Epic Games Lays Off 830 Staff, Ethereum Futures ETFs Could Start Trading Next Week

Here are some of the major developments from the world of crypto over the past few days

Epic Games, the maker of Fortnite, has laid off 830 people, or 16 per cent of its workforce after having to spend “way more” money than it was making, due to inflated expectations for metaverse-inspired revenue.

“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilise our finances. I had long been optimistic that we could power through this transition without layoffs, but in retrospect, I see that this was unrealistic,” Epic Games’ CEO Tim Sweeney wrote in a memo to staff on September 29, 2023.

He said they are “spending way more than we earn”, adding that the job cuts is due to major structural changes to the company’s economics. He added that lower margins have come from the shift to the Fortnite Creator programme, which lets users create and sell their own stuff in-game for a 40 per cent cut.

Ethereum Futures ETFs Could Start Trading Next Week

Exchange-traded funds (ETFs) for Ethereum futures could start trading in the US as early as next week, according to a Bloomberg analyst.

James Seyffart, a Bloomberg Intelligence analyst, wrote in a post on X (previously Twitter) on September 28, 2023 that the US Securities and Exchange Commission (SEC) would approve many Ethereum futures ETFs next week. He made the remarks in reaction to statements made by fellow ETF analyst Eric Balchunas, who claimed that the US SEC was planning to “accelerate the launch of Ether futures ETFs.”

He added that he’s heard the various filers update their documentation by Friday afternoon so they may begin trading as early as Tuesday next week. “They want it off their plate [before] the shutdown,” he said.

Crypto Revolutionising Ibiza’s Nightlife

Ibiza’s vibrant nightlife is preparing for a new era of clubbing driven by the transformative power of Blockchain technology.

One of these initiatives is KlubCoin, a cryptocurrency for club- and festival-goers, which aims to transform the nightlife and clubbing ecosystem. Its native token, KLUB, is tailored for the nightclub and electronic dance music (EDM) industry, which is central to Ibiza.

KlubCoin aims to serve all partygoers and fans. Its use cases range from cashless solutions for

IRL events to loyalty programs for partners and marketplaces. KlubCoin has already partnered with the biggest venues in Ibiza, including Amnesia Ibiza, Cova Santa Ibiza and Eden Ibiza.

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