It’s a Jurassic-sized week for crypto, thanks to volatile markets and gov’t agencies

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Hello everyone,

Hold onto your butts – it looks like it’s going to be one of those weeks.

To start things off, altcoins are taking a dive while two more crypto exchanges have halted deposits and withdrawals. Developments like these always make people a bit nervous.

But there are also some positive developments this week. Binance US defeated the emergency injunction filed by the Securities and Exchange Commission (SEC) to freeze the platform’s funds; the first fully digital structured notes have hit the chain in Hong Kong; and plans for Polygon 2.0 – touted to democratize access to information – were unveiled.

But before we get to the news, we’re going to visit two old friends in this week’s Deep Dives.

First, we’ll check in with Renz Chong, CEO and founder of BreederDAO – the “factory” that produced NFTs for Web3 games. Now he’s pivoted to using AI to help people dress for the metaverse.

The second stop is with Cake DeFi co-founder U-Zyn Chua, who tells us why he’s betting on the rise of Bitcoin NFTs called Ordinals, which hit nearly US$30 million in sales over the past month.

— Scott

🤿 THE DEEP DIVES

BreederDAO’s pivot: AI-generated NFTs for the metaverse

Image credit: Timmy Loen

Just about two years ago, Renz Chong started mass producing playable NFTs for Web3 games, hoping to profit off the play-to-earn craze.

The craze died down, but Chong is still here, trying to find new ways to use the skill he learned creating Axies, Pegaxi, and Crabada.

His concept this time involves combining AI and the blockchain to put some stylish clothes on the people in the metaverse, among other things. The project, called AI Skins, will be launched on June 19. It may sound a little out there, but Chong’s idea also includes more traditional approaches like product placement and monetizing user generated content.

👀 ALL EYES ON…

⭐ TO THE STARS

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