Web3 Market Recap: $1M Penalty for Kunis-Backed NFT, Cuban’s $870K Crypto Hack, and $27M Split in Nouns DAO...
NFT Weekly News #22 11th Sep- 17th Sep
NFT News Weekly Update #22
(09/11/2023-09/17/2023)
GM
Welcome to NFT Weekly News by Threekeyslab🗝️🗝️🗝️. Here you can find the latest curated news📰in the NFT world. Every week, we aim to provide a selection of the most interesting news and events that are fostering the development of the NFT world.
The NFT field is constantly evolving, and this article will review last week's Top🔝NFT news. Let's take a look👀together!
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Top News 🔝
📌NFT|SEC Charges Mila Kunis-Backed Stoner Cats NFT Project for Unregistered Securities Offering (Sep 13)
The SEC has charged "Stoner Cats 2 LLC," a project backed by Mila Kunis, Ashton Kutcher, and Chris Rock, with conducting an unregistered securities offering. The project raised $8.2 million by selling NFTs meant to finance their animated web series, Stoner Cats, which features sentient house cats exposed to medical marijuana. The SEC ruled that the NFTs were marketed as an investment, thereby violating securities laws. Stoner Cats 2 LLC has agreed to cease and desist and will pay a $1 million penalty.
Update: Stoner Cats Settles with SEC for $1M Over Unregistered NFT Offering
📌Web3 | Mark Cuban Loses $870,000 in Crypto Wallet Hack, Faces Further Legal Woes (Sep 15)
Billionaire Mark Cuban lost about $870,000 due to a hack on his cryptocurrency wallet, which he later admitted might have resulted from downloading a compromised version of MetaMask. This isn't Cuban's first issue with crypto; he previously lost money in the Titan stablecoin collapse and is also a defendant in a lawsuit concerning his endorsement of Voyager, a crypto broker that collapsed in July 2022.
📌NFT|Nouns DAO Experiences $27 Million Split as Majority of Holders "Ragequit" (Sep 16)
Nouns DAO, a leading Ethereum DAO, has fractured after about 56% of Nouns NFT holders voted to "ragequit," splitting off into a new DAO and taking roughly $27.3 million from the original DAO's treasury. Nouns NFTs, once highly valued, have declined in price, but the DAO has historically funded a variety of projects. Reasons cited for the split include poor decision-making and lack of leadership. The new fork allows some Nouns owners to cash out their portion of the treasury, a feature that some have been planning to exploit for profit.
Market Update 📣
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
NFT|Developer Accused of Stealing $1M from Controversial Milady NFT Group Remili (Sep 11)
A developer involved with Remilia's Milady NFT project stole about $1 million by redirecting fees from their new Bonkler art initiative. The group has filed a lawsuit against the individual. Remilia is already a controversial entity, especially since its leader, Charlotte Fang, was exposed as being involved in a white supremacist and suicide cult. The announcement of the theft was made on September 11, controversially accompanied by a glitch art image of the 9/11 attacks.
Web3|Animoca Brands Secures $20M Funding to Expand Mocaverse NFT Project (Sep 11)
Animoca Brands has raised $20 million in a funding round led by CMCC Global to expand its Mocaverse NFT project. Other participants included Kingsway Capital, Liberty City Ventures, and GameFi Ventures, among others. The company issued shares at A$4.50 each and granted investors a 1:1 free-attaching utility token. The funds will be used to accelerate the development of the Mocaverse ecosystem, including a decentralized social layer and Moca ID, a non-transferable NFT for on-chain identities. The project aims to facilitate Web3 adoption across Animoca Brands' 450+ portfolio projects.
Web3|Telegram Revives Crypto Wallet Feature, Bringing TON Back Into the Fold (Sep 13)
Telegram is reintroducing a self-custodial crypto wallet feature called TON Space for its approximately 800 million users, years after ceasing involvement with The Open Network (TON) due to an SEC lawsuit. Projects built on TON will also gain priority access to Telegram Ads. The wallet will be globally rolled out in November but will exclude the U.S. and some other countries. This marks a significant shift for Telegram, which had previously distanced itself from TON following the SEC's legal actions. The TON Foundation, now based in Switzerland, sees this as a significant step toward mass adoption of their blockchain platform.
NFT| Nakamigos Adjusts Strategy Amid Community Backlash, Shifts to Free-Mint for Cloaks Collection (Sep 14)
Nakamigos, a popular NFT collection, faced community backlash for planning to launch a paid 'Cloaks' collection at 0.05 ETH each. Following criticism and a 40% drop in their floor price, the team pivoted to offer a free mint for existing holders. The incident has raised questions about the team's motives, as they have amassed $39 million USD to date.
NFT| August Monthly NFT Report Reveals Decline in Market Activity, But Holds Promise for Future (Sep 12)
The NFT market saw a downturn in August, sparking questions about its future prospects. Despite the bearish sentiment and decline in user activities, some innovative NFT projects offer a glimmer of hope. Data for this analysis was sourced from Footprint Analytics, which provides real-time metrics on the NFT industry.
NFT | Binance Phases Out Polygon NFTs and The Sandbox LAND Staking Amid Market Changes (Sep 12)
Binance NFT Marketplace has announced it will stop listing Polygon NFTs and discontinue its 'The Sandbox NFT Staking Program' as of September 26, 2023. Users have until year's end to withdraw their assets. This decision comes as Binance CEO Changepeng Zhao addresses various rumors about the platform, reassuring that all is well. Meanwhile, Polygon, a scaling solution for Ethereum, has seen a dip in its market capitalization. Users are advised to act promptly to safeguard their investments.
Web3 | Spielworks Acquires Atomic Hub to Revolutionize WAX NFT Gaming Ecosystem (Sep 14)
Spielworks has strategically acquired Atomic Hub to bolster the WAX NFT gaming ecosystem. The acquisition aims to integrate Spielworks' Wombat wallet and $WOMBAT token with Atomic Hub, enhancing user experience in NFT trading and collection. While Atomic Hub will maintain its existing features, the focus will be on growth and new developmental ventures. The acquisition aligns with WAX.io's broader vision of fostering a diverse NFT community, emphasizing collaboration over competition.
NFT | Pudgy Penguins Outshines DeGods and Azuki in NFT Market Volatility (Sep 16)
Amid a turbulent NFT market, Pudgy Penguins successfully maintained its floor price, overtaking both DeGods and Azuki which fell below 4 ETH. The collection's resilience can be attributed to its pivot to the traditional retail sector, introducing a range of toys and clothing based on its intellectual property. This strategy offered a new revenue stream and added utility, helping it to maintain community respect and a stable floor price.