Hey hey Flux fam!

Here's everything you need to know today - in under 3 minutes.

Today's big stories:

🚨The Aussie Government cracks down on payments

😈 OpenSea steals Lyft's CFO

🛒 DoorDash gets into ultra-fast delivery

Oh and get this...

Google has released its annual Year In Search report, which tells us what Aussies wanted to know the most this year...and turns out, we're a pretty basic bunch. Seven of the 10 top searches were sport related.

The Aussie Government is cracking down on payments and big tech is shaking

Background: Aussies make around 55 million payments every single day, to the tune of $650 billion.

What happened: But it ain't just funnelled through the regular banks...we've got buy now, pay later companies, crypto platforms and tech giants like Apple, PayPal and Alipay.

What else: Now, Treasurer Josh Frydenberg is planning to impose some regulations around our payments system, which'll be the first changes in more than 25 years. We're talkin:

• Tougher licensing requirements on crypto exchanges
• More powers to the government and the Reserve Bank of Australia
• Holding tech giants accountable to the same rules as Aussie banks.

So what's the key learning?

💡Australia's payments system has become a secret treasure chest for companies in financial services...that aren't banks.

💡Every time you buy a loaf of bread from ya local bakery using Apple Pay...the bakery pays Apple an 'interchange' fee. Every time you use Afterpay...the retailer you buy from gives Afterpay a cut. Ya see?

💡Here's the kicker: these 'non-bank' services haven't been considered under the traditional payment regulation (which means they can get away with waaay more). So these new regulations are planning to level the playing field.

DoorDash will deliver groceries quicker than you can unload the dishwasher and welcome to the new era of convenience

Background: DoorDash is the global online food ordering and delivery company. With around 20 million customers in the US alone, they're the largest food delivery platform over there.

What happened: Now, this crew are entering the ultra-fast grocery delivery market. We're talkin' 10 to 15 minutes tops for your groceries. Faster than you can listen to Taylor's All Too Well (10 minute version).

What else: So far, the service is only available to customers in New York City...but with ultra-fast delivery taking off around the world, hopefully they'll bring it down under soon.

So what's the key learning?

💡Just like broadband redefined convenience in the dial-up internet age...ultra-fast delivery is doing the same for delivery companies.

💡Companies set up their own, hyper-local fulfilment centres called 'dark stores' which cater exclusively to online shoppers. Then, they deliver to locals in 10-15 minutes. Whooosh.

💡So far in 2021, around US$8 billion in venture capital has been invested into ultra-fast grocery delivery startups. This is gonna get big.

YOINK: OpenSea pinch Lyft's CFO for the same role as execs look to get into the wacky Web3

Background: OpenSea are an online site where people can buy and sell non-fungible tokens (aka NFTs aka digital collectibles backed by blockchain). It was founded back in 2017, but it's really taken off this year as NFTs hit the mainstream.

What happened: OpenSea is booming. The company raised US$100 million earlier this year, which took it to a US$1.5 billion valuation. And now, it's managed to poach a top exec from Uber's arch nemesis, Lyft.

What else: Lyft's CFO will now join OpenSea in the same role...and it could signal a growing trend of execs leaving traditional tech companies in favour of the Web3.

So what's the key learning?

💡When the world entered the Web 2.0 era, everyone wanted to be a part of it. We saw execs move from industries like investment banking...into new-age tech companies like Facebook and Twitter.

💡Now, with the metaverse, NFTs, crypto, blockchains (we could go on, but we won't) tech professionals are beginning to eye off jobs in Web 3.0.

💡 As Square rebrands to Block...Facebook to Meta...social networks and the Web 2.0 realise they're old news, and the Web 3.0 is where it's at. The only question now, where will the next big-shot exec go?!