Red Notice - Where in the world is Do Kwon?

GM fam, welcome back to Decentra Daily, where we look for the next scoop as hard as Interpol look for wanted international criminals.

Estimated read time: 3 minutes 45 seconds

Today's stories:

• Do Kwon on the run

• New OpenSea rarity ranker

• Coming soon: lots more Okay Bears stuff

Where’s the Do, Kwon?

Imagine the scenario: you found an insanely hyped cryptocurrency and a stablecoin that attracts over $50 million in funding.

Then, for mysterious reasons in the space of a few days, the currency goes to zero and the stablecoin dramatically untethers from the dollar.

Question: What exactly did you do?

Were you (a) a charismatic innovator who persuaded millions to invest billions in a high-risk, high-return project?

Or (b), a fraudster who set out to capture an obscene amount of money with no intention of building a legit product?

That’s the question currently being asked of Do Kwon, creator of the currency Luna and stablecoin TerraUSD, both of which crashed spectacularly this May, losing over $50 billion in investments in the process.

As far as the South Korean authorities are concerned, the answer is pretty clear. Do Kwon and five others are wanted by the federal authorities in relation to Terra’s crash – which many blame for having a knock-on effect on the wider crypto and traditional markets.

Those in the know say that Kwon moved from South Korea to Singapore shortly before the Terra crash, and is now nowhere to be seen.

As a result, an Interpol Red Notice has been issued for the slippery crypto founder, which requests all foreign law enforcement seek to locate and arrest Kwon.

According to the man himself, however, Do Kwon is not on the run:

Ok but where are you Do?

New OpenSea rarity ranker

OpenSea is launching a new rarity tool, starting with three big collections: Cool Cats, Pudgy Penguins, and Moonbirds.

These projects opted into OpenRarity, an initiative that aims to standardize NFT rarity scores.

OpenRarity says their scores are designed to measure “how surprised someone would be upon discovering a trait combination.”

The score is based on a calculation method known as information content (don’t ask me!) Rare NFTs will be awarded lower numbers.

OpenSea says all creators will get to decide if they want OpenRarity to display scores for their collections.

For OpenRarity, this is the beginning of a wider goal to provide rarity rankings across all NFT platforms.

Decentra Daily Wolf Game Giveaway

Here's your reminder that this month is our Wolf Game giveaway! We are giving away a 'starter pack' worth >1.5 ETH ($2,500):

Successful newsletter referrals earn 5 entries each

Any interactions on our Wolf Game social posts also act as entries to the giveaway, you can read all about the giveaway in this post:

Coming soon: lots more Okay Bears stuff

A bunch of new Okay Bears “consumer products and experiences” should be on their way soon, thanks to a new deal between the Solana NFT collection and IMG.

IMG is known for managing the IP of huge sports stars like Venus Williams and Tiger Woods, as well as household brands like 7Up and Energizer.

They’ve previously worked with high-profile internet and videogame names including Fortnite, Lego, Assassin’s Creed, and Angry Birds – licensing everything from Forntie SD cards, to Angry Birds skateboards, Michael Jackson Funko Pop toys, and Haribo scented candles.

What Okay Bears products can we expect? Statements so far leave things wide open, with IMG saying they’ll pursue “globally recognized brands” to make stuff that reminds the world “we're all gonna be okay.’”

My vote’s for a Saturday morning cartoon… but that’s just cause I wanna see a Hair Bear Bunch reboot.

Okay Bears generated around $18 million in 24 hours when it launched last April on Magic Eden. That’s a higher trading volume than any Ethereum project 😮

Here’s the IMG press release.

Headlines of the day

• Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence

• Christie’s Goes Fully On-Chain With New Ethereum NFT Marketplace

• Former Roblox Music Chief Joins Napster As CEO To Steward Its Evolution Into Web3

Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.