The Games We Play

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.”

• 4 members of FTX exec team allegedly communicated in a Signal group chat called… “Wirefraud.” SBF denies it. You can’t make this stuff up.

  

🥵 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

If you’re new here, we welcome you to join 146,502 bright + avid readers by subscribing here:

🎹 Music NFTs Find a Rhythm

• NFT artist launchpad Sound.xyz had a great 1st year; reaching all time highs of 12k+ mints in November; and December shaping up nicely 

  

• Music Players: Winamp adds NFT functionality; LGND Music will support any blockchain

• 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

• DeGods + y00ts threaten to send cease & desists to anyone making derivatives; Punk 6529 weighs in on the idea

• ConstitutionDAO2 wants to buy a copy of the Constitution, but has so far raised a mere 1% of the expected $30 mil auction price

• 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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