📉 Market Dispatch: Metaverse and GameFi Sectors Drop 30% in Crypto Selloff

Hello Defiers! Here’s what we are covering today,

News

• Market Dispatch: Metaverse and GameFi Sectors Drop 30% in Crypto Selloff
• Uniswap Defends Sharing Wallet Addresses with Research Firm as ‘Common Practice’
• Artist Behind Bored Ape Yacht Club to Unveil New NFTs at Art Basel

Opinion

• The Case for Why DAOs Should Register as Legal Entities

Video

• The Defiant Weekly: Metaverse + Fashion = Big Bada Boom
• Quick Take: Miami Gush, Bitcoin Crash, Sushi in Crisis?

Links

• FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report: CoinDesk
• Binance Smart Chain and Animoca Brands form $200M fund for GameFi projects: CoinTelegraph
• Olympus DAO Might Be the Future of Money (or It Might Be a Ponzi): CoinDesk
• Welcome to ‘Web3.’ What’s That?: The New York Times
• ENS Community-Enabled Analytics Bounty Program: ENS
• Price Performance of Native @Arbitrum Tokens Last 7 Days: Aribitrum

Trending in The Defiant

• Artist Behind Bored Ape Yacht Club to Unveil New NFTs at Art BaselSeneca, the lead artist behind Bored Ape Yacht Club (BAYC), one of the most celebrated NFT projects, will be debuting five NFTs on Saturday at Art Basel in Miami.
• Upstart Silo Finance Preps Token Sale in Challenge to Aave and CompoundAn upstart is about to take on DeFi lending giants Compound Finance, Aave and Rari Capital. It’s called Silo Finance and the protocol is opening a token sale on Dec. 6 in its bid to win web3 glory. Silo’s edge: a new model.
• DeFi Insurer Nexus Mutual Weighs Whether to Pay Out on BadgerDAO HackIn the aftermath of the $120M hack of BadgerDAO on Dec. 1, Nexus Mutual, the insurance protocol, will not pay out to people who bought coverage if it was a frontend attack, according to the project’s Twitter.

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Markets

📉 Market Dispatch: Metaverse and GameFi Sectors Drop 30% in Crypto Selloff

SELLOFF In a stretch when the crypto market suffered a heavy selloff, the GameFi, metaverse, and Play-to-Earn categories were among the hardest hit, with each shedding more than 30% of their value amid heavy drawdowns from widely-held names such as Axie Infinity, The Sandbox, and Decentraland.

LOSSES The nine-largest metaverse tokens all suffered losses ranging between 20% and 56%, with only three of 58 tokens posting gains for the week. Similarly, only eight of 201 tokens classified under GameFi posted gains, while 12 of 122 Play-to-Earn were up for the week.

SEVEN DAYS The downturn in metaverse names came amid the broader carnage in the market. The combined capitalization of DeFi assets has shed nearly 11% in the last seven days as the broader crypto markets swooned, according to CoinGecko. According to the data aggregator, the market cap of DeFi tokens fell to $139.2B from $156B in the past seven days. The sector has lost one-fifth of its value since its Nov. 12 all-time high (ATH) of $173.7B.

DeFi Market Cap since Jan 2020: CoinGecko

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DeFi Privacy

🦄 Uniswap Defends Sharing Wallet Addresses with Research Firm as ‘Common Practice’

NEWS Uniswap, the leading decentralized exchange by both total value locked (TVL) and volume, has been criticized for its partnership with blockchain intelligence firm TRM Labs.

PUBLIC WALLET On Dec. 2, Banteg, a pseudonymous core developer for yield aggregator Yearn Finance, shared a screenshot from Uniswap’s front-end interface stating that users’ public wallet addresses are securely collected and shared with TRM for “risk and compliance reasons.”

WALLET DATA Convex Labs researcher Nick Bax posted the GitHub commit for the Uniswap upgrade believed to have introduced the collection of wallet data from the front-end interface. The commit is dated Oct. 25 of this year and described as extending “privacy and terms.”

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Artists

🎨 Artist Behind Bored Ape Yacht Club to Unveil New NFTs at Art Basel

DEBUT Seneca, the lead artist behind Bored Ape Yacht Club (BAYC), one of the most celebrated NFT projects, will be debuting five NFTs on Saturday at Art Basel in Miami.

AUCTION Four will likely be sold at auction at the ICONOCLAST art exhibition. The fifth, a BAYC-related piece, will go up for auction next year, the artist told The Defiant.

Seneca’s early sketches for Bored Apes Yacht Club.

MINTED The NFTs will be minted on Ethereum, but hosted on the Internet Computer, a blockchain built for and developed by the DFINITY Foundation. In theory, because the NFTs will be 100% on-chain, they can’t be taken down as they can when hosted on centralized servers like Amazon Web Services (AWS).

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Opinion

👨🏻‍⚖️ The Case for Why DAOs Should Register as Legal Entities

In this guest column, Mark Lurie argues that DAOs are indeed reinventing corporate structure but they should take care not to expose their members to unlimited liabilities.

ASSETS The latest explosive trend in DeFi is distributed autonomous organizations, commonly known as DAOs. Hundreds of them have popped up in the last few years, and today they collectively control around $12 billion in assets and govern products with $98 billion in total locked value.

BREAKTHROUGH This innovation laid the groundwork for a transformative new form of human organization. The breakthrough is that DAOs ensure adherence to monetary and governance rules without the need for a judiciary or central government to enforce compliance.

RULE OF LAW The implications of this shift are hard to overstate. All established businesses and organizational structures — LLCs, corporations, partnerships, non-profits, and so on — require the threat of governmental force to ensure compliance with laws, contractual terms, and financial regulations. DAOs, on the other hand, enable coordinated, collective financial activity free from the oversight of a functioning judiciary or law enforcement body. This may seem like a minor development to those of us living under the rule of law, but it represents a sea-change for much of the world.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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The Tube

📺 The Defiant Weekly: Metaverse + Fashion = Big Bada Boom

📺 Quick Take: Miami Gush, Bitcoin Crash, Sushi in Crisis?

DeFi Alpha Newsletter

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Links

🔗 FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report: CoinDesk

FTX CEO Sam Bankman-Fried is looking to raise a total of $1.5 billion for the global cryptocurrency derivatives exchange and U.S. affiliate, FTX.US, The Information reported Friday, citing two unnamed sources “with knowledge of the matter.”

🔗 Binance Smart Chain and Animoca Brands form $200M fund for GameFi projects: CoinTelegraph

Binance Smart Chain (BSC) and Animoca Brands are launching a $200-million investment program to incubate early cryptocurrency-focused gaming projects building on BSC.

🔗 Olympus DAO Might Be the Future of Money (or It Might Be a Ponzi): CoinDesk

Yes, it’s a Ponzi scheme. But who cares? So are the dollars in your pocket. If you haven’t heard about it, Olympus DAO is a decentralized finance (DeFi) protocol whose primary use case seems to be “making people extremely angry.”

🔗 Welcome to ‘Web3.’ What’s That?: The New York Times

At the start of 2020, a Bitcoin was worth just over $7,000. Today, it’s trading at about $50,000, and the value of all cryptocurrencies, of which Bitcoin is one among many, is some $2.3 trillion.

🔗 ENS Community-Enabled Analytics Bounty Program: ENS

As an ENS delegate (flipsidecrypto.eth), Flipside Crypto will be running a 4-week ENS Community-Enabled Analytics bounty program to produce key growth analytics for the ENS ecosystem.

Arbitrum Daily @ArbitrumDailyTKPrice Performance of Native @arbitrum Tokens Last 7 Days $MAGIC @0xMagicland $CAP @CapDotFinance $ARBIS @arbis_finance $NYAN @arbinyan $ADOGE @ArbiDogecoin $AMY @amyfinance #Layer2

4:30 AM ∙ Dec 6, 20213Likes2Retweets

Trending in The Defiant

• Artist Behind Bored Ape Yacht Club to Unveil New NFTs at Art BaselSeneca, the lead artist behind Bored Ape Yacht Club (BAYC), one of the most celebrated NFT projects, will be debuting five NFTs on Saturday at Art Basel in Miami.
• Upstart Silo Finance Preps Token Sale in Challenge to Aave and CompoundAn upstart is about to take on DeFi lending giants Compound Finance, Aave and Rari Capital. It’s called Silo Finance and the protocol is opening a token sale on Dec. 6 in its bid to win web3 glory. Silo’s edge: a new model.
• DeFi Insurer Nexus Mutual Weighs Whether to Pay Out on BadgerDAO HackIn the aftermath of the $120M hack of BadgerDAO on Dec. 1, Nexus Mutual, the insurance protocol, will not pay out to people who bought coverage if it was a frontend attack, according to the project’s Twitter.

🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.

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