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Eleanor Terrett on impersonators and a better crypto industry: Hall of Flame

Fox Business producer Eleanor Terrett’s following exploded after she began providing commentary on the SESC v. Ripple lawsuit.

Fox Business producer Eleanor Terrett says that, as she gains more recognition in the crypto community, she is becoming a prime target for social media impersonators.

So, I find myself having to tweet more often, saying, Just a reminder, guys, I dont have a private profile; I will never reach out to you, Terrett tells Magazine.

However, she warns that if youre on the hunt for the next runaway altcoin, its probably not going to be her who finds it for you.

I dont have stock trading tips or crypto trading tips, Terrett declares.

Its a pity she cant say the same for all those impersonators floating around out there: Theyre scamming people as well. There is one called Eleanor Terrett Private. They are inboxing people, saying, Subscribe to my trading strategy.

What shocked Terrett even more is that some of these followers have three, four and five thousand followers.

While it might feel kind of nice, shes genuinely curious about how these impostors manage to amass such a following pretending to be her.

Terrett has amassed over 90,000 followers through her consistent commentary on the Ripple v. SEC lawsuit.

Her fanbase is ballooning so fast that people are blowing up her DMs for paid sponsorships, just like those fancy influencers. 

But, for the moment, shes not really vibing with the idea.

I dont want to promote anything at the moment; I have an employer, and, just right now, its just not for me. Maybe one day down the line, I dont know. Maybe Ill move jobs, or Ill take up something else in the crypto space.

However, she openly acknowledges that she receives heaps of requests to partner up.

When Terrett isnt busy with her day job at Fox Business as a journalist and producer for Charlie Gasparino or seeking out the freshest crypto scoops for her followers, she enjoys giving back by spending time with animals.

I volunteer at an animal shelter on the weekends because I just love animals, and I think theyre better than people.

Yet a definite career highlight for her is receiving a cheeky follow from none other than Changpeng CZ Zhao, the CEO of Binance.

Furthermore, he gave her a shoutout and praised her social media commentary. Terrett explains that she cleared up a misconception for her Twitter (now X) followers: [I further tweeted that] CZ doesnt have to show up in person [for his court appearance]. Hes not going to be coming to the U.S. to testify. And I think he retweeted me and said, Eleanors got it right!

However, shes still keeping her fingers crossed for a follow from Coinbase CEO Brian Armstrong.

What led to Twitter fame?

Terrett says she only had a handful of Twitter followers before venturing into the world of crypto.

I really credit my follower growth to crypto because now Im over 90,000, which is mind-blowing to me. I look at it every day, and Im like, That is crazy.

She says it all began when pro-XRP lawyer John Deaton tagged Charlie Gasparino in a tweet, nine months after the SEC filed its lawsuit against Ripple. 

Deaton urged him to take a peek at the Ripple v. SEC case. Deaton dubbed it the biggest financial story of the century.

Terrett explains that it was her job to really dig into the case, and thats what got her hooked.

It was a rundown of the Ripple case, how it came to be, the timeline, and all the key players involved, she says.

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Terrett had no idea that her ongoing updates on the SEC v. Ripple case would eventually catapult her into the spotlight within the crypto industry.

The lawsuit really got me interested in the whole space in the first place. And obviously, Ripple comes with the XRP community following, so that is sort of intertwined, she explains.

Terrett explains that her increase in followers is simply the result of gradually building trust over time:

I like to be reliable and trustworthy. So, its a cool cycle. I do good, and then people follow me. Crypto has been the catalyst for my followers, for sure.

What content can people expect?

Terrett likes to focus on the legal and regulatory side of crypto and admits she isnt really a price analyst person.

She declares that she keeps a vigilant eye on any new regulatory developments in the crypto world:

So, for me, its mostly regulation and policy. So, anything thats coming out of Washington to do with crypto, whether its the SEC, CFTC, the bills going on in Congress, its all very much from a policy standpoint.

What do you enjoy on Twitter?

Terretts passion for crypto regulations means she enjoys keeping tabs on all the big shots in the U.S. government to ensure she doesnt miss any juicy updates on whats happening:

So, its the Tom Emmers, the Bill Huizengas, Warren Davidsons people who, if theyre gonna break news, theyll probably break it on Twitter, right?

Shes also got all the crypto exchange CEOs on her Twitter radar, making sure she doesnt miss any hot gossip to share with her followers.

Predictions?

Terrett refrains from declaring any price predictions on crypto. However, you might catch an indirect hint of excitement about a crypto asset every now and then.

The day after Ripple scored a partial win against the SEC, she spilled the beans that a crypto exchange had a little hiccup, likely because of a crazy rush of people trying to buy XRP.

However, after diving headfirst into nearly every crypto-related court filing this year, shes made some predictions about the industry for the next 12 months:

I think the SEC has got a little bit of egg on its face in terms of its recent losses with crypto enforcement cases.

Just like how taking baby steps can lead to success, Terrett firmly believes that all these little crypto victories, like Ripples recent victory, will stack up over time, creating a path to a more transparent industry.

She particularly notes the recent Uniswap class action lawsuit being thrown out as a good step forward for the industry:

The judge said you cant blame software for your losses. That was sort of a landmark case in that sense. That is basically what DeFi is, right? Its software.

3AC fugitives in disarray as OPNX faces new peril: Asia Express

3AC co-founder Su Zhu was arrested in Singapore, leaving several disgraced blockchain executives’ entrepreneurial ventures in disarray.

Our weekly roundup of news from East Asia curates the industrys most important developments.

3AC creditors strike back 

On Sept. 29, Su Zhu, co-founder of defunct Singaporean hedge fund Three Arrows Capital (3AC) which prior to its collapse last June managed more than $10 billion in digital assets was apprehended at Singapores Changi International Airport while attempting to flee the country following the issuance of a committal order. 

Just days prior to his arrest, Singaporean courts issued an arrest warrant for Zhu after his deliberate failure to comply with a court order obtained which, in essence, compelled him to cooperate with the liquidators investigations and account for his activities as one of the founders of 3AC and its former investment manager. Zhu, a Singaporean national, was sentenced to four months in prison for the breach. 

Teneo, the appointed liquidator for 3AC, said in an email statement that creditors would seek to engage with him on matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3ACs funds during his time in prison.

The liquidators will pursue all opportunities to ensure Mr. Zhu complies in full with the court order made against him for provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter, Teneo wrote. 

3AC co-founder Kyle Davies (Left) and Su Zhu (Right)
3AC co-founders Kyle Davies (Left) and Su Zhu (Right). (X/Twitter)

The filing revealed that Kyle Livingston Davies, 3ACs co-founder and a naturalized Singaporean citizen, was also sentenced to four months imprisonment for contempt of court. However, his current whereabouts remain unknown. Cointelegraph previously reported that Davies had fled to Dubai earlier this year and opened a restaurant there. 

Recently, the Monetary Authority of Singapore barred both Zhu and Davies from conducting enterprise investment activity in the city-state for nine years due to regulatory violations, such as exceeding 3ACs statutory assets under management limit. 

In July 2022, 3AC filed for bankruptcy after a series of failed leveraged trades on the Terra ecosystem left the hedge fund emptied of assets and left creditors with over $3.5 billion in claims. The event caused a chain reaction that led to the bankruptcy of 3ACs counterparties, such as Celsius, Voyager and FTX. Prior to the counterattack, 3AC creditors had suffered a humiliating setback where over one year of bankruptcy proceedings were halted by a U.S. judge due to a clerical error. 

3AC's AUM letter (Voyager)
3ACs AUM letter. (Voyager)

At one point in the last year, Davies publicly boasted that there were no pending lawsuits or regulatory action against him. After the collapse of 3AC, both Zhu and Davies embarked on alternative entrepreneurial ventures. Aside from Davies restaurant, Zhus $36 million luxury Yarwood Homestead in Singapore, purchased just months before 3ACs collapse, had been converted into an eco-farm. Local media writes: 

Based on the principles of ecological design and agroecology, the company transformed the garden into a farmland, an ecosystem that includes agriculture and aquaculture, producing local vegetables, herbs, fruits, fish, chickens and ducks.

The farm is owned by Su Zhus wife, Evelyn Tan, through her company Abundunt Cities. Yarwood Homestead is open to curious gardeners, citizen scientists, and the community on an invitation-only basis. We also run a private dining experience to help us test recipes for native edibles through our Native Edibles R&D Kitchen, an excerpt from its website reads. 

The Yarwood Homestead Tropical R&D Site. Source:(Abundant Cities)
The Yarwood Homestead Tropical R&D Site. (Abundant Cities)

A second wave

When it rains, it pours. 

In January, Zhu and Davies novel exchange OPNX a platform based in Hong Kong for trading bankruptcy claims on fallen crypto companies such as 3AC and FTX was spearheaded into development after soliciting $25 million from various investors. The platform launched in April with just $13.64 in trading volume on its debut. By June, the firm claimed it had reached nearly $50 million in daily trading volume. 

However, holders of OPNX did not appear to have enjoyed news of Zhus arrest and Davies indictment. On the day of the announcement, the Open Exchange Token fell nearly 60% in a single day to $0.01. The token has lost 79% of its value in the past month and has a fully diluted market capitalization of just $77 million, compared with over $300 million in June. 

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In July, OPNX announced that it had onboarded tokenized claims of FTX and Celsius. Per design, claims would be converted into collateral in the form of OPNXs native reborn OX (reOX) tokens or oUSD, its credit currency. Users could then trade crypto futures using reOX as collateral.

However, the firms claims dashboard remains dysfunctional at the time of publication. Leslie Lamb, OPNXs CEO, had tried to distance the firm from Davies and Zhu, claiming that they are no longer involved in [its] operations. In August, all three executives were fined the equivalent of $2.7 million by Dubais Virtual Asset Regulatory Authority for running OPNX as an unlicensed exchange in the Emirate. 

Prior to Zhus arrest, 3AC Ventures, a venture capital fund created by the duo in June, appeared to be doing quite well. Its investments have since expanded to a project called Gamerlan since its initial investment in Raise. 3AC Ventures is focused on superior risk-adjusted returns without leverage, its creators proclaimed. 

Regardless, creditors have made it clear that their priority is in recovering the assets of 3AC and maximising returns for its creditors, which could also include former 3AC assets that are used to create new entities. Teneo has since recovered several nonfungible tokens owned by 3AC and auctioned them via Sothebys, netting a total of $13.4 million. The proceedings are still ongoing.

Pioneering generative artist propelled by personal tragedy — Matt Kane, NFT Creator 

American artist Matt Kane codes a lunar calendar onto the blockchain, inspired by cavemen during prehistoric times.

If theres ever been an artist suited for the digital renaissance of putting art on the blockchain, it would be Matt Kane a traditional artist who transitioned into digital art by writing his own software and pushing boundaries impossible in the physical art world. 

Kane is most known for his collection Gazers, which launched in December 2021 and is considered by many to be an OG among generative artists. He recently released his collection Anons, which is centered around understanding identity through art and immortalizing true anons from yesteryear.

Kane spent a chunk of his career as a software developer but was always experimental with different artistic mediums, including physical canvas. However, the limitations of the physical art world made the American ponder whether digital art could remove many of the barriers to better his vision for creating art.

In my 20s and 30s, I was really trying to find what the right medium for my voice was. Ive spent a lot of time experimenting with canvas and fabric because I was really interested in pattern. But I realized its not the medium that matters its my vision. Its how I get my vision and my mind out into the world, Kane tells Magazine. 

Within that realization, I knew I had to learn to code because theres so many physical limitations to traditional art. Code circumvents the limitations of our physical bodies and time. It allows us to manifest our visions, and so its become the perfect medium for me.

Anon #3 by Matt Kane
Anon #3 by Matt Kane (anons.art)

Kane had heard about NFTs a week before CryptoPunks launched in June 2017 through a Quora article, but he remained an observer while he continued to create and tinker with digital art, a medium that had captured his deep curiosity as early as 18. 

When I read this [Quora] article, and it talked about NFTs I understood from years before what Bitcoin was and the blockchain it just all snapped, and I remember thinking, this is what Im looking for. Its going to allow me to sell digital work, and prints can be optional. What Ill be creating are actually paintings as databases, and this is going to be the way that Im going to be able to do that. To transmit files and ownership of the artwork, says Kane. 

Despite being introduced to the concept of digital art provenance via NFTs in 2017, it wasnt until May 2019 that Kane minted his first NFT, M87 Black Hole Deconstruction, on SuperRare. 

M87 Black Hole Deconstruction #6 by Matt Kane
M87 Black Hole Deconstruction #6 by Matt Kane (SuperRare)

I watched the space develop just before Punks and looked on. I was Googling blockchain galleries, and there were none. That was the paradigm I was in at the time. I thought I needed to find a gallery to represent me on the blockchain. Now Im very much about self-representation and cutting out the middleman, but back then, I was still in that paradigm, Kane says. 

In 2018, I watched places like Dada, SuperRare and KnownOrigin come out in the summer of 2018. I continued to watch for another six to 12 months and then decided to pull the trigger, he adds. 

Lost in code dealing with personal tragedy

Kanes journey to digital artist stardom has been bittersweet, however, as he lost a close friend to suicide while on the way to visit her in 2013. This left the then 32-year-old devastated and even, at one point, contending with some of his own suicidal thoughts. 

During that time, I had left my life in Seattle trying to find something new and was already in an upheaval. Then losing her it really threw me quite into an abyss. I was on the road and about a week away from seeing her. It made me wonder, what if I had visited her earlier? It was really devastating, Kane shares. 

I ended up in Texas and just making really destructive decisions. I caught myself in a moment of my own suicidal ideations and realized I was in a really bad place.

The next day, I bought a train ticket to LA to go visit my friend out there, and I think I stayed out there for a month. It was out there that I kind of just took some breaths, and I assessed my life and where I was. I was looking into my future and understanding how devastated I was and understanding my desire to rejoin society, my desire to get on with my life. I had years in front of me that were going to be wasted, and so I decided Im going to just start coding.

One of Us Variation 1 (Vimeo)

Kane used coding as a way to distract his mind from the painful emotional baggage he was dealing with.

It was math, and it was distracting my brain. I couldnt think about emotions or how I was depressed. It was like I needed to figure out how to use sine and cosine to make this brush. It was really about building a tool of expression for the future when it would be safe to express myself again, says Kane. 

Had it not been for the tragedy of losing a loved one, Kane, in his own words, says he may not have pursued the artistic path he is now so well known for. 

Its one of those things where it’s like I’ve had a lot of conflicts coming into success the last few years because I understand that had I not lost her, I never would have committed myself to digital art the way that I have. And that’s difficult because I would trade all the success to have her back in the world, but things cant change.

Personal style

Much of Kanes work shows an immaculate use of color and reflects his sense of history and time.

I think my hope is that my art marks time, especially with Gazers. Its not necessarily any emotion that Im trying to imply. I think we all bring our own experiences, and if an image pattern or whatever Im doing in my art is really resonating with me in a strong way, Ive always believed that its really going to resonate strongly with others. 

Gazers #25 by Matt Kane
Gazers #25 by Matt Kane (OpenSea)

Gazers inspired by cavemen

While often cliche, NFTs are still incredibly new. Kane has stated that were in prehistoric times for NFTs, and the inspiration for Gazers is connected to the caveman days. 

Leaning on his passion and ability to work with color, Gazers is a 1,000-piece collection with the moon as its centerpiece and acts as somewhat of a lunar calendar for the blockchain. 

People on Twitter were talking about how were in the caveman days of NFTs. What struck me about that was it made one of these constellation connections for me. I knew that our caveman ancestors recorded phase calendars on antler bones, […] and they would use that to understand when to go, timewise, to attack a mammoth and whatnot, Kane says. 

The projects website describes it as algorithmically synching closely with moon phases in the sky, joining the blockchain with one of humanitys longest running lineages in art. Gazers seeks to create a community of collectors celebrating the change of our perceptions that happen over time, our collective goals in crypto, and our love of color theory, astronomy, and generative art.

Gazers #137 by Matt Kane
Gazers #137 by Matt Kane (OpenSea)
Gazers #126 by Matt Kane
Gazers #126 by Matt Kane (OpenSea)
Gazers #77 by Matt Kane
Gazers #77 by Matt Kane (OpenSea)

Launched in December 2021 with Art Blocks Curated, Gazers has done over 8,800 ETH in secondary sales on OpenSea and still commands a 12.6 ETH floor despite being in the depth of an NFT bear market. Gazers are dynamic and have rules built into them. While possessing different rules, similarities can be drawn to 0xDEAFBEEFs Entropy, which has a rule built in that when the NFT is traded, it degrades in quality. 

The way that each Gazer forms is it creates a color theory about it. It has different rules, so each month, different rules are formed that basically designate the color of your moon and sky. The frame around it stays the same, but the sky and the moon change. Then on the website, we track the lunations, so we have little previews to go back in history, Kane explains. 

The moon phase changes over time, and some of the gazers are clocks theyre all clocks. But some of them can also track minutes and hours, and those are really beautiful compositions because they play with the moon phases in a multilayered way. 

I was really thinking about the future of art when I made Gazers. It accelerates over time. It speeds up one frame per second on average in each artwork every year.

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Notable sales to date

CryptoArt Monetization - sold for 320 ETH ($1.24mil equivalent on date of sale) on Oct 18, 2021. (SuperRare)
CryptoArt Monetization Generation: Sold for 320 ETH ($1.24 million equivalent on date of sale) on Oct. 18, 2021. (SuperRare)
Surfacing Water Lilies IV - sold for 110 ETH ($179,520 equivalent on date of sale) on Jan 25, 2023
Surfacing Water Lilies IV: Sold for 110 ETH ($179,520 equivalent on date of sale) on Jan. 24, 2023. (SuperRare)
Gazers #550 - sold for 46.5 ETH ($72,131 equivalent on date of sale) on Jan 19, 2023
Gazers #550: Sold for 46.5 ETH ($72,131 equivalent on date of sale) on Jan. 18, 2023. (OpenSea)

Rapid-fire Q&A

Influences

Im very eclectic, so its very strange, but Andy Kaufman [entertainer] is one. I got interested in comedy first, and Andy Kaufman is the comedian who made me understand that comedy is actually an art. It actually made me pivot from comedy to fine art. I also get around Mark Rothko [American abstract painter]. I really love his work and what he did in terms of layering, making these really thin layers of color. I was studying his work in my early twenties, and Im still living off of that education that I learned.

Also artists like JOY [John Orion Young] and Josie Bellini. When I came into this, they were very self-representing. They werent using middlemen. They havent used middlemen as much in their careers on the blockchain, and I always admire that. Plus, they are fantastic artists in their own right. I like that principle, so releasing Anons on my own contract was a big deal because I felt like Im joining you guys now, kicking the middleman out. 

Which hot NFT artists should we be paying attention to? 

AwfulEye: Hes legally blind in one eye, but hes still painting with an iPad. I think he gets really close up. Recently, hes been creating some code projects with the help of artificial intelligence. I find it incredible that you have an artist with a visual impairment using AI to help you manifest your vision. To me, its one of the reasons that we have AI, to benefit humanity.

Panter Xhita: Ive really been a big proponent of Panter. Shes Argentine and a surrealist. Shes fantastic.

Favorite NFT in your wallet thats not your own

Its my Alotta Money piece, Bitcoin Fixes This.

Notable collectors

I think that Im so centered on the community. They all still make me smile. Its the ones who are in Discord or on X [formerly Twitter] who give an update on what theyre thinking and feeling. Theyre ever present in my life. 

Who do you listen to when creating art? 

Italian disco. Plus Giorgio Moroder. This playlist is what Ive been listening to whilst creating Anons. 

Links

X: twitter.com/MattKaneArtist 

Instagram: instagram.com/mattkaneartist 

Website: mattkane.com

China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop: Asia Express

Crypto industry concerns after Chinese dev fined 3 years’ salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.

Our weekly roundup of news from East Asia curates the industrys most important developments.

Chinese worker fined $145K over VPN 

An unnamed individual in China was fined 1.06 million yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer.

According to local media reports from earlier this week, during his employment as a consultant between 2019 to 2022, the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom and posted multiple threads on Twitter with the help of a VPN.

China Digital Times
The administrative penalty decision finding that the consultant used electrical equipment “without authorization for non-legal international networking.” (China Digital Times)

Based on a document issued by the city of Chengde Police, the individual’s income earned with the aid of a VPN was deemed as “proceeds of crime.” The police issued a penalty of $144,097, equivalent to three years of the individual’s salary.

Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia and Facebook. The ruling has spooked many in China’s IT and Web3 circles, who often rely on VPNs for similar remote-work tasks.

City of Hangzhou airdrops 10M digital yuan

The city of Hangzhou is airdropping 10 million digital yuan central bank digital currency, worth a total of $1.37 million, to incentivize food and beverage spending as it hosts the 19th Asian Games.

Anyone within the municipality of Hangzhou, locals and visitors alike, can receive the airdrop for use in food delivery platforms. Individuals can receive up to three vouchers that reimburse merchants in digital yuan for up to 20% to 30% of the value of food items after purchase.

The airdrop will renew every five days until the balance is emptied. The vouchers are only effective for five days and can only be tendered through select food delivery platforms. Earlier this year, the city of Hangzhou airdropped 4 million digital yuan, worth $590,000, in an effort to boost the CBDC’s adoption.

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15 detained over largest alleged Ponzi scheme in Hong Kong’s history

Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX. 

As of Sept. 27, Hong Kong Police claim they have received over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million) in the apparent Ponzi scheme. Since the investigation began mid-September, police say that they have seized HK$8 million ($1 million) in cash and frozen bank accounts worth HK$77 million ($10 million) suspected of being proceeds of crime.

On Sept. 13, the Hong Kong Securities & Futures Commission issued a warning regarding JPEX being an unlicensed exchange within its jurisdiction. The move led to several arrests of its key executives and the abandonment of its corporate booth in Token2049 Singapore. Prior to its collapse, JPEX was one of the most heavily marketed crypto exchanges in Hong Kong, with corporate ads displayed across the city’s metro lines and taxis.

The incident is shaping up as potentially the worst Ponzi scheme in Hong Kong’s history in terms of monetary loss. Shortly after it was discovered, the SFC began publishing a list of crypto exchanges that are awaiting registration or are unlicensed within the special administrative region of China.

CoinEx resilient despite $70M hack 

CoinEx
CoinEx logo.

Hong Kong crypto exchange CoinEx will resume services despite falling victim to a $70 million wallet hack orchestrated by North Korea’s infamous Lazarus Group. 

According to a September 22 statement, CoinEx claims to have resumed deposits and withdrawals on 190 cryptocurrencies, including Bitcoin, Ethereum, USD Coin and Tether. The firm stated:

“The wallet system is operating safely and steadily at present. We will gradually resume deposit and withdrawal services for the remaining 500+ cryptos. Since the resuming operations will be processed frequently, there will be no further or separate announcements for each crypto.”

As part of its new wallet system, CoinEx updated the deposit addresses of all crypto assets, rendering old addresses invalid. On Sept. 12, a leak of the exchange’s hot wallet keys led to the theft of over $70 million worth of users’ cryptos. Despite the incident, CoinEx said that cold wallets were not affected and that the CoinEx User Asset Security Foundation would “bear the financial losses from this incident.”

Multiple blockchain security firms, such as Elliptic, have pointed to North Korea’s Lazarus Group as the perpetrator of the exploit. The CoinEx team has since offered a “generous bounty” for the return of stolen funds. Prior to the hack, the exchange disclosed it had around $260 million worth of major cryptocurrencies in its proof-of-reserves report.

Alibaba moves into digital wallets

Chinese tech conglomerate Alibaba wants to launch its own wallet service. 

According to the Sept. 28 announcement, Alibaba’s Cloud subsidiary has partnered with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations, integrating crypto wallets into software through APIs and SDKs. Cobo says it is incorporating its custodial wallet and multi-party computation technology to build the Alibaba Cloud wallet.

“This collaboration marks a significant step towards setting new standards in security, performance, and accessibility of the digital wallet infrastructure for Web3,” said Dr. Changhao Jiang, co-founder and chief technology officer of Cobo. The firm claims to hold partnerships with over 500 institutions, with billions of digital assets in custody through its wallet solutions. In June, crypto-friendly executive Joe Tsai became the chairman of Alibaba Group, replacing his predecessor Daniel Zhang.

Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E: Web3 Gamer

Microsoft bans play-to-earn Bitcoin Minecraft server Satlantis, iPhone 15 has big potential for crypto gaming, Formula E preview, and more.

Pull your sats out of Minecraft now

Back in our July edition, we announced Satlantis, an independent Minecraft server run by the game’s fans, enabled players to earn Bitcoin by completing in-game quests using play-to-earn functionalities. We noted Minecraft developer Mojangs previous NFT ban and concluded, Time will show how this integration fairs against the ban.

Time has shown, as Microsoft subsidiary Mojang has asked Satlantis to remove the play-to-earn features, according to a Discord post by server founder David Dineno. The server accepted the request and removed the feature two days after the Discord post.

The Satlantis founder stood behind the play-to-earn model and expressed his annoyance with the situation, stating:

“The Game That Shares its Profits with Players works. And it works well. All of the time, money, and energy that we put into this game together will not be forsaken by a few dinosaurs at some conglomerate.”

Despite the setback, the Satlantis community can take solace in the fact that the team is actively exploring alternative platforms that encourage innovation instead of stifling it.

The community of Satlantis backed their platform and shared their disappointment in Mojang (and Microsoft, indirectly) through social media platforms:

Dineno advised players to withdraw their satoshi, emphasizing they will be diligently processed. Satlantis developers pledged to honor all in-game assets, including sats, prize pools, ASICs, players premium battle pass status and all other transferable data. The Minecraft server will remain operational, albeit without its play-to-earn features, as the team aims for a seamless transition to the next gaming frontier.

How can blockchain build upon eSports?

Blockchain-based online gaming hub Ultra co-CEO and co-founder Nicolas Gilot says that eSports are struggling to generate profits, and a change of direction is needed.

In my view, it can create a better, more sustainable product for viewers and sponsors by broadening participation beyond the elite level, he told Web3 Gamer.

Web3 gaming arguably needs a solid eSports foundation to reach the mainstream audience.

The Ultra team recently attended the major gaming conference Gamescom, where Gilot reports that interest from game developers and publishers, eSports organizations and investors was high as the video game industry seeks new ways to stay afloat during challenging times.

Blockchain can act as the glue that binds all parties together, Gilot says. Without it, smaller teams, events and sponsorships wont be as viable.

Smart contracts can remove much of the admin burden, distribute prizes and earnings, and give confidence to publishers, brands and influencers to get involved at all levels.

Ultras eSports hub, Ultra Arena, is designed to help more gamers attract sponsors earlier and move up the ranks as they grow and improve, Gilot noted. The Ultra blockchain also helps by building a player persona across all areas not just competitive gaming but how they buy games and digital collectibles and interact with others in-game.

Web3 Gamer: Mainstream eSports has shiny stages and massive marketing budgets. There are commentators, pre-game shows, and physical places and streams for the fans to watch the games live. How do you compete?

Gilot: We dont want to! We want to see players who level up through Ultra Arena take the stage at those massive LAN events, which will be a proud moment for all of us.

What we do want is to feed into those experiences, helping grow the existing scene by opening it up to many more players, brands and publishers. For teams and brands, Ultra Arena will nurture more esports fans and provide more ways to activate fans pre and post-event with the help of blockchain technology. This could be unlocking access to an exclusive in-game digital collectible through attending the event itself or sponsor-branded skin being airdropped to you for watching on Twitch. Extending fan engagement will ultimately add value for all key stakeholders and support the journey to sustainable profitability.

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Web 3 Gamer: Is there enough traction and interest on Web3 for a competitive stage that can make mainstream players willing to spend money?

For us, its not about how to make esports out of Web3 games, its more about how Web3 technology can be used to improve the existing esports model. Its the game, not the tech, that should be front and center.

The current eSports model is probably overly reliant on sponsorship and advertising. To improve it, there needs to be a focus on cross-industry value creation, directly involving publishers, brands, esports teams and competitive players. Within Ultra Arena, we want to drive mutual growth by opening up the existing model to many more stakeholders, with grassroots competitive players turning pro, smaller brands gaining traction and startup teams becoming massive eSports powerhouses.

Apple iPhone 15: What does it offer for Web3 gaming?

When technology companies run out of innovation juice, the first instinct is to hop on the gaming train. Apple made no exception when it unveiled the brand-new iPhone 15 and iPhone 15 Pro. The devices are pretty much the same as their 14th-generation counterparts, with an A17 Pro chip, the usual camera enhancements and a coat of new paint but there is one significant difference.

Apple iPhone 15 Pro New Colors
Apple iPhone 15 Pro will be available with four new color options. (Apple)

The iPhone 15 Pro can run demanding game titles such as Resident Evil 4 (2023), Resident Evil Village, Death Stranding and the soon-to-come Assassins Creed Mirage natively, meaning the games run directly on the devices system without any external layers.

The new pro model features hardware-accelerated ray tracing, which enables games to present dynamic lighting effects. Thanks to Apples scaling solution MetalFX, the iPhone 15 Pro can offer better graphics with little performance loss.

The new smartphone, which will act as a handheld gaming device, will be able to display games on 4K monitors through upscaling and support third-party gamepads such as PlayStation’s DualSense controller, which is already being sold at Apple Stores. The possibilities are endless with the addition of Apples upcoming VR headset.

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All in all, it’s clear that the newly introduced Apple iPhone 15 Pro line will become a gaming powerhouse more than anything. The real question is how Web3 game developers can benefit from such advantages.

Developers can utilize the mighty system of the device to make mobile games with better graphics and more comprehensive gameplay. Web3 games on PC will also be easier to port over as features and graphics wont have to be excised for better performance on mobile platforms. 

Hardware is one thing, but economics is another. Currently, Apple has stringent rules for NFT apps that practically force users to go through in-app purchases subject to Apples 30% commission, while apps are not permitted to support crypto payments.

Itll be interesting to see what Web3 gaming companies come up with on the new monster iPhone. The tools are there for developers to leverage; lets hope they fully utilize them to give us great Web3 experiences.

Oh, I nearly forgot the most revolutionary addition: The models come with USB-C.

Formulas second swing in Web3

Formulas first attempt at Web3 gaming didnt work out as F1 Delta Time, a pioneering racing game and one of the first licensed titles utilizing NFTs and crypto technology, ceased operations in March 2022. After warming up in the formation lap with its first Web3 game, Formula is ready to return to the blockchain circuits with Formula E: High Voltage.

Formula E: High Voltage Promotional Artwork
Formula E: High Voltage promotional artwork. (Formula E: High Voltage)

Developed by Animoca Brands, the new Formula game focuses on Formula E, a motorsport championship with fully electric-powered race cars, instead of Formula 1s models. Players are put in the shoes of a team principal responsible for their Formula E teams strategic decisions and management with the ambition to become champions.

Various factors will determine your team’s performance, such as racetrack distance, difficulty, weather and temperature. Official Formula E racetracks in Berlin, New York, Rome, London, Jakarta, Seoul, Cape Town and Diriyah will be included, with more to be added later.

Race cars and drivers are available as nonfungible tokens, with each driver possessing distinctive abilities from a pool of over 200 unique skills.

Formula E: High Voltage is available on early access until Oct. 2. Will Formula E: High Voltage take pole position among Web3 racing games? Well have to wait and see.

Gods Unchained Launches New Mode

The free-to-play Web3 trading card game Gods Unchained has launched a new permanent game mode called Sealed Mode, where players will build a deck from a randomized pool of cards to triumph over each other. The idea is similar to that of FIFA Ultimate Teams Draft mode.

Common card games are played with two players who have their own decks of cards that represent creatures and spells. Players take turns to strategically deploy their cards using resources. In order to win, players must reduce their opponents health to zero while protecting their own.

Sealed Mode begins as players pick one of the three Gods that represent the players, just like Heroes from Hearthstone. Once players pick their Gods, they receive a randomized pool of 60 cards. The goal is to craft a deck with at least 30 cards from these 60 while trying to combine cards that work well together to defeat other players.

Gods Unchained Sealed Mode Cards
Players are given a pool of randomized cards in Sealed Mode. (Gods Unchained)

Once players finalize their decks, they take on other players in a series of games until they win seven times or lose three times. Winning more games earns players better rewards, like cards and cool cosmetic items. The rewards get better the more they win.

Gods Unchained Sealed Mode Rewards
Sealed Mode rewards players when they win. (Gods Unchained)

The card collection in Sealed Mode includes cards from past Gods Unchained sets, including Welcome, Core, Genesis, Etherbots, Mortal Judgement, Winter Wanderlands and Band of the Wolf. Players who wish to play Sealed Mode are required to pay a fee of 15 GODS tokens, worth roughly $2.5.

More from Web3 gaming space:

PUBG developer Krafton introduces its upcoming metaverse project Overdare, previously known as Project Migaloo.

Leaked internal documents from May 2022 show that Microsoft’s Xbox roadmap included support for crypto wallets.

South Korean gaming conglomerate NHN Corporation ventures into the Web3 space in a partnership with Mysten Labs Layer 1 blockchain, Sui.

Proof of Play, an NFT gaming studio founded by the co-creators of FarmVille, completes a seed funding round with $33 million in investment.

Free-to-play battle royale game My Pet Hooligan launches in early access on the Epic Games Store.

My Pet Hooligan developer AMGI Studios signs a 12-month deal with Amazon Prime Gaming.

Star Atlas launches browser-based gaming metaverse SAGE Labs.

Aavegotchi announces its Gotchi-themed game center.

US gov’t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame

Tim Draper’s first big Bitcoin prediction came off without a hitch, but he says the current administration is making his second one look bad.

Tim Draper is a prominent venture capitalist, the founder of Draper University and the creator of the Meet The Drapers television series. He invested early in Tesla, SpaceX and Coinbase and has 254,000 followers on X.

Let me get my second prediction to actually happen, and then well move on to other predictions, Tim Draper tells Hall of Flame, refusing to be drawn on price predictions for XRP and Ethereum.

This makes sense, given its been six years since he forecast that Bitcoin would reach $250,000 by 2022.

Spoiler alert: It didnt.

Which is not to say it wont happen eventually, as Draper has been pretty far-sighted in the past.

Back in 2014, Draper scooped up around 30,000 Bitcoin for $19 million after the U.S. Marshals took down Silk Road. Fast forward to today, and those Bitcoin have increased 4,165% in value to be worth a whopping $810.5 million.

Around the same time, he made a prediction that Bitcoin would reach $10,000 in three years, and lo and behold, it hit that mark in 2017.

Draper explains that he only dropped the $250,000 prediction because people kept asking after he totally nailed his first Bitcoin price guess.

The only reason Ive given the second prediction was that the first one was so good. I had a lot of pressure to put another one out there, Draper declares.

He has politely requested a deadline extension on Bitcoin reaching a quarter of a million, with a timeline that would give a university lecturer a heart attack.

Give me until the end of June next year, he says.

Draper accuses the U.S. government of messing up his price prediction. He had expected the growth of blockchain to be reminiscent of the internet era, similar to when he made his earlier investments in companies like Hotmail and Skype.

He emphasizes the significant benefit that the United States reaped by maintaining a hands-off approach to overregulating the internet.

I expected a much more light touch, the way Bill Clinton was with the internet; they said, hey, we got the internet! We regulated the internet, and Bill Clinton smartly left it alone, and it was fantastic for the whole world.

Investing Alpha

Despite the media coverage, Draper doesnt spend his days making predictions; in fact, his schedule is quite packed.

At 65 years old, he remains highly active, renowned as a serial investor who chucked cash early in companies like Tesla, SpaceX, Coinbase, and, well … Theranos.

He enjoys playing basketball because it energizes him and puts him in an investment mindset.

When I play basketball, Im thinking about how I can get the defender to move one way, and then I’ll move another, he explains.

Draper claims he possesses alpha instincts both on the basketball court and in the investment world.

Im very aggressive; if I see something I like, I go right after it, he says.

I guess as an investor, I invest like a chess move because Im always evaluating not just the entrepreneur or the idea. But what happens if it’s successful? how great could it be? What does the world look like then?

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What led to Twitter Fame?

Draper started with a very modest Twitter following.

I think I had one Twitter follower, and it was my mother, he jokes.

While you might assume that one of Drapers investments or media appearances helped his following to skyrocket, he describes his growth as very natural, attributing it to the content he has been consistently posting over the years, which has kept people coming back for more.

He is proud of how truly organic his following is.

I think I have the most steady increase of Twitter followers of any influencer, he declares.

What type of content can people expect?

Draper isnt here to clutter up his followers feeds with nonsense.

Hes all about adding a little sprinkle of value to their lives, and he sticks to only posting about three times a week.

I tend to post where its something I feel like people should see or where one of my startups has done something extraordinary, and I want to promote them, he explains.

What content does Tim Draper like?

Within the 2,400 accounts he follows on Twitter, he relies on a select group of trusted people to keep him informed about the crypto industry.

Among his trusted crew are Gemini founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen and Silicon Valley investors Brad and Bart Stephens.

Tim Draper predictions

Draper is backing his 250,000 Bitcoin prediction so hard that if it doesnt hit, hell bow out of predictions altogether.

If it’s not $250,000 or higher, then dont listen to me ever again on that kind of prediction, he laughs.

When questioned about the chances of a Bitcoin ETF getting approved, he doesnt sound hopeful.

It might have to wait for [Republican candidate] Nikki Haley to be president, he declares.

Maybe its the cushy relationship they have with banks, maybe it’s the fact that they have uncertainty about it. Maybe a lot of our government is pretty old, maybe theyre just out of touch. But they’re missing something very, very important for the good of society, and I’m hoping they all come around.

JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express

JPEX staff forced to flee Token2049 after execs arrested, Mt Gox repayment delay stretches 10 years, Diners Club goes Web3 in Singapore.

Our weekly roundup of news from East Asia curates the industrys most important developments.

JPEX scandal grows to over $166M 

Last weeks Token2049 conference in Singapore was a life-changing experience for some; for others, the event did not meet expectations but for a select group of individuals, the imminent prospect of being pursued by law enforcement meant they had to abandon their booths and flee the event. 

On Sept. 21, local news outlets reported that Hong Kong police had arrested 11 individuals linked to troubled cryptocurrency exchange JPEX on charges of fraud and operating an unlicensed virtual assets exchange. More than 2,000 users are estimated to have been affected, with $1.3 billion Hong Kong dollars ($166 million) involved. Police allege users’ assets have been embezzled by JPEX staff. 

In a dramatic raid on Sept. 13 day one of the conference Hong Kong police arrested key JPEX executives, leading staff to abandon its corporate booth. The exchange subsequently applied for voluntary deregistration with the Australia Securities & Investment Commission, disclosing that its Australian entity had little assets left. After the news broke, JPEX reportedly raised its withdrawal fees to 999 USDT per transaction to prevent capital flight. 

In an announcement on Sept. 20, JPEX said that 400 million Tether (USDT) worth of users’ deposits would be eligible for redemption. However, the catch is that the funds can only be redeemed starting in late 2025. The firm stated that due to the ongoing law enforcement investigation, its telecom service providers and asset custodians have frozen applicable services. 

JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)
JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)

In a press conference, John Lee, the chief executive of Hong Kong, said, “This incident highlights the importance that when investors want to invest in virtual assets, then they must invest on platforms that are licensed.” Founded in 2019, JPEX heavily promoted its presence in Hong Kong with brand banners on local metro stations and taxis, as well as soliciting the help of celebrities such as singer Julian Cheung. 

Before its collapse, JPEXs marketing included free vouchers to any users who signed up, offers of up to 300X trading leverage, and stablecoin staking yields exceeding 30% per annum. The firm has since suspended all of its services despite previous assurances that it will not collapse.”

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Mt. Gox trustee creditors, trolled? 

Users of defunct Japanese crypto exchange Mt. Gox were dealt another setback on Sept. 21, when it was announced that bankruptcy trustees would delay payment deadlines by another year. If executed, this means that the bankruptcy process would have stretched out for 10 years (if not more) since a devastating hack obliterated the exchange in 2014. 

Mt. Gox victims protesting over the excruciating delay in repayments (Finance Feeds)
Mt. Gox victims protesting over the excruciating delay in repayments (Finance Feeds)

In April, Mt. Gox set a final deadline for creditors to register a claim against the defunct crypto exchange. A target date of October 2023 was then set for the repayment of users’ assets. The registration process has been extended periodically for several years. Despite previous reassurances, Mt. Gox trustees wrote: 

“Given the time required for rehabilitation creditors to provide the necessary information, and for the Rehabilitation Trustee to confirm such information and engage in discussions and share information with banks, fund transfer service providers, and Designated Cryptocurrency Exchanges etc., involved in the repayments, which are required before the repayments can be made, the Rehabilitation Trustee will not be able to complete the repayments above by the deadline.”

Mt. Gox was the biggest Bitcoin exchange in the world when it filed for bankruptcy in 2014 after discovering that 850,000 of its customers Bitcoin (BTC) had been stolen after years of subtle siphoning. The exchange has since recovered around 200,000 BTC. The funds have been held in trust for the creditors, with 162,106 BTC ($4.38 billion) sitting in wallet addresses tracked by Token Unlock. At the time of the hack, the price of Bitcoin was around $580 apiece, meaning that many creditors would have realized gains on investment despite over half of their BTC being stolen. 

In its communication to creditors, the trustee stated that payments could come as soon as the end of this year for registered creditors. However, like for the past decade, a caveat clause was included (as always): 

“Please note that the schedule is subject to change depending on the circumstances, and the specific timing of repayments to each rehabilitation creditor has not yet been determined.”

Singaporean fintech raises $10M 

Singaporean firm DCS Fintech Holdings has received a $10 million investment from Foresight Ventures for creating crypto-fiat on-ramping solutions. 

According to the Sept. 21 announcement, DCS, which originally stood for “Diners Club Singapore,” the first credit card issuer in the city-state nation, will use the capital to develop “new payment solutions that provide a seamless connection between Web2 and Web3.” Its subsidiary, DCS Card Center, is regulated by the Monetary Authority of Singapore for issuing credit cards. CEO Karen Low commented:

“The rapid evolution of Web3 today necessitates the bridging of payments into Web2, while the rise of fintechs is democratizing payments for consumers, creating demand for greater variety and refreshing experiences. These are opportunities that DCS is well-poised to seize.”

As part of DCS’s initial foray into Web3, it has developed a Singaporean-dollar-backed payment token, which is also dubbed “DCS,” for the financial service sector. 

Also based in Singapore, Foresight Ventures is a $400 million fund investing in Web3, AI and blockchain-related entities. In May, the firm pledged an additional $10 million for its Web3 accelerator, bringing the total to $20 million. The firm also backs the $120 million Sei Ecosystem Fund. 

NFT Collector: William Mapan explains generative art using a crayon and dice

What even is generative art? William Mapan, whose 250-piece Distance collection just sold out at 2ETH each, explains using a crayon and die.

Generative artist William Mapans latest collection, “Distance,” sold out in less than 24 hours despite launching in the middle of a very weak NFT market.

From his early long-form generative series “Dragons” on the Tezos blockchain to the highly sought-after “Anticyclone ArtBlocks collection that currently commands a 5 ETH floor, Mapan has a unique way of capturing the hearts and minds of collectors.

But many people in the public still dont understand what generative art even is. Mapan has a unique way of explaining the often misunderstood genre by boiling it down to a piece of paper, a crayon and a die.

It can be really hard to explain but usually the way I explain is to put away the code, put away the blockchain, put away everything. Just take a piece of paper, a crayon and dice. Imagine drawing two by two boxes on that paper, so four boxes total. You then throw the dice if the roll shows up as a three or below, you draw a square; if the dice shows four or above, you draw a circle into one of the boxes.

You just made an algorithm; you just made a set of rules and introduced some randomness in there. Thats basically what generative art is, you build a set of rules, an algorithm and then introduce randomness. Then you try to control that part of the space.

Strands of Solitude #010 by William Mapan
Strands of Solitude #010 by William Mapan (OpenSea)

With the grid of two by two, the parameter of space is very reduced, but as soon as you expand to different parameters, you can get many different outputs. Imagine a 10 by 10 box and imagine you have multiple shapes like a circle, triangle, square, star or whatever. You just write down your rules and just follow them, and thats it.

Fine line technique

Mapans work straddles the line between appearing as if its physically or digitally made, a technique other artists such as Tyler Hobbs and Emily Xiu have a reputation for.

I like to activate senses, feelings and memories. My hope is that when you see my work, it sparks curiosity. You might think my art reminds you of something in one way, but in another way, youre thinking there are so many shapes that its impossible that someone made it by hand, says Mapan.

I hope that it connects with people in their memories, especially like the last series that I released last week, “Distance.” I want people to see themselves traveling, and they remember, Oh, I was on this plane when I saw this kind of landscape down there. I like to trigger emotions and curiosity.

Distance by William Mapan
Distance #22 by William Mapan (OpenSea)

Based in France, Mapan credits Matt Deslauriers, the artist behind Meridians and Subscapes, as his introduction to art on the blockchain. Mapans first NFT was minted on 4 March 2021 on Tezos, where he put a lot of his early digital work before launching Anticyclone via ArtBlocks on Ethereum on 23 April 2022.

Matt helped me navigate early on. He kindly explained it all to me, and it started to make sense over time. I started in the Tezos ecosystem, which was a very community art-driven vibe, Mapan says.

It intrigued me that you could put an algorithm on the blockchain, and when people mint it, they buy an iteration that triggers your algorithm on demand. It was a new way to think about your work. Basically, the collector is a triggering point.

Notable Sales

Anticyclone #470 by William Mapan
“Anticyclone #470” by William Mapan sold for 182 ETH ($229,856). (OpenSea)
Anticyclone #743 by William Mapan
“Anticyclone #743” by William Mapan sold for 37 ETH ($50,430). (OpenSea)
Strands of Solitude #253 by William Mapan
“Strands of Solitude #253” by William Mapan sold for 16 ETH ($26,321). (OpenSea)

Rapid-fire Q&A

Are there any up-and-coming artists who you think people should be paying attention to?

Anna Lucia:I definitely love her work. Shes very talented, and I cant wait to see her progress. You need to look her up.

What are the influences on your art career to date?

Abstract expressionism movement and people pushing boundaries in modern-day art.

Who is a notable collector of yours that makes you smile knowing they own one of your pieces?

AC the collector He is one of the most engaging ones. He comes to exhibitions and talks to me. He always tries to reach out to me and to understand the practice behind the work. AC is definitely a great collector. 

Whats your favorite NFT in your wallet thats not your own NFT?

“‘Horizon(te)s #5” a collaboration by Iskra Velitchkova and Zach Lieberman.

I dont know why I love this, but I just do. It’s perfect because I love Iskras work and I love Zachs work. Its the perfect combination. I love the light and abstract shapes, its just amazing work.

Who do you listen to when creating art? 

Kendrick Lamar and Sofiane Pamart. I really like classical music, especially when I try to be in the flow state. When I need to crush stuff, its hip hop.

Performers are in another light. They need to go up in front of the public. They have to be fragile and sensible, yet you have to let your shell down. I find that very inspiring.

I try to be more like that. To let my emotions out. Prior, I was basically shutting them down because I wasnt creating art full-time. Now that art is my job, I want to explore expressing myself more. Performers are very inspiring in that regard.

Untitled by William Mapan
“Untitled” by William Mapan (objkt.com)

What’s hot in NFT art markets

Mapans aforementioned “Distance,” a collaboration with Cactoid Labs and LACMA, sold out its 250-piece collection at a 2 ETH mint price per piece. The collection has done close to 185 ETH in secondary sales volume since its 13 September mint.

Below are some of the other top recent digital art sales.

Ringers #343 by Dmitri Cherniak
Ringers #343 by Dmitri Cherniak sold for 39.99 ETH ($65,395). (OpenSea)
Door VII by Matt Kane
Door VII by Matt Kane sold for 22.5 ETH ($36,787). (OpenSea)
Chromie Squiggle #1606 by Snowfro
Chromie Squiggle #1606 by Snowfro sold for 20 ETH ($32,877). (OpenSea)

Cool Cats headed to Macys Thanksgiving Day Parade

Nothing says mainstream more than the iconic Macys Thanksgiving Day Parade in New York City, and Cool Cats is set to become the first NFT collection to be featured.

In its 97th annual edition, the parade ran a contest that featured numerous NFT collections, including SupDucks, Boss Beauties and VeeFriends. Cool Cats eventually won out, which means a massive Blue Cat balloon will grace the skies of Manhattan on 23 November.

The lead artist and founder of Cool Cats, Clon, couldnt be more excited for his beloved project.

This is a big moment for me as an artist and as the founder of Cool Cats. Personally, the Macys Thanksgiving Day Parade has always been an important event in my family and it holds a lot of memories. Being able to showcase my artwork alongside some of the worlds most recognizable characters is a dream come true, says Clon.

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Nouns DAO fork finalizes

After a bumpy ride over the past few weeks, the Nouns DAO fork has finished with 472 Nouns NFT holders out of 844 in total opting into the fork that was approved in proposal 356. 

The Nouns holders that opted into the fork will have the opportunity to get approximately 35 ETH back, while Noun holders that voted against proposal 356 will carry on as the DAO had originally been structured, where 1 Noun per day is auctioned, with the proceeds going to fund the treasury of Nouns.

Tweet of the week

William Mapan’s Distance sells out, NFT float in Macy’s Parade, Nouns DAO forks: NFT Collector

What even is generative art? William Mapan, whose 250-piece Distance collection just sold out at 2ETH each, explains using a crayon and die.

Generative artist William Mapans latest collection, “Distance,” sold out in less than 24 hours despite launching in the middle of a very weak NFT market. 

From his early long-form generative series “Dragons” on the Tezos blockchain to the highly sought-after “Anticyclone ArtBlocks collection that currently commands a 5 ETH floor, Mapan has a unique way of capturing the hearts and minds of collectors.  

But many people in the public still dont understand what generative art even is. Mapan has a unique way of explaining the often misunderstood genre by boiling it down to a piece of paper, a crayon and a die.

It can be really hard to explain but usually the way I explain is to put away the code, put away the blockchain, put away everything. Just take a piece of paper, a crayon and dice. Imagine drawing two by two boxes on that paper, so four boxes total. You then throw the dice if the roll shows up as a three or below, you draw a square; if the dice shows four or above, you draw a circle into one of the boxes.

You just made an algorithm; you just made a set of rules and introduced some randomness in there. Thats basically what generative art is, you build a set of rules, an algorithm and then introduce randomness. Then you try to control that part of the space.

Strands of Solitude #010 by William Mapan
Strands of Solitude #010 by William Mapan (OpenSea)

With the grid of two by two, the parameter of space is very reduced, but as soon as you expand to different parameters, you can get many different outputs. Imagine a 10 by 10 box and imagine you have multiple shapes like a circle, triangle, square, star or whatever. You just write down your rules and just follow them, and thats it. 

Fine line technique

Mapans work straddles the line between appearing as if its physically or digitally made, a technique other artists such as Tyler Hobbs and Emily Xiu have a reputation for. 

I like to activate senses, feelings and memories. My hope is that when you see my work, it sparks curiosity. You might think my art reminds you of something in one way, but in another way, youre thinking there are so many shapes that its impossible that someone made it by hand, says Mapan. 

I hope that it connects with people in their memories, especially like the last series that I released last week, “Distance.” I want people to see themselves traveling, and they remember, Oh, I was on this plane when I saw this kind of landscape down there. I like to trigger emotions and curiosity. 

Distance by William Mapan
Distance #22 by William Mapan (OpenSea)

Based in France, Mapan credits Matt Deslauriers, the artist behind Meridians and Subscapes, as his introduction to art on the blockchain. Mapans first NFT was minted on 4 March 2021 on Tezos, where he put a lot of his early digital work before launching Anticyclone via ArtBlocks on Ethereum on 23 April 2022. 

Matt helped me navigate early on. He kindly explained it all to me, and it started to make sense over time. I started in the Tezos ecosystem, which was a very community art-driven vibe, Mapan says. 

It intrigued me that you could put an algorithm on the blockchain, and when people mint it, they buy an iteration that triggers your algorithm on demand. It was a new way to think about your work. Basically, the collector is a triggering point. 

Notable Sales

Anticyclone #470 by William Mapan
“Anticyclone #470” by William Mapan sold for 182 ETH ($229,856). (OpenSea)
Anticyclone #743 by William Mapan
“Anticyclone #743” by William Mapan sold for 37 ETH ($50,430). (OpenSea)
Strands of Solitude #253 by William Mapan
“Strands of Solitude #253” by William Mapan sold for 16 ETH ($26,321). (OpenSea)

Rapid-fire Q&A

Are there any up-and-coming artists who you think people should be paying attention to? 

Anna Lucia: I definitely love her work. Shes very talented, and I cant wait to see her progress. You need to look her up. 

What are the influences on your art career to date?

Abstract expressionism movement and people pushing boundaries in modern-day art.

Who is a notable collector of yours that makes you smile knowing they own one of your pieces?

AC the collector He is one of the most engaging ones. He comes to exhibitions and talks to me. He always tries to reach out to me and to understand the practice behind the work. AC is definitely a great collector. 

Whats your favorite NFT in your wallet thats not your own NFT?

“‘Horizon(te)s #5” a collaboration by Iskra Velitchkova and Zach Lieberman.

I dont know why I love this, but I just do. It’s perfect because I love Iskras work and I love Zachs work. Its the perfect combination. I love the light and abstract shapes, its just amazing work. 

Who do you listen to when creating art? 

Kendrick Lamar and Sofiane Pamart. I really like classical music, especially when I try to be in the flow state. When I need to crush stuff, its hip hop.

Performers are in another light. They need to go up in front of the public. They have to be fragile and sensible, yet you have to let your shell down. I find that very inspiring.

I try to be more like that. To let my emotions out. Prior, I was basically shutting them down because I wasnt creating art full-time. Now that art is my job, I want to explore expressing myself more. Performers are very inspiring in that regard. 

Untitled by William Mapan
“Untitled” by William Mapan (objkt.com)

What’s hot in NFT art markets

Mapans aforementioned “Distance,” a collaboration with Cactoid Labs and LACMA, sold out its 250-piece collection at a 2 ETH mint price per piece. The collection has done close to 185 ETH in secondary sales volume since its 13 September mint. 

Below are some of the other top recent digital art sales.

Ringers #343 by Dmitri Cherniak
Ringers #343 by Dmitri Cherniak sold for 39.99 ETH ($65,395). (OpenSea)
Door VII by Matt Kane
Door VII by Matt Kane sold for 22.5 ETH ($36,787). (OpenSea)
Chromie Squiggle #1606 by Snowfro
Chromie Squiggle #1606 by Snowfro sold for 20 ETH ($32,877). (OpenSea)

Cool Cats headed to Macys Thanksgiving Day Parade

Nothing says mainstream more than the iconic Macys Thanksgiving Day Parade in New York City, and Cool Cats is set to become the first NFT collection to be featured. 

In its 97th annual edition, the parade ran a contest that featured numerous NFT collections, including SupDucks, Boss Beauties and VeeFriends. Cool Cats eventually won out, which means a massive Blue Cat balloon will grace the skies of Manhattan on 23 November. 

The lead artist and founder of Cool Cats, Clon, couldnt be more excited for his beloved project. 

This is a big moment for me as an artist and as the founder of Cool Cats. Personally, the Macys Thanksgiving Day Parade has always been an important event in my family and it holds a lot of memories. Being able to showcase my artwork alongside some of the worlds most recognizable characters is a dream come true, says Clon. 

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Nouns DAO fork finalizes

After a bumpy ride over the past few weeks, the Nouns DAO fork has finished with 472 Nouns NFT holders out of 844 in total opting into the fork that was approved in proposal 356. 

The Nouns holders that opted into the fork will have the opportunity to get approximately 35 ETH back, while Noun holders that voted against proposal 356 will carry on as the DAO had originally been structured, where 1 Noun per day is auctioned, with the proceeds going to fund the treasury of Nouns.

Tweet of the week

Token2049 captivates Singapore, Huobi rebrands on 10th Anniversary: Asia Express

The 3AC saga continues, Token 2049 kicks off in Singapore and CoffeeDAO gives mom-and-pop cafes a leg up on Starbucks.

Our weekly roundup of news from East Asia curates the industrys most important developments.

Token 2049, one of the largest crypto conferences of the year, attracted a record 10,000 attendees, 300 speakers and 5,000 companies during the two-day event in Singapore.

From Sept. 1314, attendees entering the majestic Marina Bay Sands Convention Expo and Center were greeted by the energetic beats from the Polyhedra DJ, then to a hall of booths showcasing the latest innovation in the blockchain industry. Aside from the main show, over 400 side events took place this year.

Among the biggest announcements during the event, KXVC, a subsidiary of Kasikornbank, the largest bank in Thailand with 20 million customers, launched a $100 million fund dedicated to Web3, AI and deep tech firms based in Southeast Asia. KXVC wrote:

“For Web3, KXVC targets Web3 infrastructures, nodes validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi and consumerization of NFTs.”

As for AI, the firm said it would prioritize investing in “consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, data annotation, model optimization), and problem-specific AI startups.”

The fund will be led by Krating Poonpol group chairman of Kasikorn Business Technology Group, and Jom Vimolnoht, managing director of KXVC. According to KXVC, Poonpol has over 100 investments, four unicorns, and 10 exits across five funds as a venture capitalist. Meanwhile, Vimolnoht has managed $400 million in startup investments and has backed 35 startups in the region.

Token2049 Main Event in Singapore (Cointelegraph)

On Sept. 15, Ethereum layer-two scaling solution Mantle Network,launcheda $200 million development fund for ecosystem acceleration. Among the first recipients are LiquidX, an application layer-focused venture studio building Web3 companies; Valent, a decentralized money market exploring liquid staking derivatives finance (LSDFi); and Range Protocol, an all-in-one on-chain asset management platform and ecosystem.

Previously known as BitDAO, the Mantle Network has been a maverick in reinvigorating blockchain communities, with the launch of a $500 million blockchain gaming fund in November 2021.

In May 2023, BitDAO (BIT) passed a “One brand, One token” unity governance proposal rebranding the network to Mantle with 235 million BIT tokens voting yes and 988 BIT voting no.

Token2049’s OKX Main Stage (Cointelegraph)

CoffeeDAO tokenizes marketing potential of cafes

A new decentralized autonomous organization, dubbed CoffeeDAO, is partnering with cafes around the world to unravel their market potential in exchange for free coffee.

In a live demonstration at Chye Seng Huat Hardware coffee store in Singapore, Cheney Cheng, co-founder of CoffeeDAO, showed Cointelegraph how to receive up to four free coffees at the store with a simple scan of a bar code, yielding four COFFEE tokens minted on Polygon, which could then be directly exchanged for coffee. Not only do customers receive airdrop tokens per visit, but the “loyalty points” can then be spent at other cafes.

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According to Cheney, the concept is all about the neighborhood, which would allow community-based mom-and-pop stores to compete with the likes of Starbucks and McDonald’s. Customers aside, a referral program exists where individuals can receive up to 200 COFFEE tokens (200 cups of espresso) for onboarding cafes to the program. So far, over 15 cafes have partnered with CoffeeDAO throughout Singapore and Hong Kong.

CoffeeDAO at the Chye Seng Huat Hardware coffee store in Singapore (Cointelegraph)

Huobi Global changes name to… HTX? 

Cryptocurrency exchange Huobi Global is changing its name to a word where “H” represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange’s 10th anniversary; the new name also happens to be eerily similar to the now bankrupt crypto exchange FTX.

According to the Sept. 13announcement, the rebranding coincides with the exchange’s goals in its new era to further “global expansion, thriving ecosystem, wealth effect and security and compliance.”

Justin Sun, de facto owner of HTX, said during a Token2049 press conference that the new name is also designed for non-Chinese users of the exchange, citing the difficulty of pronouncing “Huobi” for foreigners.

HTX has been in turmoil since the beginning of the year, shortly after Sun acquired the exchange and reportedly crushed an employee revolt. Despite touting stellar revenue and profit figures, Edward Chen, managing director of HTX Ventures, revealed that the exchange had cut its staff count down to 900 from 2,500 at the beginning of the year. Last month, the exchange denied it was close to insolvency and that Chinese police had arrested its senior executives. 

Justice’s late arrival for 3AC

It seems that some mild justice has finally arrived for Zhu Su and Kyle Davies, both co-founders of Singaporean crypto hedge fund Three Arrows Capital (3AC), who blew up the $3.5 billion firm in 2022 and then embarked on a game of catch-me-if-you-can with creditors.

In a September 14 statement, the Monetary Authority of Singapore (MAS) reprimanded both Zhu and Davies, barring the two from enterprise activities in the city-state’s regulated capital markets for nine years. As told by the MAS, the misconduct includes:

“(i) Providing false information to MAS [on 3AC]; (ii) failing to notify MAS about changes to Mr Zhu’s and Mr Davies’ directorship and shareholdings; and (iii) exceeding the assets under management threshold allowed for a registered fund management company.”

More than a year later, 3AC’s bankruptcy is still ongoing, and no criminal complaints have been filed against either Davies or Zhu in any jurisdiction. Last month, an embarrassing mistake that assumed Davies was a U.S. instead of a Singaporean citizen invalidated Davies’ court service in U.S. bankruptcy courts, which have cost over $30 million to date. Both Davies and Zhu have now been served in Singaporean courts.

3AC co-founders Kyle Davies (first from left) and Zhu Su (second from left) (Twitter)