Unveiling the First Episode of Binance’s Metaverse Reality Show ‘Build The Block’
In Brief
The first two hopefuls who presented their ideas to the judges and audience were Mind Network and Kryptoskatt.
The audience was given 20 seconds to vote for the founder they believed deserved an opportunity for a one-on-one interaction with the judges.
With a strong showing of 278 votes on the final tally, Kryptoskatt positioned itself as a contender for public relations support.
'Build The Block', which is the inaugural global reality show set in the metaverse and produced by Binance, made its debut today, featuring web3 startups competing for investment from Binance Labs.
Hosted by Justin Bratton, known for his role on Asia’s Got Talent, the show kicked off with an energetic and humorous introduction showcasing its format, the judges, and the first two contestants who would pitch their ideas, all represented through 2D avatars.
The judges’ table featured notable figures including Yi He, co-founder and CMO of Binance and head of Binance Labs; Yibo Ling, the chief business officer of Binance; Guy Turner, co-founder of Coin Bureau; Azeem Khan, part of the World Economic Forum’s Crypto Sustainability Coalition and leading fundraising efforts at Gitcoin; and Robby Yung, CEO of Animoca Brands and a partner at Animoca Capital.
The debut episode showcased Mason Song, co-founder of Mind Network, and Sukesh Tedla, the CEO and founder of Kryptoskatt. Each participant was allotted three minutes to introduce their projects to the audience, who subsequently voted on which founder warranted a discussion with the judges.
Represented by customizable avatars, the contestants had fun personalizing their digital personas. For instance, Mason sported vibrant, spiky red hair, while Sukesh dramatically altered his attire just before the announcement of the scoreboard results.
First on the stage was Mason Song, the Mind Network co-founder.
Previously, Song led Citibank's Blockchain and AI unit, and his co-founder George Shao hails from Alibaba as a data specialist. Song introduced Mind Network as a Singapore-based decentralized data lake integrated with a fully encrypted network built on a patented Adaptive Fully Homomorphic Encryption (FHE) framework, designed to safeguard user data, AI, and smart contracts on Web3. He emphasized that their mission is to protect on-chain private data while facilitating the adoption of analytics and AI.
As the pitching time concluded, Bratton invited the judges to share their thoughts on Song's presentation. Yi He, Binance's co-founder, acknowledged the technical merit of Mind Network but noted that Song relied heavily on industry jargon. She encouraged him to distill his message into simpler terms for potential clients and investors to grasp his product better. Following the judges’ feedback, the audience had a brief window to vote on whether they wished to see Song have a one-on-one session with them, with results announced later.
Addressing challenges in taxation: Sukesh Tedla, founder and CEO of Kryptoskatt
Next was Sukesh Tedla, who leads Kryptoskatt, a cryptocurrency tax software firm located in Sweden. Tedla discussed the various hurdles people face when filing crypto taxes, which inspired the creation of Kryptoskatt—a platform designed to assist users with cryptocurrency tax calculations, reporting, and managing portfolios across multiple regions.
Tedla detailed that Kryptoskatt primarily operates on a B2C model, charging an annual subscription for services. Users can easily sign up, link their wallets, and generate their cryptocurrency tax reports. Following its beta launch in 2022, the platform successfully attracted users from over 10 different countries and generated an impressive revenue of $45,000. To date, more than 1,000 users have signed up.
With the end of the pitch round, Robby Yung, from Animoca Brands, provided his insights. He praised Sukesh's delivery, reaffirming that tax issues pose significant challenges. He noted, 'Integrating crypto tax automation into Animoca's offerings, where clients must be aware of taxes on in-game earnings, is an impending necessity for the industry, beyond just consumer applications.'
Audience voting results: Kryptoskatt narrowly surpasses Mind Network
In the end, Sukesh Tedla triumphed with 78 votes, edging out Mason Song who received 72. During his exclusive dialogue with the judges, Yung probed into Kryptoskatt’s accounting technology and its compatibility with various DeFi platforms, inquiring what distinctive advantages the startup possessed against its rivals and newcomers to the sector.
Tedla identified that Kryptoskatt is integrated with over 1,000 DeFi products, which he believes provides the platform a solid competitive advantage. However, he also recognized that the accounting technology is not inherently defensible in the long term, emphasizing the need for continuous innovation, new integrations, and forming strategic alliances to scale and refine their offering.
Yi He prompted Tedla to introduce his team members. In response, Tedla mentioned that both the head of tax and the CTO were in attendance, highlighting that the company had expanded from just two founders to a robust team of over 20 employees, including legal advisors and strategic partners such as the Nordic fashion label, Naked. Notably, Kryptoskatt remains entirely self-funded.
The final scoreboard
Towards the end of the episode, judges were required to evaluate the contestants' pitches. The series leaderboard plays a crucial role in determining the candidates for public relations support, with each individual vote representing 100 points, which would be added to the audience scores gathered earlier. Mind Network garnered votes from both Yi He and Guy Turner, while Kryptoskatt earned votes from Yi He and Azeem Khan. After combining the audience's 78 votes, Kryptoskatt once again claimed victory.
Final thoughts
Despite the somewhat rudimentary appearance of the 2D avatars, there were humorous moments throughout the show, especially when Tedla’s avatar dramatically fell off during his private chat with the judges. The host, Justin Bratton, also delivered clever and amusing commentary on the spot, ensuring that viewers remained engaged.
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