The Wallet Report #22
Top Stories
Sam Bankman-Fried, former CEO of FTX, was convicted on all seven charges related to fraud and conspiracy in one of the largest financial frauds in U.S. history. He awaits sentencing, with each charge carrying up to 20 years in prison. Bankman-Fried maintains his innocence, while key former associates have pleaded guilty and testified against him. (link)
PayPal is now registered with the UK Financial Conduct Authority to offer crypto services, but faces significant operational restrictions. It cannot onboard new customers for crypto, participate in staking, DeFi, or ICOs without express permission. This development occurs as the UK tightens crypto regulations, with many firms leaving the market due to compliance challenges. The UK Treasury's recent proposal aims to bring crypto activities under financial services regulations, requiring full disclosure to the FCA.(link)
Solana Labs launched GameShift, a Web3 suite for game developers, designed to streamline blockchain integration while providing a Web2-like user experience. GameShift allows developers to create and manage in-game assets and offers players self-custodial wallets without requiring crypto knowledge. The beta release coincides with a significant price surge of Solana's cryptocurrency, SOL. (link)
Web3 Games
Parallel Studios announces the "Planetfall" expansion for its NFT-based sci-fi card game, with over 120 new cards sold in blind packs across different price ranges. The new cards will be playable in 2024, and an upcoming game patch will introduce additional features and enhancements. (link)
Legacy, a web3 business simulator and city management game from Peter Molyneux, best known for the Fable series, is now live on Gala Games for PC and Mac. The game enables trading in-game items on NFT marketplaces, with a native GALA token and in-game Gems currency. (link)
Moonveil Entertainment, a new web3 game studio, raised $5.4 million for developing mobile and strategy games, with a focus on rewarding player contributions through NFTs and tokenomics. The team includes veterans from Riot Games and Tencent. (link)
Shrapnel : Game studio Neon Machine raised $20 million for "Shrapnel," a blockchain-based shooter with NFTs and user-generated content. Aiming for an early-access release soon, the studio focuses on player ownership and creative possibilities within the game. (link)
Upland raised $7 million for expansion and will launch a tradable Ethereum token, Sparklet. It's a Monopoly-like game where players trade digital real-world properties. Upland, with 3 million users, partners with sports giants and plans more features, showing confidence in the metaverse's potential despite a quieter hype around the concept. (link)
NFTs
Sorare : Victor Wembanyama's unique Sorare card sold for a record $110,199.79, surpassing the value of his physical rookie card and highlighting the growing market for digital collectibles with utility in fantasy sports. This sale cements Wembanyama's status as an exciting NBA prospect and Sorare's innovative edge in sports fan engagement. (link)
Atari is reviving its 1980s Members Only jackets, exclusively for its ARC NFT holders, with an upgraded design and embroidered logo, in partnership with the original Members Only brand. The retro game company continues to delve into blockchain, eyeing Web3 for future gaming innovations while maintaining a focus on player enjoyment over profit-driven 'play-to-earn' models. (link)
Adidas and Bugatti collaborate to auction 99 pairs of limited-edition soccer shoes, featuring a design inspired by Bugatti cars, on Adidas' web3 platform. Each pair comes with a digital twin, available for bids using MoonPay from Nov. 8-11. This follows a trend of blending physical items with digital assets, termed 'phygitals,' catering to the crypto consumer market.(link)
Deutsche Post is set to release a "crypto stamp" featuring AI-generated images of German historical sites, such as the Brandenburg Gate. Available for pre-order, this stamp will exist in both physical and NFT formats. With 250,000 NFT versions and 800,000 physical-only stamps planned, this initiative bridges traditional philately with digital collectibles, catering to one of the world's largest philatelic communities. (link)
German giants like Deutsche Post, Lufthansa, Adidas, Hugo Boss, Mercedes-Benz, and confectioners like Ritter Sport and Haribo are leveraging NFTs for marketing, loyalty programs, and digital collectibles, signaling a mainstream embrace of NFT technology. (link)
DeFi
Uniswap V4 introduces revolutionary "hooks" for highly customizable liquidity pools, a unified contract architecture to slash gas costs, and native ETH support to simplify transactions. This upgrade embodies DeFi's innovation ethos, emphasizing community governance, efficiency, and a vision for future-proofing decentralized finance by fostering a hub for pioneering DeFi solutions. (link)
MakerDAO replenished DAI's collateral with $250M from Coinbase to maintain its stablecoin peg after collateral levels dropped sharply. To stabilize the DAI peg, $250M was shifted into the Peg Stability Module when reserves neared $60M, highlighting the centralized process for managing decentralized stablecoin reserves. The event underscored the delicate balance between automation and manual governance in DeFi protocols. (link)
DeFi / Regulators - The US Treasury's Financial Crimes Enforcement Network proposed rules to counteract money laundering via crypto mixing, affecting DeFi and privacy in the industry. These broad definitions could impact all DeFi apps and smart contract applications. The crypto community is urged to provide feedback on legitimate uses of mixers to balance regulatory goals with privacy preservation. The proposal represents a significant regulatory step, potentially criminalizing certain privacy technologies in the crypto space. (link)
Consensys / EigenPh : Consensys partners with EigenPhi to enhance its blockchain products with advanced on-chain data analytics, aiming to bolster transparency and efficiency in DeFi. This collaboration will provide users with detailed insights into transaction structures and DeFi strategies, promoting a more robust and transparent blockchain ecosystem. (link)
MICA : The EU's MiCA regulation exempts DeFi protocols that are "fully decentralized," deferring regulatory decisions while assessing the sector's implications over the next year. This approach aims to balance innovation with consumer protection without prematurely overregulating a still-developing market. (link)
One more thing!
Whether you're a GameFi enthusiast or just embarking on your journey into the Web3 world, we've got something special for you. Head over to the Chrome store to download the latest version of the Kayros wallet and be among the first to get a taste of what's coming with Kayros quests!