An NFT club for bankers

Hi, it’s Zheping in Hong Kong. Beset by Beijing regulations and Covid lockdowns, some bankers living in my city are trying NFTs. But first.. [View in browser]( [Bloomberg]( Hi, it’s Zheping in Hong Kong. Beset by Beijing regulations and Covid lockdowns, some bankers living in my city are trying NFTs. But first... Today’s top tech news: - The crypto rally [wiped out]( 2022 Bitcoin losses - Huawei’s business is getting smaller, but [profits are up]( - HP inks a [$3.3 billion deal]( for Poly, formerly known as Plantronics Burnt-out bankers are building a crypto community On a recent Saturday night, Nicholas Hung and some fellow investors gathered in an upscale office overlooking Hong Kong’s Victoria Harbour. After downing a couple of cups of sake, they hopped into a Discord channel to host a fireside chat for their crypto analog to the Asia Bankers Club. More than 90 members tuned in for the two-hour discourse on how to make the switch from tradfi -- their term for traditional finance -- to crypto, whether as a career move or for leisurely dabbling. In January, Hung and his three friends began selling non-fungible tokens as membership cards to likeminded finance professionals who want to take a leap of faith into crypto. Their inner circle is dubbed the Burnout Excel Monkey Club, a way to poke fun at the notorious hours in Asia’s finance roles, and the NFTs are pixelated ape avatars reacting to dreaded email subject lines like “ETA?” or “Plz Fix to Earn.” When I first got in touch with Hung, I thought this yet another ape-themed NFT hype vehicle carbon-copying the Bored Ape Yacht Club, which recently issued its own coin and is backed by big-name venture firms like Andreessen Horowitz. But the Excel Monkeys are not in it for a vague promise of the metaverse. They have a very real problem to deal with: Life as bankers, fund managers and venture investors in Hong Kong just isn’t that great right now. Hong Kong’s flailing response to the Omicron outbreak has stirred fear and a growing number of white-collar professionals who helped shape the city’s identity have decided to [pack up and go](. And Beijing’s yearlong crackdown on tech and other private sectors has [hammered local markets](, slowing deal flows and squeezing bonuses for many on the buyside. So if crypto pays more than banks do, why not apply the skills of your job to digital assets? The Burnout Excel Monkey Club promises its members — now in the hundreds — exclusive access to stylish bars and gyms, but more importantly, online panels and networking events that could lead to job opportunities. The club also recently established its own DAO, or decentralized autonomous organization, where the NFT holders will make collective decisions on what new crypto projects to invest in. All this happens against the backdrop of a [talent war]( between digital-asset upstarts and tradfi giants in Hong Kong, where at least one in 10 new job openings in financial services comes from the crypto camp, according to Olga Yung, a managing director at recruitment firm Michael Page. Hung and his fellow co-founders told me they are planning to give up their day jobs and run the club full-time if things go well. They’ve yet to throw their first in-person shindig due to Hong Kong’s Covid-19 restrictions, but have already invested in a luxurious cocktail lounge where NFT-holding members can partake in poker and more crypto banter. —[Zheping Huang](mailto:zhuang245@bloomberg.net), with Sarah Zheng If you read one thing Apple is said to be cutting production of its entry-level smartphone [by a fifth]( as demand for consumer electronics takes a hit. What else you need to know Instacart is in “no rush” to go public, [its CEO said]( at a conference the week after the company slashed its own valuation. Putin’s war in Ukraine is hollowing out [Russia’s tech future](. What to watch: Andreessen Horowitz General Partner Connie Chan talks with Bloomberg’s Emily Chang about the [future of retail](. Follow Us More from Bloomberg Dig gadgets or video games? [Sign up for Power On]( to get Apple scoops, consumer tech news and more in your inbox on Sundays. [Sign up for Game On]( to go deep inside the video game business, delivered on Fridays. Why not try both? Like Fully Charged? | [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Fully Charged newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](