This was a historically challenging week as well highlighted by Elliot Chun in our Weekly Crypto Financing Snapshot yesterday. Confidence and trust are the operative themes. Both are fundamental core principles to both fiat and crypto. When either is questioned, adverse outcomes are inevitable. Some appear to believe crypto eliminates the need for trust. Actually, cryptography, smart contracts, DAOs, blockchains, and DeFi are all attempts to bolster confidence and trust, not eliminate the need. As Merriam-Webster highlights, trustless is an adjective meaning not deserving of trust. Time to rebuild trust, a hard and long road ahead.
This week, there was one M&A transaction with The NFT Gaming Company (NFTG) acquiring Voxpow. NFTG is a developer of a digital gaming platform and community that offers users the ability to mint unique avatars playable in games on the platform in the form of NFTs. Voxpow creates AI-powered speech-recognition technology with natural language processing that recognizes more than 100 languages and variants.