😳😳Ryan Carson (Proof Collective Ex-COO) in Muddy Waters Over Web3 Fund 'Flux'

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter dreaming of a bull run. So, let us take you on a journey of pain and pleasure to see what's been happening in the NFT space on February 6th.

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• Ryan Carson Accused of Unethical Dealings with Flux Fund

• NFT Market Makes a Comeback with $945 Million in January Sales!

• Half Moons 🌗 - Daily tidbits

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

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

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Ryan Carson Accused of Unethical Dealings with Flux Fund

We begin today with yet more shady dealings. Ryan Carson, the ex-COO of Proof Collective, has hit some rough waters with his latest venture, the Flux Web3 Fund.

On February 3rd, Carson announced the fund and named some big players in the industry as investors, including Gary Vaynerchuk, Luca, and Andrew Wang. He also shared a link to the official website, which has now gone private.

But the NFT community had their investigative glasses on, and members (like wale.swoosh) analysed the website before it went private.

So what's the issue? Well. the website claimed that the fund had “79 spots remaining” for potential investors. But, here’s the catch—to be eligible, investors had to invest a minimum of $160,000.

But the math wasn't mathing.

If we assume that each named individual has already invested $160,000, with 100 investors, the final amount would total $16 million, which is much higher than the amount Carson said he was raising. Basically, the community concluded that the existing 21 investors likely invested less than the minimum amount but would receive the same shares as those who invested a higher amount.

Not cool.

The 21 current investors, who had committed anywhere from $10,000 to $160,000 each, received backlash from NFT Twitter, and several of them quickly withdrew their investments. Luca, for example, tweeted that he never signed or funded anything and didn't want to be a part of the project. Gmoney also withdrew, saying he was uncomfortable with the announcement and fundraising tactics.

Carson responded in the way every Web3 creator does - with a Twitter space. He hosted an AMA to answer questions and clarify the situation. He explained that it's standard practice to secure a handful of early investors with a smaller check size before raising the minimum investment amount. So, he offered his friends the opportunity to invest at $10,000 to get things started.

This is not the first time Carson has found himself in hot water. Last year, he left Proof Collective amid allegations of insider trading and started 121G, an NFT venture fund. With the latest controversy surrounding Flux, it seems Carson just can't escape the drama.

Read the full story here

NFT Market Makes a Comeback with $945 Million in January Sales!

Now for some better news - the NFT market is on fire, with January 2023 marking a massive $945 million in sales and trading volume! 

It may be too early to call a bull market just yet, but the market is certainly bouncing back and continuing to soar with a 42% increase in sales compared to December 2022.

Ethereum is still leading the pack, with all-time sales reaching $36 billion as of January 2023.

But don't count out the competition, as Solana and Polygon are hot on its heels, with Polygon reporting a 124% increase in NFT trading volume this January.

We love an underdog.

Even the DeFi sector is getting in on the action, with a 26.8% rise in its total value locked between December and January.

So is 2023 is shaping up to be a more promising year for the NFT market? Let's keep our fingers (and toes) crossed. Get ready for the bull.

Read the full story here

Half Moons 🌓

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• World of Women's Artfest Starts Today With 'Artfest Winter’ [NFTEvening]

• Alo Yoga Offers Free 'Digital Twin' NFTs for Aspen Collection Buyers [NFTEvening]

Shooting Star 🌠

Kenva

Kenva is an illustrator and a concept artist whose creations are both futuristic and surrealist. Kenva is present on multiple platforms such as Foundation and FormFunction. Follow Kenva on Twitter @24kenva to learn more.

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