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🐋🐋Crypto Whale Dumps 71 BAYC NFTs On Blur!

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter counting monkeys. So, let us take you on a journey of pain and pleasure to see what's been happening in the NFT space on February 23rd.

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  • Federal Judge Rules NBA Top Shot NFTs as Securities

  • Crypto Whale Dumps 71 BAYC NFTs On Blur!

  • Half Moons 🌗 - Daily tidbits

  • NFTevening's Shooting Star 🌠 - Our artist of the day

  • Dark Side of The Meme 🌚 - your daily dose of NFT laughter

To the Moon index

Federal Judge Rules NBA Top Shot NFTs as Securities

It turns out that the NBA Top Shot Moments are not just basketball highlights, but also "securities" - at least according to a group of investors who are suing Dapper Labs. The court has ruled in favor of the investors, stating that the value of these NFTs depended heavily on Dapper Labs' efforts to create and maintain their private blockchain, FLOW.

This means that the investors' profits were guaranteed by Dapper Labs, who sold NFT packs at low prices and advertised significant profits made by others through their proprietary Marketplace.

Dapper Labs argued that the buyers controlled their own portfolios and had the ability to trade freely, but the court rejected this argument.

The buyers were limited to trading on the FLOW blockchain, giving Dapper Labs significant control over the value of the Moments.

An illusion of control, but the court saw right through it

But what does this mean for the NFT space? Basically, as private blockchains become more popular, companies need to be aware of the potential securities risks of offering NFTs. It's not just about selling digital art, it's about complying with securities laws when offering tokens on private blockchains.

As the NFT space continues to grow, so does the watchful eye of the law.

Crypto Whale Dumps 71 BAYC NFTs On Blur!

Rektguy NFT founder Mando recently decided to do some "liquidity hunting" and sold off a ton of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Beanz NFTs on Blur, with bids totaling over $9 million.

While some were left wondering why Mando would sell off so many coveted NFTs at once, he claims it's all about seizing opportunities when they arise.

Plus, he's still holding onto his Yuga assets, so he's not out of the NFT game just yet. The sale even caught the attention of NFT influencer @machibigbrother and fellow web3 thought leader Beeple, who responded in his trademark way with an "Everyday" artwork featuring 72 Bored Apes.

Meanwhile, the NFT counter goes brrrr... but the floor prices for BAYC and MAYC collections remained unphased.

The fact that the floor didn't move, despite these huge moves, surprised a few! As fellow NFT builder @CirrusNFT explains,

“If you tried to sell $9m USD worth of apes in one go a couple months ago you’d probably nuke the floor 15-20E. Also, there’d be an outbreak of twitter spaces titled ‘BAYC headed to 0?’.”

According to reports, only 9 MAYC NFTs remain in Mando’s wallet address. So, thats a lot of liquidity gained!

Half Moons 🌓

  • Meet MoonPay's New President & COO - Former Coinbase Executive Asiff Hirji [NFTEvening]

  • BlockBar offers exclusive NFT sale of the Rarest Bottle of Middleton Ever Produced [NFTEvening]

  • The Rabbids NFTs Sell Out In 45 Minutes, This Is Why [NFTEvening]

  • Amber Parks Disrupts Metaverse Fashion With PLAY!POP!GO! [NFTEvening]

Shooting Star 🌠

Gabi has been creating art for most of her life and rediscovered digital art in 2020. Her work features nature, including the universe, bugs, and humans. She expresses personal feelings and global issues such as the environment in her pieces. Gabi's colorful work combines surrealism, photo collage, drawing, and painting.

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The Flower Island

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