LG Goes Further Down the Web3 Rabbit Hole with NFT Patent

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.  

Crypto Titans Clash on Elon Musk’s XA subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).Photo by Marek Piwnicki on UnsplashDWF vs GSRGrachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the post. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”DWF vs WintermuteHis remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to suggest to Gil: “Yeah, if I were you — I would be also crying all the time.”The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.DWF Labs’ rapid growthWhile the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in EOS, the Algorand ecosystem, and the TRON ecosystem.Recently appearing on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.Crypto immaturityThe very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator wrote: “The institutions are never coming back.”While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was expanding its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.

Dunamu reports Q3 slump amid interest rate hikes and economic slowdownDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, posted a lackluster performance in this year’s Q3 due to a decrease in trading volume caused by ongoing interest rate hikes and an economic downturn.Photo by Алекс Арцибашев on UnsplashLagging performanceAccording to the Financial Supervisory Service (FSS), Dunamu’s consolidated operating revenue in Q3 was KRW 193 billion (approximately $150 million), marking a 29% decrease from the same period a year earlier (KRW 271.9 billion). Operating income came in at KRW 101.8 billion, and net profit was KRW 29.5 billion, down 39.6% and 81.6% from the same period last year, respectively.This underwhelming financial performance reflects the sluggish crypto market amid the nation’s economic downturn and the U.S. Federal Reserve’s interest rate hikes. The decrease in the exchange’s net profit in particular can be attributed to a loss in the valuation of crypto assets due to crypto price declines compared to the previous quarter.Positive outlookHowever, with the expected approval of the spot bitcoin exchange-traded fund (ETF) next year and the next Bitcoin halving, the market outlook is expected to improve gradually. Despite the current market conditions, Dunamu plans to continuously promote the mainstream adoption of blockchain services and explore new business ventures.“We will make efforts to revitalize the blockchain ecosystem and create an advanced investment environment,” Dunamu said. “We will strive to offer innovative services building on our unique technological capabilities.”