Welcome to this week’s Digital Bytes. This week we have analysis on the following topics:

Loyalty programs ‘go digital’ - loyalty programs date back to 1896 with the creation of Green Shield stamps, but the days of collecting and licking stamps into books to then be redeemed in dedicated stores has long gone. Loyalty programs are a huge industry and widely acknowledged as a core part of a firm’s marketing mix. Increasingly, these programs are ‘going digital’ and being embraced by organisations worldwide and now these same organisations are even beginning to encompass Web3 and NFTs.

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Standards used for digital assets - digital assets are being created using a wide variety of standards. Some say token standards are a way of differentiating token types, whether they be fungible or non-fungible. Standards for tokens are guidelines which users follow to ensure their projects are compatible with the rest of a blockchain. This article will answer questions around different token standards and their functions and the pros and cons of popular token standards.

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Cryptocurrencies, digital assets and ESG - the ESG credentials of many assets and organisations are becoming increasingly more important for shareholders, staff and even governments. Although there is the perception that cryptocurrencies are bad for the environment (given that at least some of them require vast amounts of computing power) a number of cryptos have undertaken initiatives to lessen their carbon footprint. Meanwhile, the social and governance attributes of some cryptocurrencies and digital assets are actually the key reasons why such assets are being embraced across many industries and jurisdictions.

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Tulip Trading and its potentially atrophying effect on Crypto networks - James Ramsden Kings Counsel for the Developer Defendants looks at the Good, the Bad & the Ugly - The law, uncertainty and some painful choices potentially facing crypto developers and, indeed, others who write software code. The Court of Appeal indicated that if De-Fi is a “myth” it could more easily see how the fiduciary duties and duties of care alleged by Tulip could be established. The corollary of that must be that if De-Fi is not a “myth” then those duties are highly unlikely to exist. This is therefore a critical moment for De-Fi and its regulation. If the UK government and courts don’t deliver certainty, and fast, will other jurisdictions step in and become safer havens for software developers to reside?

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