Jack Kubinec

The social media protocol Farcaster generated a lot of buzz this week, driven by the success of its X-like client, Warpcaster.&nbsp;



The standard version of the story goes something like this: In late January, Farcaster released Frames, a feature that lets external sources be natively displayed within the Warpcast feed. This bit of technology allows developers to build cool things, such as in-app Girl Scout cookies order flows. As a result, users have flocked to what might become crypto’s <a href="https://blockworks.co/news/farcaster-just-might-be-the-new-crypto-twitter">new public square</a>.



This is all true, but the app also comes out of crypto, where the potential for profit is often a driver of user interest. Much of the Farcaster coverage this week showed this graph of Farcaster’s parabolic usage growth:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1192" height="916" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=1024&amp;h=1024" alt="" class="wp-image-79918" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=1192 1192w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=334 334w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=285 285w, https://blockworks-co.imgix.net/wp-content/uploads/2024/02/Screenshot-2024-02-11-at-1.33.52-AM.png?w=80 80w" sizes="(max-width: 1192px) 100vw, 1192px" /></figure>



Data from the same Dune Analytics <a href="https://dune.com/pixelhack/farcaster">dashboard</a> shows that each of the 10 most popular posts (casts) this week used Frames to promote NFTs and other assets. Many of the posts required users to like and recast in exchange for a free mint.&nbsp;



Some Warpcasters have taken notice. A host of the /replyguys channel <a href="https://warpcast.com/tervo/0xb69a610f">complained</a> they saw “channels be inundated with [altcoin references] over [the] past two days.”



In an interview with Blockworks this week, Farcaster co-founder Dan Romero said he wasn’t overly concerned about financialization on Warpcast and other Farcaster clients.



“Distribution is distribution. I think in the case of crypto, obviously, if you have a wallet, there’s naturally going to be probably a bit more financialization for some of the use cases,” Romero said.



“But I want to emphasize this: I think some of the most creative Frames aren’t overly financialized,” Romero continued.



Read more: <a href="https://blockworks.co/news/social-media-farcaster-interview">Q&amp;A: Dan Romero and Jesse Pollak think this may be Farcaster’s ‘inflection point’</a>



<h2 class="wp-block-heading">NBA sued over Mark Cuban’s Voyager deal</h2>



The NBA was “grossly negligent” in not blocking a promotional deal between now-bankrupt crypto firm Voyager Digital and the Dallas Mavericks, a class action suit filed in a Miami district court <a href="https://www.courtlistener.com/docket/68229938/1/karnas-v-mccarter-english-llp/">argues</a>.



The suit alleges the NBA had a responsibility to review all marketing campaigns pertaining to the league, including Voyager’s with the Mavericks and owner Mark Cuban.&nbsp;



The Mavericks announced a five-year exclusive <a href="https://www.mavs.com/mavsvoyager/">partnership</a> with Voyager in 2021, offering fans $100 in crypto for signing up to the platform. Cuban and Voyager CEO Stephen Erlich <a href="https://www.dallasnews.com/sports/mavericks/2021/10/27/mark-cuban-mavs-partner-with-voyager-cryptocurrency-platform-in-teams-first-international-deal/">promoted</a> the deal at a press conference with several Mavericks players. Cuban <a href="https://brownrudnick.com/news_post/firm-defends-mark-cuban-and-mavs-in-voyager-digital-lawsuit/">faces</a> a class action suit of his own for his Voyager promotion.



<a href="https://blockworks.co/news/voyager-files-for-bankruptcy-days-after-freezing-withdrawals">Voyager filed for bankruptcy</a> in mid-2022 during the fallout from the collapse of crypto hedge fund Three Arrows Capital.



Read more: <a href="https://blockworks.co/news/mark-cuban-to-be-deposed-next-month-in-voyager-ponzi-suit">Mark Cuban To Be Deposed Next Month in Voyager ‘Ponzi’ Suit</a>



Voyager’s law firm, McCarter &amp; English, is also named in the suit. It’s the latest in a series of lawsuits athletes, sports teams, and now leagues have faced over ties to crypto firms.



Read more: <a href="https://blockworks.co/news/golden-state-warriors-lawsuit-ftx">Golden State Warriors, Steph Curry face class-action lawsuit from FTX investors</a>



<h2 class="wp-block-heading">One interesting stat:</h2>



<ul>
<li>NFT collection Nobody, which <a href="https://nobody.xyz/">uses</a> generative AI to let owners chat with their NFT characters, <a href="https://defillama.com/nfts">saw</a> 11,208 ether in sales volume this week, according to DeFiLlama. The next-most traded collection did under 3,000 ether in volume.&nbsp;</li>
</ul>



<h2 class="wp-block-heading">Also of note:</h2>



<ul>
<li>Mastercard <a href="https://www.mastercard.com/news/europe/en/newsroom/press-releases/en/2024/mastercard-launches-its-web3-uefa-champions-league-trivia-competition/">announced</a> a “Web3 powered trivia competition” where users can compete for UEFA Champions League match tickets in trivia contests unlocked with an NFT pass.&nbsp;</li>



<li>The NEAR Foundation and D3 Global are applying to <a href="https://blockworks.co/news/near-foundation-top-level-domain">create a .near top-level domain (TLD).</a></li>



<li>The Avalanche-built first-person shooter game Shrapnel launched early access for some users on the Epic Games <a href="https://store.epicgames.com/en-US/p/shrapnel-e59542">store</a>.</li>
</ul>



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Web3 Watch: Farcaster’s most popular posts are NFT and altcoin promos

Katherine Ross

NBA&#8217;s Golden State Warriors and Stephen Curry are facing a class action lawsuit over the collapse of FTX. 



The class action <a href="https://www.courtlistener.com/docket/67628632/1/garrison-v-golden-state-warriors-llc/" target="_blank" rel="noreferrer noopener">lawsuit</a> claims that both the Golden State Warriors and Curry engaged in a conspiracy that “​​substantially assisted or encouraged the wrongdoing conducted by the FTX Group.”



&#8220;The FTX Group and Defendants made numerous misrepresentations and omissions to Plaintiffs and Class Members about the deceptive FTX platform in order to induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme,” the lawsuit claims. 



They also claim that the Warriors “did not disclose that they were being compensated by FTX for promoting the sale of unregistered FTX securities.”&nbsp;



The basketball franchise also allegedly “had a financial incentive to induce Plaintiffs to invest with FTX” because it was an international rights partner.



In 2021, the <a href="https://blockworks.co/news/ftx-us-partners-with-golden-state-warriors" target="_blank" rel="noreferrer noopener">team announced a partnership</a> with FTX. Sam Bankman-Fried’s exchange started as the official cryptocurrency platform and NFT marketplace of the Golden State Warriors. 



In April 2022, the Warriors offered an NFT collection in partnership with FTX. Because the collection was minted on FTX, fans “must have had a FTX US account to mint and participate in the 1-of-1 auction.”



In addition, the partnership with Shaquille O’Neal and the Astrals NFT project he developed with his son, Myles O’Neal, required investors to have a “funded FTX account” in order to participate in the sale.&nbsp;&nbsp;



Stephen Curry, one of the stars on the team, notched a global ambassador deal with FTX in September 2021.&nbsp;



The lawsuit claims that Curry was ”paid, at least in part, in FTX stock and/or stock options – the value of which depended on the financial success of FTX.” Therefore, he had incentive to promote the former crypto exchange.



After FTX declared bankruptcy in November of last year, the <a href="https://blockworks.co/news/golden-state-warriors-and-miami-heat-axe-ftx-deals" target="_blank" rel="noreferrer noopener">Golden State Warriors axed</a> their deals with FTX. 



The Golden State Warriors aren’t the only sports team to be targeted in crypto-related lawsuits. Mark Cuban and his team, the Dallas Mavericks, <a href="https://blockworks.co/news/lawsuit-likens-voyager-to-ponzi-sues-mark-cuban-for-promotion" target="_blank" rel="noreferrer noopener">faced a lawsuit from Voyager customers</a> after the crypto lender also declared bankruptcy. 



The lawsuit also claims that Voyager was a “<a href="https://blockworks.co/news/mark-cuban-to-be-deposed-next-month-in-voyager-ponzi-suit" target="_blank" rel="noreferrer noopener">massive Ponzi scheme.</a>”



The suit alleges that the Mavericks and Cuban “teamed up” with Voyager and made “false representations and [employed] other means of deception. As a result, the Voyager plaintiffs and Voyager class members all sustained losses in excess of $5 billion.”&nbsp;



Curry has been mentioned in <a href="https://blockworks.co/news/what-do-tom-brady-steph-curry-and-naomi-osaka-have-in-common-an-ftx-lawsuit" target="_blank" rel="noreferrer noopener">another class action lawsuit involving FTX</a>, which was made infamous by Shaquille O’Neal after he managed to evade process servers for months before being <a href="https://blockworks.co/news/shaq-finally-served-during-heat-celtics-series-at-old-ftx-arena" target="_blank" rel="noreferrer noopener">served in the former FTX Arena</a>.



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Golden State Warriors, Steph Curry face class-action lawsuit from FTX investors

Casey Wagner

Dapper Labs may not get its way in the class action lawsuit against its Top Shot NFTs, and other projects should be on notice, attorneys say.&nbsp;



Counsel from Skadden, Arps, Slate, Meagher and Flom LLP said that the <a href="https://blockworks.co/news/judge-denies-plea-dismiss-top-shot-class-action">court’s decision last week</a> to allow the class action, alleging Top Shot moments are securities, to move forward foreshadows how NFTs may be treated in the future.&nbsp;



US District Judge Victor Marreo determined the plaintiff’s argument — that Dapper Lab’s NBA Top Show Moments passes the Howey Test —- is plausible. But ruling against dismissal does not in and of itself signify any ruling, attorneys said.&nbsp;



The Howey Test has four main pillars to determine whether an asset is a security: 



<ul>
<li>Has money been invested?&nbsp;</li>



<li>Is it a common enterprise?&nbsp;</li>



<li>Is there a reasonable expectation of profit?</li>



<li>Is the profit derived from the efforts of others?</li>
</ul>



There was an undisputed investment of money, Dapper Labs and the plaintiffs agree, and, Marreo said in the <a href="https://www.dropbox.com/s/680mk9o4gzgpqp8/2023.02.22%20Dapper%20MTD%20Order.pdf?dl=0" target="_blank" rel="noreferrer noopener">filing</a>, it could be conceived that there was a pooling of funds as Moments sales created revenue and supported the Flow blockchain, which has its own native token, FLOW.



As for reasonable expectation of profits, it is feasible that Moments values were determined by Dapper Labs’ ability to turn a profit, Marreo said.



A key factor in the case is going to come down to Dapper Lab’s sole control over the marketplace where Moments were bought and sold, giving Dapper the ability to “significantly, if not entirely, dictate[d] Moments’ use and value.”



“This aspect of the court’s ruling highlights the potential regulatory risks of a ‘walled garden’ business model where the NFT issuer creates its own marketplace that serves as the only place for buyers and sellers to trade,” attorneys wrote in a contributed <a href="https://clsbluesky.law.columbia.edu/2023/02/28/skadden-discusses-suit-alleging-nba-top-shot-nfts-were-securities/" target="_blank" rel="noreferrer noopener">piece</a> to Columbia Law School’s blog. 



The plaintiffs, in their allegations, argued Moments’ royalty structure makes them a horizontal commonality, meaning there was a “pooling of funds tied to the success of the overall venture.” Plaintiffs also said Dapper is operating a vertical commonality because it collects a percentage on each sale. The court agreed there was adequate evidence to the horizontal commonality argument, but not the vertical commonality allegations.&nbsp;



“The court held that the presence of seller royalties not directionally linked to an NFT holder’s profits or losses is insufficient, by itself, to establish vertical commonality between the promoter and purchasers — a ruling that could have broader ramifications given the near-ubiquity of royalties in the NFT market,” the attorneys wrote.&nbsp;



There is legal precedent to accept both types of commonalities as evidence an asset is a security, attorneys at Winston and Strawn <a href="https://www.winston.com/en/crypto-law-corner/when-it-comes-to-analyzing-utility-tokens-the-sec-staffs-framework-for-investment-contract-analysis-of-digital-assets-may-be-the-emperor-without-clothes-part-iv.html" target="_blank" rel="noreferrer noopener">noted</a>. 



It is unclear whether the case will proceed to trial or if a settlement may be reached. A precedent could be set.



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NFT Projects Beware: Top Shots Class Action Could Set Precedent

A federal judge has denied Dapper Labs’ motion to dismiss a class action lawsuit claiming its NBA Top Shot NFTs are securities. 



Dapper Labs, the issuer behind the popular NFT collection announced in 2019, will have to continue with the suit, US District Judge Victor Marreo ruled, per the court <a href="https://www.dropbox.com/s/680mk9o4gzgpqp8/2023.02.22%20Dapper%20MTD%20Order.pdf?dl=0" target="_blank" rel="noreferrer noopener">filing</a>.



The class action suit, filed in 2021, claims the “moments” collection — digital video clips of highlights from NBA games — are securities and that by issuing them, Dapper Labs violated the law.&nbsp;



“An NFT constitutes an investment contract under Howey,” Marreo wrote in the ruling, citing the Howey Test, used to determine whether an asset is a security under US law.&nbsp;



In its motion to dismiss, <a href="https://blockworks.co/news/dapper-labs-closes-250m-round-bit2me-ico-raises-23-4m">Dapper Labs</a> alleged the plaintiffs used Dapper’s native <a href="https://blockworks.co/price/flow" target="_blank" rel="noreferrer noopener">FLOW</a> token to “confuse” the court. The NBA moments and <a href="https://blockworks.co/news/nba-top-shot-creator-raises-725m-fund-to-grow-flow-blockchain-usage">FLOW tokens</a> are separate entities, Dapper Labs added. 



Marreo agreed that while FLOW and NBA moments are two separate products, Dapper “ignores that FLOW is part of the economic realities of the investment scheme in dispute.”&nbsp;



The case, if it makes it to trial, has the potential to set a precedent for NFTs and securities laws.



The filing comes as crypto classification and ongoing battles with the SEC heat up. Exchange <a href="https://blockworks.co/news/kraken-settles-sec-crypto-staking-program">Kraken recently settled for $30 million</a> and agreed to discontinue its staking product after the SEC filing claimed it had offered an unregistered security.&nbsp;



In settlement cases, which could be the end result of this class action against Dapper Labs, it is important to remember that no precedent is set, according to Seth Hertlein, Ledger’s global head of policy.



“The settlement did not create any new rules or law in the United States, and it’s not binding on anyone besides Kraken, who agreed to it,” Hertlein said during a <a href="https://twitter.com/Ledger/status/1626177139946012677?s=20" target="_blank" rel="noreferrer noopener">Twitter Spaces</a> with Blockworks. “The scope is actually quite limited.”



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Federal Judge Denies Dapper Labs’ Plea To Dismiss Top Shot Class Action

Ben Strack

Canadian crypto exchange Bitbuy’s upcoming Super Bowl ad has a different vibe than the company’s 2022 spot after an eventful year shook the industry.&nbsp;&nbsp;



Bitbuy is expected to be <a href="https://blockworks.co/news/whos-coughing-up-crypto-winter-dollars-for-super-bowl-ads">among the only crypto firms</a> set to advertise around the NFL championship game on Feb. 12 as companies in the space cut budgets and look to regroup as the crypto winter continues.



Of last year’s crypto advertisers, FTX <a href="https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing">went bankrupt</a> and online brokerage eToro told Blockworks it won’t be running an ad. Coinbase last month implemented <a href="https://blockworks.co/news/coinbase-lays-off-950-staff-cuts-operational-costs-by-25">cost-saving measures</a> and exchange OKX, which <a href="https://blockworks.co/news/what-crypto-super-bowl-ads-can-we-expect-in-2023">planned to buy an ad</a>, has changed its mind.



The Bitbuy ad, which <a href="https://www.youtube.com/watch?v=02ivqdVzwS8" target="_blank" rel="noreferrer noopener">went live</a> online Thursday, will be the firm’s second consecutive Super Bowl showing. NBA star Kyle Lowry appeared in <a href="https://www.youtube.com/watch?v=aI3LNq_lres&amp;t=2s" target="_blank" rel="noreferrer noopener">the company’s ad</a> last year featured during the game’s Canadian broadcast. 



Bitbuy’s upcoming 60-second commercial, also to appear only in Canada, is set to run within an hour before the Kansas City Chiefs and Philadelphia Eagles kick off.&nbsp;



Crypto markets plummeted amid the collapse of Terra’s algorithmic stablecoin in May and the subsequent bankruptcies of companies such as <a href="https://blockworks.co/news/3ac-files-for-bankruptcy-as-co-founders-location-unknown" target="_blank" rel="noreferrer noopener">Three Arrows Capital</a>. The industry was once again rattled as FTX crashed in November, shaking confidence in centralized exchanges and similar entities. 



“Whereas the theme for Bitbuy&#8217;s 2022 commercial was missed opportunities, 2023&#8217;s theme is trust,” Binu Koshy, Bitbuy’s branding and communications director, told Blockworks.&nbsp;



“We wanted to remind people in a sort of outlandish way that by being locally based and fully regulated, Bitbuy provides investing services with a personal touch.&#8221;&nbsp;



The new Bitbuy spot features Toronto Raptors forward Scottie Barnes, who Bitbuy <a href="https://www.youtube.com/watch?v=2AjDKl6h_vA" target="_blank" rel="noreferrer noopener">marketed</a> as a brand ambassador Tuesday.



Exchanges typically send a confirmation email to a user who makes a digital transaction. In the upcoming Super Bowl commercial, Barnes gives a Bitbuy user a confirmation hug.&nbsp;



Koshy declined to comment on how much Bitbuy spent on the commercial.&nbsp;The executive previously <a href="https://blockworks.co/news/exchanges-compete-to-grab-super-bowl-spotlight">told Blockworks</a> that roughly 25% of the company’s 2022 marketing budget went to signing Lowry, as well as producing and buying last year’s Super Bowl ad.



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Bitbuy Shifts Super Bowl Ad Focus From ‘Missed Opportunities’ to ‘Trust’

Ornella Hernandez

The Golden State Warriors, the San Francisco-based NBA team, is pausing all FTX-related promotional deals, ESPN reported.



All in-arena promotions and advertisements for the brand have been removed from the Chase Center following <a href="https://cms.blockworks.co/news/ftx-bankrupt-hacked-investigated-a-timeline-of-events/" target="_blank" rel="noreferrer noopener">FTX’s bankruptcy filings</a> on Friday, the sports network said.



Stephen Curry, a three-time NBA champion and Warriors point guard, <a href="https://cms.blockworks.co/news/ftx-names-stephen-curry-a-global-ambassador/" target="_blank" rel="noreferrer noopener">became a global ambassador for FTX</a> in September 2021. He also received an equity stake in FTX Trading Limited as part of the agreement.



Then, FTX US and its NFT marketplace <a href="https://cms.blockworks.co/news/ftx-us-partners-with-golden-state-warriors/" target="_blank" rel="noreferrer noopener">became the Warriors’ official cryptocurrency platform</a>. 



In April 2022, the team dropped its second NFT collection — commemorating its 2022 NBA playoffs performance — on the FTX NFT marketplace. The site is offline at the time of writing.



The Warriors were the first professional sports team to launch an NFT collection when they dropped various editions of the team’s six NBA championship rings and 10 commemorative ticket stubs.



According to <a href="https://www.espn.com/nba/story/_/id/35028576/golden-state-warriors-pause-all-ftx-related-promotions" target="_blank" rel="noreferrer noopener">ESPN reports</a>, the final FTX promotion took place Monday night at the Warriors vs. Spurs game when bobble heads of one of its players, Jordan Poole, were given out to fans.



Miami Heat’s home needs a new name



On Friday, the Miami Heat NBA team ended its naming rights deal with FTX. The deal was for <a href="https://www.nba.com/heat/news/heat-partners-with-ftxus" target="_blank" rel="noreferrer noopener">$135 million over 19 years</a> and included $2 million annual payments to the Miami Heat. The crypto exchange had taken over the rights of what was formerly known as the American Airlines Arena, in June 2021.



The team tweeted that the reports about FTX were “extremely disappointing” and referenced Miami-Dade county’s Peace and Prosperity Plan initiative that was funded by this partnership to address gun violence in the area.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Miami-Dade County and the Miami HEAT have released the following statement <a href="https://t.co/ERZo1IsZ2o">pic.twitter.com/ERZo1IsZ2o</a>&mdash; Miami HEAT (@MiamiHEAT) <a href="https://twitter.com/MiamiHEAT/status/1591219414225293312?ref_src=twsrc%5Etfw">November 12, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The county collected $20 million on the FTX naming rights deal, <a href="https://www.local10.com/news/local/2022/11/13/miami-dade-mayor-ftx-paid-20m-to-county-before-naming-rights-deal-ended/" target="_blank" rel="noreferrer noopener">according</a> to local reports. 



The county is searching for a new partner to name the home of the Miami Heat. All signs of FTX have been taken down from the arena’s facade at time of writing.



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Golden State Warriors and Miami Heat Axe FTX Deals

<div id="highlights-block_6319d73558517" class="highlights">
 <ul>
 <li>Metaverse trademark registrations through 8 months of 2022 have eclipsed all of 2021</li>
 <li>ENS is the top ETH collection with the most volume on OpenSea within the past seven days</li>
 </ul>
 
</div>



This week Blockworks looked at <a href="https://cms.blockworks.co/venture-capital-bullish-on-building-gamefi-in-a-bear-market/" target="_blank" rel="noreferrer noopener">the state of the nascent GameFi market</a> and how venture capital is keen on pouring money into it during a bear market.



Additionally, a new Solana NFT collection, y00ts, <a href="https://cms.blockworks.co/latest-solana-nft-collection-gives-ethereum-nfts-a-run-for-their-money/" target="_blank" rel="noreferrer noopener">has already generated</a> over $7 million worth of secondary sales since Monday despite minting delays.



Blockworks recaps other notable stories that caught the eyes of the Web3 Watch.



<h3 class="wp-block-heading">Metaverse trademarks are booming</h3>



4,150 trademarks relating to Web3 and the metaverse have been filed with the United States Patent and Trademark Office (USPTO) so far in 2022. This is slightly more than twice as many as the total metaverse trademark registrations in all of last year — 1866.



Three major brands have put in their own filings in the past week alone, including carmaker Ford, <a href="https://tmsearch.uspto.gov/bin/showfield?f=doc&amp;state=4804:24nzyj.5.1" target="_blank" rel="noreferrer noopener">with 19 trademark applications</a> for virtual cars, trucks, vans and clothing, as well as an NFT marketplace.



Sony Music filed trademarks for its Columbia Records logo to be used in association with NFT-backed media including art &amp; music NFTs, music and podcast production as well as artist management and music distribution services.&nbsp;



Luxury goods retailer Hermes also <a href="https://tmsearch.uspto.gov/bin/showfield?f=doc&amp;state=4804:24nzyj.6.7" target="_blank" rel="noreferrer noopener">filed trademarks</a> for its name to be linked to NFTs, an NFT marketplace, virtual clothing and footwear, fashion shows and cryptocurrencies. It also mentions plans to create game software featuring avatars, alongside plans for user authentication services for e-commerce transactions.



Metaverse and NFT-focused applications are growing all over the world. The European Union Intellectual Property Office (EUIPO) claims to have registered 205 applications using the term “metaverse” in 2022.



The number of NFT-specific applications was 1,277 in 2021, but as of September 2022 there have been 1,157 applications.



<h3 class="wp-block-heading">For hoops fans who fancy NFTs</h3>



The National Basketball Association (NBA) and the National Basketball Players Association (NBPA) <a href="https://www.nba.com/news/nba-nbpa-sorare-fantasy-game-release" target="_blank" rel="noreferrer noopener">teamed up</a> with French startup Sorare to launch a free-to-play fantasy basketball game this Fall.



Sorare is mostly popular in Europe for its NFT-based fantasy soccer game. After partnering with the Major League Baseball (MLB) association in July, it has now turned to basketball fans as it expands within the US.



This partnership makes Sorare the official NFT fantasy partner of the NBA and gives it the rights to use official NBA league and team logos across its products.



The fantasy game will be released in time for the 2022-23 season and plans to enable fans to buy and sell digital NFT cards representing their favorite players and teams, while putting together a line-up that can earn them points based on the real-life performance of NBA players.



The NBA is no stranger to NFTs and already counts on the Dapper Labs-run NBA Top Shot&nbsp; NFT marketplace where sports fans can buy, sell and trade video clips from basketball games.&nbsp;



<h3 class="wp-block-heading">GameStop links up with FTX</h3>



GameStop partnered with FTX, making the video game retailer FTX’s preferred retail partner in the US.



The partnership intends to “introduce more GameStop customers to the crypto exchange’s community and its marketplaces for digital assets,” a press release stated.&nbsp;



While additional details including the financial terms have not been disclosed, one known perk is that GameStop stores will begin selling FTX gift cards.



GameStop recently launched its own NFT marketplace and its own crypto wallet. When the company submitted its Q2 2022 earnings report on Wednesday, however, it noted that any recent financial success may not stem from these new products.



“Revenues earned from our digital asset wallet and NFT marketplace were not material to the condensed consolidated financial statements for the three and six months ended July 30, 2022,” its quarterly SEC filing <a href="https://gamestop.gcs-web.com/static-files/3a9d968d-b9f5-415a-877f-895d5ac83ed3">stated</a>.&nbsp;&nbsp;



Additionally, <a href="https://cms.blockworks.co/ftx-bringing-crypto-swaps-to-reddit/" target="_blank" rel="noreferrer noopener">FTX also recently partnered with Reddit and Arbitrum</a> to allow users to pay gas fees on Reddit’s “Community Points” tokens using fiat currency.



<h3 class="wp-block-heading">New blockchain game alert&nbsp;</h3>



The top Solana marketplace Magic Eden <a href="https://cms.blockworks.co/solana-marketplace-magic-eden-to-offer-ethereum-nfts/" target="_blank" rel="noreferrer noopener">recently expanded to the Ethereum blockchain</a>. One of its first ETH NFT mints on the Magic Eden Launchpad includes a collaboration with Web3 game studio Azra Games.



Azra, which recently closed a $15 million seed round led by Andreessen Horowitz (a16z), announced plans to launch a collection of profile picture (PFP) NFTs called “The Hopeful,” as part of its upcoming “Legions &amp; Legends” game.&nbsp;



This game is an ETH-powered collectible and combat role-playing game (RPG) set in a sci-fi fantasy universe. The company is led by Mark Otero, former General Manager of EA Capital Games, whose credits include Star Wars: Galaxy of Heroes.



Magic Eden recently shifted its focus to gaming by <a href="https://cms.blockworks.co/web3-watch-gamestop-opens-nft-marketplace-magic-eden-fund-focuses-on-web3-gaming/" target="_blank" rel="noreferrer noopener">launching a new venture capital fund</a>, dubbed Magic Ventures, that focuses on investments in Web3 games from third parties as well as its own. 



<h3 class="wp-block-heading">Vitalik polls crypto Twitter </h3>



Ethereum co-founder Vitalik Buterin has been <a href="https://twitter.com/VitalikButerin/status/1566763265291681793?s=20&amp;t=tUl1e0BorDII4mHyLfgsCg" target="_blank" rel="noreferrer noopener">tweeting</a> out a slew of polls lately — from personal random questions, like which crypto personality he respects the most, to what a fair price for a 5-letter .eth domain name is. 



In response to the latter, 91,130 participants chimed in and around 50% of the crypto community thinks that the fair price for a 5-letter .eth domain name for 100 years is less than $100. The same goes for .eth domain for 10 years.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">What is a fair price that someone should have to pay to register and unconditionally guarantee ownership of a 5-letter .eth domain for 100 years?&mdash; vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1566421042872164355?ref_src=twsrc%5Etfw">September 4, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



At the same time, Buterin has called for Ethereum Name Service (ENS) domain taxation, suggesting a 3% yearly fee on ENS domain names for the highest bidder.



For example, an investor with $500,000 as the highest bid on their domain should pay a $15,000 taxation annually to maintain ownership. According to him, this would demotivate people from hoarding domains they aren’t using.



ENS has been trading at the top of the secondary sales charts on OpenSea, as the ETH collection with the most volume within the past seven days.



It <a href="https://twitter.com/ensdomains/status/1565374366791057409?s=20&amp;t=QtnSDYyIgx2haUUm3qqE1Q" target="_blank" rel="noreferrer noopener">registered</a> 301,000 new .eth domains in August and touts a total of 2.17 million names so far.



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Web3 Watch: GameStop Partners with FTX and Sorare Creates NBA Fantasy Game

<div id="highlights-block_627a8bb968baa" class="highlights">
 <ul>
 <li>The fund is the largest joint commitment made toward any blockchain ecosystem, according to the company</li>
 <li>The Flow blockchain has more than 7,000 developers </li>
 </ul>
 
</div>



Dapper Labs, the Web3 platform powering blockchain-based trading card platform NBA Top Shot, unveiled a $725 million ecosystem fund in a bid to spur community growth.&nbsp;



The fund is the largest joint commitment made toward any blockchain ecosystem, the company said in a statement Tuesday. Participants include venture capital firm a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group and Union Square Ventures.



&#8220;As [Web3] accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best decentralized blockchain built for the scale, security, and ease of use most modern startups need to succeed,&#8221; CoinFund Managing Partner David Pakman said in a statement.&nbsp;



The fund will offer existing and future developers support to build applications on Flow blockchain through investments and FLOW token grants. It will focus on support for gaming, infrastructure, decentralized finance, content and creators, and the capital may also be used for team expansion, user acquisition and general operating expenses.&nbsp;



A spokesperson for the company did not immediately return a request for comment.&nbsp;



Originally developed by Dapper Labs, Flow is a blockchain built for consumers that has had daily transactions triple since September 2021, according to the company.



Flow has more than 7,000 developers building on the blockchain. The protocol has roughly 1,000 active projects and 175,000 monthly active users. The Web3 platform powers <a href="https://nbatopshot.com/?c=BS_HP&amp;gclid=Cj0KCQjwmuiTBhDoARIsAPiv6L-FFjSIRpXDXLPG42G8C9B1eDZzbN5KHBcYDl_wgMVfAhiAYc7uxJgaAs_HEALw_wcB&amp;gclsrc=aw.ds" target="_blank" rel="noreferrer noopener">NBA Top Shot</a>, which allows users to own, sell and trade NFTs of NBA and WNBA plays and players, as well as <a href="https://nflallday.com/" target="_blank" rel="noreferrer noopener">NFL All Day</a>, which offers licensed NFL video NFTs (non-fungible tokens).



FLOW has a market capitalization of roughly $1.5 billion, according to Blockworks data. The price was up 8.2% to trade at $3.999 in the last 24 hours as of midday Tuesday.&nbsp;



Dapper Labs <a href="https://cms.blockworks.co/dapper-labs-closes-250m-round-bit2me-ico-raises-23-4m/" target="_blank" rel="noreferrer noopener">closed a $250 million round</a> in September, which the company said would be used to support additional brand-driven sports-, entertainment- and music-based products. Coatue and a16z had invested then, as well.



The investment is the latest in a string of digital asset investments for a16z, which recently launched <a href="https://a16z.com/2022/04/21/announcing-a16z-crypto-research/" target="_blank" rel="noreferrer noopener">a crypto research lab</a>. The firm was <a href="https://cms.blockworks.co/what-does-binances-investment-in-twitter-mean-for-the-social-networks-future/" target="_blank" rel="noreferrer noopener">one of 18 investors</a> backing Elon Musk’s $44 billion bid to purchase Twitter, pledging $400 million. It also <a href="https://cms.blockworks.co/a16z-leads-25m-raise-for-nft-focused-cocreate-protocol/" target="_blank" rel="noreferrer noopener">led a $25 million seed round</a> to fund the launch of the NFT-focused Co:Create protocol.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Flow Raises $725M To Fund Blockchain’s Growth

<div id="highlights-block_61f3056f24ad6" class="highlights">
 <ul>
 <li>Kids at the four-time NBA champion&#8217;s I Promise School in Akron, Ohio, to learn about crypto and Web3, according to the Akron Beacon Journal</li>
 <li>The Staples Center was renamed Crypto.com Arena last month as part of a 20-year, $700 million deal</li>
 </ul>
 
</div>



LeBron James and Crypto.com have teamed up, the Akron Beacon Journal <a href="https://www.beaconjournal.com/story/news/2022/01/28/lebron-james-crypto-teaming-up-partnership-technology-training-program-akron-i-promise-families/9229346002/">reported</a> Friday, in a move designed to teach kids about crypto technology and the ways it could impact their lives.



The roughly 1,600 children at the four-time NBA champion&#8217;s <a href="https://ipromise.school">I Promise School</a> will learn about crypto and career fields related to the space from experts provided by Crypto.com. The education initiatives will extend to the students&#8217; families.



“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world, and how we engage with one another,&#8221; James told the Akron newspaper. &#8220;I want to ensure that communities like the one I come from are not left behind.&#8221;



The deal follows Crypto.com’s purchase of the naming rights to the Staples Center in Los Angeles in November as part of a 20-year, $700 million deal. The venue — home of the NBA’s Lakers and Clippers, the NHL’s Kings and the WNBA’s Sparks — was renamed Crypto.com Arena on Dec. 25. 



The company also made a big marketing splash when it began airing <a href="https://www.youtube.com/watch?v=9hBC5TVdYT8" target="_blank" rel="noreferrer noopener">a television spot</a> starring Matt Damon in October.&nbsp;



After the crypto exchange set out to build its brand awareness last year the company is focusing more on educating users and telling stories in 2022, Chief Marketing Officer Steven Kalifowitz <a href="https://cms.blockworks.co/crypto-com-cmo-on-how-company-went-from-app-to-global-brand/" target="_blank" rel="noreferrer noopener">told Blockworks in December</a>.



Crypto.com is not the only company in the space attracting star athletes. Crypto derivatives exchange FTX has partnered with Tom Brady, <a href="https://cms.blockworks.co/ftx-names-stephen-curry-a-global-ambassador/" target="_blank" rel="noreferrer noopener">Stephen Curry</a> and <a href="https://cms.blockworks.co/ftx-inks-deal-with-mlb-star-shohei-ohtani/" target="_blank" rel="noreferrer noopener">Shohei Ohtani</a>, among others.&nbsp;



Voyager Digital, <a href="https://cms.blockworks.co/voyager-cmo-crypto-is-changing-the-way-we-interact-with-money/" target="_blank" rel="noreferrer noopener">which intends</a> to produce more video content and build partnerships outside of the sports world this year, partnered with Rob Gronkowksi last September.&nbsp;



The Wall Street Journal <a href="https://www.wsj.com/articles/crypto-com-will-run-its-first-super-bowl-ad-amid-marketing-blitz-11640174402" target="_blank" rel="noreferrer noopener">reported</a> that Crypto.com and FTX will advertise during the Super Bowl, which is scheduled for Feb. 13.



An FTX spokesperson declined to comment on the company’s plans around the game. A representative for Crypto.com did not immediately return Blockworks’ request for comment.&nbsp;



<hr class="wp-block-separator"/>



<hr class="wp-block-separator">
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<hr class="wp-block-separator">

LeBron James Partners with Crypto.com to Help Kids Learn About Digital Future

Jacquelyn Melinek

<div id="highlights-block_619531582f226" class="highlights">
 <ul>
 <li>The partnership with the Rockets is not just a NYDIG brand awareness move but a move to create awareness for bitcoin as well, NYDIG’s CMO Kelly Brewster told Blockworks in an interview</li>
 <li>Earlier this week, Crypto.com made a $700 million name rights deal with the Los Angeles Lakers to rename the Staples Center to Crypto.com Arena for the next 20 years</li>
 </ul>
 
</div>



The Houston Rockets have partnered with bitcoin-focused NYDIG to bring a range of cryptocurrency services to the basketball team.&nbsp;



The deal will be paid in bitcoin to Tilman Fertitta, the owner and CEO of Fertitta Entertainment, who owns the Rockets, Post Oak Motor Cars, the hospitality company Landry’s and the Golden Nugget Hotel and Casinos. The proceeds will be held on NYDIG&#8217;s bitcoin platform, according to a release.&nbsp;



Landry’s and Fertitta’s dealership also recently partnered with NYDIG to implement bitcoin rewards and allow customers to finance cars through bitcoin loans, respectively.&nbsp;



“We got connected to their organization a few months ago and Tilman has been interested in crypto generally and bitcoin specifically for quite some time,” NYDIG’s Chief Marketing Officer Kelly Brewster told Blockworks in an interview. “I think he’s already a little bit ahead of the curve and really wanted to make more of a concerted effort to focus on (bitcoin),” Brewster said.&nbsp;



NYDIG is a bitcoin-focused company that provides technology and financial services solutions to banks, insurers, corporations and institutions. Some of its recent partnerships and investments range from <a href="https://cms.blockworks.co/nydig-and-q2-launch-bitcoin-platform-to-help-banks-credit-unions-transact-bitcoin/" target="_blank" rel="noreferrer noopener">credit unions</a> to <a href="https://cms.blockworks.co/nydig-leads-5m-funding-round-for-mining-firm-luxor/" target="_blank" rel="noreferrer noopener">mining firms</a>. It is also a holding company Stone Ridge subsidiary, a $12 billion alternative asset manager.&nbsp;



The Rockets will work with NYDIG to provide access, educational programming and community initiatives to the bitcoin ecosystem through the NBA team’s social, digital and in-person platforms. Additionally, the Toyota Center’s suite levels will be named “Bitcoin Suites by NYDIG.”&nbsp;



<blockquote class="wp-block-quote">“From the get-go we’ve been trying to figure out what are all of the different touchpoints in their business, where we can, and make bitcoin a bigger part of it and doing exciting things for bitcoiners,” Brewster said.&nbsp;</blockquote>



The partnership with the Rockets is “as much about bitcoin, as it is about NYDIG,” meaning it’s not just an NYDIG brand awareness move but a move to create awareness for bitcoin as well, Brewster said.&nbsp;



NYDIG is well known for partnering with non-crypto-related businesses to expand bitcoin’s reach. Other crypto companies have also expanded into the sports world to boost brand awareness and educate the public about cryptocurrencies, more specifically, bitcoin.&nbsp;



Earlier this week, Crypto.com made a <a href="https://twitter.com/Blockworks_/status/1460910687576854533" target="_blank" rel="noreferrer noopener">$700 million name rights deal</a> with the Los Angeles Lakers to rename the Staples Center to Crypto.com Arena for the next 20 years.



Separately, crypto exchange FTX <a href="https://cms.blockworks.co/ftx-inks-deal-with-mlb-star-shohei-ohtani/" target="_blank" rel="noreferrer noopener">landed a deal</a> with high-profile Los Angeles Angels All-star Pitcher Shohei Ohtani, who will serve as a spokesperson for the company. Last month Voyager Digital <a href="https://cms.blockworks.co/voyager-digital-partners-with-dallas-mavericks/" target="_blank" rel="noreferrer noopener">partnered with the Dallas Mavericks</a>, which is one of many announcements recently that has aimed to merge the crypto and sports worlds together.



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>

Houston Rockets Partner with NYDIG through Bitcoin-Paid Deal

<div id="highlights-block_61942c1bb283a" class="highlights">
 <ul>
 <li>Ohtani, who joins FTX brand ambassadors Tom Brady, Steph Curry, David Ortiz and others, will be compensated in equity and cryptocurrencies</li>
 <li>FTX US president attributed business’s Q3 growth in part to sports partnerships</li>
 </ul>
 
</div>



Crypto exchange FTX has landed a deal with another high-profile celebrity as it looks to continue pushing its brand awareness within the sports sphere. 



The company announced a long-term partnership with Shohei Ohtani, an All-Star pitcher, designated hitter and outfielder for the Los Angeles Angels. He will serve as a spokesperson for FTX to elevate the company’s brand and increase awareness of the company&#8217;s platform and digital assets more generally.&nbsp;



Ohtani will be compensated in equity and cryptocurrencies. FTX will also make an annual contribution to various charities on Ohtani’s behalf.



The baseball star this year became the first player in Major League Baseball history to be an All-Star as both a pitcher and a hitter. Ohtani was also the first pitcher to participate in the Home Run Derby.



FTX had inked a deal with Major League Baseball earlier this year, which included the league’s umpires wearing an FTX.US logo patch on their uniforms.&nbsp;



The company also partnered with NFL quarterback and seven-time Super Bowl champion Tom Brady in June, and more recently announced similar alliances with two-time NBA Most Valuable Player <a href="https://cms.blockworks.co/ftx-names-stephen-curry-a-global-ambassador/" target="_blank" rel="noreferrer noopener">Steph Curry</a>, NFL Running Back Aaron Jones, and David Ortiz, a retired slugger who won three World Series as a designated hitter for the Boston Red Sox.   



Brett Harrison, president of FTX affiliate FTX US, <a href="https://cms.blockworks.co/ftx-us-reports-512-increase-in-average-daily-volume-in-q3/" target="_blank" rel="noreferrer noopener">previously told Blockworks</a> that sports partnerships forged by its parent companies have helped spur dramatic growth for the business in recent months.&nbsp;&nbsp;



FTX US reported an average daily volume of roughly $360 million in the third quarter, a 512% increase from the prior quarter. Its user count increased by 52% quarter over quarter, though the company declined to share how many users it has.



Other crypto companies have looked to the sports world to boost brand awareness and educate the public about digital assets.&nbsp;



Voyager Digital <a href="https://cms.blockworks.co/voyager-digital-partners-with-dallas-mavericks/" target="_blank" rel="noreferrer noopener">partnered with the Dallas Mavericks</a> last month, and NYDIG announced a deal on Tuesday to become the official bitcoin services partner and platform of the Houston Rockets.&nbsp;



The Rockets will work with NYDIG to expand the bitcoin ecosystem through access, educational programming, and community support initiatives, the organization said in a statement. NYDIG, which is paying for the sponsorship in bitcoin, will receive brand exposure across the team&#8217;s social, digital and in-arena platforms.



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>

FTX Inks Deal with MLB Star Shohei Ohtani

Sam Martin

<div id="highlights-block_60c9fc7f1690b" class="highlights">
 <ul>
 <li>The US&#8217;s first bitcoin ETF records massive volume on its first day of trading</li>
 <li>Coinbase Partners with the NBA to become its exclusive cryptocurrency exchange partner</li>
 </ul>
 
</div>



BITO, the first US-based bitcoin strategy ETF, notched close to $1 billion of trading volume on its first day. This marks the second most traded ETF on a first-day rollout in US history. 



Despite the BTC price trading at similar levels to April 2021 before the big crash, underlying market dynamics are much different this time around. Funding rates and the basis on futures contracts draw stark differences between April and today. 



In addition to the ETF news, the digital asset space saw many announcements today. Some of which include Coinbase partnering with the NBA, Facebook enabling remittance payments via its crypto wallet, and Riot Blockchain announcing the world&#8217;s first-ever industrial-scale, immersion-cooled BTC mining operation.



Finally, Element Finance turned heads with a Series A raise of $32 million led by Polychain Capital and includes a16z and others, bringing its valuation to $320 million. 



<h3 class="wp-block-heading">Latest in Macro:</h3>



<ul><li>S&amp;P 500: 4,519, +.74%</li><li>NASDAQ: 15,129, +.71%</li><li>Gold: $1,769, +.06%</li><li>WTI Crude Oil: $83.04, +.73%</li><li>10-Year Treasury: 1.641%, +.057%</li></ul>



<h3 class="wp-block-heading">Latest in Crypto:</h3>



<ul><li>BTC: $64,167, +3.79%</li><li>ETH: $3,823, +1.69%</li><li>ETH/BTC: .0597, -1.18%</li><li>BTC.D: 47.53%, +.93%</li></ul>



<h3 class="wp-block-heading">Bitcoin: April Versus Now</h3>



BTC is hovering right around an all-time high as the first US BTC ETF, BITO, began trading today. It registered the second-most volume on an opening day for an ETF in history, notching roughly $950 million of volume traded. 



Grayscale, the parent company behind the Grayscale Bitcoin Trust (GBTC), filed to convert its trust into a spot-backed BTC ETF. However, US Securities and Exchange Commission chairman Gary Gensler still seems hesitant to allow a spot-backed BTC ETF to trade based on his <a href="https://twitter.com/CNBC/status/1450458243239747592?s=20" target="_blank" rel="noreferrer noopener">comments from this morning</a> when appearing on CNBC. 



Back in April when BTC visited the mid $60,000&#8217;s, open interest weighted funding rates were much higher than they are today as seen in the two charts below. This implies that the market is in an overall healthier state, with traders being less aggressive opening long positions today than they were in April of 2021. Funding rates in April were consistently around .04 versus only .01 today. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg" alt="" class="wp-image-9578" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/March-26-April-14-1024x683.jpeg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: laevitas.ch</figcaption></figure>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg" alt="" class="wp-image-9579" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-1024x683.jpeg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: laevitas.ch</figcaption></figure></div>



<h4 class="wp-block-heading">Annualized three-month basis</h4>



The annualized three-month basis, or the difference between futures contracts three months out from expiration and spot price, was yielding north of 40% back in April. &#8220;When the 3-month basis is very positive, that is a sign of investor exuberance – investors buy the futures contract thinking the price will rise and they will either settle or closeout at a higher price,&#8221; Noelle Acheson, head of market Insights at Genesis Trading, wrote to Blockworks. 



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg" alt="" class="wp-image-9580" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/mar-26-april-14-ann-1024x683.jpeg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: laevitas.ch</figcaption></figure></div>



Today, however, we see the annualized three-month basis returns close to 15% across numerous exchanges. Noelle added, &#8220;So, what you’re seeing is evidence that the market is not as &#8216;exuberant&#8217; as it was back in April. To me, this says that the market still has some way to run before getting &#8216;frothy.'&#8221;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg" alt="" class="wp-image-9587" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/sep-26-oct-19-ann-1-1024x683.jpeg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: laevitas.ch</figcaption></figure>



The CME BTC futures open interest has definitively reached all-time highs despite the fact that total BTC futures open interest across all exchanges remains below previous all-time highs.



The CME offers the least amount of leverage when compared to other exchanges and is often where institutions in the US go to dip their toes in the bitcoin market. CME BTC futures open interest is a solid proxy for institutional adoption in the US. <a href="https://www.proshares.com/funds/bito.html" target="_blank" rel="noreferrer noopener">BITO</a> is also backed by CME futures, which is clearly having a direct impact on open interest. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="442" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png" alt="" class="wp-image-9583" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-3.39.56-PM-1024x442.png?w=1439 1439w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Bybt</figcaption></figure>



<h3 class="wp-block-heading">Big Announcements</h3>



<ul><li>The NBA landed a <a href="https://www.cnbc.com/2021/10/19/nba-lands-first-cryptocurrency-sponsorship-with-coinbase.html" target="_blank" rel="noreferrer noopener">multiyear partnership</a> with Coinbase. Coinbase aims to leverage just nearly all of the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. </li><li>Formula 1 driver, Pierre Gasly, entered into an agreement with the Fantom Foundation to launch NFTs on top of the Fantom (FTM) blockchain, according to their <a href="https://fantom.foundation/blog/f1-driver-pierre-gasly-ready-to-drop-exclusive-nfts-on-artion/?__cf_chl_jschl_tk__=pmd_mp.gbN84e7LD5bixICgDGj6JCpkZkG4DzA4.CsbeALQ-1634676638-0-gqNtZGzNAmWjcnBszQg9" target="_blank" rel="noreferrer noopener">website</a>. </li><li>Facebook (FB) <a href="https://www.cnbc.com/2021/10/19/facebook-taps-coinbase-for-digital-wallet-novi.html" target="_blank" rel="noreferrer noopener">announced</a> plans today to enable remittance payments in select countries via its crypto wallet, Novi. Coinbase will help in their efforts to crack into the digital asset realm. Novi will support USDP, an ERC-20 token.</li><li>Fitch Ratings <a href="https://www.bloomberg.com/news/articles/2021-10-19/fitch-says-stablecoins-could-reshape-short-term-debt-markets?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=asia&amp;cmpid%3D=socialflow-twitter-asia" target="_blank" rel="noreferrer noopener">believes</a> stablecoins have the potential to reshape short-term debt markets. </li><li><a href="https://twitter.com/RiotBlockchain/status/1450462115505053703?s=20" target="_blank" rel="noreferrer noopener">Riot Blockchain</a> is working on building the world&#8217;s first industrial-scale, immersion-cooled, BTC mining operation. </li><li>Chainalysis tapped NYDIG to assist them with adding BTC to their balance sheet, according to a company <a href="https://blog.chainalysis.com/reports/chainalysis-nydig-bitcoin-balance-sheet" target="_blank" rel="noreferrer noopener">blog</a>. </li></ul>



<h3 class="wp-block-heading">Element Finance</h3>



<ul><li>Element Finance, an open source protocol for fixed and variable yield markets, <a href="https://medium.com/element-finance/element-finance-raises-32m-series-a-at-a-320m-valuation-6622fab5fb40" target="_blank" rel="noreferrer noopener">announced</a> today that it has raised $32 million in a Series A led by Polychain Capital at a valuation of $320 million. A16z also participated in the round.</li><li>The protocol aims to be a one-stop-shop for institutions and decentralized autonomous organizations (DAOs) to manage idle funds through <a href="https://app.element.fi/fixedrates/" target="_blank" rel="noreferrer noopener">fixed-rate yields</a>, which are often hard to come by if DeFi. </li><li>It has seen its total value locked (TVL) explode since its rollout in June, as seen in the chart below. With only 10,225 users, Element has a large runway for growth. </li></ul>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="627" height="284" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png" alt="" class="wp-image-9599" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=627 627w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/@DarenMatsuoka.png?w=80 80w" sizes="(max-width: 627px) 100vw, 627px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="336" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png" alt="" class="wp-image-9601" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.27-PM-1024x336.png?w=1248 1248w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="289" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png" alt="" class="wp-image-9602" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-19-at-5.19.09-PM-1024x289.png?w=1232 1232w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



That is all for today, folks. Looking forward to catching tomorrow! 



<hr class="wp-block-separator"/>



Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.



<hr class="wp-block-separator"/>

First Bitcoin Strategy ETF Puts BTC in Overdrive, Price Tops $64K: Markets Wrap

<div id="highlights-block_6137c1cb49140" class="highlights">
 <ul>
 <li>Partnership with Curry follows deals with NFL quarterbacks Tom Brady and Trevor Lawrence as well as venture capitalist Kevin O’Leary</li>
 <li>Last week FTX acquired the parent company of digital currency futures and options exchange LedgerX as a way to bring crypto derivatives to its US user base</li>
 </ul>
 
</div>



Crypto exchange FTX has grabbed another high-profile athlete to further the reach of its brand and tout the viability of cryptocurrency as it looks to expand its US presence.&nbsp;



West Realm Shires Services Inc. and FTX Trading Limited, the companies behind FTX.US and FTX.COM, have entered into a long-term partnership with Stephen Curry, a three-time NBA champion who has won two Most Valuable Player awards.&nbsp;



Curry becomes a global ambassador for the company, FTX announced Tuesday, and the NBA star will receive an equity stake in FTX Trading Limited as part of the agreement. The deal with FTX comes about a week after the 33-year-old reportedly bought a <a href="https://boredapeyachtclub.com/#/">Bored Ape Yacht Club</a> NFT for $180,000 worth of Ether.



“I’m excited to partner with a company that demystifies the crypto space and eliminates the intimidation factor for first-time users,” Curry said in a statement.



In this new role, Curry will seek to expand the reach of the FTX brand and tout the viability of cryptocurrency to new audiences around the world through several upcoming initiatives, which will be announced in the coming months, a spokesperson told Blockworks.&nbsp;



The partnership comes during a year in which FTX has teamed up with other sports stars, including quarterbacks Tom Brady and Trevor Lawrence.



FTX also <a href="https://cms.blockworks.co/ftx-partners-with-shark-tanks-kevin-oleary/" target="_blank" rel="noreferrer noopener">revealed last month</a> that entrepreneur and venture capitalist Kevin O’Leary, best known for his longtime role on ABC’s Shark Tank, is being paid in crypto to serve as an ambassador after he made an equity investment in the company.



The efforts come as the company is looking to build out its US business. FTX <a href="https://cms.blockworks.co/ftx-closes-900m-series-b-round-valuing-exchange-at-18b/" target="_blank" rel="noreferrer noopener">raised $900 million</a> for its Series B round in July, valuing the company at $18 billion. CEO Sam Bankman-Fried has said that FTX.US is looking to get licensed where it can, noting that the fundraise would be used to ensure regulatory compliance.



FTX <a href="https://cms.blockworks.co/ftx-us-brings-crypto-derivatives-to-users-with-ledgerx-acquisition/" target="_blank" rel="noreferrer noopener">said last week</a> it is set to acquire the parent company of digital currency futures and options exchange <a href="https://www.ledgerx.com/" target="_blank" rel="noreferrer noopener">LedgerX</a> as a way to bring crypto derivatives to its US user base.



FTX was among the first in the crypto space to break into the sports world. It became the <a href="https://www.mlb.com/press-release/press-release-mlb-ftx-cryptocurrency-partnership" target="_blank" rel="noreferrer noopener">official cryptocurrency exchange brand</a> of Major League Baseball in June, as the league’s umpires have sported an FTX.US patch on their uniforms since the All-Star Game on July 13.



The company also finalized a 19-year, $135 million deal with Miami-Dade County in Florida earlier in the year to take over naming rights of the Miami Heat’s <a href="https://cms.blockworks.co/ftx-inks-135m-sponsorship-deal-for-miami-heat-arena/" target="_blank" rel="noreferrer noopener">stadium</a>.



Are you a UK or EU reader that cant get enough investor-focused content on digital assets?<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.

FTX Names Stephen Curry a Global Ambassador

<div id="highlights-block_60e5edfc50d6b" class="highlights">
 <ul>
 <li>Crypto.com branding on UFC apparel to debut during July 10 fight between Dustin Poirier and Conor McGregor </li>
 <li>Voyager CEO to speak at inaugural event for professional athletes to explore wealth-building strategies</li>
 </ul>
 
</div>



Crypto companies already well known by their users are becoming more visible to the general public through sponsorships and education campaigns within the sports realm.



<a href="http://crypto.com/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, a platform with more than 10 million global users, is partnering with UFC to place its branding on apparel worn by mixed martial arts athletes. It will also be integrated into UFC content on platforms including live broadcasts, pay-per-views and UFC-owned social media channels.



The branding will debut on July 10 in Las Vegas during a bout between Dustin Poirier and Conor McGregor and will reach a UFC fan base estimated to be 625 million people.



“It’s a historic moment as the fastest-growing cryptocurrency platform joins forces with the fastest-growing sport to help accelerate the world&#8217;s transition to cryptocurrency,” Kris Marszalek, co-Founder and CEO of Crypto.com, said in a statement. “This is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together.”



The digital assets company was founded in 2016 and is a top-10 finance app in both the App Store and Google Play. Earlier this year, Crypto.com became the first crypto platform to partner with an Formula 1 team, an NHL team and soccer’s Lega Serie A.&nbsp;



Maggie Ng, chief marketing officer at Coindirect, said it makes sense that firms in the sector are looking for ways to reach more mainstream audiences, noting that sports has long been a powerful vehicle for marketing.



“Marquee sports events have a global footprint, which suits firms with international ambitions, and the typical sports audience also suits crypto firms with the prevalence of young males,” she told Blockworks. “The recent tie-ups in the space make absolute sense and will benefit the whole sector in demystifying it, and making it a more familiar and approachable proposition.”



A Crypto.com spokesperson did not immediately respond to Blockworks’ request for comment about future branding plans with the UFC and other potential partners it may be considering.&nbsp;



The UFC sponsorship was announced the same day that <a href="https://www.investvoyager.com" target="_blank" rel="noreferrer noopener">Voyager Digital</a>, a US platform for cryptocurrency investing and trading, revealed that it is the official cryptocurrency partner for the inaugural Players Symposium. 



The event, held in Las Vegas from July 7 to 9, was created for professional athletes to explore wealth-building strategies across finance, crypto, real estate, personal branding, entrepreneurship, esports and marketing. It will host 100 NFL players.



“[Crypto] plays an important role in long-term financial goals and is a new asset class individuals can have as a way to diversify their portfolios,” Voyager CEO Steve Ehrlich said in a statement. “Athletes are continually presented with business opportunities, and it&#8217;s essential for them to be equipped with the best resources to make financial decisions.&#8221;



Ehrlich will be presenting at the symposium with Nascar driver Landon Cassill, who Voyager sponsored last month &#8211; paying him fully in cryptocurrencies &#8211; for the 2021 Xfinity Series.



<a href="https://cms.blockworks.co/voyager-galaxy-digital-well-positioned-long-term-analysts-say/" target="_blank" rel="noreferrer noopener">Analysts said last month</a> that Voyager’s zero-commission trading model, broad array of crypto trading pairs and large number of coins gives it a stronger value proposition than competitors like Coinbase, Square and PayPal.



The latest moves by Crypto.com and Voyager come less than a week before the MLB All Star Game, during which the game’s umpires will wear an FTX.US patch on their uniform. The 2019 All-Star Game was watched by more than 8 million viewers, according to Nielsen ratings.



FTX became the <a href="https://www.mlb.com/press-release/press-release-mlb-ftx-cryptocurrency-partnership" target="_blank" rel="noreferrer noopener">official cryptocurrency exchange brand</a> of Major League Baseball last month. Umpires will continue sporting the FTX patch for future regular season, postseason and spring training games and fans will see other FTX brand promotion around nationally televised MLB games, MLB.com, MLB Network, MLB.TV and its social media platforms.