More on Web3 & Crypto
Sam Hickmann
3 years ago
Token taxonomy: Utility vs Security vs NFT
Let's examine the differences between the three main token types and their functions.
As Ethereum grew, the term "token" became a catch-all term for all assets built on the Ethereum blockchain. However, different tokens were grouped based on their applications and features, causing some confusion. Let's examine the modification of three main token types: security, utility, and non-fungible.
Utility tokens
They provide a specific utility benefit (or a number of such). A utility token is similar to a casino chip, a table game ticket, or a voucher. Depending on the terms of issuing, they can be earned and used in various ways. A utility token is a type of token that represents a tool or mechanism required to use the application in question. Like a service, a utility token's price is determined by supply and demand. Tokens can also be used as a bonus or reward mechanism in decentralized systems: for example, if you like someone's work, give them an upvote and they get a certain number of tokens. This is a way for authors or creators to earn money indirectly.
The most common way to use a utility token is to pay with them instead of cash for discounted goods or services.
Utility tokens are the most widely used by blockchain companies. Most cryptocurrency exchanges accept fees in native utility tokens.
Utility tokens can also be used as a reward. Companies tokenize their loyalty programs so that points can be bought and sold on blockchain exchanges. These tokens are widely used in decentralized companies as a bonus system. You can use utility tokens to reward creators for their contributions to a platform, for example. It also allows members to exchange tokens for specific bonuses and rewards on your site.
Unlike security tokens, which are subject to legal restrictions, utility tokens can be freely traded.
Security tokens
Security tokens are essentially traditional securities like shares, bonds, and investment fund units in a crypto token form.
The key distinction is that security tokens are typically issued by private firms (rather than public companies) that are not listed on stock exchanges and in which you can not invest right now. Banks and large venture funds used to be the only sources of funding. A person could only invest in private firms if they had millions of dollars in their bank account. Privately issued security tokens outperform traditional public stocks in terms of yield. Private markets grew 50% faster than public markets over the last decade, according to McKinsey Private Equity Research.
A security token is a crypto token whose value is derived from an external asset or company. So it is governed as security (read about the Howey test further in this article). That is, an ownership token derives its value from the company's valuation, assets on the balance sheet, or dividends paid to token holders.
Why are Security Tokens Important?
Cryptocurrency is a lucrative investment. Choosing from thousands of crypto assets can mean the difference between millionaire and bankrupt. Without security tokens, crypto investing becomes riskier and generating long-term profits becomes difficult. These tokens have lower risk than other cryptocurrencies because they are backed by real assets or business cash flows. So having them helps to diversify a portfolio and preserve the return on investment in riskier assets.
Security tokens open up new funding avenues for businesses. As a result, investors can invest in high-profit businesses that are not listed on the stock exchange.
The distinction between utility and security tokens isn't as clear as it seems. However, this increases the risk for token issuers, especially in the USA. The Howey test is the main pillar regulating judicial precedent in this area.
What is a Howey Test?
An "investment contract" is determined by the Howey Test, a lawsuit settled by the US Supreme Court. If it does, it's a security and must be disclosed and registered under the Securities Act of 1933 and the Securities Exchange Act of 1934.
If the SEC decides that a cryptocurrency token is a security, a slew of issues arise. In practice, this ensures that the SEC will decide when a token can be offered to US investors and if the project is required to file a registration statement with the SEC.
Due to the Howey test's extensive wording, most utility tokens will be classified as securities, even if not intended to be. Because of these restrictions, most ICOs are not available to US investors. When asked about ICOs in 2018, then-SEC Chairman Jay Clayton said they were securities. The given statement adds to the risk. If a company issues utility tokens without registering them as securities, the regulator may impose huge fines or even criminal charges.
What other documents regulate tokens?
Securities Act (1993) or Securities Exchange Act (1934) in the USA; MiFID directive and Prospectus Regulation in the EU. These laws require registering the placement of security tokens, limiting their transfer, but protecting investors.
Utility tokens have much less regulation. The Howey test determines whether a given utility token is a security. Tokens recognized as securities are now regulated as such. Having a legal opinion that your token isn't makes the implementation process much easier. Most countries don't have strict regulations regarding utility tokens except KYC (Know Your Client) and AML (Anti Money-Laundering).
As cryptocurrency and blockchain technologies evolve, more countries create UT regulations. If your company is based in the US, be aware of the Howey test and the Bank Secrecy Act. It classifies UTs and their issuance as money transmission services in most states, necessitating a license and strict regulations. Due to high regulatory demands, UT issuers try to avoid the United States as a whole. A new law separating utility tokens from bank secrecy act will be introduced in the near future, giving hope to American issuers.
The rest of the world has much simpler rules requiring issuers to create basic investor disclosures. For example, the latest European legislation (MiCA) allows businesses to issue utility tokens without regulator approval. They must also prepare a paper with all the necessary information for the investors.
A payment token is a utility token that is used to make a payment. They may be subject to electronic money laws.
Because non-fungible tokens are a new instrument, there is no regulating paper yet. However, if the NFT is fractionalized, the smaller tokens acquired may be seen as securities.
NFT Tokens
Collectible tokens are also known as non-fungible tokens. Their distinctive feature is that they denote unique items such as artwork, merch, or ranks. Unlike utility tokens, which are fungible, meaning that two of the same tokens are identical, NFTs represent a unit of possession that is strictly one of a kind. In a way, NFTs are like baseball cards, each one unique and valuable.
As for today, the most recognizable NFT function is to preserve the fact of possession. Owning an NFT with a particular gif, meme, or sketch does not transfer the intellectual right to the possessor, but is analogous to owning an original painting signed by the author.
Collectible tokens can also be used as digital souvenirs, so to say. Businesses can improve their brand image by issuing their own branded NFTs, which represent ranks or achievements within the corporate ecosystem. Gamifying business ecosystems would allow people to connect with a brand and feel part of a community.
Which type of tokens is right for you as a business to raise capital?
For most businesses, it's best to raise capital with security tokens by selling existing shares to global investors. Utility tokens aren't meant to increase in value over time, so leave them for gamification and community engagement. In a blockchain-based business, however, a utility token is often the lifeblood of the operation, and its appreciation potential is directly linked to the company's growth. You can issue multiple tokens at once, rather than just one type. It exposes you to various investors and maximizes the use of digital assets.
Which tokens should I buy?
There are no universally best tokens. Their volatility, industry, and risk-reward profile vary. This means evaluating tokens in relation to your overall portfolio and personal preferences: what industries do you understand best, what excites you, how do you approach taxes, and what is your planning horizon? To build a balanced portfolio, you need to know these factors.
Conclusion
The three most common types of tokens today are security, utility, and NFT. Security tokens represent stocks, mutual funds, and bonds. Utility tokens can be perceived as an inside-product "currency" or "ignition key" that grants you access to goods and services or empowers with other perks. NFTs are unique collectible units that identify you as the owner of something.
Rishi Dean
3 years ago
Coinbase's web3 app
Use popular Ethereum dapps with Coinbase’s new dapp wallet and browser
Tl;dr: This post highlights the ability to access web3 directly from your Coinbase app using our new dapp wallet and browser.
Decentralized autonomous organizations (DAOs) and decentralized finance (DeFi) have gained popularity in the last year (DAOs). The total value locked (TVL) of DeFi investments on the Ethereum blockchain has grown to over $110B USD, while NFTs sales have grown to over $30B USD in the last 12 months (LTM). New innovative real-world applications are emerging every day.
Today, a small group of Coinbase app users can access Ethereum-based dapps. Buying NFTs on Coinbase NFT and OpenSea, trading on Uniswap and Sushiswap, and borrowing and lending on Curve and Compound are examples.
Our new dapp wallet and dapp browser enable you to access and explore web3 directly from your Coinbase app.
Web3 in the Coinbase app
Users can now access dapps without a recovery phrase. This innovative dapp wallet experience uses Multi-Party Computation (MPC) technology to secure your on-chain wallet. This wallet's design allows you and Coinbase to share the 'key.' If you lose access to your device, the key to your dapp wallet is still safe and Coinbase can help recover it.
Set up your new dapp wallet by clicking the "Browser" tab in the Android app's navigation bar. Once set up, the Coinbase app's new dapp browser lets you search, discover, and use Ethereum-based dapps.
Looking forward
We want to enable everyone to seamlessly and safely participate in web3, and today’s launch is another step on that journey. We're rolling out the new dapp wallet and browser in the US on Android first to a small subset of users and plan to expand soon. Stay tuned!
Olga Kharif
3 years ago
A month after freezing customer withdrawals, Celsius files for bankruptcy.
Alex Mashinsky, CEO of Celsius, speaks at Web Summit 2021 in Lisbon.
Celsius Network filed for Chapter 11 bankruptcy a month after freezing customer withdrawals, joining other crypto casualties.
Celsius took the step to stabilize its business and restructure for all stakeholders. The filing was done in the Southern District of New York.
The company, which amassed more than $20 billion by offering 18% interest on cryptocurrency deposits, paused withdrawals and other functions in mid-June, citing "extreme market conditions."
As the Fed raises interest rates aggressively, it hurts risk sentiment and squeezes funding costs. Voyager Digital Ltd. filed for Chapter 11 bankruptcy this month, and Three Arrows Capital has called in liquidators.
Celsius called the pause "difficult but necessary." Without the halt, "the acceleration of withdrawals would have allowed certain customers to be paid in full while leaving others to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities," it said.
Celsius declined to comment. CEO Alex Mashinsky said the move will strengthen the company's future.
The company wants to keep operating. It's not requesting permission to allow customer withdrawals right now; Chapter 11 will handle customer claims. The filing estimates assets and liabilities between $1 billion and $10 billion.
Celsius is advised by Kirkland & Ellis, Centerview Partners, and Alvarez & Marsal.
Yield-promises
Celsius promised 18% returns on crypto loans. It lent those coins to institutional investors and participated in decentralized-finance apps.
When TerraUSD (UST) and Luna collapsed in May, Celsius pulled its funds from Terra's Anchor Protocol, which offered 20% returns on UST deposits. Recently, another large holding, staked ETH, or stETH, which is tied to Ether, became illiquid and discounted to Ether.
The lender is one of many crypto companies hurt by risky bets in the bear market. Also, Babel halted withdrawals. Voyager Digital filed for bankruptcy, and crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy.
According to blockchain data and tracker Zapper, Celsius repaid all of its debt in Aave, Compound, and MakerDAO last month.
Celsius charged Symbolic Capital Partners Ltd. 2,000 Ether as collateral for a cash loan on June 13. According to company filings, Symbolic was charged 2,545.25 Ether on June 11.
In July 6 filings, it said it reshuffled its board, appointing two new members and firing others.
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Cory Doctorow
3 years ago
The downfall of the Big Four accounting companies is just one (more) controversy away.
Economic mutual destruction.
Multibillion-dollar corporations never bothered with an independent audit, and they all lied about their balance sheets.
It's easy to forget that the Big Four accounting firms are lousy fraud enablers. Just because they sign off on your books doesn't mean you're not a hoax waiting to erupt.
This is *crazy* Capitalism depends on independent auditors. Rich folks need to know their financial advisers aren't lying. Rich folks usually succeed.
No accounting. EY, KPMG, PWC, and Deloitte make more money consulting firms than signing off on their accounts.
The Big Four sign off on phony books because failing to make friends with unscrupulous corporations may cost them consulting contracts.
The Big Four are the only firms big enough to oversee bankruptcy when they sign off on fraudulent books, as they did for Carillion in 2018. All four profited from Carillion's bankruptcy.
The Big Four are corrupt without any consequences for misconduct. Who can forget when KPMG's top management was fined millions for helping auditors cheat on ethics exams?
Consulting and auditing conflict. Consultants help a firm cover its evil activities, such as tax fraud or wage theft, whereas auditors add clarity to a company's finances. The Big Four make more money from cooking books than from uncooking them, thus they are constantly embroiled in scandals.
If a major scandal breaks, it may bring down the entire sector and substantial parts of the economy. Jim Peterson explains system risk for The Dig.
The Big Four are voluntary private partnerships where accountants invest their time, reputations, and money. If a controversy threatens the business, partners who depart may avoid scandal and financial disaster.
When disaster looms, each partner should bolt for the door, even if a disciplined stay-and-hold posture could weather the storm. This happened to Arthur Andersen during Enron's collapse, and a 2006 EU report recognized the risk to other corporations.
Each partner at a huge firm knows how much dirty laundry they've buried in the company's garden, and they have well-founded suspicions about what other partners have buried, too. When someone digs, everyone runs.
If a firm confronts substantial litigation damages or enforcement penalties, it could trigger the collapse of one of the Big Four. That would be bad news for the firm's clients, who would have trouble finding another big auditor.
Most of the world's auditing capacity is concentrated in four enormous, brittle, opaque, compromised organizations. If one of them goes bankrupt, the other three won't be able to take on its clients.
Peterson: Another collapse would strand many of the world's large public businesses, leaving them unable to obtain audit views for their securities listings and regulatory compliance.
Count Down: The Past, Present, and Uncertain Future of the Big Four Accounting Firms is in its second edition.
https://www.emerald.com/insight/publication/doi/10.1108/9781787147003
INTΞGRITY team
3 years ago
Privacy Policy
Effective date: August 31, 2022
This Privacy Statement describes how INTΞGRITY ("we," or "us") collects, uses, and discloses your personal information. This Privacy Statement applies when you use our websites, mobile applications, and other online products and services that link to this Privacy Statement (collectively, our "Services"), communicate with our customer care team, interact with us on social media, or otherwise interact with us.
This Privacy Policy may be modified from time to time. If we make modifications, we will update the date at the top of this policy and, in certain instances, we may give you extra notice (such as adding a statement to our website or providing you with a notification). We encourage you to routinely review this Privacy Statement to remain informed about our information practices and available options.
INFORMATION COLLECTION
The Data You Provide to Us
We collect information that you directly supply to us. When you register an account, fill out a form, submit or post material through our Services, contact us via third-party platforms, request customer assistance, or otherwise communicate with us, you provide us with information directly. We may collect your name, display name, username, bio, email address, company information, your published content, including your avatar image, photos, posts, responses, and any other information you voluntarily give.
In certain instances, we may collect the information you submit about third parties. We will use your information to fulfill your request and will not send emails to your contacts unrelated to your request unless they separately opt to receive such communications or connect with us in some other way.
We do not collect payment details via the Services.
Automatically Collected Information When You Communicate with Us
In certain cases, we automatically collect the following information:
We gather data regarding your behavior on our Services, such as your reading history and when you share links, follow users, highlight posts, and like posts.
Device and Usage Information: We gather information about the device and network you use to access our Services, such as your hardware model, operating system version, mobile network, IP address, unique device identifiers, browser type, and app version. We also collect information regarding your activities on our Services, including access times, pages viewed, links clicked, and the page you visited immediately prior to accessing our Services.
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Information Obtained from Outside Sources
We acquire information from external sources. We may collect information about you, for instance, through social networks, accounting service providers, and data analytics service providers. In addition, if you create or log into your INTΞGRITY account via a third-party platform (such as Apple, Facebook, Google, or Twitter), we will have access to certain information from that platform, including your name, lists of friends or followers, birthday, and profile picture, in accordance with the authorization procedures determined by that platform.
We may derive information about you or make assumptions based on the data we gather. We may deduce your location based on your IP address or your reading interests based on your reading history, for instance.
USAGE OF INFORMATION
We use the information we collect to deliver, maintain, and enhance our Services, including publishing and distributing user-generated content, and customizing the posts you see. Additionally, we utilize collected information to: create and administer your INTΞGRITY account;
Send transaction-related information, including confirmations, receipts, and user satisfaction surveys;
Send you technical notices, security alerts, and administrative and support messages;
Respond to your comments and queries and offer support;
Communicate with you about new INTΞGRITY content, goods, services, and features, as well as other news and information that we believe may be of interest to you (see Your Choices for details on how to opt out of these communications at any time);
Monitor and evaluate usage, trends, and activities associated with our Services;
Detect, investigate, and prevent security incidents and other harmful, misleading, fraudulent, or illegal conduct, and safeguard INTΞGRITY’s and others' rights and property;
Comply with our legal and financial requirements; and Carry out any other purpose specified to you at the time the information was obtained.
SHARING OF INFORMATION
We share personal information where required by law or as otherwise specified in this policy:
Personal information is shared with other Service users. If you use our Services to publish content, make comments, or send private messages, for instance, certain information about you, such as your name, photo, bio, and other account information you may supply, as well as information about your activity on our Services, will be available to others (e.g., your followers and who you follow, recent posts, likes, highlights, and responses).
We share personal information with vendors, service providers, and consultants who require access to such information to perform services on our behalf, such as companies that assist us with web hosting, storage, and other infrastructure, analytics, fraud prevention, and security, customer service, communications, and marketing.
We may release personally identifiable information if we think that doing so is in line with or required by any relevant law or legal process, including authorized demands from public authorities to meet national security or law enforcement obligations. If we intend to disclose your personal information in response to a court order, we will provide you with prior notice so that you may contest the disclosure (for example, by seeking court intervention), unless we are prohibited by law or believe that doing so could endanger others or lead to illegal conduct. We shall object to inappropriate legal requests for information regarding users of our Services.
If we believe your actions are inconsistent with our user agreements or policies, if we suspect you have violated the law, or if we believe it is necessary to defend the rights, property, and safety of INTΞGRITY, our users, the public, or others, we may disclose your personal information.
We share personal information with our attorneys and other professional advisers when necessary for obtaining counsel or otherwise protecting and managing our business interests.
We may disclose personal information in conjunction with or during talks for any merger, sale of corporate assets, financing, or purchase of all or part of our business by another firm.
Personal information is transferred between and among INTΞGRITY, its current and future parents, affiliates, subsidiaries, and other companies under common ownership and management.
We will only share your personal information with your permission or at your instruction.
We also disclose aggregated or anonymized data that cannot be used to identify you.
IMPLEMENTATIONS FROM THIRD PARTIES
Some of the content shown on our Services is not hosted by INTΞGRITY. Users are able to publish content hosted by a third party but embedded in our pages ("Embed"). When you interact with an Embed, it can send information to the hosting third party just as if you had visited the hosting third party's website directly. When you load an INTΞGRITY post page with a YouTube video Embed and view the video, for instance, YouTube collects information about your behavior, such as your IP address and how much of the video you watch. INTΞGRITY has no control over the information that third parties acquire via Embeds or what they do with it. This Privacy Statement does not apply to data gathered via Embeds. Before interacting with the Embed, it is recommended that you review the privacy policy of the third party hosting the Embed, which governs any information the Embed gathers.
INFORMATION TRANSFER TO THE UNITED STATES AND OTHER NATIONS
INTΞGRITY’s headquarters are located in the United States, and we have operations and service suppliers in other nations. Therefore, we and our service providers may transmit, store, or access your personal information in jurisdictions that may not provide a similar degree of data protection to your home jurisdiction. For instance, we transfer personal data to Amazon Web Services, one of our service providers that processes personal information on our behalf in numerous data centers throughout the world, including those indicated above. We shall take measures to guarantee that your personal information is adequately protected in the jurisdictions where it is processed.
YOUR SETTINGS
Account Specifics
You can access, modify, delete, and export your account information at any time by login into the Services and visiting the Settings page. Please be aware that if you delete your account, we may preserve certain information on you as needed by law or for our legitimate business purposes.
Cookies
The majority of web browsers accept cookies by default. You can often configure your browser to delete or refuse cookies if you wish. Please be aware that removing or rejecting cookies may impact the accessibility and performance of our services.
Communications
You may opt out of getting certain messages from us, such as digests, newsletters, and activity notifications, by following the instructions contained within those communications or by visiting the Settings page of your account. Even if you opt out, we may still send you emails regarding your account or our ongoing business relationships.
Mobile Push Notifications
We may send push notifications to your mobile device with your permission. You can cancel these messages at any time by modifying your mobile device's notification settings.
YOUR CALIFORNIA PRIVACY RIGHTS
The California Consumer Privacy Act, or "CCPA" (Cal. Civ. Code 1798.100 et seq. ), grants California residents some rights regarding their personal data. If you are a California resident, you are subject to this clause.
We have collected the following categories of personal information over the past year: identifiers, commercial information, internet or other electronic network activity information, and conclusions. Please refer to the section titled "Collection of Information" for specifics regarding the data points we gather and the sorts of sources from which we acquire them. We collect personal information for the business and marketing purposes outlined in the section on Use of Information. In the past 12 months, we have shared the following types of personal information to the following groups of recipients for business purposes:
Category of Personal Information: Identifiers
Categories of Recipients: Analytics Providers, Communication Providers, Custom Service Providers, Fraud Prevention and Security Providers, Infrastructure Providers, Marketing Providers, Payment Processors
Category of Personal Information: Commercial Information
Categories of Recipients: Analytics Providers, Infrastructure Providers, Payment Processors
Category of Personal Information: Internet or Other Electronic Network Activity Information
Categories of Recipients: Analytics Providers, Infrastructure Providers
Category of Personal Information: Inferences
Categories of Recipients: Analytics Providers, Infrastructure Providers
INTΞGRITY does not sell personally identifiable information.
You have the right, subject to certain limitations: (1) to request more information about the categories and specific pieces of personal information we collect, use, and disclose about you; (2) to request the deletion of your personal information; (3) to opt out of any future sales of your personal information; and (4) to not be discriminated against for exercising these rights. You may submit these requests by email to hello@int3grity.com. We shall not treat you differently if you exercise your rights under the CCPA.
If we receive your request from an authorized agent, we may request proof that you have granted the agent a valid power of attorney or that the agent otherwise possesses valid written authorization to submit requests on your behalf. This may involve requiring identity verification. Please contact us if you are an authorized agent wishing to make a request.
ADDITIONAL DISCLOSURES FOR INDIVIDUALS IN EUROPE
This section applies to you if you are based in the European Economic Area ("EEA"), the United Kingdom, or Switzerland and have specific rights and safeguards regarding the processing of your personal data under relevant law.
Legal Justification for Processing
We will process your personal information based on the following legal grounds:
To fulfill our obligations under our agreement with you (e.g., providing the products and services you requested).
When we have a legitimate interest in processing your personal information to operate our business or to safeguard our legitimate interests, we will do so (e.g., to provide, maintain, and improve our products and services, conduct data analytics, and communicate with you).
To meet our legal responsibilities (e.g., to maintain a record of your consents and track those who have opted out of non-administrative communications).
If we have your permission to do so (e.g., when you opt in to receive non-administrative communications from us). When consent is the legal basis for our processing of your personal information, you may at any time withdraw your consent.
Data Retention
We retain the personal information associated with your account so long as your account is active. If you close your account, your account information will be deleted within 14 days. We retain other personal data for as long as is required to fulfill the objectives for which it was obtained and for other legitimate business purposes, such as to meet our legal, regulatory, or other compliance responsibilities.
Data Access Requests
You have the right to request access to the personal data we hold on you and to get your data in a portable format, to request that your personal data be rectified or erased, and to object to or request that we restrict particular processing, subject to certain limitations. To assert your legal rights:
If you sign up for an INTΞGRITY account, you can request an export of your personal information at any time via the Settings website, or by visiting Settings and selecting Account from inside our app.
You can edit the information linked with your account on the Settings website, or by navigating to Settings and then Account in our app, and the Customize Your Interests page.
You may withdraw consent at any time by deleting your account via the Settings page, or by visiting Settings and then selecting Account within our app (except to the extent INTΞGRITY is prevented by law from deleting your information).
You may object to the use of your personal information at any time by contacting hello@int3grity.com.
Questions or Complaints
If we are unable to settle your concern over our processing of personal data, you have the right to file a complaint with the Data Protection Authority in your country. The links below provide access to the contact information for your Data Protection Authority.
For people in the EEA, please visit https://edpb.europa.eu/about-edpb/board/members en.
For persons in the United Kingdom, please visit https://ico.org.uk/global/contact-us.
For people in Switzerland: https://www.edoeb.admin.ch/edoeb/en/home/the-fdpic/contact.html
CONTACT US
Please contact us at hello@int3grity.com if you have any queries regarding this Privacy Statement.
Architectural Digest
3 years ago
Take a look at The One, a Los Angeles estate with a whopping 105,000 square feet of living area.
The interiors of the 105,000-square-foot property, which sits on a five-acre parcel in the wealthy Los Angeles suburb of Bel Air and is suitably titled The One, have been a well guarded secret. We got an intimate look inside this world-record-breaking property, as well as the creative and aesthetic geniuses behind it.
The estate appears to float above the city, surrounded on three sides by a moat and a 400-foot-long running track. Completed over eight years—and requiring 600 workers to build—the home was designed by architect Paul McClean and interior designer Kathryn Rotondi, who were enlisted by owner and developer Nile Niami to help it live up to its standard.
"This endeavor seemed both exhilarating and daunting," McClean says. However, the home's remarkable location and McClean's long-standing relationship with Niami persuaded him to "build something unique and extraordinary" rather than just take on the job.
And McClean has more than delivered.
The home's main entrance leads to a variety of meeting places with magnificent 360-degree views of the Pacific Ocean, downtown Los Angeles, and the San Gabriel Mountains, thanks to its 26-foot-high ceilings. There is water at the entrance area, as well as a sculpture and a bridge. "We often employ water in our design approach because it provides a sensory change that helps you acclimatize to your environment," McClean explains.
Niami wanted a neutral palette that would enable the environment and vistas to shine, so she used black, white, and gray throughout the house.
McClean has combined the home's inside with outside "to create that quintessential L.A. lifestyle but on a larger scale," he says, drawing influence from the local environment and history of Los Angeles modernism. "We separated the entertaining spaces from the living portions to make the house feel more livable. The former are on the lowest level, which serves as a plinth for the rest of the house and minimizes its apparent mass."
The home's statistics, in addition to its eye-catching style, are equally impressive. There are 42 bathrooms, 21 bedrooms, a 5,500-square-foot master suite, a 30-car garage gallery with two car-display turntables, a four-lane bowling alley, a spa level, a 30-seat movie theater, a "philanthropy wing (with a capacity of 200) for charity galas, a 10,000-square-foot sky deck, and five swimming pools.
Rotondi, the creator of KFR Design, collaborated with Niami on the interior design to create different spaces that flow into one another despite the house's grandeur. "I was especially driven to 'wow factor' components in the hospitality business," Rotondi says, citing top luxury hotel brands such as Aman, Bulgari, and Baccarat as sources of inspiration. Meanwhile, the home's color scheme, soft textures, and lighting are a nod to Niami and McClean's favorite Tom Ford boutique on Rodeo Drive.
The house boasts an extraordinary collection of art, including a butterfly work by Stephen Wilson on the lower level and a Niclas Castello bespoke panel in black and silver in the office, thanks to a cooperation between Creative Art Partners and Art Angels. There is also a sizable collection of bespoke furniture pieces from byShowroom.
A house of this size will never be erected again in Los Angeles, thanks to recently enacted city rules, so The One will truly be one of a kind. "For all of us, this project has been such a long and instructive trip," McClean says. "It was exciting to develop and approached with excitement, but I don't think any of us knew how much effort and time it would take to finish the project."