LensLinks: Issue 35

A blockchain news roundup, brought to you by Regiment LLC

Author

Len Pacek
November 18, 2022

Today in LensLinks:

  • Former Enron Liquidator shocked by "unpreceded situation at FTX"

  • Web3 Heading to World Cup in Big Way

  • DeFi Platforms Seeing Profits Surge (wonder why...)

  • Zuck "Surrounded by Sychophants"?

  • NFTs here to stay?

  • What is Generative AI?

  • How to Be a Successful Metaverse Creator

  • And Much, Much, More...

QUOTABLE...

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

"Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements."

- John J. Ray III, New FTX Chief Exec and former Enron Liquidator

NOTABLE...

Web3 Is Heading to the World Cup

Virtual lounges for your avatar to watch a livestream of the game? Web3 doesn’t get more meta than the mind-bending plans for the World Cup in Qatar.

https://www.coindesk.com/layer2/2022/11/16/world-cup-2022-web3-guide/

For those who need more futbol than they can get in 90-minute games, the 2022 World Cup is heading into Web3. Non-fungible token-powered trading games, branded NFT collections and metaverse worlds – even one where your virtual self can watch streaming games within a metaverse lounge – are just a few of the ways to enjoy the Web3/World Cup mashup.

The World Cup even has an official crypto exchange sponsor – Crypto.com – and it’s just one of several decentralized tie-ins for the World Cup, which kicks off in Qatar in November.

 Metaverse & Gaming

Dubai start-up Rekt Studios raises $1.5m as it plans to launch its first gaming metaverse

Funding round was backed by blockchain and Web3 venture capital firm Cypher Capital

https://www.thenationalnews.com/business/technology/2022/11/17/dubai-start-up-rekt-studios-raises-15m-as-it-plans-to-launch-its-first-gaming-metaverse/

Called Unseen, the project will allow producers to create games, experiences, metaverse buildings and digital assets, the company said on Thursday.

“The new funding will not only enable further game development but will also fuel expansion and the studio’s marketing efforts,” said Bill Qian, a board member at Rekt Studio.

“Our immediate goal is to provide the Middle East with a distinct and accessible gaming ecosystem, while also establishing the region as the most prominent space for abundant opportunities in this space.”

 Blockchain, Tokens & DeFi

DeFi platforms see profits amid FTX collapse and CEX exodus

On-chain data flashed positive for DEXs and shows an increase in protocol revenue, even as markets corrected due to FTX’s insolvency.

https://cointelegraph.com/news/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus

A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin

BTC $16,526 - ETH $1,193

are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.

Crypto Trading

Janet Yellen: FTX Meltdown Shows Need for 'More Effective Oversight' of Crypto - Decrypt

Treasury Secretary Janet Yellen on Wednesday implored Washington to step up its oversight of crypto following the collapse of FTX.

https://decrypt.co/114873/janet-yellen-ftx-meltdown-effective-oversight-crypto

Secretary Treasury Janet Yellen added her voice to the growing chorus of Washington leaders demanding action in the wake of crypto exchange FTX’s collapse last week, saying on Wednesday that the meltdown has demonstrated “the need for more effective oversight of cryptocurrency markets.”

Metaverse & Gaming - A Little More...

“Mark Has Surrounded Himself With Sycophants”: Zuckerberg’s Big Bet on the Metaverse Is Backfiring

Despite plummeting stock prices, massive layoffs, and deep skepticism in Silicon Valley, the Facebook cofounder is sticking with his Meta rebrand. “There is no question that AR and VR are the future,” says one start-up cofounder. “It’s just a matter of when.”

https://www.vanityfair.com/news/2022/11/mark-zuckerberg-meta-facebook

The Generative AI Revolution in Games

Generative AI is the biggest thing to happen to the game industry since 3D. If you're in games, and not experimenting with it then you're already behind.

https://a16z.com/2022/11/17/the-generative-ai-revolution-in-games/

What it takes to be a successful creator in the metaverse

As the number of brands getting into the space increases, so too does the demand for creators.

https://www.marketing-interactive.com/what-it-takes-to-be-a-successful-creator-in-the-metaverse

Blockchain, Tokens & Defi - A Little More...

FTX's Bankman-Fried, Tom Brady and other celebrity promoters sued by crypto investors

U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts.

https://www.reuters.com/legal/ftx-founder-bankman-fried-sued-us-court-over-yield-bearing-crypto-accounts-2022-11-16/

Hong Kong Regulator Calls for Tough Rules Despite Ambitions to Be Crypto Hub

Julia Leung, deputy CEO of Hong Kong’s Securities and Futures Commission, highlighted DeFi as an area that needs regulations.

https://www.coindesk.com/policy/2022/11/17/hong-kong-regulator-calls-for-tough-rules-despite-crypto-hub-ambitions/

The NFT Bubble Has Burst, but the Value For Creators Is Just Heating Up

The start of the NFT craze was primarily driven by the novel discovery that digital assets could be scarce.

https://www.rollingstone.com/culture-council/articles/the-nft-bubble-has-burst-but-the-value-creators-is-just-heating-up-1234631057/

Crypto Trading - A Little More...

'Only a Psychopath Can Write That Tweet': Binance CEO CZ on SBF - Decrypt

Speaking at an event held by an economic think tank, Binance CEO Changpeng Zhao responded to allegations that orchestrated FTX's collapse.

https://decrypt.co/114923/only-a-psychopath-can-write-that-tweet-binance-ceo-cz-sbf

Former Enron Liquidator Finds 'Complete Absence of Trustworthy Financial Information' at FTX - Decrypt

FTX’s new chief executive has blasted his predecessor in scathing documents filed as part of the exchange’s bankruptcy proceedings.

https://decrypt.co/114919/former-enron-liquidator-finds-complete-absence-of-trustworthy-financial-information-ftx

ESG (Environment, Social & Governance)

Streamline Media Group Names Sheloman Byrd as New COO

/PRNewswire/ -- Streamline Media Group (Streamline), a video game and metaverse development company today, welcomed Sheloman Byrd as their new Chief Operations...

https://www.prnewswire.com/news-releases/streamline-media-group-names-sheloman-byrd-as-new-coo-301681674.html

"Anyone who's worked with me knows how much I love games, from production and design to marketing and business development. It's a passion that is continued for nearly twenty years with no end in sight, " says Sheloman Byrd, COO, Streamline Media Group. "It's an exciting time overall, with over 3 billion global gamers and more playing every day. With this new role at Streamline, we'll scale our success and expand our capabilities to drive the next wave of interactive experiences—ones that take diversity, high quality, and authenticity into account from the start."

Dear reader: You made it to the bottom. How about forwarding LensLinks to a friend or reposting/re-tweeting? Click the handy links at the top to do so easily. Thanks for reading.

Disclaimer: This note is distributed by Regiment, LLC for informational purposes only and is sourced from publicly available media reports. It is not an investment recommendation or solicitation for any investment. The information is current as of date and subject to change. In such case Regiment, LLC does not undertake to provide any updates. Recipients must be aware that any private, alternative investments discussed are speculative in nature, often illiquid, and subject to loss of capital.