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Digital artist OSF gives fans a pledge of ‘art until I die’: NFT Creator

Holders of pieces in OSF’s “Red Lite District” collection get a “till the day I die” commitment from the U.K.-based artist.

A self-proclaimed jack of all trades and master of none, OSF has become a prolific figure in the nonfungible token world in just over two years, trading his former life at Barclays to focus full-time on Web3, his digital art pursuits, his PFP project Rekt Guy and living the life of a degen collector. 

The self-deprecating 34-year-old Englishman has a Swiss army knife of skills suited for a modern world of creating digital objects being a self-taught coder, understanding internet culture, with an ability to capture attention and not take himself too seriously. 

While he wears many hats, OSF, the artist, has been featured at Sothebys and has sold multiple pieces for six figures. He describes himself most as an artist and project founder.

I find it really tough to classify myself as one thing or another, but its certainly a question I get asked quite a bit. I do have periods where Im more focused on certain things like trading but overall, an artist and project founder is the way I would describe myself, OSF tells NFT Creator. 

I hate the idea of constraining myself to one thing. I think its just probably a problem I have in life. My attention gets easily captured by anything really and as you probably can guess, I have ADD and all that kind of stuff. I do feel that I just enjoy lots of different aspects of the [Web3] space, and I kind of want to be a part of it all.

Dinner by OSF. (SuperRare) 

While initially a crypto skeptic, OSF cut his teeth in early 2021 when he bought some Bitcoin, but it was his good friend Mando who provided the nudge required for OSF to truly catch the NFT curiosity bug. 

It wasnt long until he found himself applying his past decade of experience as a trader in traditional finance to this new emerging asset class of NFTs. Originally minting 150 Bored Apes (0.08 ETH each) in late April 2021, OSF sold most of them about a week later for five times the mint price but remained a large Ape holder, teaming up with Mando in September 2021 to combine their collections.

The duo made headlines in February 2023, selling around 70 Apes at a healthy clip of 78 ETH each into Blur bids as liquidity rushed back into NFTs after Blur Season 1s airdrop occurred. Apes current floor price sits at 25.84 ETH, with NFT prices being down for most collections since that iconic trade. 

Its not like we were bearish on Apes. We werent even really bearish on NFTs at this point in time. I know it now looks like a great trade, but Id be lying if I said at that point in time, I think NFTs are going to go to where they are now. I didnt really see that; I only think that became clear later on, OSF says. 

In our old jobs, if someone could tell you youve made all this money, but you still have all this risk, and you can clean up that risk in two trades and just take the money, youd do it. You wouldnt think twice. 

Crypto culture, nostalgia and XCOPY

In a similar vein to the likes of Josie Bellini and Trevor Jones, OSF has leaned into crypto culture with a passion for nostalgia that shines through his work. 

This is exemplified by his art and Rekt Guy, his PFP collection launched in May 2022, shortly after the demise of Terra. Rekt Guy, a collection of approximately 8,800, was a free mint that saw its floor run up as most other PFPs went the opposite way. The floor still sits at 0.47 ETH. 

I really like nostalgia and capturing moments over time. Im the sort of person who looks through my photos from 10 years ago just to see what I was doing then. Ive organized my music into quarterly playlists. I have 2008 Q1, 2008 Q2 and so on. Ive done that since 2008 Q1, so its been 15+ years now, says OSF. 

When I listen to a playlist from, say, seven years ago, I can remember what I was doing at this time. I really like that idea of nostalgia and capturing moments and looking back on it. I think art is a fantastic way to do that.

Rekt Guy 4214 by OSF. (OpenSea)

As a fellow Brit, OSF said XCOPYs style of art and his ability to capture culture have played a significant role in his own creation process.

I would say XCOPY is definitely an inspiration obviously, the style of the art but also the ideologies I love. I love looking at his pieces through 2020. Theyre very British pieces that you wouldnt really get unless you were living in the U.K. during COVID-19; maybe the Aussies would, too, he said.

I think that thats what I love. Thats what art is. Its like when you see something and just really connect with it and get it. I think pieces that can capture culture in moments in time end up being the ones that are iconic.

With my art, I think I just recognized that, and I saw thats how XCOPY did it. I guess I wanted to do the same thing, and half of it was because I thought it could be successful. But half of it was really just for myself.

Red Lite District commitment till I die

OSF loves to experiment, and for holders of his collection, the Red Lite District, it comes with a till the day I die commitment, with OSF promising a new piece of art every single month until his time on earth concludes. 

The story behind RLD, an edition of 210 NFTs becoming an airdrop ticket to free art, involves his brother-in-law, who really liked what would become the first airdropped piece: Fuck Cash Grabs

Fuck Cash Grabs by OSF. (OpenSea)

OSF wasnt as bullish on the piece initially but was inspired to create it off the back of many NFT cash grabs, such as Pixelmon. His brother-in-laws praise eventually convinced him to release the piece, but instead of selling it, he decided to airdrop it to everyone who held an RLD.

Red Lite District by OSF. Source: OpenSea

After a couple of days of the first piece [Fuck Cash Grabs] being airdropped, I was like, wow, the price of this piece is almost the same as the price of the Red Lite District. I thought it would literally just be one of those things that was worth zero. People really valued it, and I thought that was really powerful, says OSF. 

Thats where I thought I would just do it as a monthly thing for anyone that holds an RLD edition. After I airdropped the second piece, Professional Degen 3, which is really good and was supposed to be a 1 of 1, I think thats the point where people realized. They were like, Oh shit, this RLD should be worth quite a lot because youre going to get this stream of cool art.   

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Following the commitment of art forever to RLD holders in April 2022, OSF continues to get asked if he can really keep that promise. 

I have zero doubt in my mind if I can keep it going or not. I dont feel like creating a new piece every month is a strain on me; I really enjoy it. I have hundreds of ideas written down, and its probably my favorite part of the month. And its also my favorite way to release art because [when] contrasted with a 1 of 1 or an edition, theres an expectation. For example, what price will it sell for? Will the edition sell out? Have you looked after your collectors and all that kind of stuff, OSF tells NFT Creator. 

I cant guarantee that when Im 105, the quality of my art is going to be as good as it is now; who knows? Going back to the nostalgia thing, I love that in 10 years time, Im going to look through seasons one and two of airdrops. Right now, in season two, it is so early, but Im going to be able to look back on all these things, and itll be like a monthly document of either my life or the crypto space or whatever it is that Ive drawn for the rest of time.

From an early morning gym session to Sothebys

OSF has hundreds of art ideas in notes but loves the spontaneous nature that art can bring out of him, like the piece he did titled Carnaby Street, which ended up selling at Sothebys for $75,600 in December 2022.

The origins of Carnaby Street is a great example of how things often happen in the moment for me. I rocked up to a Barrys boot camp class and turned up too early. It was about 5 am, and I was just sitting outside Soho in London, which is usually extremely busy. It was dead. There was no one there. Sunrise was approaching, and there were all these purple lights, and I remember thinking, I have to draw this now, says OSF.

Carnaby Street by OSF. (Sothebys)

I had about an hour to kill, so I pulled out my iPad and sat down on this bench in my running gear, drawing this thing while people were coming through collecting the bins and stuff. That Carnaby Street piece only would have worked in that setting because I was actually just drawing it in the moment.

The reality is, though, occasions like that are few and far between. They can be magical pieces when it happens, but often there are blocks in the artistic process.

Notable sales to date

Lova Park sold for 82.888 ETH ($267,800 equivalent on the date of sale) on April 10, 2022. (SuperRare)
Professional degen 4 sold for 62 ETH ($113,000 equivalent on the date of sale) on May 27, 2023. (SuperRare)
Morning commute sold for 35 ETH ($133,900 equivalent on the date of sale) on April 10, 2022. (SuperRare)

Rapid fire Q&A

Influences: 

I really like Alpha Centauri Kid. I think the reason why I really like him is because I think he is someone who just puts out art based on his own personal feelings or emotions or whatever hes going through without really caring about what anyone else will think. 

I see a piece of his, and it just goes deep. He does things on his own terms and his own rules. Hes just like, Im just creating stuff that I want to create, and here it is on my terms, and if you want to buy it, you can buy it. If not, then not.

I also like the way he gamifies things and makes people feel a bit uneasy sometimes. I think its brilliant. Hes definitely a massive inspiration. I love his stuff, but just the way that he goes about conducting his art, I think its amazing. 

Which hot NFT artist should we be paying attention to? 

I think die with the most likes is amazing. I dont know if hes still upcoming or not because hes been on the timeline quite a lot. But that guy is incredible. He is a performance artist, and people havent seen his performance art yet because some of the stuff is in real life. Its just incredible. 

Hes a writer as well. He writes amazingly, and he just captures this theme of a memetic that no one else does. His stuff is different from any other artist. You could say, here are the animated artists, here are all the glitch artists, here are the neo-precision artists or whatever, but theres no one like die with the most likes. 

His stuff is just so in your face and crass; I think its brilliant, and honestly, I really think he is going to big big places. Hes quite a well-known artist now, but in a years time, I think he could be up there with the biggest people in the space.

Favorite NFTs in your wallet that are not your own

I am my own suffering by ACK, and Retention pond baptism by die with the most likes.

I am my own suffering by ACK. (OpenSea)

What do you listen to when creating art: 

I have a really weird and wide taste in music. It might be Taylor Swift one day. It might be like Creed the other day. Its just really random based on what I feel like listening to. It could be as random as piano covers of popular songs or reggae covers of popular songs. Its just the most random stuff. Its probably a testament to how scatty I am in general.

Links: 

X: https://twitter.com/osf_rekt
Website: https://www.osf.art/

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Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express

Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after the JPEX scandal, Bitget gets a new crypto credit card and more.

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

Bitmain allegedly fired staff after salary complaints

Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer. 

According to local news reports on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads: 

The EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit development, is to be fired immediately and blacklisted. (2) Employee Xie of product operations and circuit development, is to be fired immediately and blacklisted. (3) Employee Ding, administrative intern at strategic development PMT, is to be fired immediately and blacklisted. The interns post-secondary institution shall also be informed of the incident.

In addition, the company reserves the right to pursue legal action against the individuals above, Bitmain allegedly wrote. Without authorization by the company, nothing can be said, nothing can be given [to outsiders!]

Bitmains alleged layoff notice (BlockBeats)

On Oct. 9, Cointelegraph reported that Bitmain allegedly paused September salary payments for its staff members as the company has yet to achieve a net positive cash flow, especially in the orders of [new] ASICs. In addition, employees allegedly face a 50% cut to their base salary, with all bonuses and incentives being removed. 

Founded in Beijing, China in 2013, Bitmain is one of the worlds largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during the previous bull market that ended in 2021. The firms Antminer ASIC series currently leads the industry in terms of hash rate computations for mining Bitcoin. Over the past year, several Bitcoin mining operators have gone bankrupt as the price of Bitcoin plunged while electricity costs surged. 

Hong Kong investors spooked by JPEX scandal 

Despite efforts to regulate the sector, it appears that some Hong Kong residents have lost their confidence in crypto after the largest Ponzi scheme in the citys history, the $175 million JPEX crypto exchange scandal, unfolded last month. 

According to a new study published by the HKUST Business School Central on Oct. 17, 41% of Hong Kong residents are no longer interested in holding crypto assets, a sharp rise of 12% compared to before the JPEX incident. The survey featured 7,900 respondents and was conducted between April and October. 

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)

The study also revealed that 84% of Hong Kongers have heard of crypto, with 27% of respondents claiming they either hold digital assets now or were previously crypto investors. For those investing in crypto, over 80% said they would not invest over 50,000 Hong Kong dollars ($6,390) into the sector. Interestingly, 57% of respondents said they understood that crypto exchanges must obtain a license before operating in Hong Kong, an increase of 15% compared to before the JPEX scandal unraveled. 

Wu Huang, a professor at HKUST Business School Central, commented: 

We hope that the results of this survey can provide industry stakeholders with more perspectives to help build a sound virtual asset industry. As virtual assets play an increasingly important role in the digital economy, there is a need to strengthen education efforts to make the public better Understand the risks and potential of this emerging field.

Last month, JPEX staff fled their corporate booth at Singapores Token2049 event after the Hong Kong Securities and Futures Commission issued a warning regarding the exchanges unregulated activities. Subsequently, Hong Kong police arrested more than 10 corporate executives and influencers connected to the exchange on charges of fraud. The JPEX scandal has since grown to over 2,300 victims, with losses estimated at $175 million. The exchange was unlicensed at the time of the incident. 

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Factually inaccurate news report wipes out $54 million in market cap

When it comes to reporting, Cointelegraph has seen some blunders over the years. That said, fake news is a problem across the industry. 

On Oct. 16, Bloomberg reported that BC Technology Group, owner of licensed Hong Kong crypto exchange OSL, is contemplating the sale of the latter for 1 billion Hong Kong dollars ($128 million).

On Oct. 17, BC Technology Group issued a clarification stating: The Board wishes to clarify that the contents and statements in the [Bloomberg] Article are factually inaccurate and highly misleading and that it was not contemplating a sale of OSL. 

Unfortunately, investors who bought BC Technology stock based on the divestiture euphoria were not so happy. After publishing the clarification statement, shares of BC Technology tanked 22% during the trading day, wiping off $54 million in market capitalization. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company, management wrote. 

Bitgets new crypto credit card

Joining the likes of its peers, cryptocurrency exchange Bitget is launching its own crypto-fiat credit card. According to an Oct. 16 announcement during the Future Blockchain Summit in Dubai, the Bitget Card, issued by Visa and backed by digital assets in users accounts and wallets, will be denominated in U.S. dollars and will be accepted in over 180 countries. 

Although many exchanges have rolled out their own crypto debit or credit cards, some have seen pushback from payment processors. On Aug. 25, Mastercard said it would end its cryptocurrency card partnership with Binance in Latin America. Although the firm did not cite a specific reason, experts have pointed to Binances recent regulatory scrutiny as the underlying cause. 

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Big Questions: What did Satoshi Nakamoto think about ZK-proofs?

What was once a passing interest of Bitcoin inventor Satoshi Nakamoto, zero-knowledge-proof technology is now a major part of the crypto world.

From privacy coins to shiny iris-scanning orbs, zero-knowledge proofs have become synonymous with crypto, scalability and privacy.

In 2022, investors gave over $700 million in funding to companies pushing the envelope with zero-knowledge proofs. This year, ZK-proofs has arguably become one of the biggest blockchain trends, with several major Ethereum scaling protocols hitting mainnet.

ZK-proofs are a cryptographic protocol that allows one party to prove the truth of a statement to another party without sharing any of the statements contents. 

An often-cited example is proving to a bartender that youre old enough to drink without showing your ID or even telling them your birthdate.

Well, it seems that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, once found the technology pretty interesting.

A better version of Bitcoin

In August 2010, the user Red on the online forum Bitcointalk asked whether there could be a way to improve the privacy of Bitcoin transactions. 

One of the things that bugs me about bitcoin is that the entire history of transactions is completely public, the forum-goer said. Another member piped in, suggesting that zero-knowledge proofs could be the solution. 

This is a very interesting topic, replied Nakamoto.

If a solution was found, a much better, easier, more convenient implementation of Bitcoin would be possible.

However, Nakamoto wasnt convinced the tech could get around the double-spending problem a fundamental flaw that exists in all digital cash protocols where a bad actor could spend the same digital tokens more than once.

Its the need to check for the absence of double-spends that requires global knowledge of all transactions, said Nakamoto.

Satoshi Nakamotos response to users suggesting ZK-proofs to raise the privacy of Bitcoin transactions. (Bitcointalk)

Its hard to think of how to apply zero-knowledge-proofs in this case. Were trying to prove the absence of something, which seems to require knowing about all and checking that the something isnt included, he argued.

Years later, someone cracks the code

Little did Nakamoto know that the cypherpunks would eventually find a way to solve the problem.

Privacy-focused cryptocurrency Zcash was launched in October 2016 by Electric Coin a firm made up of computer scientists from the formative years of Bitcoin. Zcash was built by modifying Bitcoins original source code.

It was also the first time zero-knowledge proofs were used in a real peer-to-peer cryptocurrency, allowing users to hide or shield the crypto wallet address sending or receiving funds. 

The founding scientist of Zcash, Eli Ben-Sasson, would then go on to found StarkWare, a company known today for using zero-knowledge proofs to scale Ethereum through rollups. 

Ben-Sasson tells Magazine that the early enthusiasm from Bitcoin core developers for ZK-proofs played a pivotal role in his eventual co-founding of StarkWare.

The Bitcoin 2013 conference in San Jose marked my Eureka moment.

Mike Hearn, a then-Bitcoin developer and one of the earliest Bitcoin adopters, went as far as to declare my talk on ZK-proofs as the most crucial of the event due to its potential impact on the future of blockchain. 

It was there that I realized the transformative potential of the Validity Proofs I was developing, says Ben-Sasson.

Fast forward to today, Bitcoin itself now stands ready to enter the world of ZK-proofs.

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ZeroSync, a nonprofit founded by three computer scientists (and sponsored by StarkWare), is developing the worlds first ZK light client for Bitcoin.

Long-term, we hope to bring mass scalability to Bitcoin using STARK Proofs, said Robin Linus, co-founder of ZeroSync. 

Linus said that ZeroSync has designed and is currently implementing a layer-2 protocol that could allow Bitcoin to process more than 100 transactions per second while bringing privacy properties to Bitcoin.

This could be a major feat in bringing Bitcoin toward the scalability it needs.

So what would Nakamoto think?

Its evident from Satoshis past remarks that he strongly favored the use of ZK-proofs for privacy, says Ben-Sasson. 

Nakamoto was a stickler for anonymity. His public interactions on Bitcointalk and his emails were all reportedly done using the IP-masking browser, Tor. Its the main reason his public IP address could never be traced back to him. 

The administrator for Bitcointalk says Nakamoto has always used The Onion Router (Tor) to access the forum. (Bitcointalk)

The Bitcoin creator even dedicated a section to privacy in the Bitcoin white paper, suggesting users keep their public keys anonymous so that, even though the public can see transactions occurring, they dont know who is involved, like a stock exchange.

Privacy diagram as shown in the Bitcoin white paper. (Bitcoin.org)

Its clear that Satoshi would have been intrigued by the privacy innovations my peers and I contributed to at Zcash, says Ben-Sasson.

Unfortunately, Nakamoto never approached the subject again before he vanished from the public eye on Dec. 12, 2010 the date of his last post on Bitcointalk. 

Ben-Sasson, however, believes if Nakamoto had continued to be active, he would have likely pushed to bring ZK-proofs to Bitcoin

While they have recently found their way into Bitcoin through ZeroSync, I believe Satoshi would have been inclined to make the necessary adjustments to integrate them further, he says. 

After all, for Bitcoin to realize its vision as a global currency, the imperative to scale cannot be ignored, especially considering its current state of ossification.

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Elon Musk streams, Amazon partners with Immutable, MetalCore preview: Web3 Gamer

X’s new gaming feature, exclusive Q&A with Cronos Labs’ Ella Qiang, Immutable’s cloud titan partner.

Elon Musk is a streamer?

The social media website X, formerly known as Twitter, hosted its first gaming stream a 50-minute-long Diablo 4 gameplay on October 6. The stream, which has over 42 million views at the time of writing, involved X owner Elon Musk playing Blizzard Entertainments latest title and answering questions from viewers.

The stream happened as a test of Xs new streaming feature, as Musk wanted to see if the audio sounded normal, if the image looked reasonably good and whether the comments were working. The result was a success, with the stream concluding without any interceptions or distortions.

Musks desire to make X a super app is no secret, and this move is just another brick in the wall of features the everything app aspires to offer. Musk commented on Xs place among other streaming apps like Kick and Twitch:

I think the very specialist apps are still gonna be probably better than us in a lot of ways, but you know, I think we can be the best generalist app. Theres some value to being a generalist app for, I guess, discovery and for interacting with the largest number of people in the world.

He continued to answer viewer questions toward the end of the stream without speaking a word about crypto and announced the streaming feature for Xbox and PS5.

Using NFTs to build a Web3 gaming community

NFTs have gone through quite a journey, from funky ape images on the blockchain to the next step in the evolution of art. While its hard to call it a thriving market since early 2022, the NFT ecosystem is on a continuous rollercoaster as new use cases emerge and older ones become no longer feasible.

A DappRadar report shows that the daily active wallets for the NFT sector grabbed quite a bite from gaming in the third quarter, doubling its activity while jumping to 12% of the total blockchain ecosystem from a mere 7% in Q2 2023. 

NFT activity on blockchain. (DappRadar)

Aside from being cool images or pixelated art, NFTs might have shown potential as an onboarding tool for Web3 communities. Cronos Labs, a Web3 startup accelerator backed by crypto exchange Crypto.com, is no stranger to NFTs and Web3 gaming thanks to the NFT collections released by Crypto.com in partnership with global brands.

Cronos Labs head of ecosystem Ella Qiang tells Magazine that its notoriously difficult to bootstrap a community from scratch in blockchain gaming. However, having an NFT collection means you also have an engaging community of NFT holders making a great start to building a community for a game.

This is why some of the successful games on Cronos launched an NFT collection and built their community from there.

Qiang says that crypto gaming has two main routes: First one is the Web3 route, starting with the NFT collection to build an engaging community. Then the community becomes passionate about the collection and wants to see more utility for those NFTs.

The second route involves established Web2 IPs and their established user base. At some point, the studio might want to add some Web3 elements to their IP. Cronos Labs is helping a number of mobile game studios to incorporate Web3 components into traditional games.

Its quite challenging for them. Its not like chucking NFTs into an established title or creating a token inside the game its way more complicated than that.

The reaction of Web2 gamers might not be what the studio expects in such cases. They might not like the idea of having NFTs or tokens in a game they like, according to Qiang.

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Presentation also plays a key role in the acceptance rate of the community. Zynga, one of the most established mobile gaming publishers, recently announced its Web3 gaming platform and transmedia IP, Sugartown, with a new NFT collection. Even though traditional gamers make up the majority of Zyngas user base, Zyngas Sugartown Oras quickly became the hottest NFT collection on NFT marketplace OpenSea.

Amazon partners with Web3 gaming company

Immutable, a Web3 gaming platform, announced its partnership with industry giant Amazon Web Services to expand opportunities for game developers. AWS added Immutable to its Independent Software Vendors (ISV) Accelerate Program, where companies offer software solutions that either run on or integrate with AWS.

The agreement allows Immutable to offer game studios training, technical support and AWS cloud credits up to $100,000 to cover cloud service costs via AWS Activate.

AWS Australia and New Zealand head of startups John Kearney commented on AWSs impact on Immutables development:

AWS is supercharging Immutables development by onboarding new game studios and providing them with resources through our flagship AWS Activate startup program and AWSs ISV Accelerate Program, which give them the tools to accelerate their global launch.

Immutable is no stranger to Amazon as the platform is built with Amazon EventBridge and AWS Lambda, serverless services allowing Immutable to use events to connect application components and rapidly scale.

Immutable product marketing lead Michael Powell addressed the concerns of blockchain purists, stating that games are built on centralized platforms and that striking a balance between decentralization and practical game development is vital.

Robots on blockchain: MetalCore hot take

The upcoming free-to-play massively multiplayer online action game lets players experience a chaotic battlefield with gameplay similar to the signature style of Star Wars: Battlefront and Battlefield games. Combining infantry combat with vehicular combat, MetalCore boasts an impressive line-up of towering mechs, armored tanks and high-flying jets for players to command freely.

MetalCore has eight classes with different attributes and expertise: light infantry, heavy infantry, super heavy infantry, engineer, medic, scout, sniper and pilot. Players can switch between first-person and third-person and participate in player-versus-player and player-versus-environment game modes.

The graphics are mesmerizing and look AAA quality, and theres good reason for that. The team behind MetalCore comprises industry veterans with prior experience in AAA games, including Fortnite, The Walking Dead, Gears of War 3 and Mortal Kombat. The game also features design and illustrations from people who worked on famous Hollywood franchises like Avengers, Star Wars and Star Trek.

Two studios, Studio 369 and Umbrella Network, are working on the game. Studio 369 handles most of the actual game-making on Unreal Engine, while Umbrella Network brings Web3 experience in blockchain development and data management.

MetalCores in-game token, FAB, is freely convertible and tradable on exchanges and allows players to buy and customize vehicles such as aircraft, gunships, fighter jets and bombers. Players can battle in these vehicles or choose to gift, trade or rent them.

Everything is represented as an NFT in MetalCore, from land and garages to exclusive equipment, war machines, pilots and in-game currencies. Utilizing NFTs allows players to truly own their assets. Rare weapons, cosmetic items and skins are also acquirable as NFTs that are tradable on an open marketplace.

Promotional art from MetalCore. (MetalCore)

The mechanized combat game is steadily assembling partnerships with solid companies, including Ethereum-based Web3 gaming platform Immutable and the gaming communitys second-favorite digital game distributor, Epic Games.

MetalCore looks quality, and this is precisely what Web3 gaming needs. If it delivers on its promises, we might finally get a good, fun product in Web3 gaming.

More from Web3 gaming space

Animoca Brands partners with Drecom to support the expansion of Japanese Web3 gaming.

Twitch streamer Dr Disrespect shares a new trailer of Web3 extraction shooter Deadrop, developed by his game studio Midnight Society.

Bored Ape creator Yuga Labs invests in Hadean, a spatial computing company, to power BAYC-themed metaverse, Otherside.

The Sandbox announces a partnership with T&B Media Global, a Thailand-based IP development company, to launch new virtual experiences.

Aavegotchis are coming to The Sandbox on October 25.

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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.

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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.

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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.

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)

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

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

Crypto industry concerns after Chinese dev fined 3 year’s 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 mediareportsearlier 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
Images from the China Digital Times story.

Based on a document issued by 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 e-CNY 

The City of Hangzhou is airdropping 10 million digital yuan central bank digital currency (e-CNY), 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 e-CNY airdrop for use in food delivery platforms. Individuals can receive up to three vouchers that reimburse merchants, in e-CNY, 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, although denominated in e-CNY, 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 e-CNY, 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 September 27, Hong Kong Policeclaimthey 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 8 million HKD ($1 million) in cash and frozen bank accounts worth 77 million HKD ($10 million) suspected of being proceeds of crime.

On September 13, the Hong Kong Securities & Futures Commission (SFC) 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 its discovery, the SFC began publishing a list of crypto exchanges 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 September 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 September 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 CTO 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 Tsaibecame the chairmanof Alibaba Group, replacing his predecessor Daniel Zhang.

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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.

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

Dineno advised players to withdraw their satoshis, 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 Arena 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 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 are 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 (NFTs), with each driver possessing distinctive abilities from a pool of over 200 unique skills.

Formula E: High Voltage is available on early access until the 2nd of October. 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.

Coinbase Explores Blockchain Partnership With Kenya’s Safaricom

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.

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