Web3🌕Monday Roundup: Hong Kong ETFs, FTX Asset Sale, Musk's 'Grok' Chatbot, Yuga Labs' NFT Marketplace

Greetings Web3 enthusiasts! Today's highlights bring forth significant advancements in the world of cryptocurrency and blockchain technology. Hong Kong is making strides in the approval of crypto ETFs, potentially reshaping the investment landscape. Meanwhile, FTX, the renowned crypto exchange, has proposed a substantial $744 million asset sale, signifying major financial moves in the industry. The ever-innovative Elon Musk introduces 'Grok', an AI chatbot designed to tackle even the most challenging and unconventional questions, promising a unique interaction experience. Additionally, Yuga Labs makes waves with the launch of an Ethereum NFT marketplace, demonstrating a firm commitment to creator royalties. Stay tuned as we delve deeper into each of these exciting developments, providing you with comprehensive insights into the evolving landscape of Web3.

1. Hong Kong Makes Strides in Crypto ETFs

In the dynamic realm of cryptocurrency, timing and regulatory adaptability play pivotal roles. The United States, a major player in the crypto market, is encountering hurdles in approving spot crypto ETFs due to the cautious approach of the SEC. Conversely, Hong Kong's SFC, led by CEO Julia Leung, is displaying receptivity to innovative proposals aimed at enhancing efficiency and customer experiences. Leung's affirming stance reflects a commitment to measured expansion, with recent policy updates allowing a wider range of investors to participate in spot-crypto and ETF investments, albeit with prerequisites like a knowledge test and net worth requirements. This cautious approach ensures investors have the necessary knowledge and safeguards. In contrast, Valkyrie Investments' Steven McClurg is optimistic about a spot Bitcoin ETF approval by the U.S. SEC by November's end, with potential amendments and comments forthcoming. The approval of a spot ETF holds significant market implications, potentially igniting a rally and fortifying bullish momentum in the crypto space. All eyes are on Hong Kong and the U.S. to see which jurisdiction will lead the charge in embracing these innovative financial instruments.

Is Hong Kong Ready to Embrace Spot Crypto ETFs Ahead of the US?

In the realm of crypto, timing is a critical factor. Along with this, the pace at which different regulatory jurisdictions adapt....…

Watcher GuruSahana Kiran

2. FTX's Plan to Sell Assets Worth $744 Million

FTX, a once-prominent crypto exchange that declared bankruptcy in November 2022 due to misappropriation of customer funds, is seeking court approval to sell trust assets valued at approximately $744 million. These assets comprise holdings in five Grayscale Trusts totaling around $691 million and a trust managed by Bitwise, valued at $53 million as of October 25, 2023. The sale is intended to facilitate dollarized distributions to creditors and streamline the selling process. FTX proposes utilizing an investment adviser for these transactions and suggests the formation of a pricing committee representing all stakeholders. This move aims to proactively manage potential price fluctuations and safeguard the value of trust assets, ensuring optimal returns for creditors. FTX's founder, Sam Bankman-Fried, was recently found guilty of defrauding customers and lenders, potentially facing a prison sentence of 15-20 years. The sentencing date is tentatively set for March 28, 2024.

FTX Wants to Sell $744M Worth of Grayscale, Bitwise Assets

Apart from using an investment adviser, the debtors have proposed setting up a pricing committee in which all stakeholders are represented.

CoinDeskAmitoj Singh

3. Elon Musk Unveils 'Grok' AI Chatbot

Elon Musk introduces Grok AI, an assistant unafraid of "spicy questions." Modelled after "The Hitchhiker’s Guide to the Galaxy," Grok promises wit and rebellion, targeting users with a sense of humor. Unlike typical chatbots, it handles provocative queries. Still in beta, it learns swiftly and will be exclusive to X Premium subscribers. Musk's affinity for the book that inspired Grok is well-documented. The Hitchhiker’s Guide to the Galaxy influenced Musk profoundly, pondering concepts like human existence within a simulation. Musk, an advocate for AI caution, recently referred to it as potentially the most destructive force in history. He envisions a future where AI's capabilities could surpass human necessity for employment, a development both promising and perilous.

Elon Musk’s X unveils Grok AI, says it will answer spicy questions rejected by other AI systems

Elon Musk announced a new AI assistant, Grok AI, that will answer “spicy questions” other chatbots avoid. The chatbot will also have a “rebellious streak” and won’t be a good fit for those who “lack a sense of humour.”

India TodayDivyanshi Sharma

4. Yuga Labs Unveils Ethereum NFT Marketplace

Magic Eden and Bored Ape Yacht Club's creator, Yuga Labs, are launching an Ethereum NFT marketplace with a firm commitment to honoring creator royalties. Magic Eden will be "contractually obligated" to pay Yuga Labs a share of secondary market sales. This move comes in response to a trend of some marketplaces allowing traders to skip or pay reduced creator fees. This initiative aims to stand up for content creators and ensure fair treatment. The new marketplace will use innovative smart contracts to enforce royalties during secondary market sales. This development reflects a commitment to upholding creator rights in the NFT space.

Bored Ape Creator Yuga Labs and Magic Eden Launching Ethereum NFT Marketplace That Enforces Royalties - Decrypt

Magic Eden’s new Ethereum NFT marketplace will be “contractually obligated” to pay royalties. What does that mean for traders?

DecryptAndrew Hayward

Exciting times in the world of Web3! Stay tuned for more updates on these groundbreaking developments. Until next time, keep exploring the future of decentralized finance and technology!

WEB3 AI ML