The Weekly Wrap 02

OpenSea head of product gets arrested while Kanye's interest in NFTs blossoms; meanwhile a new Southeast Asian crypto wallet is on the rise.

The lowdown this week...

  • Will Soulbound Tokens be the next big Web3 catalyst?
  • Former top executive of OpenSea arrested and charged with wire fraud
  • Kanye West enters the NFT space after previously denying its importance
  • South Korea launches "Digital Assets Committee" post-Luna collapse
  • Textrix Network in the Philippines releases a hot new crypto wallet

What's Brewing?

Soulbound Tokens and their potential to be the next Web 3.0 catalyst

The blockchain space is rapidly advancing, and every few years we witness an explosion of new use cases that ultimately cause cryptocurrency markets to trend even higher. Soulbound Tokens, the brainchild of Ethereum creator Vitalik Buterin - are one such example. This proposed token standard will help users gain insight into real world activities, accomplishments, and even their likes and dislikes. Imagine peering into someone’s soul - this is the very essence of SBTs.

In Vitalik’s vision, people have Souls (digital wallets) that store Soulbound Tokens corresponding to a series of affiliations, memberships and credentials - similar to a Web3-based CV. SBTs have the power to decentralize and shift the power from major institutions, granting each person the keys to their credentials.

Order in the Court!

OpenSea's former head of product arrested after insider trading scandal

Nathaniel Chastain, the former head of product at OpenSea - was recently charged by the FBI for wire fraud and money laundering. He was accused of buying crypto digital assets from emerging artists when he secretly knew their value would appreciate considerably. Later, he sold them at a higher price.  

Nathaniel Chastain Opensea Crime Crypto Money Laundering
Nathaniel Chastain, former head of product accused of money laundering.

Chastain tried his best to mask his activity by shuffling the assets to anonymous crypto wallets, but the ruse was short-lived. One Twitter user @ZuwuTv tagged OpenSea to point out Chastain’s suspicious activities - and the events were immediately investigated. Prior to the accusation, OpenSea had zero policies in place regarding insider trading and there were no set rules prohibiting employees to flip assets using confidential information. Devin Finzer, the CEO of OpenSea - decided to implement a new policy shortly after Chastain resigned. The policy prohibited employees from buying or selling NFTs that the company featured, and insider trading.

Talk of The Town

Kanye joins the NFT bandwagon after previously dismissing it

In the music industry, other rappers such as Post Malone and Eminem have already purchased lofty Bored Ape Yacht Club NFTs. Kanye West, on the other hand, voiced his objection to NFTs by saying in early 2022: "I'M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD."

Kanye West Cryptocurrency Rap NFT
Kanye's strong stance against NFTs in early 2022.

Despite Kanye's uncompromising statement, he's now pulled a full 180 by supporting NFTs and diving headfirst into the Web3 sphere. Although he said he wasn't going to do NFTs by January, it seems like he's changed his mind sooner than expected. Kanye's company, Mascotte Holdings Inc. - filed 17 trademark applications with the United States Patent and Trademark Office. Of those, the company included NFTs and "metaverse experiences" and recently stressed the potential of online marketplaces for crypto buyers.

The goods and services include cosmetics, campaign buttons, toys, games, sports equipment, amusement parks and more. If Kanye decides to further his relationship with Web3, he'll be bumping into some prominent names like Nas and Snoop Dogg.

Crypto Rising

South Korean Government plans a Digital Assets Committee

The South Korean government plans to form a Digital Assets Committee following the Terra collapse. The committee will share criteria in regards to showcasing coins by exchanges, and introduce investor protections while monitoring unfair trading. Currently, supervision is carried out by the government departments and watchdogs - including the Ministry of Strategy and Finance, the Financial Services Commission, and the Ministry of Science and Information and Communications Technology. Hopefully, it will launch at the end of June - with the goal of providing protections comparable to what stock market investors have.

Hot Potato!

Filipino-led Tetrix Network launches crypto wallet

Tetrix is bridging the gap between all blockchain projects as we head to the next phase of the internet. They boast an all-in-one crypto wallet paired with a fantastic UI and simple instructions. Now, users will easily be able to create multiple accounts on Pitaka and choose which account to use for storing funds, interacting with decentralized applications, and more. One other unique feature is that Pitaka can store NFTs! Tetrix is shaping the way that blockchains are designed and developed for individuals, communities, and enterprises. In the future, they hope to support more cryptocurrencies like XRP and Bitcoin.

Pitaka Tetrix Cryptocurrency Philippines e-wallet
Pitaka ensures a way to securely manage, store, and exchange blockchain assets.

Food for thought:

  • What do you think would be a meaningful feature to add to crypto wallets?
  • Is Luna worth investing in at this point in time, despite its recent collapse?
  • Do Soulbound Tokens have the potential to be destructive to one's online footprint? What could go wrong?
  • Which rapper would you like to see supporting the NFT realm?

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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