y00ts and DeGods artist leaves project before the reveal

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter interested in art, not money. So, let us take you on a journey of discovery and see what’s been happening in the NFT space this October 12th.Have feedback? Great, we don't want you to keep us in the dark! Send all of your thoughts to [email protected].

• Will the SEC trigger a Yugagate?

• SCUM Bye

• Half Moons

• Shooting Star

• Dark Side of the Meme

To the Moon index

Will the SEC trigger a Yugagate?

Yuga Labs, one of the biggest companies in web3, is being investigated by the SEC (the US Security and Exchange Commission). Bored Apes creators raised $450 million last March for a startling $4b valuation. Their brand portfolio includes BAYC, MAYC, CryptoPunks, Meebits, the Otherside metaverse, and the Apecoin token. The Yugaverse wants to shape web3 through storytelling, experiences, and community. The SEC smells money.

According to an anonymous source, the investigation will seek to establish if sales of Yuga's digital assets violate federal law. In my opinion, Liam Neeson is the mole. Didn't he play Deep Throat in the 2017 movie "Mark Felt - The Man Who Brought Down the White House"?

Yuga Labs isn't accused of any wrongdoing, though. The underlying question is whether their NFTs and tokens are considered securities and shall be taxed similarly to stocks and bonds. Some people who bought land in Otherside and provided their information for the KYC verification might find themselves on Liam's speed dial...

How does the SEC determine what securities are? Glad you asked! They use the Howey test based on a 1946 US Supreme Court decision. Liam Neeson wasn't even born!

SCUM Bye

SCUM, a key artist behind the DeGods ecosystem – including Y00ts – has left the NFT project. While he enjoyed drawing Deadgods and y00ts and quit without any hard feelings, something was lacking. Watercooler? Vacation time? Health benefits? A gym?

Oh, that! SCUM wrote that DeGods wasn't the monetary gold mine he'd hoped. How about taking inspiration from Deep Throat? How about working for glory and not for money? Thank you for suggesting, but no, says the artist who wants to focus on 1/1 art and felt distracted by having a job. I feel you, SCUM. The first five days after the weekend are the hardest. You go solo for glory! Create on your own!

While the y00ts community still awaits the long-anticipated NFT collection reveal, observing the leading artist drop the brushes isn't encouraging.

Half Moons 🌓

• Jeremy Fall Launches Web3 Record Label With Diddy NFTs [NFTEvening]

• Damien Hirst Burns $10 Million In Physical ‘The Currency’ Paintings [NFTEvening]

• Decentraland Metaverse Music Festival is back this November [NFTEvening]

• Otherside Metaverse Twitter Account Hacked! Probably… [NFTEvening]

• Barbie Partners With Boss Beauties For A New NFT Collection [NFTEvening]

Shooting Star 🌠

Laura El

Laura El is an NYC-based digital illustrator. Her signature style is the combination of line work and flat-color textures. She acquired the talent of conveying stories with only a single image throughout the years. Before NFTs, Laura was a full-time commission artist and printmaker for a business she successfully ran. She has been featured in major publications such as Forbes, Marie Claire, Martha Stewart, Cosmopolitan, and Medici Minutes. You can view Laura El's creations and more about her on her Linktree.

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Dark Side of the Meme 🌚