NFTs are officially property / assets in Singapore 🔥

GM Baos,

We are 8 weeks out from the New Year (who's keeping count)...boy what a long year it has been in web3. Builders keep building, and hodlers keep hodling.

We're glad you're still here :) BTW, did you hear about Art Gobblers? Because I did not get the memo...

• Trademarks for all things crypto

• Precedence being set in Singapore

• Zero royalties strikes again

Visa, Paypal, Western Union

In the past week, payment giants filed multiple trademark applications relating to crypto, NFTs and metaverse-related goodies. Without reading the long boring docs, here's what they filed patents for:

Visa

• management and verification of digital transactions using blockchain technology

• wallets to support collectible series of non-downloadable virtual goods

Paypal

• transacting with digital/virtual currency/assets/tokens across their network

Western Union

• financial, banking, insurance, virtual currency transacting

• crypto trading and brokerage

Household companies and brands have gone from dipping their toes into the web3 waters to standing knee deep in focusing their strategies, future plans and visions to include one which addresses or engages with web3.

The question a year ago was, who would be brave enough or interested to pursue blockchain as part of their customer offerings. Nowadays, the tables have turned. Companies not looking to innovate around blockchain technologies are being left out in the cold.

Singaporean courts lead the charge

On October 21st the Singaporean High Court past a decision which affirmed that NFTs are considered property or assets under law. This was a first across Asia and one of the first around the world.

The story goes (as uncovered through the twitter and discord chat histories in court), a BAYC owner borrowed funds and used his grail NFT as collateral. The loan agreement specified that if repayment was not made, then the BAYC would be seized.

Later on, a refinancing was discussed and agreed to. However...the lender suddenly refused the refinance and forced the borrower to repay the loan within 7 hours...

He failed to meet the repayment, and his BAYC was seized.

The courts therefore laid down the foundation that the BAYC is considered an asset

Laying the foundation that an NFT can be considered property meant the court could also grant an injunction for the transfer of that BAYC.

...spicy.

LooksRare joins the fold

LooksRare is the latest NFT marketplace to make creator royalties optional. They join the likes of X2Y2, Magic Eden and Sudoswap.

Instead what they will do is share 25% of the LooksRare Protocol fee with creators and collection owners.

In response to why they made this decision LooksRare stated "growth of zero-royalty marketplaces which has eroded the general willingness to pay royalties throughout the NFT space".

"In this update, creators/collection owners will be able to share a flat 25% of the LooksRare protocol fee. This approach allows us to offer the most favorable conditions to NFT sellers, while still supporting creators/collection owners."

Do you think this this a good move or a bad move?

Bao-Sized News

• Deribit was hacked for $28m :c

• 97% of Uniswap Tokens are rug pulls

• Art Gobblers are pumping

Made us Kek

Have an awesome awesome week ahead Bao. Peace

-Bernie