Web3 Market Recap: Regulatory Crackdowns, DAO Forks, and Coinbase CEO's Crypto Vision……
NFT Weekly News #20 28th Aug- 3rd Sep
NFT News Weekly Update #20
(08/28/2023-09/03/2023)
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|A Quick Overview of Prop 356: Forking Nouns DAO and the Return of ETH (AUG 28)
Prop 356 outlines a two-step process for Nouns holders to retrieve their Ethereum (ETH) after a DAO fork. First, a 20% quorum is required to initiate the fork, moving assets pro-rata to the new DAO. To withdraw assets, a proposition enabling withdrawals must pass in the new forked DAO. Original Nouns stay in the old DAO's treasury but lose access to its ETH unless gifted or sold. The first fork is anticipated next week, and the return of ETH should be quick once it occurs. The proposition has emerged due to differing opinions within the community: newer members advocate for Redeemable Face Value (RFV), while older members aim to "cleanse" the DAO.
📌NFT | SEC Cracks Down on Impact Theory, Setting Precedent for NFTs as Securities (Aug 31)
The U.S. Securities and Exchange Commission (SEC) has filed and settled its first enforcement case concerning NFTs, charging Los Angeles-based company Impact Theory for offering unregistered securities through its NFT sales. The NFTs, known as Founder's Keys, were marketed as investment opportunities similar to "the next Disney." Impact Theory raised approximately $30 million from these sales. The SEC has stated that these NFTs are, in fact, securities and therefore fall under the regulatory scope of the Securities Act of 1933. Impact Theory has agreed to a cease-and-desist order, will pay over $6.1 million in penalties and fees, and will destroy all Founder's Keys in its possession. A fund will also be established to refund investors.
📌Web3|Coinbase CEO reveals top 10 crypto ideas he’s urging devs to work on (Aug 31)
Coinbase CEO Brian Armstrong has shared a list of 10 crypto concepts he's enthusiastic about and hopes developers will focus on during the bear market. These ideas include:
Flatcoin: A decentralized stablecoin that tracks inflation.
On-chain Reputation: Assigns reputation scores to wallet addresses or ENS names based on on-chain activity.
Onchain Ads: Web3 version of adverts that pay based on on-chain actions.
Onchain Capital Formation: Aims to democratize fundraising for ICOs and startups in a compliant way.
Crypto Job Marketplace: To facilitate global crypto job matching and payment.
Privacy for Layer 2: To bring private transactions to L2s.
Fully On-chain Peer-to-peer Exchange: For various kinds of trading.
On-chain Games: With real asset ownership via NFTs.
Real-world Asset Tokenization: Of stocks, commodities, real estate, etc.
Software for Network States: Tools for managing on-chain governance, voting, taxes, and services for communities.
Armstrong hopes these ideas will be built upon and mentions that bear markets are ideal for development. The release coincides with Coinbase's upcoming Ventures Builder Summit.
Market Update 📣
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
Web3|Elon Musk's X Has Licenses in Multiple U.S. States to Process Payments, Including Crypto (Aug 31)
Elon Musk's social media platform, X (formerly Twitter), has acquired money transmitter licenses in seven U.S. states, most recently in Rhode Island. These licenses permit the platform to process payments, including cryptocurrency. Musk has hinted at expanding X beyond social media to become an 'everything app,' possibly offering payment services similar to PayPal or Venmo. The licenses are not restricted to crypto transactions and align with those held by other payment providers like Western Union and PayPal.
NFT|Yuga Labs Appoints Retail Heavyweight Michael Ghory as New VP of Apparel and Lifestyle (Sep 1)
Yuga Labs, known for popular NFT projects like Bored Ape Yacht Club and CryptoPunks, has named retail industry veteran Michael Ghory as its new VP of Apparel and Lifestyle. Ghory's resume includes significant roles at Nike, Adidas, and Coach, where he helped drive brand growth and market share. His expertise is expected to revitalize Yuga Labs' consumer engagement and merchandise strategies, potentially bringing transformative changes to the entire NFT landscape.
NFT|OpenSea Introduces Innovative Redeemable NFT Standard, Offers New Utility and Dynamic Traits (Aug 29)
OpenSea, the leading NFT marketplace, has rolled out a new standard for redeemable NFTs amid recent controversies. The update aims to serve various industries like gaming, fashion, and entertainment, offering creators two open-source token standards—one for redeemable NFTs and another for physical items and experiences. Unlike the traditional 'burning' method, the new 'trait redemption' feature will allow NFT holders to change the appearance of their items when unlocking bonus content. OpenSea has also launched a free ‘Burnie’ mint to showcase these new capabilities, inviting users to provide feedback for further development.
NFT| FirstMate Raises $3.75M to Launch Customizable NFT Storefronts for Creators (Aug 29)
FirstMate, aiming to disrupt the standard NFT marketplace model, has raised $3.75 million in a funding round led by Dragonfly Capital. The platform allows artists to create customized NFT storefronts, moving away from the traditional "one-size-fits-all" approach. Notable creators have already joined the platform.
NFT| NFL Rivals Integrates Mobile-Friendly NFT Cards for Enhanced Gaming Experience (Aug 29)
Mythical Games has updated its NFL Rivals mobile game to include a feature for purchasing NFT player cards within the iOS and Android apps. Players can use a new in-game currency, unrelated to cryptocurrency, to buy these cards once they reach level 4 in the game. The move follows Google's recent authorization of in-app NFT transactions. NFL Rivals' NFT cards are more affordable due to their foundation on the Mythical Chain, although a future switch to the Polkadot blockchain is planned. This development heralds a new era of mobile gaming assets and is set to influence the 2023 NFL season.
NFT | Surge in Refik Anadol's NFT Art Sales Ahead of Sphere Las Vegas Exhibition (Sep 3)
Refik Anadol's NFT art collections, particularly Winds of Yawanawa, have seen a massive surge in trading volume, coinciding with the anticipation of his AI artwork being showcased on the Sphere, the world's largest LED screen in Las Vegas. The Sphere exhibition, starting on September 1, is not an NFT but has fueled interest in Anadol’s existing NFT collections. Winds of Yawanawa recorded a 505% spike in NFT trading volume within a 24-hour span, reaching a new floor price of 8.49 ETH. Anadol’s works, blending art and machine intelligence, have previously fetched high prices in auctions, strengthening his reputation in both traditional and digital art markets.