Our weekly roundup of news from East Asia curates the industry’s most important developments.
Hong Kong gaming firm to double down on $100 million crypto investment
Shares of Hong Kong online gaming firm Boyaa Interactive have soared 318% over the past month after the firm approved a $100 million initiative to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ether (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).
“As of the date of this announcement, the Company purchased a total of 1,110 Bitcoin with an average unit price of approximately $41,790, a total of 14,855 Ether with an average unit price of approximately $2,777 and approximately 8,000,000 units of Tether,” the firm said on March 8 while announcing plans to double down on its purchase with an additional $100 million investment into cryptocurrencies.
Aside from the gigantic purchase, the firm also has a solid underlying gaming business, bringing around 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, with growth rates of 6% and 72%, respectively. Due to the ongoing bearish stock market in China, most firms have large cash balances available with some firms trading for far below their nominal book value.
A Boyaa Interactive online casino.
‘Nobody’ buying Stephen Chow NFTs right now
Nobody, a 10,000 profile picture collection created by legendary Hong Kong director Stephen Chow, has seen its floor price fall over 70% within the past month.
According to data from OpenSea, the lowest floor price of a Nobody NFT is currently 0.22 Ether apiece, down from its all-time high of 0.99 ETH on Feb. 5.
Despite ongoing promotional activities, including autographs from Chow himself, perks for NFT holders in his upcoming new film, and brand collaboration with reputable artists, traction remains stagnant after an initial launch spike that saw Nobody NFTs surpass 10,000 Ether in trading volume.
On Feb. 8, Ray Chan, co-founder and CEO of Hong Kong entertainment platform 9GAG, purchased the rare “Monkey…
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