Advertise with us

☀️ GM
Est. read time: 4 minutes

After a bearish few months… We finally have an approved Ethereum ETF 🫡 

Let’s digest:  

1. SEC Approves Ethereum ETFs

2. NPC Labs Secure $18 Million to Boost Web3 Gaming Innovations

3. Illuvium Gears Up For Mainnet Launch

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

SEC Approves Ethereum ETFs

The U.S. Securities and Exchange Commission (SEC) has approved the launch of spot exchange-traded funds (ETFs) for Ethereum, making crypto more accessible to mainstream investors.

This approval allows the first ether (ETH) ETFs to potentially begin trading as early as Tuesday, following the successful rollout of bitcoin (BTC) ETFs earlier this year.

• The decision comes after an extensive approval process, reflecting a growing acceptance of cryptocurrencies within traditional financial frameworks.

• Ether ETFs are expected to attract substantial interest, much like their bitcoin counterparts, which have already drawn tens of billions of dollars in investment since January.

"We've now fully entered the ETF era of crypto," said Matt Hougan, Chief Investment Officer at Bitwise.

Kyle DaCruz, head of digital assets at VanEck, also noted, "Being the first to file for an Ethereum ETF back in 2021, we have long believed investors should have access to Ethereum exposure in a vehicle they find accessible and familiar."

The introduction of ether ETFs is anticipated to have a notable impact on Ethereum's price.

• Following the launch of bitcoin ETFs, the price of bitcoin surged by over 58% within two months, reaching new all-time highs.

• While analysts suggest that ETH may not see the same level of inflow due to lacking a "first-mover advantage" and a definitive narrative like bitcoin's "digital gold," predictions still indicate a potential rise to $6,500 for Ethereum's price.

This pivotal development highlights the SEC's evolving stance on crypto products and could pave the way for further integration of digital assets into conventional investment portfolios.

🖼️ Crypto

NPC Labs Secures $18 Million to Boost Web3 Gaming Innovations

NPC Labs has successfully raised $18 million in a funding round spearheaded by Pantera Capital, aiming to transform the Web3 gaming industry.

This recent funding brings NPC Labs' total capital raised to $21 million, building on a previous $3 million from a pre-seed round.

Focusing on Web3 Gaming Expansion

• Founded by former Coinbase employees Daryl Xu, Viktoriya Hying, and Sean Geng, NPC Labs is dedicated to enhancing the adoption and development of on-chain gaming.

• The firm is pivotal to the B3.fun ecosystem, which operates on Coinbase’s Layer 2 blockchain, Base.

• The newly acquired funds will be utilized to refine the B3.fun ecosystem.

• This platform aims to simplify the process for non-Web3 users to discover and engage with crypto games through discovery portals like Basement.fun.

"Our mission is to restore economic freedom for game developers and players," stated NPC Labs CEO Daryl Xu.

He highlighted the company's goal to empower game developers and players by creating a seamless and low-friction gaming experience.

The capital injection will help NPC Labs tackle the challenges game developers face in the current market, leveraging blockchain technology to offer greater control and revenue possibilities.

Notable investors in this round include Makers Fund, Hashed, Collab+Currency, Sfermion, Mirana Ventures, Bitscale Capital, and Mantle EcoFund, underscoring the broad support for NPC Labs' innovative approach to Web3 gaming.

🟠 Crypto

Illuvium Gears Up For Mainnet Launch

As the mainnet launch date of July 25 approaches, Illuvium, a Web3 gaming studio, has unveiled a new trailer to hype up their fanbase.

The trailer, shared on X, offers a sneak peek into the rich, interconnected universe of Illuvium's three flagship titles: Overworld, Zero, and Arena.

What is Illuvium?

Illuvium: Overworld 

• An immersive third-person adventure game where players explore an alien planet, capturing mystical creatures known as Illuvials while scavenging for essential resources.

• The beta testing, which began on December 12, 2022, has highlighted the game’s dynamic monster-collecting mechanics and vast exploratory landscapes.

Illuvium: Zero 

• takes a different approach as a city-building game accessible on both mobile and PC platforms.

• Here, players are tasked with constructing their virtual city, managing resources, and discovering blueprints to enhance their settlements.

• Since January 6, the mobile version has been in Private Alpha, accessible exclusively to landowners, contributing significantly to the overarching game economy.

Illuvium: Arena

• Introduces a strategic auto-battle system where players manage teams of Illuvials to compete in various modes such as Survival, Ascendant, and Leviathan.

• The synergy between capturing Illuvials in Overworld and utilizing them in Arena battles creates a cohesive and interconnected gaming experience.

This innovative blend of genres within the Illuvium universe not only offers varied gameplay but also allows achievements and resources to cross over between games, enriching the player's journey through this blockchain-based world.

As Illuvium moves closer to its mainnet debut, the excitement within the gaming and crypto communities continues to build…

Non-fungible News

• Gaming: Telegram Hits 950 Million Users Amid Crypto Gaming Boom

• NFTs: Low NFT Sales Causing Transition in the Art World

• Crypto: Bitcoin Posts 15% Weekly Gain 

💡 INSIGHT

Boldinals Mint is Performing Well

Our recommended reads

Here’s a short list of our must-read newsletters (all 100% free)

The Pour Over: The 3x-a-week email newsletter covering current events and politics. Not conservative, not liberal, just Christian. → Sign up

Bay Area Times: The visual daily newsletter on business and tech. Analyzing the news with 1 visual per story. → Sign up

The Rundown AI: Get the rundown on the latest developments in AI before everyone else. → Sign up