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Breaking more barriers?🕹️
Gaming Interoperability: Cross-game treasures? Yuga Labs is in for the cinematic action. Bitcoin options expiry and a wrong move with Kraken wannabes.
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The gaming world is grappling with the idea of interoperability – the potential for game items to live beyond a single title.
It's not just Mario hopping worlds anymore.
But how far have we really come in bridging the gaps between virtual worlds?
Breaking Down the Barriers
Interoperability is the key that unlocks a world where NFTs seamlessly traverse different gaming platforms and ecosystems. No longer confined to a singular virtual universe, these digital assets become versatile tokens of value, creativity, and ownership. Whether you possess a rare sword, a unique skin, or a legendary character, interoperability allows these assets to transcend boundaries and be enjoyed across a multitude of games.
Enhanced Asset Utility: Interoperability allows for shared assets across games, maximising players' investment and enjoyment in the gaming ecosystem.
Seamless Game Progression: Gamers can enjoy cross-game progression, transferring achievements and stats, offering a seamless and integrated gaming experience.
Economic Flexibility: Interoperability brings economic and trade opportunities across games, optimising the value and liquidity of in-game assets.
Unified Gaming Communities: It fosters unified communities across different games, enhancing social interaction and collaboration among diverse players.
Imagine a future where game developers collaborate to build interconnected metaverses, where NFTs can be utilised and traded across various gaming landscapes.
This collaborative approach would unleash unparalleled creativity, enabling players to explore vast interconnected worlds that span different genres, art styles, and narratives. Picture yourself using your favorite NFT character from one game to embark on thrilling adventures in a completely different gaming universe. The possibilities are mind-boggling.
True Ownership and Value
Interoperability breathes life into the concept of true ownership within the NFT gaming space. As NFTs traverse multiple platforms, their value can grow, evolve, and be recognised across different gaming communities. The scarcity and uniqueness of these virtual assets become more pronounced as they gain exposure to diverse player bases. With interoperability, players can truly own and control their NFTs, elevating them from mere collectibles to valuable digital investments.
Economy and Accessibility
As NFTs seamlessly move between games, a thriving marketplace can emerge, enabling players to buy, sell, and trade their digital assets. This dynamic ecosystem would foster innovation, as developers and creators are incentivised to craft compelling and sought-after NFTs. Additionally, interoperability enhances accessibility, allowing players to participate in different gaming communities without starting from scratch each time. Your repertoire of NFTs becomes your passport to countless gaming experiences.
The Great Divide: To NFT or Not to NFT?
NFTs are often touted as the key to a more open gaming universe. But is it the magic portal we've been waiting for?
Some folks are convinced that gaming interoperability (the fancy term for being able to transfer game items from one world to another) is the next big thing in gaming. Yet, a chunk of the industry sees this as a digital pipe dream.
Sure, NFTs might pave the way for players to 'own' unique digital assets that hop from one game to another, but that doesn’t magically solve the mechanics of it all. As Tobias Batton, CEO of Ex Populus, put it,"The balance would be off. How damage works in Fortnite works differently in Call of Duty."
What's the Hold-up then?
Two words: tech and business.
Standards Matter: For a true item swap between games, a common tech language is needed. It's like trying to fit a square peg into a round hole—it doesn't work without the right standards. Right now, many are vying for the standard to be FBX, a file type developed by Autodesk.
Big Names Need to Play Nice: The Metaverse Standards Forum is trying to gather big players like Meta, Adobe, and Microsoft to rally around common standards. Think of it as trying to get everyone to sing from the same song sheet.
Where We Stand Today?
Yuga Labs, known for the Bored Ape Yacht Club (BAYC), has been creating an ecosystem, dishing out rewards and bonuses to their NFT holders, cementing loyalty.
Enjin is ahead in this space with its unified wallet and marketplace. Players can store, trade, and interact with their NFTs across games.
Drawing inspiration from interactive films like Netflix’s Bandersnatch, game developers could craft unique quests or missions for specific NFT holders. In an ambitious move, The Sandbox allowed Bored Ape Yacht Club members to play as their NFT avatars. This took considerable effort and development time but opened a world of possibilities for players.
The promise of a seamless virtual universe where assets can move freely between worlds is intoxicating. The challenges are numerous, from ensuring that NFTs don’t disrupt the balance of a game to respecting the aesthetic and ethos of each virtual world.
A massive $3 billion in Bitcoin options contracts was set to expire on September 29th.
But here’s the million (or should we say billion) dollar question: What implications will this have on Bitcoin's price trajectory?
Where Things Stand Right Now🔍
Bitcoin's current stance seems pretty neutral, having ascended a mere 0.25% in the past day, clocking in at $26,937 . Its ripple effect seems positive, with the broader digital currency market mostly cloaked in green.
Now, a quick 101: A Bitcoin options contract grants buyers the liberty to acquire Bitcoin at a pre-decided rate. This holds true irrespective of any price fluctuations by the time the contract reaches its expiry. Traders aren't obligated to make the purchase post-contract expiration. They do so at their discretion.
So, if a large chunk of this Bitcoin remains untouched by the week's end, it either stays put or gets offloaded. Intuitively, one might predict this to stir the price volatility pot.
Options Expiry = Bitcoin Price Rollercoaster?
It's a common line of thought: a colossal expiration of options contracts might give BTC’s price a little jolt, either dragging it down a notch or propelling it upwards.
Diving into the numbers, CME Group's data indicates a whopping $9 billion in open interest, i.e., options contracts still active. Out of this, $3 billion is gearing up for expiration.
Contrary to these assumptions, price upheavals due to options expiry are rarer than you'd think. K33's research chief, Anders Helseth, shed light on this, asserting that “in general, options expiries in crypto don’t affect prices much.”
Adding to this, CryptoQuant's BaroVirtual highlighted the absence of any overt bullish or bearish vibes. His prediction? Bitcoin is poised to meander between the $26,500 - $27,250 bracket in October.
TTD NFTs 🐝
Yuga Labs, the brains behind the wildly popular Bored Ape Yacht Club (BAYC), dropped a teaser for a documentary series revolving around the legendary CryptoPunks collection on September 15.
And now the extended trailor:
Pixels on the Big Screen
The docuseries is a joint venture between Yuga Labs and NFT Now, a leading player in the world of tokenised media. Remember the news from June? Yuga Labs announced a collaboration with Zak Group to craft a book capturing the legacy of CryptoPunks. This documentary appears to be an extension of that narrative, pulling from the community's insights.
Ethereum's pioneering NFT project, CryptoPunks, was birthed by Larva Labs' dynamic duo, Matt Hall and John Watkinson. Fans will be stoked to know that both of these OG creators will lend their voices to the documentary, offering an inside look into the phenomenon.
A Date with Digital History
Mark your calendars for October 10. That’s when the first episode is set to air, diving deep into one of the NFT world's crown jewels.
But it's not just about pixels transforming into pricy art pieces. CryptoPunks has stamped its influence across the global art scene, extending support to art bastions like Miami's Institute of Contemporary Art and Paris's iconic Centre Pompidou.
This docuseries aims to be more than just a visual spectacle. It delves into the soul of the CryptoPunks community, exploring the ethos and spirit that drove the rise of these pixelated portraits.
Now check this out👇🏻
Asset management giant Invesco and Mike Novogratz's Galaxy Digital have joined the race to launch an Ethereum spot ETF👇🏻
A Connecticut local gets swindled, losing a hefty $3 million.
Thought he was working with Kraken, but oops, he wasn’t.
The actual culprits? Based all the way in Pakistan.
And for Kraken, it’s a real headache they didn't need right now.
The unfortunate tale unfolds in Westport, Connecticut, where an unsuspecting resident thought he was making a smart move. Advice in hand, he transferred his retirement funds to a platform he believed had ties with the reputable exchange, Kraken. To his horror, those funds vanished into crypto wallets beyond his reach.
Local detectives, alongside the state’s Organised Crime Task Force, went full Sherlock Holmes on the case. And where did the trail end? Pakistan. While they managed to recover a commendable $3.2 million, getting the bad guys behind bars proved impossible.
Now, let’s chat about Kraken. This scam is a big blow, especially with their expansion plans in the US and UK. As if navigating the world of crypto wasn’t challenging enough, they’ve got posers dragging their name into sketchy operations.
They’re gearing up to dive into UK-listed stock trading and are awaiting a nod from the Financial Industry Regulatory Authority (FINRA) to play in the US-listed stocks arena.
Su Zhu, co-founder of the now-defunct Three Arrows Capital, is cooling his heels in a Singaporean prison for four months, thanks to a botched escape attempt and a court order.
What's the tea?
It's not been a good week for Su Zhu. The co-founder of defunct crypto hedge fund Three Arrows Capital (3AC) got caught trying to skip town via Changi Airport. Why? Well, he didn't quite play ball during 3AC's bankruptcy shenanigans.
Teneo, the guys managing the liquidation of 3AC, said, “Su Zhu was apprehended at Changi Airport whilst attempting to travel out of Singapore following a committal order by the Singapore courts against him.”
Oh, and here's the kicker: his buddy, Kyle Davies, the other half of the 3AC dynamic duo? He's also due for a not-so-luxurious four-month stay behind bars, but no one seems to know where he's chilling right now.
Why's everyone so mad at Zhu?
After the fall of 3AC in June 2022 (thanks to a bad bet on the wonky stablecoin protocol Terra), both Zhu and Davies took a hiatus, saying they got some scary death threats. While hiding out, they also set up a new exchange, OPNX.
However, Zhu’s troubles aren’t just about his disappearing act. The courts ordered him to spill the beans about his time at 3AC, which he straight-up ignored. Teneo’s now rubbing their hands with glee: while he’s in jail, they're planning to get every juicy detail out of him about 3AC.
Thanks to the Zhu-rama, OX's price hit rock bottom. OX token price took a nosedive by 50% post-news of Zhu's arrest. (atm: The price of OX is down -0.17% since last hour, down -37.52% since yesterday. )
TTD Surfer 🏄
Asset manager Valkyrie has announced that it will not purchase ether futures contracts until the SEC approves the addition of ether to its Bitcoin Strategy ETF.
Venture capital firm Paradigm has criticised the SEC for bypassing standard rulemaking procedures in its lawsuit against Binance.
Terraform Labs co-founder Do Kwon has dismissed the relevance of Slack chat records that were presented as evidence in a recent court filing by the SEC.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.