Hello fellow degens,

It’s NFTuesday, and boy has it been a week. Nouns have split, Stoner Cats are in trouble with the SEC, and somehow Friend.Tech keeps on soaring.

Are you sitting comfortably?

Then I’ll begin.

📈📉7 Day Floor Price Chart

Market Movements: Somehow, Stoner Cats gets sued by the SEC and ordered to pay a $1 million penalty and this sends their floor price soaring. We’ve seen this before with Trump NFTs soaring following his arrest. Is the legal retribution the key to pumping our bags?

🌚Full Moons - Of NFT Comebacks, NFT Project Splits, & NFT Lawsuits!

Comeback Of The Year: Friend.Tech

Friend.tech, the social media phoenix, has risen from virtual obscurity! 

Declared almost dead three weeks ago, this decentralized social media app has stormed back to life with impressive vigor. In a twist of fate, it now boasts higher trading volumes than Ethereum's NFTs!

• According to Galaxy Research, Friend.tech's trading volume has surged to $12.3 million, overshadowing the $9.2 million NFT trading volume, marking its third upset in the NFT arena.

• Initially, it faced a dramatic drop in user engagement and transactions, plummeting by 95% by August's end, leading to doubts about its viability.

• However, this plucky platform rebounded with incredible resilience.

Friend.tech's innovative ecosystem treats social media accounts like tradable stocks, attracting over 155,000 unique traders with 2.3 million transactions. It's proven that it's not just back from the brink but here to shake things up!

These Are Not The NOUNS You Are Looking For…

NFT drama alert! Ethereum's Nouns collection just split in two as a proposed fork took place.

Over half of Nouns NFT holders (472 out of 846) left, taking a whopping $27 million in ETH from the project treasury.

• They formed a new decentralized group (DAO) with identical NFT artwork, giving them the option to "ragequit" and claim their share of around 35.5 ETH per NFT, worth about $57,850 each.

This move highlights a lack of confidence in the current Nouns DAO setup, despite millions spent on Nouns-themed projects since its 2021 launch. It's NFT drama like you've never seen!

Mila Kunis Under $8 Million SEC Lawsuit Over Stoner Cats NFT Collection!

Actress Mila Kunis' "Stoner Cats" NFT project just got hit with an $8 million SEC bombshell! The Securities and Exchange Commission claims they sold unregistered securities across multiple US states.

• Stoner Cats 2 LLC sold 10,000 NFTs in a mere 35 minutes, raising a cool $8 million, all without proper registration.

• The SEC says it looked like an investment deal, with expectations of returns from secondary sales if the animated series took off.

The creators settled without admitting guilt, agreeing to pay a $1 million fine. This could spell trouble for other NFT projects, as the SEC eyes similar cases.

🔭The Scope

We are witnessing the NFT industry reorganize, restructure, and rebuild itself from within its own ecosystem. From Friend Techs soaring rebirth to NFT projects shelling out bombshell amounts as fines. The only question remains - how long will the bear market continue to course correct until then next bull run?

🌓Half Moons

- Nakamigos heard the NFT community loud and clear, offering free minting to existing holders for their upcoming Nakamigos Cloaks collection, showcasing the power of community influence and ensuring fairness in the blockchain world.

- Magic Eden is diving into Solana's compressed NFTs, offering a budget-friendly and scalable path for digital collectibles, though hosting NFTs off-chain raises some eyebrows.

- Refik Anadol’s ‘Winds of Yawanawa’ NFT makes it way to London! The large-scale digital work was co-created by Refik Anadol and the Yawanawá, an Indigenous people of Brazil, which taps into real-time weather data sourced from the Yawanawá village of Aldeia Sagrada. The NFT has now premiered at Annabel’s as part of the “Annabel’s For The Amazon” campaign, which supports TCFF’s reforestation projects in Brazil's rainforest regions.

🔭The Scope

Big wins and shifts in the NFT market indicate the rise of NFT projects and marketplaces adapting to cater to the needs of a mass audience. This by extension indicates the growing trends of lower-priced top-tier NFT projects booming in the bear!

⚪Total Eclipse

💫Shooting Star

This week’s shooting star is Lorcan

Lorcan describes themselves as a neo-surreal artist from India.

This piece is ‘Ego Death’, shared with the description: How about we share the stories of our silence before it burns the whole goddamn thing down?

🌚Dark Side of the Meme