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Father Father #bytes #bytes
Moreso than almost any industry before it, Web3 owes its very existence to science fiction and storytellers who crafted digital worlds that developers are now trying to recreate. At Camp Decrypt, a group of Web3 creators and futurists—including Jason Michael Primrose, Amanda Terry, Artemysia-X, and Kas Vegas—sat down with moderator Shira Lazar to discuss storytelling in Web3.
The Bored Ape Yacht Club, created by Yuga Labs, is one of the best-known NFT projects. Launched in April 2021, the original collection has yielded over $2.5 billion to date in trading volume. It has spawned successful spin-offs like the Mutant Ape Yacht Club and Otherside, and attracted an array of celebrity and brand owners in the process.
The NFT market isn’t dead, but it is significantly weakened. Data from DappRadar and Dune suggest approximately $700 million worth of secondary market NFT sales in October, compared to $5.36 billion back in January.
The last Bored Ape sale to top the null million mark was sold on October 1, when Bored Ape #8585 sold for 777 ETH, or null.02 million. ETH was about 13% more valuable then. An NFT is a blockchain token used to represent ownership of a unique item, including digital goods such as PFPs, artwork, collectibles, and video game items. The NFT market swelled to $25 billion in trading volume in 2021 and continued that pace into early 2022, but momentum cooled significantly since the crypto market declined in May.
Thapliyal is a well-known NFT collector who set the record for a CryptoPunks purchase earlier this year, paying 8,000 ETH—or $23.7 million worth at the time—for a single NFT. He recently tweeted that he would sell his rare NFTs after Chain was impacted by FTX’s downfall, though he said he’d keep the record-setting Punk. Those tweets have since been deleted.
Many Bored Ape NFTs have lost considerable value in recent months, including one purchased by singer Justin Bieber earlier this year for null.3 million worth of ETH that’s only valued around $69,000 today. But this gold-furred Ape is considered one of the rarer avatars, ranked 324th out of 10,000 NFTs per data from Rarity Tools. Less than 0.5% of the Apes have golden fur.
Bored Ape Yacht Club NFT #232 sold this morning for 800 ETH on the secondary market, or about $927,000. The tokenized profile picture (PFP) was sold by Deepak Thapliydal, CdEO of Web3 cloud software startup Chain, and purchased by notable pseudonymous collector Keung.
Spurred by FTX’s collapse and the resulting contagion spreading to other companies, the icy crypto bear market is only getting colder—and the NFT market has lost considerable steam since earlier this year. Even so, some “blue chip” Ethereum NFTs still command sizable prices, as evidenced by today’s sale of a Bored Ape for just shy of null million.
The golden-fur Ethereum NFT sold for 800 ETH, or about $927,000, even as wider Bored Ape Yacht Club prices trend downward.
NFTs Are Dead? Even in Bear Market, a Bored Ape Sells for Nearly null Million
According to a report by City AM, brothers Jason and Owen and cousin Shane Morton together held millions of Nexo’s NEXO token, along with tens of millions in Bitcoin and other cryptocurrencies.
Nexo is being sued in London by a family of fintech entrepreneurs who allege that it froze their ability to withdraw up to £107 million ($126 million) of their assets and then intimidated them into selling it all to the crypto lender at a 60% discount.
El Salvador’s Bitcoin law was introduced in the midst of the crypto bull run, with the price of Bitcoin peaking at a high of over $69,000 last November.
First announced at the Bitcoin Miami conference in June 2021, El Salvador’s Bitcoin law has won Bukele plaudits from some of the loudest voices in Bitcoin. However, Bukele's regime has come under fire for its well-documented authoritarian tendencies and the forced nature of its Bitcoin rollout.
El Salvador was the world’s first nation to adopt Bitcoin as legal tender, making it mandatory for merchants throughout the country to accept the largest cryptocurrency as a payment option. The move sparked widespread discontent among citizens and businesses.
According to the Ethereum co-founder, “a lot of Bitcoin people ignored the fact that Bukele’s government is not a very democratic government that actually has a lot of problems, and they are not that good at respecting other people’s freedoms.”
This is one of my criticisms of the Bitcoin community: they just automatically love everyone rich and powerful who supports Bitcoin,” Buterin said in a video interview with The Straits Times.
Ethereum creator Vitalik Buterin has again criticized the Bitcoin community's enthusiasm for El Salvador and its president Nayib Bukele, saying that many Bitcoin advocates have ignored the fact that Bukele’s government is "not very democratic."
The Ethereum creator took aim at members of the Bitcoin community who backed the "not very democratic" regime in El Salvador.
Vitalik Buterin: Bitcoin Fans 'Ignored' El Salvador's Undemocratic Government
https://decrypt.co/115207/sbf-deepfake-scam-ftx-collapse [SBF Deepfake Scam Offers Users 'Compensation' for FTX Collapse - Decrypt](https://decrypt.co/115207/sbf-deepfake-scam-ftx-collapse) The modified video of FTX founder Sam Bankman-Fried points to an apparent scam website that could potentially steal funds from users.
Even as he criticizes the capriciousness of platform policies, he perpetuates this same lack of legitimacy through his impulsive changes and tweet-length pronouncements about Twitter’s rules,” Roth wrote. While Twitter’s crypto lead, along with countless others, may have left the company, Musk still has the help of Andreessen Horowitz partner Sriram Krishnan—for now
Yoel Roth, Twitter’s former head of trust and safety, called Musk’s decisions “impulsive” in an op-ed for the New York Times published Friday.
“Serious questions remain about the stability of the backend over the holidays,” one anonymous Twitter employee wrote on Tuesday. “The most vocal engineers were let go as well, which brought so much more toxicity to the new Twitter culture.”
According to the website Blind—where reviewers have to enter and verify their work email addresses in order to review their workplaces—morale at Twitter has taken a nosedive since Musk became CEO.
The workplace climate at Twitter has become increasingly tense, leading many to wonder what will become of the site and its crypto products. Twitter implemented a number of crypto-related features in the past year, such as verified NFT profile pictures with OpenSea data, adding Bitcoin and Ethereum wallet addresses to profiles, and the ability to tip other users in Bitcoin. Earlier this month, reports surfaced that a planned crypto wallet feature for the site has been paused since Musk took over.
News of more Twitter employee departures comes shortly after a banner of anti-Musk rhetoric was projected across the exterior of Twitter’s San Francisco headquarters late Thursday evening, calling Musk—among other insults—a “megalomaniac” and a “worthless billionaire.”
Prior to Twitter, Rinearson worked as the VP of Engineering at crypto firms Interstellar, Interchain, and Chain. She has also worked as an engineer for the website Medium, which was initially created by Twitter and Blogger co-founder Evan Williams as a longer-form, ad-free version of Twitter.
Going forward, to build a breakthrough Twitter 2.0 and succeed in an increasingly competitive world, we will need to be extremely hardcore,” Musk told Twitter employees via email earlier this week. “This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade.”
The former Twitter staffer also updated her Twitter bio to “do not click the button @Twitter,” presumably a reference to new CEO Elon Musk’s requirement that any employee wishing to stay and adopt Twitter’s new “extremely hardcore” culture click “Yes” on a form by Thursday evening.
“I am very proud of everything the crypto team started at twitter, and I am sad I won't see it all the way through,” Rinearson wrote on Twitter Friday. “But there are still LOTS of brilliant, thoughtful people at the company, and I am rooting for them, always.”
Rinearson, whose Twitter profile is now private, is based in Berlin, Germany, and had been working for Twitter for just over a year, according to her Linkedin and Twitter profiles. At time of writing, Rinearson has not yet updated her Linkedin profile to reflect her departure from Twitter.
Twitter’s Crypto Lead Tess Rinearson has left the company, tweeting a salute and blue heart emoji late Thursday evening to symbolize her departure.
Twitter’s Crypto Engineering Lead Resigns as Staff Numbers Dwindle Elon Musk’s order that employees either become “extremely hardcore” or leave has led to mass resignations.
Funny video muuuu #nirmol
Sony Files Patent for Tracking In-Game Digital Assets With NFTs The patent would allow gamers to own unique in-game assets and collectibles from their favorite esports stars.
Newly published documents reveal that global entertainment giant Sony applied for a patent in 2021 for a system that tracks digital assets in video games using blockchain technology—specifically NFTs. The patent was made public on November 10, 2022. Sony—a Japanese multinational technology conglomerate known for its PlayStation gaming consoles—points to the worldwide popularity of gaming, and players who want to own unique items associated with their favorite celebrities, activities, and esports tournament winners.
“In traditional video games, there is no way to differentiate a specific instance of an in-game item that a famous player of the video game used to win a famous tournament from any other instance of the in-game item,” Sony says.
According to the application, Sony wants to use a distributed ledger, or blockchain, to record digital media assets, gameplay, and video clips and include a unique token for the digital item with a unique identifier and metadata that would identify properties of the digital asset. Non-fungible tokens, or NFTs, are cryptographically unique tokens linked to digital and physical content, providing proof of ownership for things like artwork, music, memorabilia, and items in video games. While the filing is only for a patent, it shows Sony is interested in entering the growing NFT gaming field. According to CoinGecko, the top NFT games, also known as Play-to-earn games, include Axie Infinity, Alien Worlds, STEPN, and The Sandbox.
Changes to properties of the digital asset, such as ownership, visual appearance, or metadata, can be identified in a request to update the history,” Sony writes. “A new block can be generated for, and appended to, the distributed ledger identifying the changes to the history of the digital asset.” While not the first company to utilize blockchain technology, Tokyo-based Sony is one of the largest entertainment and media companies to develop plans for integrating NFTs and blockchain technology into its games. This patent would not be Sony’s first foray into NFTs. In May 2022, Sony partnered with Theta Labs to launch a collection of 3D NFTs. The limited-edition NFT collection is viewable on the Sony tablet-style device, Spatial Reality Display.
Solana Labs, the company that represents the founders of and core contributors to the Solana network, also sold over 7.56 million SOL (about $106 million worth) to Alameda Research. All of those tokens will unlock for trading in 2025. CEO Anatoly Yakovenko previously said that Solana Labs was unaffected by the FTX collapse, and held no funds on the exchange. The Foundation’s disclosures emphasize the extent to which Solana and Bankman-Fried’s companies and projects were heavily intertwined. It also reinforces why FTX’s unraveling has had such an exaggerated impact on the price of SOL over the last week.
Currently, that stash of FTT tokens is worth about $4.36 million, while the SRM tokens are collectively worth about $29.3 million. However, both tokens have fallen sharply in price over the past week. As of last Monday, November 7, the Foundation’s FTT tokens were worth about $75.5 million, with the SRM worth almost $101 million. The blog post added that FTX and its affiliated Alameda Research crypto trading firm (also co-founded by Bankman-Fried) purchased over 50.5 million SOL from the Foundation, currently valued at about $708 million. However, a significant portion of that SOL is locked up in monthly unlock schedules that run into 2028.
Furthermore, the Solana Foundation holds approximately 3.24 million shares of FTX Trading LTD common stock, along with about 3.43 million FTT tokens and 134.54 million SRM tokens from decentralized exchange (DEX), Project Serum. Bankman-Fried founded the Solana-based DEX in 2020.
In a blog post, the Solana Foundation said that it had approximately null million worth of cash or equivalent assets on FTX as of November 6, before the site stopped processing customer withdrawals. Those assets are now stuck on the platform, pending the results of FTX’s bankruptcy proceedings. The Foundation said that it amounts to less than 1% of its funds.
Most major cryptocurrencies are down significantly over the past week amid the destruction of popular exchange FTX, but Solana (SOL) has taken a tougher pounding than most, apparently exacerbated by ties to FTX and founder Sam Bankman-Fried. Today, the Solana Foundation detailed the extent of its financial links to the crumbling FTX empire.
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