Crypto Billionaire Learned On The Job

Founder of FTX Didn’t Know What Blockchain Was

May 16, 2022

MUSHROOM ALPHA

Happy Monday! Let’s start this week off right with the weekend recap and good vibes! In light of the times hope you were able to spend time with family and loved ones.

Now. Hit Turbo charge. Here we go.

Today's Topics:

  • FTX Founder Made Billions While Learning

  • TLDR; How to Fix Crypto Gaming by Nat Eliason

  • Alpha Monday: Save the Earth with Zeedz

  • Weekend Recap

FTX Founder Made Billions While Learning

Sam Bankman-Fried might not have known what a blockchain was when starting, but it is safe to say he knew how to make money. Before stumbling into creating one of the world's largest crypto exchanges, SBF worked at a technology-focused Wall Street firm, Jane Street. After moving on from Jane Street, he pursued his passion for philanthropy and started working at a non-profit.

So how do you go from no profit to max profit?

During his career change, SBF became enthralled by cryptocurrency and found ludicrous arbitrage opportunities on Japanese exchanges before even knowing how a blockchain worked. He quickly moved on and began making millions with his first crypto venture, Alameda Research. Continuing his success story after learning the ins and outs of crypto, he launched FTX and climbed to the top of cryptocurrency exchanges.

Aside from business, Bankman-Fried is not the typical billionaire living fast and loose. SBF prefers giving back more than splurging on luxuries, stating, “I have about $100,000 in my bank account. And I think we have given away about $100mn so far this year.” That is mind-blowing, considering he is worth almost $22B. He also managed to scoop up 7.6% of Robinhood earlier this month.

Read the full interview with Sam Bankman-Fried by Financial Times here.

TLDR; How to Fix Crypto Gaming by Nat Eliason

According to Nat Eliason, play-to-earn games are intimidating to get into and aren’t as rewarding as they could be once you start playing. He covers a variety of issues such as the cost it takes to get started, the in-game economy structure, and the advantages whales have in most crypto gaming projects to run up prices and destroy ROI for smaller players.

After founding Growth Machine, a successful SEO & content agency, he grew to love crypto gaming and got involved with in-game economies, such as becoming the tokenomics advisor for Crypto Raiders. He has put together a list of what he believes could improve crypto gaming so that it can become more accessible to the masses:

  • Significantly reduce the cost of entry

  • Create limitations on the power of new capital

  • Prioritize rewarding play not clicking

  • Get rid of staking

  • Build a fun game first

  • Separate the external & internal economy as much as possible

  • Obscure the ROI

  • Reframe expectations around P&E

  • Not limiting play

His main concerns fall in the cost of entry and playability factors of a game. He believes that games should be free to enter, or at least be on par with standard video game prices. He also makes the point, “This might seem like a revolutionary thought, but I think for a crypto game to work it needs to be an actually fun game first.” Throughout his post, he hammers down on developers to make a game first and worry about the economics later.

Check out the full post here for an interesting read from someone in the industry.

Alpha Monday: Save the Earth with Zeedz

Touting themselves as the first Play-for-Purpose Web3 game, Zeedz sets out to combine gaming and helping climate change. Zeedz is a plant-creature collection game similar to Pokemon, where you will plant, level up, and evolve your way to a more significant cause. The project is centered around financing climate change organizations and educating players on climate topics, all while providing an engaging and rewarding experience.

Project Overview

Zeedz is an NFT-based game that lives on the Flow blockchain. Profits from the NFTs and in-game mechanics are divided into different categories, with 25% going straight to the Zeeds Project Pool. The ZPP is compiled of charities and activists all over the world that are involved in climate change initiatives voted on by the Zeeds community and their Board of Sustainability.

Players will purchase and raise their NFT plants on a real-world map using current climate conditions in that region. Different “Zeedles” will react differently based on where they are planted, much like the plants of the world today. As users navigate the map in-game, they will be given the region’s climate facts, tips on how to reduce carbon footprint, and further resources on how they can help the cause.

How to Get Started

To get started with Zeedz, you will first need to acquire a ZeedPack or Zeedle NFT; As of right now, there are 100 different types of Zeedles. The next step is to make sure that you find the right climate for your Zeedle to grow optimally. Finally, to ensure that you have a healthy and growing Zeedle, you must water and nurture it properly by monitoring climate changes.

More information will be released as the game gets closer to launch. The project has already raised over $1.7 million and has partnered with Dapper Labs, creator of NFT powerhouse NBA Top Shot, and leading cross-chain wallet, Blocto. They are also set to release their token later this year, $Fruiz, which will make a 1% donation for every transaction.

Follow this project here.

Weekend Recap

More LUNA Controversy at Crypto.com LUNA price differences were 30x-40x higher than other exchanges.

Emirates Airlines to Accept Bitcoin as Payment Option Emirates stated they want to be involved in the blockchain and metaverse.

Global Regulators Consider Joint Crypto Rules Governments look to crackdown on cryptocurrency.

UK Court Recognizes NFTs as Private Property Experts believe this will help combat fraud.

Funding News:

Hacks:

That is the weekend wrap-up. See you tomorrow!

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.