👋🏽 Hello everyone, gm gm, WELCOME BACK to another edition of the Overpriced JPEGs newsletter, where we’re catching you up to speed on the world of web3, NFTs, and the metaverse. 

Before you dive in, be sure to check out today’s pod, an interview with the one + only Zeneca 33 on what he’s learned one year into running Zen Academy.

• Chika Uwazie is bringing Balaji’s network state vision to life with the creation of the first digital nation, Afropolitan (Balaji is an investor).

• Instagram spilled the deets on their NFT integration: Royalties, fees, and why they’re not calling them NFTs. Sara Baumann thinks this is a boon for content creators.

• JimmyT.eth and CalcioNFT from Right Click Save joined Carly for the weekly recap. Catch up on Art Gobblers, Meta Angels’ acquisition, and everything else you missed here.

🥶 OpenSea’s Creator Royalties Dilemma

• OS launching on-chain *enforcement of creator fees for new collections

• OS hasn’t decided what to do about existing collections writing:

“we’re considering options ranging from continuing to enforce off-chain fees for some subsets of collections, to allowing optional creator fees, to collaborating on other on-chain enforcement options for creators. We recognize not all creators, collections, and communities are the same and we are looking to create a long-term policy that reflects that.”

• But *this tweet is making creators nervous with many assuming fees are going to go to zero: Fewocious, DrifterShoots, Amber Vittoria, Gordon Goner, BETTY + others seeking to organize

• Enforcement may raise a litany of potential legal issues

🥵 Binance v. FTX Boils Over

• Binance announced it was *saving* FTX from liquidity crunch after …

• CZ took on Sam Bankman-Fried in what looks like a run on the bank in a bid for a targeted hostile takeover

• Full back story on the beef beautifully laid out here

• US regulators investigating whether FTX properly handled client funds

• Dominoes are falling fast; will this ultimately lead to quicker regulation?

😥 NFTs not Immune to Tech Layoffs

• The Feds’ plan to stop inflation + spark unemployment appears to be working

• Cool Cats laid off staff in a very un-cool way; received unflattering reviews 

• Dapper Labs had a 22% reduction after securing $600m+ in funding

• Mythical Games cut 10% following departure of 3 top execs

😱 Is ETH a Security?

• SEC wins suit; declares LBRY operated as an unregistered security

  

  LBRY 🚀 @LBRYcom

  The full ruling in the SEC vs LBRY case can be read here. The language used here sets an extraordinarily dangerous precedent that makes every cryptocurrency in the US a security, including Ethereum.

  

  odysee.comSEC vs LBRY Summary Judgement Ruling (We Lost)The ruling in the case SEC vs LBRY case is out and LBRY, as well as the entire cryptocurrency industry, have lost. We will not let this stop our mission to achieve content freedom. A more detailed up...

  3:52 PM ∙ Nov 7, 2022

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  3,305Likes1,140Retweets

💀 The Taxman Cometh

• IRS preps for a crack down on crypto tax evasion this season

• Cryptopunks are the 1st NFT in the Guinness Book of World Records

• Highest # of NFT projects launched in Q3 2022 [36k v. 5k a year ago]

• Y00ts finally revealed their artwork to mixed reviews + gets heat for reinstating royalties weeks after moving to zero royalties

• DrifterShoots announced IG “digital collectible” drop 

• Republic of Palau launches a digital residency + blockchain-based verified ID

• Jadu’s awarding sizable grants for TV pilots and original songs that expand collection lore

• Metaverse + Fashion: Roblox kicks off Metaverse Fashion Trend Report; Burberry introduces in-game Minecraft experience

• Vertu launched a very luxury web3 phone + Solana partners w/Helium for its new Saga phones

• Metaplex announces Solana Beeple NFTs; backtracks when Beeple denies it

• Vitalik revealed quite the complex roadmap diagram

• NFTs minted in OS’s ‘shared storefront’ has an exploit script allowing OS to transfer all tokens in the collection

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