They missed what JPMorgan was building.

Resources:

• Bloomberg story

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What happened

Yesterday, Bloomberg dropped a bombshell:

the world’s most powerful bank is weighing spot and derivatives crypto trading for institutional clients.

Acting as an intermediary, not just infrastructure provider.

This …

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(This is part of a new series called 51 Signal, short & concise updates for PRO readers on what’s happening and why it matters). Please reply to this email for feedback.

Finally, the bridge is built.

For years, institutional stablecoins happened in walled garden like JPM Coin or a private blockchain nobody uses. Today, that changed.

SoFi …

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Backed by Visa, Citi and Tiger Global, BVNK has processed $20B+ in transactions and is valued at $750M, available across 180+ countries. Let’s unpack.

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What’s happening?

Coinbase is marking its boldest step yet toward building a full-stack stablecoin payments n…

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Since 2020, Visa has processed more than $140B in crypto and stablecoin flows, with over 130 card programs now live in 40+ countries…

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Figure Technologies just proved that blockchain can actually fix broken parts of the financial system, and make money doing it. [RELEASE] At a $7.6B valuation and 18x revenue multiple, Figure now trades in line with Coinbase and Robinhood. That tells us two things:

• Public markets are ready to treat blockchain rails as investable financial infrastructure, not speculative tech.

• Tokenised credit markets are moving from pilot → scale, with Figure capturing 74% of tokenised private credit on-chain.

Why it matters: Figure’s $787M IPO is the first major proof that blockchain works best when it makes existing systems better, not when it tries to replace everything.

Let’s dive in.

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The State of RWAs

The current state of real-world asset tokenisation (RWAs) is dominated by Private Credit, which contributes to more than 50% of the total asset value of $30.24B.

The tokenised private credit has a total loan value of $16.98B, out of which 74% ($12.49B) of loans are being originated on Figure.

Most of Figure's activity is conducted on its own Provenance blockchain, designed for compliant asset tokenisation and financial contracts.

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Case Study: Figure Technologies

IPO Highlights

• Name: Figure Technology Solutions, Inc. ()

• IPO Date: September 11, 2025 (SEC S-1)

• Valuation: $7.62B after first-day trading

• Share Performance: IPO priced at $25/share, opened at $36, surged 44% on debut

• Capital Raised: $787.5M via 31.5M shares (upsized IPO)

• Revenue Multiple: 18x — identical to Coinbase/Robinhood, ~3x above SoFi

• Timing: Biggest U.S. IPO week since 2021, fueled by strong equity markets

Business Fundamentals

Figure operates a blockchain-native capital marketplace that seamlessly connects and modernises three core components of financial activity:

1. loan origination

2. funding,

3. and secondary market trading.

Its business model is a vertically integrated flywheel, with revenue streams derived from loan origination fees, servicing fees, gains on loan sales, and technology usage fees from its partners.

• Core Business: Blockchain-powered lending platform for home equity lines of credit (HELOCs)

• Scale: Facilitated $6B in home equity lending in the 12 months ending June 30, 2025 (up 29% YoY)

• Technology: Runs on Provenance blockchain, built to originate, verify, and process loans

• Adoption:

  • 10 of the top 20 mortgage companies use Figure’s tech

  • 20+ large banks are already on Provenance

A central pillar of this model is "partner-branded lending," where other financial institutions, including banks and mortgage originators, use Figure's platform under their own brands. This business-to-business (B2B) approach is highly scalable and has allowed Figure to build a robust ecosystem of over 160 partners.

Zooming in: Home equity loans are a nightmare.

• Traditional timeline: 42 days to get money

• Involves 7+ parties for settlement

• Mountains of paperwork (literally cardboard boxes in the 80s)

• Costs lenders 85 basis points in unnecessary fees

What Figure did: Built their own blockchain (Provenance) and automated the entire process.

Here's where it gets interesting. Figure didn't just become a better lender; they became the infrastructure other lenders use.

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The numbers:

• 168 partners now originate loans through Figure's system

• 77% of loan volume comes from partners, not direct lending

• Partners save up to 1% by trading loans on Figure's blockchain marketplace

Not just that, unlike most blockchain companies, Figure makes actual profit:

2025 half-year numbers:

• Revenue: $191M (up 22% YoY)

• Profit: $29M

• Loan volume: $3.2B (up 27% YoY)

Valuation

At 18x revenue, Figure now trades closer to Coinbase than SoFi, meaning public markets are pricing blockchain distribution rails as financial infrastructure. For investors, that multiple creates a valuation anchor for the next tokenisation IPOs (Centrifuge, Maple). For banks, it signals equity markets will reward integrated blockchain lending platforms over fintech wrappers.

What investors are betting on:

That Figure's loan business is just the beginning of a broader blockchain finance platform. Their approach is simple: to make the existing system work better.

Zooming out: Blockchain technology is not for disruption or reinventing the wheel. Figure focused on compliance and integration to make the system better and efficient with blockchain technology, and they also got validation.

• First AAA-rated blockchain securitization

• SEC-approved yield-bearing stablecoin (YLDS)

• More tokenised private credit than any competitor

After the 2024 election and regulatory clarity on crypto, the IPO timing worked perfectly for the company.

Dan Morehead (Pantera Capital): "It was really just the SEC that was making it very scary for entrepreneurs to build things in the US... I think the election last November is a massive unlock."

Devil’s advocate: Figure’s exchange trading volume is still tiny. If blockchain trading doesn't take off, Figure is just a mortgage tech company.

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The Provenance Protocol

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Coincidence? No.

10 years ago, Maja Vujinovic, blockchain pioneer and CEO of FG Nexus (NASDAQ: FGNX), launched the first trade finance deal between J.P. Morgan and General Electric on Ethereum.

She brought in Joseph Lubin, co-founder of Ethereum & Chairman of SharpLink, to execute on her vision:

"Ethereum will be the backbone of tomorrow's financial system. Smart contracts will be our future."

This is playing out now.

Today, Joseph Lubin, says: "Ethereum will 100x from here".

ETH ETF inflows hit $1.8B last week — 10x more than Bitcoin ETFs.

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What’s going on?

Two things:

1) ETH as a settlement layer

We're rapidly moving towards what many people call the "on-chain economy".

where assets run on a blockchain. Money. Stocks. Bonds. Fame.

There will be markets for everything.

Right now, we’re in a race to control the rails of this new financial system.

And whoever wins, owns the money:

• Centralized: Stripe , Circle, Google, etc.

They thrive on speed, distribution, integration.

• Decentralized: Ethereum, Avalanche , Solana, Ripple, etc.

They thrive on trust. They are credibly neutral infrastructure.

The catch?

Corporate chains can't solve the trust problem that blockchain was built to fix.

This is why, right now, nothing settles on centralized rails.

Everything settles on decentralized rails.

And Ethereum owns a huge part of that:

• 60% of the $280B stablecoin market.

• 55% of the $26B tokenized assets market.

Both of these markets are expected to EXPLODE.

Who's going to capture that value?

Everyone who holds ETH.

"Corporate chains are AOL in 1995: fast, distribution-heavy, but walled gardens. Ethereum is TCP/IP: messy, neutral, unstoppable. One’s a toll road. The other is becoming a highway system for global finance",

says Maja.

(Further reading: The Great Chain Debate)

2) ETH as a reserve asset

→ 3-4% staking yields (vs. 0% ETFs)

→ Direct access to DeFi yields and liquidity

In short: Etherem is a productive asset with cash flows.

This is why "treasury companies" are racing to acquire ETH:

• BitMine: $8.1B (1.9M ETH)

• SharpLink (SBET): $3.6B (Joseph Lubin)

• FGNexus (FGNX): $200M (Maja Vujinovic)

And they're buying more every day. Maja Vujinovic nailed it:

"The real story isn’t corporate L1 launches. It’s that Nasdaq-listed firms are adding billions in ETH to their balance sheets, staking it, restaking it, turning it into productive collateral. That’s what will anchor the on-chain economy,"

Meanwhile, Joseph Lubin posts:

“Wall Street will need to [be] operating on decentralized rails. That means staking, running validators, operating L2s/L3s, participating in DeFi, and writing smart contracts for financial instruments. Ethereum will replace much of the many siloed stacks they operate on"

Of course, they're talking their own books.

But they have a point:

When governments issue digital currencies, they won't build on Stripe's network.

When BlackRock tokenizes $10 trillion in assets, they need truly neutral rails.

Not because it's better tech.

Because it's trustless, politically neutral, and nobody can shut it off.

"That’s the only neutrality that regulators, aswillset managers, and sovereigns will trust.  And only Ethereum offers rules no CEO can tilt,”

says Maja.

(Further reading: Ethereum, Stablecoins, and the Operating System of Global Finance)

It’s all about trust

Trust is a new kind of virtual commodity.

And ETH is the purest form of it, at least right now.

The bet?

Ethereum will become the operating system Wall Street is preparing to stake its future on.

"The shift we're entering is not measured in billions, but trillions. And most of it will be captured on Ethereum",

says Maja.

Take care,
Marc

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His words: “The future of markets is decentralized. We intend to lead it.”

This is the most significant regulatory infrastructure shift in digital assets, creating a framework for institutional adoption while establishing regulatory capture mechanisms that fundamentally alter crypto's outlook in the US.

Translation: America is about to become the crypto capital of the world.

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Three key implications

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President Trump just signed the GENIUS Act – the first federal crypto law.

Stablecoins now have clear legal ground in America.

Here's why this isn't just crypto news, but the biggest geopolitical power play in crypto history. 

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Global dollar dominance

What happened: On July 18, 2025, Trump signed the GENIUS Act into law with a 308-122 House vote and 68-30 Senate approval. For the first time ever, stablecoins have clear federal rules.

• Stablecoins now require full reserves, public audits, and AML compliance

• Private companies can issue digital dollars, backed 1:1 by U.S. Treasuries

Treasury Secretary Scott Bessent told Congress the U.S. stablecoin market could grow from $200 billion to $2 trillion in the next few years. 

With the Genius Act, every dollar of that growth creates new demand for U.S. government debt. The U.S. gets cheap financing (more buyers for its debt) without needing to print new money or raising taxes. 

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Bretton Woods of the digital age

This is the 1944 Bretton Woods moment of the digital age. And the biggest U.S. financial infrastructure shift since the 1970s.

Under Bretton Woods (1944-1971), the U.S. made the dollar central to global transactions by guaranteeing foreign central banks could exchange dollars for gold at $35 per ounce. Countries had to hold dollars as reserves, making it "as good as gold" for international trade.

The GENIUS Act creates a similar mechanism: stablecoins must be backed 1:1 by U.S. Treasuries and dollars, making digital dollars "as good as physical dollars" for global payments. But here's the genius part — instead of the U.S. government guaranteeing convertibility, private companies guarantee it while earning Treasury yields.

Why the Genius Act is genius

The genius part: By holding Treasuries, stablecoins issuers are earning Treasury yields = risk free profits. All while spreading dollar dominance globally.

The mechanism is brilliant:

• All U.S. stablecoins must be backed 1:1 by U.S. Treasuries and dollars

• Issuers keep 100% of the Treasury yields (currently 4%+ on short-term, 5%+ on long-term)

• Users get digital dollars, issuers get 𝗿𝗶𝘀𝗸-𝗳𝗿𝗲𝗲 𝗽𝗿𝗼𝗳𝗶𝘁𝘀

• More stablecoins = more Treasury demand = cheaper U.S. borrowing costs

In other words: The US built a profit engine that strengthens the dollar while private companies fight for market share. The more they compete, the more Treasury debt gets purchased, the stronger the dollar becomes globally.

• Tether.io became one of the most profitable companies on Earth doing that. They make $13B annually from yields on USDT reserves, 45M per employee. 

• Circle makes ~$2B annually just from Treasury yields on USDC reserves. The U.S. just turned stablecoins into a tool for dollar dominance. 

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The 2nd power move

Then came the 2nd power move: Tether CEO Paolo Ardoino just confirmed they're bringing USDT into the U.S. market and launching a separate U.S.-specific stablecoin.

Why this is matters: 

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The core thesis: leverage crypto rails to eliminate the intermediaries and delays that plague traditional cross-border payments.

But Krak isn't just another payment app trying to be the next Venmo.

It's attempting something far more ambitious: becoming the everything app for money, aiming at the $213 billion cross-border payments market.

The Opportunity

The global cross-border payments market is projected to reach $321 billion by 2030 (7.1% CAGR), driven by persistent inefficiencies in traditional infrastructure:

• Cost friction: World Bank data shows 6.4% average fees for $200 transfers—more than double the UN's 3% target

• Speed friction: Traditional bank transfers require 1-3 days vs. blockchain settlements in minutes

• Access friction: 1.7 billion adults remain unbanked, excluded from formal remittance channels

KRAK

Krak attempts to restructure payment rails entirely using blockchain infrastructure. It’s a peer-to-peer payments app for 𝗳𝗶𝗮𝘁 𝗮𝗻𝗱 𝗰𝗿𝘆𝗽𝘁𝗼 across 100+ countries.

With Krak, Kraken aims to make banks, payment processors, and money transfer services obsolete.

The core promise: Send any amount, anywhere, instantly, for free. Whether it's $5 or $5,000. Whether it's to your neighbour or someone in Nigeria.

This means:

• Payments: Free, instant transfers globally using "Kraktags" (think Venmo handles, but worldwide)

• Banking: Earn 4.1% on balances held in USDG, Krak’s stablecoin

• Investing: Trade 300+ assets—stocks, crypto, everything—from one account

• Identity: Your Kraktag becomes your universal financial username

• Credit: Borrow against your holdings without credit checks (yet to release)

Why it matters: Payments and global remittances remain costly due to outdated infrastructure and the involvement of multiple intermediaries: banks, payment processors, and correspondent networks. By using crypto payments, individuals can reduce transaction fees by up to 80%, bypassing third-party platforms and streamlining the transfer process.

By the data: Global remittance flows hit $905B in 2024, while Venmo alone has 91.2M users who are used to instant payments, but only within the U.S.

Hence, a piece of cake for everyone, and Krak definitely has the first-mover advantage.

Kraken’s first mover advantage:

• Existing user base: 2.5M+ accounts with $665B trading volume

• Deep pockets: $1.5B in 2024 revenue provides runway for user acquisition wars

• Regulatory experience: Over a decade building money transmission licenses; EU MiCA license (December 2024) provides 30-country passporting rights

• Technical infrastructure: Already processing billions in transactions securely

On top of that, Kraken has secured a license in Ireland under the EU's new crypto rules, allowing it to offer services across 30 European countries.

With that, Kraken aims becomes the one-stop app to store, send, spend, and earn.

Krak vs. PayPal vs. Revolut

Kraken’s not alone.

Crypto giants like Binance and Crypto.com are also building out payment rails.

In fact, they’ve got a leg up on PayPal and Venmo — which only support P2P transfers for five cryptos and only for U.S. users.

Let’s be real: when it comes to trust, PayPal and Venmo still win.

People trust them with real money. They’ve been around. They’re regulated. Your parents probably use them.

Now compare that to Kraken or Binance.

Until crypto platforms reach the same level of regulatory clarity and consumer trust, they’ll remain on the fringe for mainstream payments.

On top of that, they’re protecting massive fiat user bases and billion-dollar reputations.

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What could go wrong?

• Scale disadvantage: PayPal has 450M users. Zelle has 151M. Kraken? 10M funded accounts. That’s a 15x+ gap. In payments, scale isn’t optional, it’s the moat.

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They’re buying Core Scientific — yes, the 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘮𝘪𝘯𝘪𝘯𝘨 𝘨𝘪𝘢𝘯𝘵 — in an all-stock deal to supercharge their AI data centre empire.

Over the past few months, the traditional crypto miners are pivoting into AI data centres. And, this is one of the biggest moves to power AI.

Let’s unpack.

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The Bankruptcy-to-Billions Playbook

Core Scientific filed for Chapter 11 bankruptcy in December 2022. Eighteen months later, CoreWeave—an AI cloud provider—just bought them for $9B.

What changed? The infrastructure that made Core Scientific a failed Bitcoin miner makes it a perfect AI powerhouse.

The Deal:

• $9B all-stock takeover

• Core Scientific’s 1.3 GW power capacity across 11 U.S. sites is now under CoreWeave’s control

• Another 1+ gigawatts ready for expansion

• $10B in lease savings (over 12 years), $500M in annual cost cuts by 2027

"This acquisition accelerates our strategy to deploy AI and HPC workloads at scale," said CoreWeave CEO Michael Intrator.

Translation: We just bought the power grid for the AI revolution.

The upside is massive:

• AI data centre market projected to grow from $236B in 2025 to $934B by 2030

• Over 40% of global data centre capacity will be AI-dedicated by 2025

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Why Bitcoin miners?

Bitcoin mining and AI training share one critical requirement: massive amounts of electricity delivered to high-performance computing hardware.

The difference? The economics are night and day. And here's where it gets interesting:

HIVE Digital Technologies discovered something remarkable: 10 megawatts of NVIDIA H100 GPUs generate the same revenue as 100 megawatts of Bitcoin mining equipment.

That's 10x the revenue density.

The numbers tell the story:

• AI workloads: Up to 90% EBITDA margins

• Bitcoin mining: Cyclical, razor-thin returns that disappear when Bitcoin prices crash

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The great mining migration

CoreWeave isn't alone. The entire Bitcoin mining industry is pivoting:

• Galaxy Digital walked away from Bitcoin mining entirely, signing a $4.5B, 15-year deal with CoreWeave for AI infrastructure.

• Northern Data, HIVE Digital Technologies, IREN, and Hut8 are all converting their mining rigs to AI workloads.

• Global data centre investment jumped 51% year-over-year to $455B —driven largely by AI demand.

Read our deep dive below:

The AI infrastructure arms race

Big tech giants and upstart AI firms are racing to build the next generation of “AI factories” — vast data hubs packed with powerful chips that can train and run models in real time. They’re pouring billions into these facilities, not just for raw storage but for nonstop, high‑power compute.

Take xAI’s Colossus site in Memphis: a 750,000‑square‑foot former factory—about the size of 418 homes—that went from empty shell to a fully live AI centre in just 122 days. That’s half the time it usually takes to build a single house in America, and a stark sign that the AI infrastructure race is speeding up far beyond expectations.

But behind the breakneck build times sits a complex financial engine. Upfront costs come from land, power hookups, advanced chips, and next‑level cooling systems. Ongoing costs—energy bills and around‑the‑clock maintenance—are just as steep when clusters run at full tilt. Returns flow in the form of AI‑powered services, platform fees, or internal gains, yet break‑even often stretches into years.

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And let’s not forget the supply chain: transformers, substations, turbines, GPUs, and high‑capacity cables can’t be conjured on demand. Securing them takes planning, contracts, and sometimes sheer luck. In this landscape, data centres are more than buildings; they’re strategic crossroads where real estate, power, logistics, and software profits meet.

AI workloads require 5-10 times more energy than traditional computing. A single AI training run can consume as much electricity as 100 homes use in a month.

Bitcoin miners solved this problem years ago. They built massive facilities in locations with cheap, abundant power. Now, AI companies are realising these "failed" crypto operations are exactly what they need.

CoreWeave's move represents a fundamental shift in cloud computing strategy. Instead of leasing capacity from data centre operators, they're buying the entire stack:

Before: Pay rent to the data centre operators

After: Own the power, own the facilities, own the margins

CoreWeave now controls 250,000 NVIDIA GPUs across 32 data centres. That's more specialised AI compute than most traditional cloud providers.

Amazon Web Services and Microsoft Azure have broader services but less specialized AI hardware. Google Cloud has advanced AI capabilities but limited GPU inventory.

Devil’s Advocate: CoreWeave came to market with huge debt and billions in lease payments. It faces significant risks:

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Robinhood just declared war on the $120T global stock trading infrastructure.

By tokenizing 200+ US stocks on Arbitrum (Ethereum) and building a proprietary blockchain, they're positioning to eliminate settlement costs (and risks!) that generate hundreds of millions in annual fees for incumbents – all while offering 24/7 trading [ANNOUNCEMENT].

With that, they not just cutting out the brokers; they’re rewriting the playbook for global stock access.

And buried in that announcement was another gem: They’re launching tradable tokens for private companies like SpaceX and OpenAI that regular people can't normally buy.

Let’s unpack.

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How “tokenizing stocks” works

Robinhood is launching 200+ tokenised US stocks and ETFs. Here’s what that actually means:

• Robinhood owns a stake in a Special Purpose Vehicle (SPV) that purchases and holds real Apple (AAPL) shares in traditional custody

• For every physical share the SPV holds, exactly one ERC-20 token gets minted on Arbitrum blockchain

• Users trade these digital tokens instantly, 24/5 (expanding to 24/7 on Robinhood's future proprietary L2)

• When users sell, the SPV liquidates the real share and the token gets "burned"

• Settlement happens in seconds rather than the T+1 standard that costs traditional brokers $0.04-$1.50 per transaction in DTCC fees

The Numbers Behind Settlement Savings:

• Current DTCC costs: $0.21 per night delivery, $0.68 per day delivery, plus clearing fees of $0.95 per transaction

• US daily trading volume: 10-15 billion shares

• Annual settlement infrastructure spend: Major brokers like Charles Schwab spend tens to hundreds of millions annually on settlement infrastructure

• Robinhood's advantage: Near-zero marginal settlement costs on blockchain rails

The user experience: Seamless. Users don’t notice anything, except that they can now be trading 24/5 and much lower fees.

In short: Robinhood is replacing Wall Street’s old pipes with new, faster, and cheaper ones. The private company tokens for SpaceX and OpenAI are a clever hook, but the real play is rewriting the rules for public stocks.

This is how it disintermediates brokers:

• Instant Settlement: The blockchain verifies and settles the trade in seconds. This rips out the entire traditional 1-2 day settlement process run by middlemen like the Depository Trust & Clearing Corp.

• 24/7 Trading: Blockchains don't sleep. The NYSE's 9:30 am to 4:00 pm hours become irrelevant.

• Lower Costs: By cutting out the middlemen and legacy infrastructure, the cost to trade plummets, allowing for zero-commission trading.

Read the full story below:

Cutting out Wall Street

Phase 1:

• 200+ tokenized US stocks/ETFs on Arbitrum

• Zero commission, zero spread trading

• 24/5 availability

• Target: Reduce friction, prove concept

Phase 2:

• Private company tokens (SpaceX, OpenAI already minted 2,300+ tokens)

• Target: Access to investments typically restricted to accredited investors

Phase 3: The Robinhood Chain.

• Proprietary Arbitrum-based L2 blockchain

• 24/7 trading (instead of 24/5)

Goal: Own the entire infrastructure stack. The goal is to become the primary global gateway for any asset that can be tokenised.

So what? Robinhood isn't just launching tokenized stocks. They're executing a calculated bet that blockchain rails can replace a century of financial infrastructure. The company is teaching 25.8 million users to use crypto technology disguised as familiar stock trading, potentially accelerating mainstream adoption by stealth.

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The new battlefield

A few years ago, Robinhood was just a zero-commission stock app. Now, they're building a global financial super appwith a unique competitive moat.

The Licensing Arbitrage:

• Robinhood: Securities license + crypto license = can offer everything

• Coinbase/Kraken: Crypto license only = limited to crypto-native products

• Traditional brokers: Securities license only = slow to add crypto

For now, they seem to be in the winning position. Just after the announcement this week, the stock price jumped by 10%:

• Regulatory first-mover advantage: Years ahead of Coinbase in securities licensing

• Customer journey: Easier to add crypto to stock traders than stocks to crypto traders

• Risk profile: Tokenized stocks feel familiar to existing users

• Revenue diversification: Less dependent on crypto volatility than pure exchanges

With their dual licensing advantage, Robinhood has a legitimate shot at becoming the primary gateway between traditional finance and crypto for retail users. Exactly the position Coinbase thought they'd own.

Plus, they already have 25M customers and $200B AuM to start with.

The tokenization war isn't coming. It's here, and Robinhood just put itself into the pole position.

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The prize

The market Robinhood is chasing is massive:

• $13.5T: Projected size of tokenised real-world assets by 2030

• $2.08T: Current RWA tokenisation market size (growing 45% annually)

• 25.8M: Robinhood's existing customers who could be converted

Not all tokenization is equal

While on the surface it appears Robinhood, JPMorgan, and BlackRock are all "tokenising assets," they are playing fundamentally different games with vastly different risk profiles:

Robinhood's bet is an order of magnitude riskier because it is a direct-to-consumer, offensive assault on a regulatory grey area.

It’s not that easy

This all sounds great, but it's actually a lot more complicated:

1. Right now, Robinhood operates in regulatory arbitrage, offering derivatives to circumvent securities laws.

2. “Private companies can just skip the IPO now, right?”. No. OpenAI and SpaceX tokens on Robinhood lack:

   1. Legal ownership rights and voting

   2. SEC-mandated disclosure and audits

   3. Regulatory protections

   4. Deep liquidity

   Robinhood's tokens provide none of this. They're synthetic derivatives, not equity. IOUs, not actual ownership rights. OpenAI explicitly denied involvement and called the tokens "not OpenAI equity." The same thing with tokenized “stocks”. Users get exposure to Robinhood's investment vehicle, not the companies themselves.

And right now, Robinhoods model is risky - very risky:

• Liquidity Risk: A tokenized Apple share is not a real Apple share. Its price depends on having enough buyers and sellers in Robinhood's ecosystem. If liquidity is thin, the token's price could detach wildly from the actual stock price on the NYSE. Early examples of other tokenized stocks have seen spreads of over 0.60% and required only a small order to move the price by 2%—unthinkable in traditional markets.

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Last week, JP Morgan did something it had never done before: it put real bank money on a public blockchain. Not their private network. Not their controlled environment. The actual internet, where anyone can see every transaction.

They called it JPMD—JP Morgan Deposit Token. [Announcement]

What happened:

• JPMorgan issued a new token called JPMD

• It represents real deposits held at JPMorgan

• It runs on Base (Coinbase’s public blockchain)

• It’s designed for institutional clients

• Unlike stablecoins, it can offer interest and deposit insurance

Let's unpack this:

Until now, most stablecoins were backed 1:1 by cash and treasuries — but outside the banking system.

JPMD changes that.

It's essentially a digital version of the deposits that customers hold in their accounts.

In plain English: Commercial bank money, wrapped in a token, moving at crypto speed.

Stablecoins must be backed 1:1 with reserves.

JPMD is not a stablecoin; it’s a deposit token underpinned by fractional banking.

So instead of locking up billions in Treasuries, JPMorgan can put that capital to work — just like with normal deposits.

The evolution: JPM Coin (2019) → Programmable payments (2023) → JPMD deposit token (2025)

Phase 1: Control the Rails

JPM Coin runs on Quorum, the bank's private blockchain. It processes over $2B daily and has handled $1.5T in total volume.

The use case is simple: corporate treasuries moving money between accounts in real-time instead of waiting days for traditional settlement.

Why it works: JPMorgan controls everything—the network, the nodes, the rules. Corporate clients get speed without giving up regulatory comfort.

Phase 2: Add Intelligence

In 2023, JPMorgan added programmable payments to JPM Coin. Companies like Siemens can now trigger automatic payments when preset conditions are met.

Example: Treasury balance drops below $10M → automatically transfer $50M from another account.

The insight: Static cash forecasting is dead. Corporations want dynamic funding that responds to real-time conditions.

Phase 3: Go Public

JPMD breaks JPMorgan's blockchain strategy onto public rails. Unlike fintech stablecoins, JPMD represents actual JPMorgan deposits and runs on Coinbase's Base network.

Key difference: JPMD holders own bank deposits, not treasury bills. They get deposit insurance, interest payments, and full integration with JPMorgan's existing systems.

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Wait, what about JPM coin?

JPMD isn't JPM Coin 2.0. JPM Coin was internal plumbing, a fancy way for JP Morgan to move money between its own clients on a private network. JPMD is the opposite. It runs on Base, Coinbase's blockchain, where anyone can watch transactions happen in real-time.

JPM Coin

• Launched in 2019

• Runs on JPMorgan’s private blockchain (Onyx)

• Used for internal settlements between JPMorgan and corporate clients

• Only moves funds within JPMorgan accounts

• Think: fast, private rails for moving balances inside the bank

JPMD (JPMorgan Deposit Token)

• Aims to move real commercial bank money across institutions

• Built for external, interoperable use — like cross-border payments or institutional settlement

• Ready to be plugged directly into onchain apps, wallets, and platforms

We help teams like Avalanche, Near, and MoonPay drive awareness, institutional credibility, and deal flow. We’re not a marketing agency. We are native industry veterans and operators with 10+ years in the space.

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Why it’s important

This wasn't just another crypto experiment from a bank's innovation lab. This was America's largest bank admitting that the future of money won't run on the rails they've controlled for decades.

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Most people still think of Tether as "just a stablecoin company". They're wrong.

Tether.io just dropped two bombshells:

1. Tether Power: They’ll 𝗼𝗽𝗲𝗻-𝘀𝗼𝘂𝗿𝗰𝗲 𝘁𝗵𝗲𝗶𝗿 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗠𝗶𝗻𝗶𝗻𝗴 𝗢𝗦 (MOS)

2. Plasma: Raised $𝟱𝟬𝟬𝗠 𝗶𝗻 𝗺𝗶𝗻𝘂𝘁𝗲𝘀 for a new 𝗕𝗶𝘁𝗰𝗼𝗶𝗻-𝗯𝗮𝘀𝗲𝗱 𝗟𝟭 𝗳𝗼𝗿 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀, backed by Peter Thiel

These aren't separate moves.

To understand what Tether’s doing, look at what they’re trying to control.

1. Mining

Tether has aggressively expanded into Bitcoin mining over the past year. And it wants to become the world's biggest by the end of 2025.

What’s happening: While Bitcoin miners are moving from mining to AI data centres, Tether is going all in with a different strategy.

They've already invested $2B in mining & energy infrastructure.

Tether also holds over 𝟭𝟬𝟬,𝟬𝟬𝟬 𝗕𝗧𝗖.

Mining is a 𝗵𝗲𝗱𝗴𝗲 on that position.

BUT: 75% of Bitcoin’s hashrate is controlled by the U.S.

95% of blocks come from just 6 large mining pools.

That’s not decentralisation.

That’s a chokepoint.

This is why Tether built MOS (Bitcoin Mining Operating System) - a peer-to-peer, plug-and-play mining OS – so 𝗮𝗻𝘆𝗼𝗻𝗲 can mine, from solar-powered farms to industrial sites.

And they’re open-sourcing it.

Why?

This is 𝗻𝗼𝘁 𝗮𝗹𝘁𝗿𝘂𝗶𝘀𝗺.

It’s a hedge on the hedge.

“We invested 2B in energy production, and Bitcoin mining actually is a bit more than that. Something that we have been very shy to say, but I think that it’s very realistic that by the end of the year, Tether will be the biggest Bitcoin miner in the world, even including all the public companies.”

— Paolo Ardoino, CEO of Tether

Stepping back: In 2024, it dropped $500M to build and buy into mining sites across Uruguay, Paraguay, and El Salvador. The goal was to control 1% of global Bitcoin mining power by 2025.

Why it matters: Tether’s deep pockets let it expand when others are broke. It’s not just a stablecoin company anymore — it’s betting big on Bitcoin’s infrastructure.

As deep-pocketed players like Tether and American Bitcoin build out large-scale mining operations, they help dilute the dominance of existing pools.
More players = higher hash rate = stronger network security.

What’s next: MOS will be released as open-source by Q4 2025.

2. Stablecoin Infrastructure

Tether's new layer 1 for stablecoins (Plasma) isn’t trying to be just another L1.

It's anchored to Bitcoin and EVM-compatible.

And it’s aiming to be the settlement layer for digital dollars.

Zooming in: In early 2024, Tether backed Plasma. It is a Bitcoin-based sidechain built specifically for stablecoins. Fully EVM-compatible and optimized for high throughput. It removes everything stablecoins don’t need — no NFTs, no memecoins, no staking. Just fast, zero-fee USDT transfers.

Why it matters: With over $155B in circulation, USDT dominates the stablecoin industry. By anchoring USDT to a purpose-built chain like Plasma, Tether is:

• Reducing reliance on congested or expensive chains (like Ethereum).

• Improving user experience with instant, feeless transfers.

• Expanding Bitcoin’s utility beyond “digital gold” — making it the trust layer for stablecoin transactions.

In short: USDT is the liquidity king. Plasma could be its custom-built empire.

Tether’s other initiatives

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It's the 3x pop and a $18B+ valuation on Day 1.

The numbers: IPO'd at $31. Orders exceeded shares 25:1. Hit $103. Got halted multiple times for volatility. Now trading at $80.

That's not retail FOMO. That's institutional capital that's been waiting 3 years for a clean crypto play.

Translation: The crypto infrastructure thesis just got validated in the most public way possible.

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The $18B validation signal

The IPO market has been dead since 2021. Companies have been waiting. Watching. Holding back.

What they're saying: Circle CEO Jeremy Allaire called this "a significant and powerful milestone" for "the world to start upgrading and moving to the internet financial system."

He's right. But not for the reasons you think.

Anyone thinking this is just about Circle is missing the forest for the trees.

This isn't about one company going public. It's about validation.

The market just said crypto infrastructure is worth premium multiples.

And dozens of crypto companies have been waiting for exactly this moment.

Maja Vujinovic, investor and blockchain pioneer, said:

In 2016, I said blockchain wasn’t ready for prime time. Circle’s IPO proves we’ve arrived- real infrastructure enabling institutional capital. Upexi, Nakamoto, Circle these are no longer fringe bets, they’re capital formation tools.

Is this what crypto set out to be? Probably not. But it’s where the capital is going and that shapes everything.

The world will now take digital assets seriously as the next financial architecture.

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The big unlock for institutions

Circle isn’t just an IPO.

It’s the start of a new capital rotation. Away from tokens, into companies.

Circle gives investors:

• Exposure to a trillion-dollar problem (global payments, treasury infra, settlement rails)

• Regulatory clarity, audited balance sheets, and compliance

• All the efficiency of blockchain without holding speculative tokens

• A clean, scalable business model with direct correlation to crypto adoption

In other words: the benefits of blockchain, without the baggage.

This unlocks massive new capital that was never going to touch SOL, ETH, or AVAX directly.

But what about the Layer 1s?

Yes, USDC still relies on Ethereum, Solana, Base, and others to operate.

BUT:

• L1s are still commodity infrastructure.

• Value accrual most have not nailed yet.

Meanwhile, Circle takes the application-layer margin:

Compliance, fiat bridges, enterprise onboarding, KYC, UX, API integrations, and monetization.

So what?

Stablecoin infra players (Circle, Stripe, Worldpay + BVNK, Visa, etc.) are the new picks and shovels.

Layer 1s matter, but only to the extent they enable high-margin, enterprise-facing applications to operate at scale.

BTC remains the only digital asset with a macro thesis.

Everything else will get priced as infrastructure. We’ve seen this movie before in cloud, mobile and AI. The same is now happening in crypto.

And Circle is just the beginning.

We help teams like Avalanche, Near, and MoonPay earn institutional trust and drive deal flow. Curious how it could work for you?

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The Crypto IPO Tsunami

Here's what happens next:

Every crypto unicorn with IPO-ready financials just got their green light. The floodgates are about to open.

The immediate queue:

• Gemini confidentially prepares for an IPO, possibly as soon as this year

• Kraken is planning an initial public offering with no specific timeline yet

• Ripple is another big name that could go public soon

• CoinDesk owner and crypto exchange Bullish is once again considering an initial public offering as soon as this year

Asset manager Bitwise said that crypto technology firm Figure, crypto infrastructure firm Anchorage Digital, and blockchain analytics firm Chainalysis are all likely candidates for an IPO this year.

Be smart: M&A advisory firm Architect Partners expect the majority of IPOs to be filed in the second half of 2025 after written regulations and policies are clearly completed. This timeline just accelerated.

Circle didn't just go public, it opened the floodgates.

Every crypto company with IPO-ready financials just saw their path to Wall Street get clearer.

Take care,
Marc

For PRO Subscribers: What's Behind the IPO Numbers

Circle's $18B debut isn't just impressive. It's historically significant when you look at the wreckage of crypto IPOs since 2021.

The Crypto IPO Graveyard (2021-2024)

The carnage:

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Since my post on Google’s “AI shopping” went viral, we decided to go deeper.

Google just nuked the $5.5T e-commerce stack:

Last week, Google didn't just streamline checkout, they eliminated it entirely. Their new "agentic checkout" lets AI bots shop and buy for humans without ever visiting merchant websites. Search, discover, buy, done. All from Google.

Remember when Amazon's 1-Click was revolutionary? This is on a whole other level.

And Wall Street noticed: Shopify dropped 5% within hours of the announcement.

We're witnessing the quiet assassination of the entire e-commerce stack.

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What happened: Google's Gemini 2.5 now handles the entire shopping journey—from discovery to checkout—without you ever leaving search or visiting a retailer's website. The system can track prices, negotiate on your behalf, and complete purchases using Google Pay, all while you're doing something else entirely.

Zooming in: Online agents are already shopping for people. Google’s AI Mode can answer complex queries (“bags for rainy trips in Portland”) by fanning out searches, then shows products and “track price” options. Tap “Buy for me,” and Google will load your chosen item into the merchant cart and pay via Google Pay.

At the same time, Visa, Mastercard (and even PayPal/ Perplexity) have launched tokenised AI‑payment APIs (Visa’s Intelligent Commerce, Mastercard’s Agent Pay) so bots can pay with your cards after you consent. Amazon is quietly piloting its own “Buy for Me” agent in-app.

Why it matters: The $5.5T e-commerce industry just discovered its customers might not need them anymore.

We help teams like Avalanche, Near, and MoonPay turn complex products into compelling narratives – strategic research to earn institutional trust and drive deal flow. Curious how it could work for you?

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From automation to elimination

Everyone’s framing this as an automation story. They’re wrong.

Yes, AI agents can complete checkouts, scan barcodes, and replace cashiers. But that’s missing the real shift. What’s happening now is work is being removed from the consumer journey entirely — not just streamlined.

Retail has spent two decades optimizing checkout. 1-click orders. Fast lanes. Mobile wallets. But all of that still assumes the shopper is doing something — searching, comparing, clicking.

Now, AI flips the script. Instead of speeding you through the funnel, it collapses the funnel altogether.

AI isn't helping you shop. It's shopping.

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Think about it: If AI handles discovery, comparison, and purchase—what exactly do brands, checkout pages, and even platforms like Shopify actually do? Google's Shopping Graph contains over 50B product listings that refresh every hour, making it the world's largest, most current product database. When the AI has perfect information and buying power, everything else becomes... decoration.

Let's dig in. The three-step execution that changes everything:

1. Intent capture at source: Instead of "search → visit → buy," it's "tell AI → AI finds → AI buys." Google's AI Mode uses conversational search to understand complex shopping requests and handle the entire process.

2. Data becomes the only moat: Your beautiful product pages, emotional storytelling, brand experience? Much less relevant. AI agents scan for structured data—schema tags, availability, pricing. If your product feed is broken, you're invisible.

3. Trust transfer: Customers aren't building relationships with brands anymore. They're building relationships with the AI that shops for them. Brand loyalty just shifted to algorithm loyalty. This is massive.

The brutal math: E-commerce platforms charge 2.9% + $0.30 per transaction. Google Pay charges 2.9%. But Google controls discovery, intent, AND transaction. That's not a payment play—that's a complete business model absorption.

👉 Get your brand in front of 30,000+ decision-makers — book your ad spot now.

The Best Experience is No Experience

Amazon’s “Just Walk Out” stores and smart carts remove steps: no lines, no scanning, no cashier. But online, it’s even more radical. With Google’s agentic commerce don’t need to browse, compare, or even visit a website.

Google’s AI Mode lets you set a preference once (“size M, price under $50”) and walk away. When the product hits your criteria, the agent notifies you and checks out automatically with Google Pay.

The ideal interface becomes no interface.

This isn't just happening in isolation. Perplexity and OpenAI are building similar agentic commerce capabilities. We're watching the entire paradigm shift from human-mediated to AI-mediated commerce. It's already rolling out to U.S. users.

Retailers, payment networks, marketplaces are all racing to become the zero-friction layer.

Zooming out: Most analysis focuses on convenience and user experience. That's missing the point. This is about control. When AI controls the buying decision, whoever controls the AI controls commerce. Google isn't trying to make shopping better, they're trying to make shopping theirs.

What this means for you:

• If you're an e-commerce brand: Your conversion optimization just became AI optimization. SEO is dead. GEO (Generative Engine Optimization) is everything. Can Google's AI find, understand, and recommend your product? If not, you don't exist.

• If you're a platform (Shopify, BigCommerce): You're about to become very expensive middleware. When transactions happen at discovery, what value do you provide? The smart money is already pivoting to AI-native commerce tools.

• If you're in payments: Google just positioned itself to capture the entire stack—from intent to transaction. PayPal, Stripe, and Square are about to face their Amazon moment.

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What execs need to know

1. Your Website Is Now Just a Data Feed
AI agents don’t click, scroll, or admire branding. They scan structured product data. If your catalog isn’t machine-readable (schema, APIs, inventory feeds), you don’t exist.

2. The Checkout Stack Is Getting Nuked
Carts, checkout flows, even loyalty widgets? Bypassed. Google Pay, Amazon One, and Visa tokens are owning the last mile. If your checkout isn’t “agent-ready,” conversions leak to whoever is.

3. Loyalty Must Be Rebuilt for Bots
Agents don’t remember your brand. They don’t care about points—unless you train them to. Expect a shift from emotional loyalty to data-driven preference. Time to rewire your loyalty programs for agentic behavior.

4. Data Is Power, But Trust Is Fragile
Visa and Mastercard want agents to use transaction history to tailor purchases. But only 24% of U.S. consumers trust AI with their data. You need transparent consent flows, or you’ll lose the customer—and the agent.

5. The Risk Isn’t Just Fraud. It’s Loss of Control.
If an AI overspends or gets spoofed, who’s liable? Today’s payment systems don’t have a playbook. If you're a fintech or compliance leader, now is the time to define agent-level fraud rules and user protections.

6. This Is a $1.7T Land Grab
“Agentic commerce” is forecast to hit $1.7T by 2030, growing at 67% CAGR. Even a 5% shift of card volume to agents equals tens of billions. If you’re not building for this, someone else is.

Three moves smart operators are making right now

1. Next 30 Days: Audit your product data like it’s your homepage

If Google’s AI can’t read your product data cleanly, you’re out of the shortlist before the shopper even sees options.

Structured data is now your front door.

Action steps:

• Validate every feed in Google Merchant Center

• Use schema.org for every PDP

• Standardize formatting: bullets, specs, availability, price

• Eliminate fluff — AI rewards clarity

Why it matters: Features like Agentic Checkout don’t browse. They act. Clean data = eligibility. Messy data = disqualified.

2. Next 6 Months: Build direct relationships with AI models

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This isn't a crypto side hustle.

It's a regulated U.S. broker with 26 million users formally petitioning the Securities and Exchange Commission to greenlight the tokenization of real-world assets like stocks, treasuries, and funds.

Why it matters: We're witnessing the AWS moment for financial markets. Just as cloud computing transformed enterprise technology a decade ago, tokenization stands to remake the plumbing of global finance.

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What Robinhood is asking for

1. One federal framework: → Replace the state-by-state regulatory patchwork → Enable standardized compliance across jurisdictions → Remove the #1 barrier to institutional adoption

2. Broker-dealer custody rights: → Allow regulated entities to custody and trade tokenized securities → Leverage existing compliance frameworks → Enable traditional firms to participate without parallel systems

3. Token = asset equivalence: → Establish that a tokenized stock IS the stock—not a derivative → Ensure traditional investor protections apply → Enable regulatory clarity on ownership and rights

4. 24/7 trading + instant settlement: → Markets that operate continuously like the internet → Eliminate multi-day settlement delays → Free up capital locked in settlement processes

What they're saying: "This legal equivalence is the cornerstone of mainstream adoption," noted BlackRock CEO Larry Fink in their Q1 earnings call. "Without it, we're building parallel systems rather than improving the existing one."

Market signals

In just a few years, traditional finance’s engagement with tokenization has evolved from small experiments to significant live deployments handling billions.

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• Superstate launched a platform to issue SEC-registered stocks on Ethereum & Solana

• Robinhood is building a blockchain to offer tokenized U.S. stocks to European investors

• SEC Commissioner Hester Peirce proposed exemptions for issuing + settling securities onchain

Robinhood CEO Vlad Tenev put it plainly:

“I think tokenized securities can rea…

Read more

Anthropic says AI agents could start doing real jobs by 2026, handling tasks in data, customer support, and project work. And, OpenAI projects $125B revenue by 2029 — driven not by ChatGPT, but by AI agents and new product lines transforming monetisation.

Today, we’re envisioning a different future:

One where AI isn't just a backend tool, but a front-facing character — a cultural symbol that leads movements, builds loyalty, and participates in decentralised economies.

Agents aren't just functional anymore — they can become cultural ambassadors. By adopting personas, these agents bridge traditional industries like fashion, art, and commerce with blockchain's values of autonomy and fairness.

Agents can now build audiences and influence millions of users, shape narratives, participate in governance, and build loyalty around shared missions.

Today, we’re going to unpack an example of this:

Enter The Dolcelorian, a million-dollar agent — forged from Dolce & Gabbana’s iconic $1M Glass Suit and brought to life through blockchain innovation.

In this report, we will cover:

• Agents as Cultural Catalysts

• The Dolcelorian, a million-dollar agent by Dolce & Gabbana

• Under the Hood: The Boson Metasystem

• Key Takeaways for Brands

Let’s unpack this.

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___

This article is published in collaboration with Boson Protocol. As the author, we maintain full editorial integrity, and the views and insights expressed are my own, ensuring the content remains unbiased and authentic.

Agents as Cultural Catalysts

The rise of autonomous agents isn't just a tech upgrade — it's a cultural shift.

Autonomous agents are AI-driven software entities, secured by blockchain, that can independently execute tasks — from managing digital assets to running community campaigns — without human intervention.

Unlike traditional automation, these agents operate transparently, securely, and autonomously on-chain.

Now, decentralised agents aren't confined to crypto.

They're bridging into luxury, fashion, and entertainment — launching brands, influencing culture, and expanding access.

Some examples:

• Truth Terminal leveraged its memetic AI agent to grow $GOAT token ($1B market cap) by fostering belief systems and incentivizing participation through gamified rewards:

  • In March 2024, Truth Terminal started autonomously posting on X, captivating audiences with its surreal and humorous content. Its influence surged in July 2024 when it received a $50,000 Bitcoin donation from Marc Andreessen.

  • On October 10, 2024, Truth Terminal cemented its impact on the crypto world with the creation of the memecoin “GOAT” (Goatseus Maximus) on the Solana blockchain. The token achieved a staggering $1 billion market cap, demonstrating the AI’s ability to shape market dynamics.

• Zerebro, an AI agent in the creative economy, produces digital music and art, minting them as NFTs. Its first collection generated thousands of USD in revenue, funding its Ethereum validator operations.

AI agents are becoming cultural icons, embracing personas and narratives that reflect core values like decentralisation, fairness, and community empowerment.

By challenging the centralised systems that dominate commerce and data, they create new ecosystems where users have a direct stake in the outcome.

The result? A stronger sense of ownership and belonging is key to building sustainable networks with active consumers.

Key Drivers:

• Transparency: Blockchain ensures agents act on verifiable, tamper-proof ledgers.

• Autonomy: AI enables agents to make decisions without centralised control.

• Trust: Smart contracts anchor agent actions in enforceable logic, not promises.

How Agents Become Cultural Narratives

As autonomous agents grow, they’re blurring the lines between technology and culture. From tokenised art to AI-driven entertainment, these agents are reshaping commerce and empowering communities. The rise of figures like the Dolcelorian signals a shift toward decentralisation and autonomy.

We help companies like Avalanche, Near, or MoonPay with industry-leading thought leadership campaigns to attract institutional clients. Interested?

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The Dolcelorian: Luxury, Loyalty, and the Future of Open Commerce

Traditional tech launches focus on features. Agents like The Dolcelorian flip the script: they tell stories:

• Created from a $1M Dolce & Gabbana Glass Suit, it blends traditional craftsmanship with blockchain innovation

• Tokenised on Boson Protocol, which allows users to buy, sell, and own real-world assets online in a decentralised way

• Through the Fermion Protocol, it’s fractionalized, making luxury ownership accessible to anyone

More than technology, The Dolcelorian represents a narrative rebellion:

• Blending luxury fashion, sci-fi cinematic, and decentralised commerce

• Anchored by real-world prestige and asset ownership

• Powered by community engagement and governance

It’s a marketing powerhouse, a luxury-backed crypto asset, and a community-building tool — all in one.

Instead of launching with just code or tokenomics, Boson infused culture.
The Dolcelorian carries:

• A physical artifact (the D&G Glass Suit)

• A mythos (Sicilian-Mandalorian warrior)

• A mission (decentralised commerce)

How it delivers: The Dolcelorian reframes agents from mere utilities to cultural movements — rallying communities, driving adoption, and embedding emotional resonance into the Boson Metasystem.

The Dolcelorian isn’t "marketed" to the community — it recruits the community.

Engagement mechanics include:

• Retrospective rewards: Existing community members and new members who engage early (retweeting) later receive $DOLCEL token airdrops.

• Community voting: Story arcs decided via on-chain votes with $BOSON tokens, training users in decentralized governance and adding utility to the $BOSON token

Lore-linked rewards: Holding $DOLCEL = holding a piece of the Glass Suit legend.

The Dolcelorian Campaign Mechanics

The Dolcelorian blends marketing, growth, and tech into a single engine:

[Physical Luxury] → [Phygital Artifact] → [Tokenized Ownership] → [Story-Driven Loyalty] → [Decentralized Governance]

Anatomy of a Cultural Agent (Infographic)

• Core Layer: Technology Stack (Boson, Fermion, Signal AI)

• Middle Layer: Narrative Elements (Origin story, Mission, Identity)

• Top Layer: Cultural Expression (Campaigns, Airdrops, Community Quests)

Technology alone doesn’t create culture. Culture emerges when tech stacks are wrapped in narrative and purpose.

Big picture: The Dolcelorian isn’t just a one-off stunt. It’s a blueprint. With the Boson Metasystem:

• Luxury brands can use tokenization and storytelling to extend brand equity in Web3 without diluting prestige.

• Crypto projects can use narrative and real-world anchors to make their tech relatable and sticky.

• Traditional commerce can learn how community ownership and governance can build loyalty deeper than discounts ever could.

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Under the Hood: The Boson Metasystem

While The Dolcelorian leads the cultural shift with AI, it runs on the Boson Metasystem — the technical foundation enabling real-world asset tokenisation and decentralised commerce execution.

Quick Snapshot:

• Boson Protocol: Base layer for decentralised commerce

• Fermion: Adds verification, custody and fractionalizes high-value RWAs (like the Glass Suit)

• Signal AI: Powers The Dolcelorian’s AI

The Boson Metasystem drives this shift. It’s a decentralized layer that ensures trust and fairness in asset swaps, making it easy for agents like the Dolcelorian to thrive. No complex tech—just seamless functionality.

The Playbook Behind The Dolcelorian (And Why Other Brands Should Pay Attention)

Brands can utilise agents not just to execute transactions — but also carry narratives that resonate with real communities. Agents turn users into stakeholders, not spectators.

Here are the takeaways for brands:

1. Tie Storytelling to Real Value: The Dolcelorian isn’t “just lore.” Every part of its story maps to real crypto actions: staking, governance voting, and ownership.

   1. If you're building community, make actions meaningful. Attach real stakes — not just badges or points.

2. Tokenise Prestige, Not Just Utility: Instead of creating a generic loyalty token, The Dolcelorian ties its token ($DOLCEL) to a million-dollar couture artifact.

   1. Tokenisation should elevate brand equity. Don’t just slap NFTs on merch — link them to real prestige and heritage.

3. Use Gamification with Real Rewards: The campaign turns every vote, quest, and decision into potential airdrops, rewards, and real-world prizes.

   1. Combine emotional engagement (story) + financial incentives (real rewards) to maximise loyalty.

4. Build a Community, Not Just an Audience: The Dolcelorian isn't speaking to followers — it's building a rebellion with them. Votes decide story outcomes, rewarding participation at every step.

   1. Web3 loyalty is about co-creation, not just broadcasting.

5. Short-Term Campaigns with Long-Term Governance: Every Dolcelorian action feeds back into the Boson Protocol’s decentralised governance, onboarding users into real decision-making.

   1. Design loyalty so it naturally leads users to deeper ownership and responsibility over time.

The future of agents isn’t mechanical — it’s mythological.

The Dolcelorian proves that future agents won't just execute tasks — they'll embody entire worlds.

And, the future of commerce isn’t just decentralised — it’s storified, tokenised, and community-led.

In a world of extractive platforms, building loyalty isn't about points — it's about giving people a real stake in the journey.

This is the way.

PS: If you’re interested in working with Boson Protocol, reach out here.

We help companies like Avalanche, Near, or MoonPay with industry-leading thought leadership campaigns to attract institutional clients. Interested?

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Most of these experiments failed.

You might think: “It’s the missing UX”. Maybe. But there’s more. 

Brands understand that successful engagement isn’t about throwing technology at people (such as NFTs or wallets). It’s about creating customer value.

Brands are now taking a step back, looking at their consumer engagement strategy more holistically, including Starbucks and Nike most recently. 

Digital assets, gaming, data, and loyalty now need to work together across platforms and devices.

For brands to succeed, they must have a clear strategy and an easy-to-use, value-adding experience for people new to blockchain.

Today we’re going to unpack this new reality together with Otherlife, a leading creative agency that might have just cracked the code. 

We’ll look at: 

• Why Most Web2 Brands Failed in Web3

• Otherlife: Two Halves of Magic

• What’s Next for Web2(3) Brands

• What’s Next?

• Takeaways for Brand Leaders

Let’s jump in. 

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Why Most Web2 Brands Failed in Web3

Web3 is a complicated and highly cultural industry. 

It's filled with subcultures, communities, narratives, memes, jargon, and ideologies. Over 180 brands joined the Web3 hype, mainly through NFTs, starting three years ago.

Their goal was simple: connecting to the next generation of consumers. 

But again: Web3 is complicated. 

Blockchains, a lack of standards, complex user interfaces, wallets, private keys, and irreversible transactions. 

It includes everything an average user doesn’t want to deal with. 

It goes against all the principles of great UX design. 

The consequence? A bunch of start-ups popped up promising to solve UX challenges, such as “NFT minting platforms”, “NFT community management tools”, or similar. 

They massively simplified working with Web3 tech for brands, offering great UX improvements for users. 

Over time, however, most of these brands realized that UX alone wouldn’t cut it either. 

Consumer engagement wasn’t there. Why? 

It’s not about technology, stupid. 

Remember when every brand was minting NFTs? Those days are over for now.

50% of top global brands launched NFT projects (at 51 insights, we tracked all 180+ of them).

Now, 90% of them fizzled out.

By 2023, brands pulled in $65.8M from 85 NFT collections launched on Ethereum. The problem? After launching, engagement flatlined, and brands failed to connect with NFT buyers beyond the initial sale.

Just last month, Nike paused their .SWOOSH platform. Earlier this year, Starbucks sunset its NFT loyalty program, “Odyssey.”

The trend is clear: brands are shifting away from flashy NFT drops to strategies that drive real ROI and engagement.

Expect more brands to follow this playbook: 

• Holistic digital strategies replace one-off NFT projects.

• Measurable ROI that solves real business challenges takes center stage.

• Integration of blockchain, immersive experiences, AI, and data into unified user journeys. 

So what? For that, they need partners who understand both strategy, design, and Web3. Otherlife is one of the few companies with the track record to deliver on all three. We spoke with them. 

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Otherlife: Two Halves of Magic

Otherlife isn’t your typical agency. Born out of a MoonPay acquisition, it’s now the creative powerhouse helping brands crack the Web3 code. Whether it’s Web2 or Web3, Otherlife has mastered the art of building unconventional solutions at the forefront of the brand, digital design, web experience, and engineering.

From Web3 natives like Coinbase and Rug Radio to more traditional players like Mastercard, DeLorean Labs, Vercel, Narcos, and Neymar Jr., Otherlife’s client list is impressive. 

Founded by Michael Perrow and Michael Moodie, Otherlife doesn’t just stop at design and branding. With a crew of 30 pros, they’re knee-deep in blockchain and web development too.

Everything is done in-house.

The Magic Behind the Madness

Otherlife’s secret sauce? Two Halves of Magic. It’s their framework that walks the line between practical business needs and bold creative ambition.

• Otherlife Agency: The engine of commercial creativity. This side of the house focuses on business needs, crafting unconventional solutions that deliver results and keep clients ahead of the game.

• Otherlife Lab: The mad scientist's lab of creativity. It’s where experimentation takes the wheel, and no idea is too crazy. Think of it as their playground for pushing creative limits without worrying about immediate ROI.

Why it matters: Web3 design doesn’t have a rulebook—yet. By splitting experimentation from execution, Otherlife is helping brands avoid the usual Web3 pitfalls. The Lab isn’t just a playground; it’s a testing ground that feeds back into the Agency, allowing them to seize opportunities as they emerge while avoiding costly mistakes.

The goal? To elevate digital experiences using creativity and technology, making them engaging for anyone, even your grandma.

What they’re saying:

“Web3 represents the natural progression of the internet, introducing a shared ledger system that enhances interoperability between programs and partners. This evolution is driven by the customer's best interest, ensuring full transparency over their asset trading history.”

Michael Perrow, Co-Founder and CEO, Otherlife 

"Good design is not just about aesthetics; it’s about being thoughtful and intentional. It requires a deep understanding of the user's needs, the context, and the purpose behind every decision, ensuring that every detail serves a meaningful purpose."

Michael Moodie, Co-founder & Chief-Creative Officer, Otherlife

So what? Fancy features don’t matter if they don’t solve real problems. This is particularly true in Web3. 

This is where Otherlife excels: they create experiences that users can actually engage with and turn complex tech into something accessible and valuable.

Let us look at a few case studies. 

#Case Study 1: Mastercard

In 2024, Mastercard teamed up with Otherlife to advance its Web3 initiatives, using cutting-edge technology to elevate its experiential marketing efforts. This collaboration marked a pivotal year for Mastercard’s digital innovation.

Throughout the year, Mastercard integrated Web3 technology into major events like the UEFA Champions League, Arnold Palmer Invitational, Artist Accelerator, The Grammys, The British Open, MLB Stand Up to Cancer, and MLB Priceless Experiences Loyalty Program.

Let’s take a closer look at two standout examples::

UEFA Champions League:

Mastercard launched an NFT-powered soccer trivia game during the tournament, giving fans a chance to win match tickets by testing their league knowledge. Participates in collected branded NFT passes through Mastercard’s new "Pass to Priceless" platform, enhancing fan engagement with exclusive digital rewards. 

Arnold Palmer Invitational:

Mastercard cardholders had the opportunity to collect four unique digital collectibles by interacting with real-world checkpoints at the tournament. Simply by tapping their phones on designated readers, users could claim each collectible. Those who collected all four passes were eligible for exclusive prizes, including custom artwork by Coach Rusty, the chance to walk inside the ropes at the 2025 Arnold Palmer Invitational, or ground passes to next year’s tournament.

Execution: For all seven initiatives throughout the year, Otherlife managed the campaign strategy and execution, as well as Web2 and Web3 development and engineering.This included key components such as identity design, 3D animation, NFT design, AI Integration, and WebGL Engineering.

Why it matters: Otherlife’s collaboration with Mastercard showed how Web3 technology can transform traditional marketing strategies. By seamlessly integrating NFTs, digital collectibles, and immersive experiences into real-world events, Mastercard was able to engage its audience in innovative and interactive ways.

This approach not only expanded fan participation but also provided greater visibility for artists and strengthened Mastercard’s position as a leader in digital innovation. Through these initiatives, Otherlife helped set a new benchmark for experiential marketing in the Web3 space, demonstrating the potential for brands to build deeper connections with their audiences while leveraging cutting-edge technology.

This case highlights a key lesson: The success of Web3 projects hinges on more than just the tech. A targeted strategy, seamless user experience, and relevant rewards are key to driving adoption.

#Case Study 2: DeLorean Labs

After years away from the spotlight, DeLorean made a bold comeback by announcing a new electric vehicle.

To support this venture, they partnered with Otherlife to develop an innovative marketplace where users can buy, sell, and trade vehicle reservation slots using blockchain technology. This platform aims to protect customers and guarantee the validity of all transactions.

Challenge: Beyond the initial challenge of developing a strategy aligned with business objectives for selling build-slot NFTs, Otherlife was also tasked with positioning DeLorean as a forward-thinking leader in the space and building excitement around both the marketplace and the DeLorean brand. Their next step was to craft a plan that would generate buzz, engage potential buyers, and solidify DeLorean's reputation as an innovative leader in the industry.

Execution: As part of DeLorean's entry into Web3, they partnered with Mysten Labs and the SUI blockchain to launch their Web3 presence and build a strong community. The first step in this journey was the DeLorean Time Capsule NFT collection, which was announced at Token 2049 in Singapore. The initial batch of 800 NFTs was claimed in under 30 minutes, generating significant media coverage and boosting Sui’s token value, sparking widespread interest in the upcoming marketplace.

But DeLorean didn’t stop there. To further promote the Time Capsule, they teamed up with Back to the Future star Christopher Lloyd to create a short film in which Lloyd receives "a Time Capsule... from the Future." Released alongside the second batch of NFTs, the video drove record demand, with 3,000 NFTs minted in under a minute.

With more batches on the way (totaling 8,800 NFTs), DeLorean's Web3 entry has already made a major impact.

Why it matters: High-end vehicle build slots are highly sought after, but the current marketplace is risky. Buyers and sellers often rely on unregulated platforms like Craigslist, where fraud is common. NFTs and smart contracts change the game by offering a secure, transparent way to trade build slots.

Partnering with DeLorean and Mysten Labs, Otherlife is leading the charge with a first-to-market solution that legitimizes the secondary market. Consumers can buy and sell build slots with confidence, safeguarded from fakes and scams.

What they’re saying:

“Relaunching an iconic car brand is a lot of work. Thankfully, with Otherlife, I know I’m in great hands. When it comes to digital, I hand off my requirements to the Otherlife team and let them work their magic. It’s such a relief to know they can elevate our web, brand, and 3D design, manage all our web engineering, blockchain integrations, and third-party integrations, and provide expert support to our team with all things digital.”

– Evan Kuhn, President, DeLorean Labs

#Case Study 3: MoonPay Brand Evolution

Founded in 2019, MoonPay began as a crypto payment gateway, enabling users to buy and sell cryptocurrencies with fiat currency via a simple widget on partner websites.

• In 2023, the company expanded into Web3 infrastructure with its offerings to include NFT minting, custodial solutions, and other infrastructure tools. It launched a complete Web3 suite in 2024.

• Major brands such as Mastercard, Gucci, Puma, and Adidas have utilized MoonPay's tools for various initiatives.

Challenge: With a shift from crypto-native users to traditional brands and Web3 newcomers, MoonPay needed a re-brand that could bridge both audiences—simplifying Web3 for beginners while providing advanced tools for seasoned users.

Execution: Otherlife partnered with MoonPay to build a cohesive and future-proof brand strategy using a collaborative process involving interviews and workshops with ~⅓ of the organization. They evolved everything from brand purpose, vision, mission, values to brand voice, scriptwriting, and 3D animation, aligning MoonPay’s brand and visual identity across product launches, partnerships, and milestone announcements.

Why it matters: MoonPay is a leading Web3 infrastructure provider with a focus on accessibility and mainstream adoption. Its payment solution and Web3 offering differentiate from each other with a clear and modern design and top UX.

Be smart: In Web3, engagement and loyalty from mainstream users are major challenges. MoonPay, with Otherlife’s branding expertise, created a new North Star for the brand that resonates with both crypto-native and traditional audiences—building trust and driving adoption across the board. 

What’s Next for Web2(3) Brands

The days of standalone NFT projects are behind us. Brands are no longer looking to blockchain or Web3 as quick, one-off experiments. 

Instead, they’re starting to combine holistic digital strategies that integrate blockchain, AI, immersive experiences, and data to solve real business problems and drive measurable ROI.

Again: Over 50% of the top global brands launched NFT projects—and most of them have fizzled out.

Why?

Because these projects were often tech-first, not user-first. And, new tech without a clear strategy doesn't work.

Strategy x UX Drive Success: The brands that will succeed are those that embrace a clear strategy—one that weaves Web3 into their larger digital ecosystem without making it the focus. This means leveraging emerging technologies to enhance, not distract from, the core brand experience.

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The Big Picture

A key challenge for brands will be to create sustained engagement instead of one-off hypes. 

This is why the next wave of Web3 experiences is about connecting virtual and physical and integrating technologies like crypto payments, digital collectibles, data, and gaming into seamless user experiences. 

Expect to see:

• Integrated digital strategies replacing isolated NFT drops

• A renewed focus on user experience and product adoption

• More brands using Web3 technology to enhance—not dominate—their brand story, while maintaining core brand values

Alo Yoga, a growing US activewear brand, has done this well. By linking VR, gaming, digital assets, immersive shopping, and digital collectibles, the brand is pushing the boundaries for brand loyalty. 

The next chapter for Web2(3) brands isn’t about diving deeper into technology—it’s about using that technology as a tool to tell a better, more cohesive story that resonates with mainstream consumers. 

Takeaways for Brand Leaders

1. Align UX with strategy

Actionable insight: Successful digital initiatives come from strategically combining digital assets, gaming, data, and AI to align with your core business objectives. The goal isn’t just to add tech—it’s to create a seamless user experience that drives measurable results.

What you can do: Bridge tech and business goals. Ensure every digital asset or tech layer supports your broader business strategy. Integrate these tools in a way that simplifies the user journey and delivers tangible value, not just novelty.

2. Shift your mindset: 

Actionable insights: How do we generate ROI for the business? What actual business problems do we solve? And most importantly, how much value are we willing to give back to users? The next generation of consumers demands more agency and participation. Brands will have to grapple with giving away brand authority and empowering consumers along the way.

What you can do: Start thinking beyond ad-driven business models, i.e. spending your marketing budget to throw ads at consumers. By turning your marketing budget into direct incentives for your users, you can drive deeper engagement and loyalty. 

3. Think More Broadly About Engagement

Actionable insight: The era of standalone NFT projects is done. Moving forward, brands need to integrate Web3 elements like blockchain, AI, and immersive experiences into a broader, cohesive strategy. A fragmented approach won’t cut it.

What you can do: Use Web3 as a tool rather than a product. The marriage of Web2 and Web3 can help brands engage with consumers beyond the initial purchase. Simplify onboarding, and ensure seamless user experiences to make new technology accessible. Do not deviate from your brand strategy and keep all the digital activations tied to your vision and target audiences.

The next generation of users will spend more time online than ever. As brand touchpoints increasingly go digital, user experience and the value delivered will be the key drivers of engagement, loyalty, and growth. Brands that prioritize this will lead the future.

That’s it for now. 

Talk soon, 

Marc

PS: If you’re interested in working with Otherlife, reach out here. 

___

This article is published in collaboration with Otherlife. As the author, I maintain full editorial integrity and the views and insights expressed are my own, ensuring the content remains unbiased and authentic.

PS: Before you go, here’s how our industry OGs, vast network, research team & 50k+ B2B audience help you:

• Co-publish enterprise-grade reports with us, driving traffic and boosting B2B outbound conversion rates.

• Execute a multi-channel growth campaign that delivers better results than anything else in Web3's consumer space.

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By turning their marketing budget into direct incentives for fans, they’ve pioneered a model that drives deep engagement and loyalty. 

They’ve created an interactive, Web3 powered ecosystem where fans not only watch but actively participate and profit.

This isn't just a game-changer for sports; it can be blueprint for any brand looking to foster a deeper connection with their audience. 

Let’s unpack this. 📦

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What’s Karate Combat?

Karate Combat, a full-contact sports league, has adopted Web3 technology by launching a DAO and its governance token,$KARATE. This approach, combining live-action and CGI with fan-powered tokenomics, enhances direct fan engagement by removing third-party ad platforms and incentivizing community participation.

Using crypto to gain traction: Karate combat captured the attention of cryptoverse when Bitboy had a face-off with More Light, founder of meme coin HarryPotterObamaSonic10Inu, causing meme coin price swings. Recently, Fyre Fest's Billy knocked out Justin Catardo, who had promised to take revenge on the Fyre victims but lost gas in the second round. Joe Rogan's interest in Karate Combat, despite his dislike for their angled walls, adds to their cultural clout. 

The Bitboy moment brought them into the CT spotlight; for them, it's about building brand awareness.

👉 Want to get in front of 50k+ business leaders or accelerate your growth? Work with us here.

Stepping Back

Act 1—Founded in 2018, Karate Combat initially had rules similar to the UFC but without grappling. This resulted in faster-paced fights, which clicked with the younger audience it was targeting. 

Act 2 - Elevated the game with the Up Only Gambling concept & used their token $KARATE to make it work. Used the token to incentivize people to bid without any fear of losses. 

This is key: Fans are financially incentivized to engage – and they can’t lose. This is the reason why Karate Combat doesn’t fall into gambling regulation. 

Act 3 - Became the first live sports league to transition into a DAO in 2022 to give power to the hands of their fans. Fans who had just engaged before became part of the action. This move was a key part of Karate Combat’s three-year sponsorship deal with The HBAR Foundation, a major player in the Hedera ecosystem.

Competitive Landscape

1. One of their contenders is Crypto Fight Night. Both blend sports with Web3 but with different approaches. Karate Combat offers professional fighting integrated with Web3, while Crypto Fight Night centers on CT influencers-driven charity matches. 

2. Digital Strategy in Sports Leagues: Many major sports teams, like the Chicago Bulls, Tampa Bay Buccaneers, Paris Saint Germain, and Tottenham Hotspur, are creating fan tokens. These tokens not only gamify fan experiences but also unlock exclusive events, making fans feel valued and integral part of the team. 

The Karate Combat Model: Sharing Profits with Fans

While fan tokens offered by major sports teams certainly enhance fan engagement through gamified experiences and providing exclusive access, Karate Combat takes fan interaction a step further by offering direct financial incentives. 

How it works: Karate Combat is a fighting league where viewers can back fighters before events (held roughly once a month)using their $KARATE tokens that support their Up Only gaming platform. The winners receive a ~5-10% increase in tokens (funded by treasury allocations) and the losers receive their full stake back. The users generally don’t leave after making incorrect initial picks and are more likely to remain engaged. 

This creates a flywheel for fans as they can use the $KARATE token to bet and create a tangible financial stake in the league’s future. This keeps them coming back. It also creates a sense of ownership and shared success within the Karate Combat community, a proven win in the Web3 projects.

Moreover, it allows the league to circumvent reliance on traditional third-party advertising platforms to reach its audience, build a direct connection with fans and use financial incentives to drive growth and engagement.

Maja Vujinovic, MD at OGroup and early blockchain investor, says:

Since the early days of ICOs, I noticed a one-sided incentive model where larger parties resisted changing their business model or sharing profits. As decentralization gains traction, the only sustainable approach is to share a portion of profits with customers or fans.

Governance vs Reality

Karate Combat is a first mover of sorts, having gone one step ahead of their peers and transitioned into a DAO, i.e., it's governed by its community.

Nic Carter, Partner at Castle Island Ventures, says:

It’s one of the first experiments in running a DAO where I’ve seen genuine token holder oversight as opposed to decentralization theater. I’ve experienced it directly, as one of the fighters.

However, this brings its own set of challenges: governance participation rates are low. And it's unclear what should be centralized vs. decentralized.

• Karate Combat's own research states that fans want to influence fighter contracts, matchups, and league rules.

• Fighter & Matchup selection is a regulated process, and rightly so, as the player's safety depends on it.

Punchline: The degree of decentralization with branded, community governance models is progressive. If it’s too centralized, the brand compromises on engagement. If it’s too decentralized, the brand risks losing control. 

By the Numbers

1. Brand Impact: The league primarily makes money through sponsorships and host city fees. Even local governments pay for them to come to their region, highlighting the brand's appeal and economic impact. Annual revenue is around $10M+, though hosting events likely comes with significant costs.

2. New Revenue Stream: They've diversified income with Up Only Gaming and the Karate Combat app, fueling their financial growth. Since the app launched in mid-2023, KC’s KPIs have shown strong momentum. Their event at Token 2049 Dubai in March racked up over 50M views, according to the team.

   • Current User Base:

     • Unique Users: 94,638

     • Token Holders: 318, 950 

3. DeFi-esque Yield Farming: Though their growth has been more of a steady grind than an explosive surge, they have managed to build a loyal and engaged fan base at a fraction of the cost. Here’s how: 

   • Launched the $KARATE token, incentivizing voting and boosting engagement.

   • Introduced a No-Loss Betting Model, encouraging repeat participation without financial risk.

   • Created Dynamic Prize Pools with bigger payouts for more popular fights.

   • Leveraged influencers like BitBoy to attract crypto culture, all without spending anything. 

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The Karate Combat Model: Learnings for Brands

In the fast-moving world of sports entertainment, Karate Combat is a compelling case study. This league has reshaped how martial arts are presented and built a fresh approach to brand engagement and monetization. Let’s dive into what they’re doing differently.

1. Immersive Experience and Token Economy : The league nails the experience, with arenas that feel straight out of Mortal Kombat, keeping fans hooked. Communities can stake on their favorite fighters, vote on rules and virtual arenas, and earn a piece of the action—thanks to evolving token utilities and gamification. This dynamic setup rewards the most active and engaged players, creating a win-win for everyone involved.

2. Marketing Approach: Direct to user model: The marketing budget is spent directly on users, bypassing third-party advertising platforms. This approach not only frees up their budget, and avoids third - party restrictions but also builds a direct and meaningful relationship with their audience.

3. Content Monetization and DAO Ownership: While the content is not currently monetized, the league has been in discussions with major streaming platforms and may introduce some form of content monetization in the future. The team is focused on ensuring any such monetization is managed in an affordable, low-friction manner to avoid discouraging user engagement. This structure ensures that the community has a stake in the league's success.

4. IP Strategy: A Game-changer

They have hit a home-run with their liberal policy around IP. The league embraces an open ecosystem strategy by granting IP licenses in NFTs and video games. Approximately 10 web3 partners are already building applications on top of the league's IP, including the Karateka game from GameOn.

The league’s IP licensing model has significant potential for revenue optimization by generating royalty revenues, expanding the ecosystem, increasing the $KARATE token utility/value, and, on top, building a developer community. The potential is massive, and this is how they are monetizing different avenues through this - 

a. Royalties and Revenue Sharing: Karate Combat retains a significant share of revenue from licensed products and services. For example, in their partnership with GameOn for NFTs and fantasy games, Karate Combat keeps 20% of revenues while GameOn retains 80%. This revenue-sharing model allows Karate Combat to monetize its IP without directly developing and operating every product.

b. Ecosystem Expansion: By enabling an ecosystem of community-built applications leveraging Karate Combat IP, the league can expand into new areas like social graph tournaments, leveraged play, parlays, passive investment vaults, and fighter-specific tokens. 

c. Strong Tokenomics: The permissive IP licensing aims to create more use cases and demand for the $KARATE token, required for activities like Up Only Gaming predictions, voting on matchups, and accessing token-gated experiences. Increased token utility and demand could potentially drive up its value over time.

d. Attracting Developers and Innovation: Karate Combat's strategy of open-sourcing smart contracts, offering grants and bounties, and embracing an open ecosystem is crucial in attracting developers.

Looking Ahead

It's a gamified immersive experience driven by its most engaged fans. Fans are financially incentivized to participate. The team understands the pulse of the community. Now, the key for them is to strike a balance between their vision of making Karate mainstream and truly decentralizing the community's control through the $KARATE token. If their vision is executed skilfully, Karate Combat could be a blueprint for fan-driven live sports entertainment and brand engagement. 

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