The SEC is going after Yuga 😳

GM Baos, it's Bernie here.

I hope you had an incredible weekend and are ready for the start of a new week. I sure am 😎

We cover:

• SEC is after the big fish 😳

• “He who controls the battlefield, controls history”

• Eternal minutes out in the bear market in under 10 minutes

A quarter of the NFT market under fire from the SEC

What NFT market share does BAYC + CryptoPunks + Otherdeed + MAYC + Meebits = ?

Roughly 25% of the entire NFT marketplace (on Eth) and the company behind all these projects, Yuga Labs, is currently under fire from the SEC.

Are NFTs Stonks? That’s the question that the SEC is trying to answer and they’re asking this question of Yuga.

The answer to this question will change everything and reshape the financial policing around cryptocurrencies, non-fungible tokens and all the magic which spawns from these technologies. If found satisfactory, the consequences of this will result in companies like Yuga requiring to register, report, comply and act inaccordance with the rules of the SEC. Non-compliance with those requirements would result in significant penalties.

How this plays out will set the foundation for regulation for NFTs and web3 products and companies both now and for the future to come…

Konami steps into the web3 arena

This brand needs no introduction, but without a doubt in more recent years haven’t had a mega game franchise hit . Konami shaped generations with games like Metal Gear, Castlevania and Silent Hill.

They first made splashes by auctioning off 14 NFTs paying homage to the Castlevania games.

Now, they’ve signalled they are here to make waves.

✅ Understanding the space

✅ Investment in R&D

✅ Building a badass team

Now they are steaming ahead to develop a platform to support presumably NFT incorporation into their games and communities.

It’s quite apparent the gaming industry is interested and see incredible potential in NFTs. However, with every step taken the community is sceptical, frustrated or at best indifferent. Many gamers continue to see NFTs as a distraction or a detraction for their experience.

Why the hate for NFTs, gamer boy?

Eternity in under 10 minutes

It’s not often you see an 84 year old embracing, innovating and creating at the forefront of art and technology. Yet, Hollywood legend Anthony Hopkins took over twitter, OpenSea and the Ethereum, launching his NFT collaboration “The Eternal” with Orange Comet.

Alongside the 1,000 NFT collection, the utility is abundant, with holders unlocking a nice lunch date with Sir Hopkins himself, a print and an autographed art book.

Hats off to Sir Hopkins who has immersed himself into this project, being the central focus of the art as well as pledging a donation from the proceeds of the collection to causes he is passionate about.

This project, though having it’s technical hiccups, minted out in under 10 minutes. Offered incredible art and real life utility. And looks to support a charitable cause. All under a backdrop of declining NFT activity and cryptocurrency valuations.

Such quality and intentionality is light and day compared to the celebrity cash grabs we’ve all seen in our time. chef’s kiss

Bao-Sized News

• Beeple is building a physical studio for NFTs

• Magic Eden is losing market share with other marketplaces removing creator royalties

• DeGods dropped creator royalties to 0

Made us Kek

We're pretty sure this is fake, but it's still iconic.

Hope you had a tonne of good food and spent high quality time with your friends & family. At the end of the day, that's all that matters.

–Bernie