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Ready Player Cats DAO, surging NFT interest, court rules crypto is not property – Cointelegraph Magazine



This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most vital information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.  

After imposing international KYC necessities for all customers, Binance’s dominance in CeFi has slipped from about two-thirds to simply over one half, in keeping with the FTX quantity monitor. The massive three of Huobi, Binance and OKEx now seem like a giant 5, with Hong-Kong primarily based FTX and Singapore primarily based Bybit closing the hole. 

The worldwide NFT fever appears to be intensifying in every week that noticed Visa make headlines with its $150,000 buy of CryptoPunk 7610. Chinese language netizens on Weibo have been unsurprisingly baffled, with feedback asking what could be achieved with it after buy, whereas others made jokes about whether or not or not a Punk had any creative worth. Since late June, every day searches for ‘NFT’ are actually measuring between 2.5 million and 4 million, displaying a rising curiosity within the asset class.

Shanghai Particular: Crypto crackdown fallout and what occurs subsequent

Proudly owning Bitcoin isn’t banned, however many concern for the way forward for laws in China. Right here’s a take a look at the place we stand and the place we is perhaps headed.


Meet the MAODAO

The MAODAO is one of many first NFT communities to spring up in Asia, with a spotlight presently on China. It’s primarily based round play-to-earn gaming, with the DAO sponsoring gamers within the Axie Infinity world by offering belongings upfront, after which returning a portion of the proceeds again to the DAO treasury. The DAO makes use of NFT cats used as each a collectible and a governance token. These Ready Player Cats, or RPCs for brief, are 3000 NFT cat tokens that have been minted on August twenty second for 0.08 ETH. The colourful cartoon cats now have a value ground of close to 0.4 ETH.



The colourful cats are promoting for over $1,500 on OpenSea.


Talking to the founder who goes by the title of Matt Mao, we discovered that a whole lot of inspiration had come from one other well-known NFT mission, Bored Yacht Ape Membership.

“Our most prominent characteristic may be our Eastern roots. In fact, our first minting event was mostly done by early supporters of the Asian NFT and crypto community. Maybe everyone’s enthusiasm stemmed from the lack of a symbolic NFT project in the Eastern community and gave some recognition to us.”


Mao is planning to leverage the ample sources the crypto group has to develop and lift consciousness, strengthening the trade between Western and Japanese NFT communities. The outfit is planning cooperations with different artists and initiatives to extend rewards for the MAODAO and its members.



The group exhibits off its japanese heritage with vivid colours and illustrations. Supply:


Alls effectively that ends effectively?

After an extended and dramatic journey, the dramatic Poly Community hacker returned the remainder of the funds to the cross-chain bridge. The hacker had exploited a bug within the code to raise over $610 million in Ethereum and different cryptocurrencies, earlier than main the cryptocurrency house on a wild journey that included failed makes an attempt to avert a blacklist, sending funds to Vitalik Buterin, and an AMA through the blockchain. Poly Community, which is a mission incubated by Neo’s O3 labs, can be glad to have their customers’ funds again, though it stays to be seen if the mission can proceed now that a lot belief has been eroded. 

Objection overruled!

A excessive court from the Northeast province of Shandong set a precedent when it dominated {that a} plaintiff’s cryptocurrency had no authorized standing in China. The plaintiff within the case had misplaced round $10,000 {dollars} price of tokens when a Folks’s Financial institution of China ruling again in 2017 had ordered exchanges to shut. The plaintiff had misplaced entry to his account and hoped to get the worth of the tokens again on the grounds of fraud. It’s unknown whether or not the decide had reminded the plaintiff on the conclusion of the case that if it’s ‘not your keys, not your crypto.’ 

This contradicts a ruling from earlier this month in a district court of Shanghai, that dominated Bitcoin was a property protected by Chinese language legislation.


The Minhang District Court in Shanghai acknowledged that Bitcoin is a digital property protected by Chinese language legislation, which is disposable, exchangeable and unique.

— Wu Blockchain (@WuBlockchain) August 18, 2021


The dearth of readability and consensus on the difficulty is barely uncommon for China, the place top-down management can often set clear directives to comply with. It’s potential that with the federal government’s emphasis on blockchain improvement, rising tech, and upcoming central financial institution digital foreign money, the federal government is hesitant to place a blanket ban on digital belongings. 

Heading West for summer season

Bitcoin and Ethereum miners look like finishing their migrations overseas following the strict regulation in opposition to them earlier this summer season. This is primarily based on the hash fee information recovering to round 66.7% of it’s pre-regulation peak in Could. Throughout the summer season, a lot of the massive mining firms have been closing down operations and transport {hardware} to different international locations, together with Kazakhstan, Bangladesh, and the US. This rebound signifies that the mining trade and the community as a complete has emerged from one other main risk. Now that the community has moved away from being so centralized inside China, it ought to grow to be extra interesting to threat averse traders.



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