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California City Launches New ‘Bitcoin Office’ Dedicated to ‘Transformative Potential’ of BTC

California City Launches New ‘Bitcoin Office’ Dedicated to ‘Transformative Potential’ of BTC

Santa Monica, California, is launching a new office dedicated to educating the community about Bitcoin (BTC). In a new announcement, the government of the city of Santa Monica – a part of Los Angeles County – says that it’s opening the Bitcoin Office to help residents and businesses understand its potential and role in the […]

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SEC Says NFTs Are Securities in Lawsuit Against Los Angeles Entertainment Company Impact Theory

SEC Says NFTs Are Securities in Lawsuit Against Los Angeles Entertainment Company Impact Theory

The U.S. Securities and Exchange Commission (SEC) is charging a widely followed media company with securities violations in relation to the sale of non-fungible tokens (NFTs). The SEC is announcing formal charges against the Los Angeles-based entertainer Impact Theory for allegedly offering NFTs as an “unregistered offering of crypto asset securities.” “[The SEC] today charged Impact […]

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Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud

Silk Road Hacker Sentenced to a Year in Prison for Wire FraudOn April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ […]

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New York, Los Angeles and Chicago Among the Most Crypto-Ready Cities in the World: New Research

New York, Los Angeles and Chicago Among the Most Crypto-Ready Cities in the World: New Research

A new survey conducted by digital assets tax tool Recap says that the three most populous US cities are among the world’s most crypto-ready. The study surveyed the 200 most-populated cities on the globe on factors such as the number of crypto ATMs, residents working in the crypto sector, the number of crypto firms and […]

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London Crowned World’s Leading Cryptocurrency Hub, According to Study

London Crowned World’s Leading Cryptocurrency Hub, According to StudyAccording to research from Recap, a cryptocurrency tax software company, London has become the world’s leading hub for cryptocurrencies. The researchers analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country. Key Findings of Recap’s Study on Global Cryptocurrency Hubs Crypto tax firm Recap released a research […]

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Crypto.com moves forward with multimillion-dollar renovation of Staples Center following staff cuts

"Brave of them... maybe fortune favor them," said one Redditor in response to an artist's rendering of the renovations.

Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center.

In a Monday tweet, Crypto.com released an artist’s rendering of some of the changes it planned to implement at the iconic arena in a reported “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well as a terrace overlooking the downtown Los Angeles area.

The crypto exchange signed a $700-million agreement with arena owner AEG in November 2021, giving Crypto.com naming rights over the venue for 20 years. In October 2021, Hollywood star Matt Damon plugged the platform in an ad campaign that later went viral. However, many in and out of the crypto space subsequently ridiculed Damon’s appearance and Crypto.com’s “Fortune Favors the Brave” tag line.

Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced the exchange would be cutting 260 people from its corporate workforce or 5% of all employees at the time. In addition, the company said in May it would be reducing staking rewards for its Cronos (CRO) token for most tiers of its VISA prepaid card. Despite the restructuring, the exchange has moved forward with obtaining regulatory approval in South Korea, Italy, Cyprus and the United Kingdom.

Reactions to the arena’s updates were mixed from Angelenos and crypto users on social media, with some hinting at their displeasure with the company’s decision to reduce staking rewards and others making connections to its ad campaign.

“Brave of them... maybe fortune favor them,” said Redditor DadofHome.

Related: Crypto.com to roll out Google Pay integration as Big Tech continues to embrace crypto

According to data from Cointelegraph Markets Pro, the CRO token price has fallen roughly 16% in the last s days, reaching $0.1257 at the time of publication.

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‘Our democracy will better evolve because of DAOs,’ says Animoca’s Yat Siu

Cointelegraph caught up with Animoca Brands co-founder Yat Siu at NFT LA to learn more about DAOs, Web3 and why NFTs are critical.

The rise of Web3 has paved the way for new business models that could shape the next phase of the internet. For instance, nonfungible tokens (NFTs) will play a large part in the open metaverse as the underlying assets people interact with. Decentralized autonomous organizations (DAOs) are also coming to fruition to allow for community governance within virtual environments. 

The growth of Web3 has essentially allowed NFTs and DAOs to flourish. For example, recent data from DeepDAO — a DAO stats platform — shows that DAOs have experienced 130-times growth over the last year, reaching a market capitalization of $24.8 billion. In December 2021, DeepDAO found that the total assets under management (AUM) for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September. Nonfungible tokens are also on the rise as a number of crypto-platforms and mainstream organizations continue to implement NFT use cases.

Given this increased interest, Cointelegraph spoke with Yat Siu, co-founder and chairman of Animoca Brands — a Hong Kong-based gaming and venture capital company — during NFT LA to better understand the impact that NFTs and DAOs will have on the future of the internet.

Cointelegraph Senior Reporter Rachel Wolfson sat down with Yat Siu at NFT LA. Photo Credit: Larry Wong

Cointelegraph: Thanks for joining me, Yat. Can you please explain what you spoke about during your fireside chat at NFT LA?

Yat Siu: Sure, I talked about the future of NFTs and briefly discussed why I think nonfungible tokens are going to usher in human creativity that is truly valued. Currently, the content we create is an asset, which actually becomes a platform in itself because it is the data we own. In regard to Web3, I think that the idea of the open metaverse has now become permanent — it’s powerful. It represents hope, along with the idea of equity in a democratic fashion. In order to explain this, I compared the open metaverse to how people typically view America. America represents freedom of expression, natural rights, self-sovereignty and more. I’m optimistic because the people building in Web3 are striving toward that similar goal.

CT: What role do NFTs and DAOs play in Web3?

YS: NFTs are critical because they represent the assets and items of the Metaverse, or things we own. The way we govern this is through decentralized autonomous organizations. They determine our rights in the Metaverse.

Nonfungible tokens also present greater opportunities than physical items do in the real world. For instance, if I own land in The Sandbox, I now have the ability to not only build on what Sandbox gave me as tools, but I can also have any third party come in and construct a new idea and innovation. This means that we can create a Cambrian creative explosion because we can build and compose freely on assets someone else has formed.

We’ve experienced small instances of this in Web2. Take YouTube, for example. Users can upload a video to that platform, but I remember Hollywood executives initially didn’t believe that anyone would want to watch someone else eating food or dancing — now, look at YouTube. YouTube demonstrated that we can combine the culture of user-generated content with our own experiences. However, ownership does not belong to the creator in this instance, it belongs to YouTube. Web3 gives this back to the end user, and NFTs are critical assets in this equation.

CT: There is an influx of DAOs at the moment. How does Animoca decide which to invest in?

YS: From an investing perspective, we look at where value is driven within DAOs. For instance, if you look at ApeCoin (APE) or Sandbox (SAND), owning these tokens is a way to be part of a network effect and power those communities they represent. If you think The Sandbox is going to keep growing, then it makes sense to have that token since those people most likely care about the future of that community. You also see this in countries. For example, America is one of the most desirable immigration spots in the world. As such, the resources and systems within America are more valuable. If you have a stake in America, then you’d be doing well in the long term since it’s desirable, so having a vote and being a citizen is also valuable. That’s what a DAO really is.

From an investment perspective, one way to look at DAOs is by the community strength and whether it’s a desirable place to be. It’s not just about how much money the DAO makes, but it’s also about whether it has longevity or if it serves the community well. People aren‘t going to be a part of Sandbox, ApeCoin or any other community if the members don‘t serve the community properly. DAOs that treat the community well have more loyalty and strength, and that‘s what we believe in when investing in DAOs.

CT: What is the difference between centralized and decentralized metaverse environments?

YS: People sometimes make a distinction between closed and open metaverses. For instance, you can say Facebook is a closed metaverse while The Sandbox is open. Animoca generally calls every metaverse that isn‘t open a “fake metaverse.” We call closed metaverses fake because we don’t actually own anything. Everything on Facebook belongs to Facebook, for instance. They can delete users’ content and their legacy if they choose to. For us, that can‘t be a metaverse since we are unable to have an identity in these worlds. Therefore, the open metaverse is the only real way of ownership. NFTs are a fundamental part here since we actually own these assets.

CT: Can you elaborate on how DAOs act as governing bodies for NFTs?

YS: Decentralized autonomous organizations are living structures that exist on a blockchain network that allow us to take governance and control over decisions made in a democratic fashion. DAOs iterate on democratic systems at the pace of technology. Therefore, I think our democracy will evolve stronger and better because of DAOs.

For example, countries might look at DAOs as a consensus mechanism that works well for a virtual society serving millions of users. Iterating on democracy in the physical world can be risky, but this isn’t the case in a technological framework. You now have a sandbox to experiment on — some DAOs will fail, some will succeed and different governance models will develop. This is how we can innovate on what could become the most optimal form of a democratic process that can’t be explored physically because it’s too risky and expensive.

The ApeCoin DAO, for instance, is fascinating because it’s a very vocal community that doesn‘t have the same level of understanding when it comes to certain terms, but we think it will evolve over time. This is a living example of a functioning DAO where people can express their thoughts on things they agree and disagree with.

CT: What excites you most about the future of DAOs and Web3?

YS: The framework and idea of composing and constructing democratic systems together — even if people don‘t have the same level of understanding — is equitable in itself.

We are excited about Web3 because the future of work is all digital, and the resources of Web3 are data created by users. As such, we are the creators of our own equity, which provides everyone with a form of universal basic equity. Imagine if Facebook considered all of its users to be workers that provide the company with data. Well, this is what we are doing for free. We think data should be a natural right, like property, meaning users have ownership of the data they create. This will completely reshape how the digital world interacts with the physical world.

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Florida Home to Be Sold as an NFT, Decentralized Organization Seeks Bel Air Megamansion

Florida Home to Be Sold as an NFT, Decentralized Organization Seeks Bel Air MegamansionAccording to a California-based real estate technology company called Propy, a four-bedroom home in Gulfport, Florida, will be tokenized leveraging non-fungible token (NFT) technology and sold for $650K. In addition to the Gulfport home, another blockchain project has launched aiming to purchase The One Bel Air 105,000-square-foot megamansion by creating a decentralized autonomous organization (DAO). […]

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NFL to offer virtual NFT tickets at Super Bowl in Los Angeles

After launching commemorative virtual ticket NFTs in November 2021, the NFL distributed over 250,000 NFTs as of mid-January.

The NFL announced officially on Wednesday that each fan who attends Super Bowl LVI in Los Angeles on Feb. 13 will receive a unique customized nonfungible token (NFT).

The NFT will feature their unique section, row and seat to commemorate the game day and the Super Bowl’s return to Los Angeles for the first time in almost 30 years.

According to the announcement, Super Bowl LVI provided the NFL with a special opportunity to offer NFTs at the event as a tool to engage and celebrate with fans.

Robert Gallo, senior vice president at the NFL’s club business development, noted that the club started offering virtual commemorative ticket NFTs to fans during the regular season.

“We witnessed great success with this one-of-a-kind fan experience, which provided the momentum to continue this program throughout the postseason and ultimately at Super Bowl LVI in Los Angeles,” Gallo noted.

According to Gallo, fans have been eagerly collecting virtual ticket NFTs, especially for the season’s biggest game. Offering customized Super Bowl NFTs enables the NFL to enhance the gameday experience, while also enabling the club to further “evaluate the NFT space for future ticketing and event engagement opportunities,” Gallo added.

The NFL on Wednesday released the club-specific NFTs for the Super Bowl LVI participating teams, the Los Angeles Rams and the Cincinnati Bengals. The virtual NFT tickets are minted on the Polygon blockchain and can be viewed on the NFL’s official NFT website.

The National Football League continues moving into the nonfungible tokens (NFTs) by preparing another collection of limited edition NFTs to commemorate Super Bowl LVI in Los Angeles.

Related: Tom Brady’s NFT platform Autograph raises $170M to scale operations

Earlier in January, Gallo told Cointelegraph that the NFL began releasing virtual commemorative tickets in the form of NFTs at no cost to fans in November 2021. By mid-January, the club distributed over 250,000 free NFTs, he said.

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Coinbase CEO reportedly buys LA mansion for $133M

The estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir Charles Bronfman.

Brian Armstrong, CEO of Coinbase — the largest cryptocurrency exchange in the United States — reportedly made a multi-million-dollar real estate purchase at the end of 2021.

Armstrong bought a $133-million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, The Wall Street Journal reported on Monday, citing anonymous people familiar with the matter.

According to The Wall Street Journal, Tomita originally purchased the real estate for $85 million in 2018. The new deal allegedly marks the biggest home purchase ever completed in the L.A. area.

Prior to being sold to Tomita, the Bel-Air estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir Charles Bronfman.

The property includes a 19,000-square-foot mansion featuring a theater, a gym and a double-height dining room. The property also reportedly had a 6,600-square-foot guest house designed by Paul Williams.

Armstrong co-founded Coinbase with American business executive and investor Fred Ehrsam back in 2012. The exchange has been growing massively in recent years, becoming the largest crypto trading platform in the U.S. in terms of trading volumes and going public on Nasdaq in April 2021.

With a reportedly 19% stake in Coinbase, Armstrong had an estimated net worth of $14.7 billion as of November 2021, being one of the world’s richest crypto investors alongside FTX exchange founder Sam Bankman-Fried. Armstrong was also referred to as the world’s biggest crypto billionaire by China’s Hurun Research Institute in March 2021.

Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending any new information.

Related: Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy Digital

Crypto executives have been increasingly buying real estate recently. Jonathan Yantis, co-founder of the nonfungible token platform Worldwide Asset eXchange, reportedly purchased a 70-acre estate outside Denver for $12.5 million in mid-December.

Changpeng Zhao, CEO of the world’s largest crypto exchange, Binance, reportedly bought his first home in Dubai in October 2021. He previously said that he did not own any real estate as of April 2021, claiming that he sold his apartment in Shanghai back in 2006 to buy Bitcoin (BTC).

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