NFT & Crypto News (09/27/22)
Do Kwon, Pixelmon, Mastercard NFT, Apple Charging 30% Tax On NFT Sales, and FTX Acquiring Voyager's Assets.
1. Interpol Issues Red Notice For Do Kwon
State of play: Interpol has issued a Red Notice for Terraform Labs co-founder Do Kwon, according to a report from Bloomberg. Kwon maintains that he is not on the run but his location is unknown after Singapore authorities said he's not in the city-state.
Why it matters: A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
What he’s saying: “I am not “on the run” or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide”.
What others are saying: LFG (Luna Foundation Guard) transferred 3310 BTC (~$670M) to two cryptocurrency exchanges right after the arrest notice on September 14, 2022. Korean prosecutors’ office froze those assets (source: CoinDesk Korea).
2. NFT Game Pixelmon Has New Leadership, Attempting To Comeback After $70M “Horrible” Art Reveal.
State of play: Pixelmon announced the new leadership team, a revised roadmap, and the release of upgraded artwork, which turned the blocky, Minecraft-inspired models into more polished, smoothed-out 3D creatures (source: Decrypt).
Why it matters: Pixelmon raised $70M by selling NFTs that promised to deliver a Pokemon-like experience and then unveiled the image on the left that was widely ridiculed and produced a meme parade.
The bottom line: A playable alpha test version will be launched by the end of 2022 and the testing will begin in Q1 2023. Pixelmon will also offer a free-to-play mode that anyone can play without owning its NFTs.
3. hi Launched World’s First NFT Customizable Card with Mastercard
State of play: Eligible cardholders can customize their card with an NFT they own (source: Mastercard).
Why it matters: On top of all the perks of hi’s Debit Mastercard, it’s a great way for people to show which online community they belong to in the real world.
What the co-founder is saying: “The flexibility to spend fiat, stablecoins or other crypto, combined with attractive financial and lifestyle rewards, makes us confident that our card is a game-changer in the market.” - Sean Rach, Co-founder of hi.
How it works: The hi Debit Card is available in six variants with a range of benefits, depending on membership tier at hi. Membership is obtained by staking hi’s token, and starts at less than the equivalent of 10 Euros.
4. Apple Impose 30% ‘App Tax’ On All NFT Sales Made Through The App Store
Apple will charge 30% commission fee on all NFTs sold through apps on the App Store (source: Blockster).
Why it matters: Leading NFT marketplaces such as OpenSea, Magic Eden, etc take 2-2.5%, meaning that creators and sellers will be hit 10X commission fees if they sell NFTs through apps from the App Store.
What others are saying: “Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service.”
The bottom line: Previously very hesitant to incorporate NFTs in the App Store ecosystem, Apple has taken the first step to embrace the web3 ecosystem by enabling NFT transactions in ios apps.
5. FTX Acquires Bankrupt Voyager’s Assets
State of play: FTX has won an auction for Voyager Digital’s assets, in a bid valued at about $1.42 billion (source: Reuters)
The backstory: Voyager issued a notice of default to the Singapore-based hedge fund in June, for its failure to make required payments on a loan of 15,250 bitcoin (~$324M).
Why it matters: Voyager has more than 100,000 creditors and between $1 billion and $10 billion in assets. FTX will help resurrect Voyager and pay back to eligible creditors.