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How to take NFT to masses? 🧠
NFT projects should stop talking about crypto, instead work on making them accessible. Binance's Richard Teng earmarked for the top job. OpenAI pledges $1M for AI security. May NFT thefts total $2.9M.
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How can someone be tired of hearing about crypto?
Netz advises all the new NFT projects to just stop talking about crypto 🤐
Who is this guy? 👇
Striving for greatness. Alright then.
The 24-year-old entrepreneur believes that overwhelming people with Web3 jargon and information only makes the space unapproachable for newcomers.
“If you look at the other NFTs in the space, can everyone really get it? [...] I think they’re trying to drown crypto and Web3 down people’s throats. That’s not what people want. People want amazing products.”
Instead of bombarding people with technical details, Netz focuses on making their IP (intellectual property) as accessible as possible. They take a Web3/blockchain as a "back end, not front end" approach, prioritising creating lovable characters that everyone can connect with.
As the technology evolves, they gradually introduce their user base to the world of NFTs 🚀
So, how does Pudgy Penguins make their IP easily digestible? 🤔
🐧 Phygital Pudgy Penguins
One of the highlights of Pudgy Penguins is their line of physical or "phygital" collectibles. These adorable toys are designed based on the IP of various NFTs from their collection. Each toy comes with a scannable code that allows owners to unlock digital penguin customisations on the blockchain. It's like having your very own unique NFT companion 🧸🔓
Netz proudly shared that their toys generated a whopping $500,000 in sales from around 20,000 units within just two days of their debut on Amazon. That's some serious penguin power 🐧💰
💎 Value for NFT Holders
One of Netz's top priorities is to bring value to the Pudgy Penguins NFT holders. They aim to create products and content that not only entertain but also reward their community. They believe in sharing the success with those who have invested in their NFTs, creating a win-win situation for everyone involved 🤝💎
🔙 The Penguin Plight
In late 2021, Pudgy Penguins was on the verge of collapse.
The floor price was plummeting,
questions arose about the past dealings of the controversial founder, Cole Villemain - the community eventually voted him out in January 2022.
promised milestones on the roadmap seemed like distant dreams.
🦸 Rise of Netz
In April 2022, Luca Netz swooped in and took over the project in a $2.5 Million takeover.
The floor price of Pudgy Penguins NFTs has skyrocketed from around 1.3 ETH ($1,867) to approximately 4.78 ETH.
Pudgy Penguins recently closed a seed funding round, raising a whopping $9 million.
Signed a representation deal with major Hollywood talent agency William Morris Endeavour (WME).
The Gary Vee POV🔮
While Pudgy Penguins and Bored Ape Yacht Club are making waves by taking their intellectual property beyond the digital realm and into the physical world with toys, apparel, and more, Gary Vaynerchuk, aka Gary Vee, believes this might not be the right move for every NFT project. According to him, it all boils down to being self-aware of what you're good at.
The Future of NFTs and IP
Gary Vee believes that while digital collectibles have their place in the NFT ecosystem, the real growth lies in other domains such as ticketing, contracts, title insurance, and more. It's like the internet, you know? Back in the day, it was called the "information superhighway," primarily seen as a research library. But now? We know it offers so much more! Similarly, in the next two decades, when people hear the term NFT, it won't just conjure images of collectibles; it'll represent a broader range of possibilities.
VeeFriends: from Desktop Toys to Digital Assets 🖥️💎
Back in 2018 and 2019, Gary had a brilliant idea of creating a line of desktop toys for "positive reinforcement." It all stemmed from the countless messages he received from people expressing their job dissatisfaction. As he strolled through his office one day, he noticed little figures adorning his employees' desks. Initially, the plan was to launch a toy line. However, fate had other plans. COVID-19 struck, and the NFT boom began. And voila! Gary merged his original concept with the digital asset sector.
TTD Binance 👑
Richard Teng, a former Abu Dhabi regulator with a knack for navigating the crypto landscape, is taking centre stage as he oversees Binance's regional markets outside the US.
The successor? 👑
Richard Teng's elevated role has sparked some whispers of him being the potential successor to the legendary Changpeng Zhao, fondly known as CZ, who founded Binance back in 2017. Rumour has it that CZ is looking to reduce his ownership of Binance.US, the American arm of the exchange, to keep the US regulators at bay.
Before Binance, Richard led the Financial Services Regulatory Authority at Abu Dhabi Global Market.
Worked as the chief regulatory officer of Singapore Exchange.
Spent 13 years with the Monetary Authority of Singapore.
With his extensive experience as a regulator, Richard Teng is the perfect fit to oversee Binance's operations in Asia, Europe, the Middle East, and North Africa. As the exchange deals with enforcement actions from its early years, Teng's regulatory expertise will surely come in handy.
Binance is having a tough time with regulators
The CFTC sued Binance and Zhao for alleged derivatives violations, calling out their "sham" compliance. Then, their Australian payments partner pulled the plug, leaving locals unable to deposit Aussie dollars. Binance hit the brakes, halting all Aussie trading pairs and bank withdrawals.
TTD Numbers 🔢
Data from PeckShield, a crypto cybersecurity firm, has revealed that in May, NFT thefts amounted to $2.95 million.
Interestingly, it's an 8.7% decrease compared to the month of April.
Half of the stolen NFTs were promptly sold on various marketplaces within a span of 130 minutes,.
OpenAI has launched a $1 Million Cybersecurity Grant Program to boost AI-powered cybersecurity capabilities.
OpenAI wants to support developments that quantify the effectiveness of AI models in cybersecurity. The program aims to empower defenders and improve collective safety by harnessing the power of AI and coordination among like-minded individuals.
They have project ideas such as developing honeypots, assisting developers in creating secure software, and optimising patch management processes.
OpenAI seeks to elevate the discourse on the intersection of AI and cybersecurity, encouraging nuanced discussions. The program challenges the traditional view in cybersecurity, recognising that defenders must be right all the time, while attackers only need to succeed once.
TTD Blockquote 🔉
Jack. Twitter. Block. You know who he be.
“He can and will.”
But what bout? The next US President.
In a recent tweet, Jack Dorsey endorse Robert F. Kennedy Jr., a pro-Bitcoin Democrat presidential candidate.
Dorsey has been a long-time supporter of Bitcoin and has expressed his belief in its potential as a global currency.
On his part: RFK, Jr. argues he can beat Trump and DeSantis in 2024.
Kennedy, known for his background in environmental law and his controversial stance on COVID-19 vaccines, recently spoke at the Bitcoin 2023 conference in Miami, where he expressed his support for Bitcoin and criticised government-led campaigns against the cryptocurrency industry and central bank digital currencies (CBDCs).
TTD Surfer 🏄
The Metropolitan Museum of Art is set to return $550K in FTX donations, joins a list of organisations to return funds for legal or repute reasons.
Japanese lawmaker Takashi Kii is pushing for regulation to protect copyright holders from being infringed on by AI algorithms.
New York-based Cryptocurrency insurer Evertas is now insured to cover policies of up to $420 Million from its previous limit of just $5 Million.
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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.