Blockchain City: Soon A Reality 🏢⛓️🌆

PLUS: Vivek Ramaswamy to have crypto policy ready soon. SEC reviews two ETH ETF applications.

Author

Manan Vora
September 22, 2023

Snapshot Web3

September 22, 2023

👨‍⚖️

Regulatory and Legal News

The SEC is considering ETF applications from ARK Invest and VanEck to directly own Ethereum. A 45-day public comment period has been opened for opinions on approval and associated risks. One proposed ETF, ARK 21Shares Ethereum ETF, is a joint venture between ARK Invest and 21Shares, tracking ETH's price using CME CF Ether-Dollar Reference Rate. Approval is uncertain, as even futures-based Ethereum ETFs await SEC decision in October.

Republican presidential candidate Vivek Ramaswamy is developing a crypto policy framework, aiming to finalize it by Thanksgiving. He criticizes current regulatory approaches and plans to cut regulatory personnel by 75%. This puts him ahead of other Republican contenders in proposing a comprehensive plan for crypto regulation in the U.S. Ramaswamy also opposes a U.S. central bank digital currency, considering it a threat to liberty.

🚀

Innovation and Launches

Busan, South Korea's second-largest city, is developing a public blockchain network compatible with platforms like Ethereum. With a budget of $75 million, they aim to integrate various blockchain services onto one city-level platform, aspiring to become a "Blockchain City." This move follows successful testing of blockchain use cases in a trade-free zone. Additionally, Busan is working on a blockchain trust framework technology standard. Plans also include launching a digital asset exchange in 2024, facilitating trade in virtual assets, tokenized securities, and commodities like gold and oil. Future goals involve tokenizing global intellectual property and carbon emissions rights.

Uniswap has partnered with DoDAO to launch Uniswap University, an educational platform aiming to guide users in navigating the intricacies of its V3 exchange. The platform offers structured courses, simulations, and guides covering topics from basic DEX understanding to advanced strategies like backtesting. Uniswap V3 has seen significant success, surpassing Bitcoin in fee generation and boasting a total value locked (TVL) of $3.2 billion.

♾️

NFT, Gaming and Metaverse

Upland, a real-world mapped metaverse platform, is selling NFTs to fund playgrounds in underserved areas through nonprofit KABOOM!. Users can buy virtual assets, with proceeds from the sale of 1800 NFT playgrounds going to the cause. This follows Upland's previous charitable campaigns, including supporting UNICEF Brazil's youth program and aiding earthquake victims. Upland's efforts underscore the metaverse's potential for positive impact and future business models.

British pop singer Robbie Williams will make his metaverse debut in LightCycle, a virtual city built with Unreal Engine 5, set to launch in the fourth quarter of this year. Williams sees the metaverse as a promising market for music discovery and has partnered with AI infrastructure provider Vertexlabs.uk for this venture. Despite collaborations with celebrities, the metaverse still lacks key features for widespread adoption, and major companies like Disney remain cautious. There are also calls for comprehensive privacy laws to address potential risks in the growing metaverse.

📵

Scams and Hacks

A 24-year-old man, Erik Gutierrez Martinez, pleaded guilty to his role in a sophisticated scam at Circa Las Vegas Casino, where over $1.1 million was stolen. Posing as the casino owner, Martinez convinced a supervisor to make payments through a Bitcoin ATM and in-person transfers. The scheme was reported, leading to Martinez's arrest with $850,000 of the stolen funds. He faces one to ten years in prison and is set to be sentenced on October 30. Investigators suspect his involvement in a similar heist in March, and no other participants have been apprehended yet.

💰

Funding

Blockchain development firm Consensys has launched the Consensys Fellowship Program, a pre-accelerator initiative supporting Web3 startups. The program's first cohort, involving 15 startups, will undergo a 12-week immersive experience guided by industry experts. Notably, this no-equity program offers teams the potential for investments up to $1.5 million from Consensys Mesh and its Tachyon program. Participants will also have access to mentorship opportunities, workshops, and a part-time structure. The program culminates in an in-person Demo Day for fellows to showcase their solutions. Applications are open until October 3rd, 2023.

Proof of Play, led by Farmville co-creator Amitt Mahajan, has raised $33 million to develop Web3 games. The funding round was co-led by Andreessen Horowitz and Greenoaks, with participation from investors like Naval Ravikant and Balaji Srinivasan. The company released a closed beta of its first game, Pirate Nation, in December 2022. They claim to have technological innovations to make gameplay in Web3 games more accessible, without the need to understand blockchain. Proof of Play is committed to decentralization and aims to open-source its technology framework in the future. The team includes members from major gaming and web companies.

🔗

Quick Links

The defunct crypto exchange had earlier announced plans that the deadline for its repayments would be Oct. 31, 2023, which has now been pushed to Oct. 31, 2024.

Liked the newsletter? Share it with your network.

The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.

Reply

or to participate.