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Music NFTs Hit a High Note. SBF Arrested. And Another Yuga Lawsuit.
👋🏽 Hello everyone, gm gm, WELCOME BACK to another edition of the Overpriced JPEGs newsletter, where we’re catching you up on the world of web3, NFTs, and the metaverse.
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🏁 Before you dive in, be sure to check out today’s pod with Mattel’s Future Lab team. They’re bringing their iconic toys into the digital fold by leaning hard into ‘kidult’ nostalgia.
🚔 The Sound of Sirens
SBF finally arrested by Bahamian authorities & denied bail due to flight risk
Charged w/ wire fraud & conspiracy, securities fraud & conspiracy, money laundering - faces up to 115 years in prison
FTX CEO, John Ray told Congress: “This is really old-fashioned embezzlement… This is just taking money from customers and using it for your own purpose.”
🥵 Celebs in Hot Water over Yuga Endorsements
A 95-page class action lawsuit has been filed against Yuga Labs, MoonPay, and a number of celebs
Alleges Yuga secretly paid celebs to misleadingly promote its assets while Moonpay facilitated transfers to celebs via undisclosed relationships
Alleges everything Yuga sold - from NFTs to ApeCoin - are securities & failure to register & disclose material info to “investors” resulted in significant financial losses
The complaint names Yuga Labs founders & investors alongside Madonna, Paris, Fallon, Snoop and a string of of other celebs as defendants
Earlier this week, a federal judge dismissed another class action alleging Kim K + other celebs fraudulently promoted the cryptocurrency EMAX
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🎹 Music NFTs Find a Rhythm
Steve Aoki + 3LAU form “Punx” (a CryptoPunks electro music collab)
Warner Music Group + Sandbox partner to create music-themed game w/$30k prize pool
Animoca Brands acquired a majority stake in Deadmau5 + Richie Hawtin’s Pixelynx
🤖 Note: this newsletter was written by a human woman (not AI). But here are some of. the. different. ways. people are using ChatGPT.
US Supreme Court hears first case involving a crypto company: a dry, procedural appeal from Coinbase
Americans turn to tax loss harvesting as IRS cranks up heat on enforcement
A bankruptcy judge will soon determine who owns the crypto locked up in Celsius accounts; could set precedent for FTX, Voyager, BlockFi, etc.
Montana Sen. says crypto is useless and regulation only gives ppl cause to believe it’s real
Patent & Trademark + Copyright offices are conducting a joint study on IP law + policy issues related to NFTs.
They’re seeking public comment + holding public roundtables
Cool Cats cofounder Evan Luza steps down into advisor role
Investment Firm Pantera compares web2 + web3 salaries
MFers founder + meme lord Sartoshi is back after a 6-month hiatus; End of Sartoshi collection is mint pass for “free claims from great crypto artists”
Playboy is celebrating its 69th Birthday for 6.9 days in the metaverse bc of course it is
Michael Phelps launching Sports Illustrated Cover Collection in support of mental health
ENS merch shop is open for biz
Shaq’s hosting a New Year’s Eve party on Meta’s VR platforms; Performers include Cardi B, Lil Yachty, Ludacris + more
Less than 1% of web3 CFOs go through formal onboarding when transitioning to crypto roles
Moonbirds dropped a short trailer teasing a potential XCOPY collab
Orlando Mayor gives first-ever mayoral address in the Metaverse
Shannon Snow is a former Google and Meta exec who left big tech for a top role at World of Women. She says startups and crypto are unpredictable, but work fueled by passion and purpose is time well spent.
Carly heads to Paris where Ledger head honchos Pascal Gauthier + Ian Rogers reveal what it takes to transform a rigid hardware security co. into an edgy brand with iPod DNA. Plus, Zeneca weighs in on Starbucks’ loyalty rollout, RTFKT’s bad week, and Apple’s walled garden.
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