Good morning! Verified checkmarks are in fashion, with the likes of Substack and Tumblr adding their own versions. Tumblr in particular didn't want to be outdone by Twitter, and as such users can buy TWO verified checkmarks for $8. What have we come to....

Wait... They shipped what!?

TikTok launched its first tests of in-app shopping in the US.

Backstory: "Project Aquaman" is TikTok's internal name for a broad strategic initiative aiming to turn the app into an online retail bazaar of sorts.

TikTok's previously tested shopping in other geos, trademarked pay-by-voice functionality, and started hiring to build out fulfilment centers in the US.

Details: TikTok Shop lets users purchase items without ever having to leave the TikTok app. Some highlights include:

• TikTok takes a 5% commission on each in-app sale

• US businesses need to submit an application to participate

• Surfaced through in-feed & live videos, and a "product showcase" tab

Why it matters: As the likes of Meta scale back on shopping features, TikTok continues to throw shopping-related experiments at the wall to see what sticks.

Revenue diversification is top of mind for TikTok. Advertiser pullback stemming from macroeconomic concerns and Apple's App Tracking Transparency (ATT) changes have resulted in TikTok slashing revenue forecasts by over 20%.

Given TikTok's scale and engagement, Shop could have a serious impact on the US e-commerce space. It will however be a difficult task for TikTok as they need to create a new behavior - unlike in Asia, US users aren't used to shopping within social apps.

What to watch: How TikTok Shop in the US evolves over the next 1.5 months as we get into peak shopping season.

Features & products hot off the press

Big tech

• YouTube introduces a live Q&A feature for creators 

• Waymo opens its Phoenix ride-hail service to the general public  

• Microsoft ships a 40th anniversary update to Flight Simulator 

• Netflix announces first-ever live comedy special ft. Chris Rock 

• Meta kills its smart display and smartwatch products

• TikTok tests an in-app shopping feature

• Twitter reactivates gray Official badge for actual verified accounts  

• Twitter temporarily disables Blue signups due to impersonation issues 

General and early-stage

• DeviantArt lets artists opt-out from being scraped by AI-art generators

• Tumblr announces users can buy two blue verified checkmarks for $8 

• Pineapple launches its Gen-Z professional networking platform 

• Stellar ships a platform letting users hire freelance creatives 

• Telegram rolls out video transcription

Getting 1% better at building product

• Strategy - B2C v B2B product strategy, by Tim Herbig

• PRDs - How to write a PRD that actually helps you build products, by Reforge

Broader tech happenings

• When it rains... FTX hacked with over $600m customer funds lost 

• Standardizing. Tesla shares its EV charging connector design

• Grinding halt. BlockFi pauses withdrawals in the wake of FTX collapse

• Ads for days. How Amazon's ad revenue surpassed Prime revenues

• Another one. Disney to layoff employees and freeze hiring  

Courtesy of mindless Twitter scrolling

@waDNR

@PalmerLuckey

And that’s a wrap for today. Stay tuned for more!

- Amol