificial intelligence and public platforms.

Finlay’s findings are important, as they extend beyond Web3, emphasizing the blurred lines between public visibility and user expectations and the necessity for clearer systems of consent, trust, and accountability. He stated:

'This isn’t an appeal to ethics, this is an appeal to making better products. Your app doesn’t need to become a pool of toxic waste. Your community doesn’t need to be filled with people issuing personal threats. Your shares don’t have to be diluted by anonymous whales.'

Central banks favor legacy instant payment systems over CBDCs

Despite the continuous rise in research activities, central bankers are increasingly losing interest in central bank digital currencies (CBDCs), according to the Official Monetary and Financial Institutions Forum (OMFIF) in its annual Future of Payments survey.

The most favored solution among central banks for enhancing cross-border payments is interlinking instant payment systems, such as the relatively new US FedNow.

Nearly half (47%) of the respondents selected this option, which is only a slight increase from last year's results. Stablecoins received no votes, similar to last year. The preference for CBDCs dropped from 31% in 2023 to 13% in 2024, possibly indicating varied interest levels among different central banks.

When the Bank for International Settlements (BIS) withdrew from Project mBridge in October, it was widely seen as a response to the project's potential threat to international sanctions due to the significant involvement of China and other non-Western countries. The BIS denied that its decision was politically motivated.

The report concluded that the US dollar will remain the preferred settlement currency, with only 11% of central banks reducing their dollar usage. 'For now, many entities seeking a safe haven amid geopolitical tensions will increase their dollar holdings, reinforcing the dominance of existing payment systems.'

Kraken winds down NFT marketplace

Kraken, a cryptocurrency exchange, is closing its non-fungible token (NFT) marketplace just over a year after its launch. An email sent to clients and reviewed by Cointelegraph revealed that the NFT marketplace will enter withdrawal-only mode on November 27, beginning a three-month withdrawal period before shutting down completely.

Kraken stated that this decision will allow the company to allocate resources to new products and services. A Kraken spokesperson confirmed the closure in a statement:

'We have decided to close our NFT marketplace to focus more resources on new products and services, including some unannounced initiatives in development. Clients have been notified of the changes, and our team will assist them in transferring their NFTs to their Kraken Wallet or a self-custodial wallet of their choice.'

The exchange fully launched the marketplace in June 2023, after several months of beta testing. At its launch, Kraken offered over 250 NFT collections and did not charge gas fees for transactions from buyers or sellers.