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Open AI Announces Point-E And Riot Moves To End FTX Partnership

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Mark Kennedy & Manuel Olumorin
December 21, 2022

GM. Lootbringer has some diamonds and gems to keep you being the person your mates come to for what's new.

  • Riot seeks to end $96 Million deal with FTX?

  • Open AI releases a Text-to-3D model tool

  • The Sneakies

Riot Games Moves To End Deal With FTX

The Night King (FTX) keeps crushing more companies. The latest of these is Riot Games. Most notable for its popular franchise League Of Legends (LOL), Riot entered into a sponsorship arrangement with FTX involving the company's eSports circuit, the League of Legends Championship series.

What do we know about their relationship?

  • The deal was struck in 2021, to promote the FTX brand at events during the championship series over the course of the next 7 years.

  • It's not the same deal that was struck with the eSports team formerly known as TSM FTX for $210 Million dollars, which has been terminated.

  • FTX owed Riot $12.5 Million but so far has only covered half of that debt. The court document notes that FTX payments to Riot Games would continue to grow until 2028.

Why did Riot decide to pull the plug?

That's pretty obvious.

Riot cited the exchange's collapse and the arrest of SBF as the main reasons for the end of this partnership.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse.”

Riot Games

What does CT (Crypto Twitter) think?

We dug through the trudge of tweets responding to this news to find some fresh perspectives that might shed a different light on the motivations of Riot. After all, it isn't surprising they would end this relationship with such a bad actor in the space, but why wait until now? Partners have been jumping ship left and right, so why did Riot wait so long? This eventually led us to a thread by @molly0xFFF, a crypto researcher and critic. 

Molly points out that Riot is claiming damage to their brand's reputation as the main point for ending this relationship. Then the thread got spicy.

Our take

Looks like one more thing to add to the list of things FTX broke. While it remains unclear what Riots motivations are behind this move, it is not an unexpected one. One can only wonder how deep the FTX abyss is at this point. It's the story that never dies. 

Open AI Announces Point-E

Open AI, the AI hitmaker, bringer of ChatGPT, creator of Dall-E, has announced a new product.

What black magic did they cook up this time?

  • They are calling it Point-E.

  • It's a Text-To-3D software that allows users to render 3D Images from text prompts in seconds.

  • The diffusion models were each trained on millions of 3D models

The idea is pretty simple to understand in concept. You give it a phrase like "Mystical Potion Bottle", and it generates the 3D model in a few seconds.

So what's happening in there? The team at Open AI explains it like this,

  • Point-E will first generate a synthetic view 3D rendering of said Mystical Potion Bottle.

  • Then runs that generated image through a series of diffusion models to create the 3D, RGB point cloud of the initial image.

  • Next, it produces a coarse 1,024-point cloud model, which is refined to a finer 4,096-point model.

If you are curious about the technical details, they published a paper titled A System for Generating 3D Point Clouds from Complex Prompts.

You can try it for yourself. The open-source code is on GitHub HERE.

Our take

AI is having a serious moment with tons of breakthroughs pouring in time after time. Point E is another tool that would facilitate the creation of digital worlds. At this time the models aren't high fidelity but when it gets there, imagine a world where every PFP can be easily integrated into a partner game's world and matches the game aesthetic with minimum resources.

Although we still need to figure out the copyright issues that come with training these models, this future is coming and I'm up for it.

The Sneakies

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