In this week’s newsletter, read about how a trader acquired a high-end piece from the CryptoPunks non-fungible token (NFT) collection for only 10 Ether (ETH) and how crypto exchange Coinbase is supporting NFTs with a legal defense fund. Check out how two United States Securities and Exchange Commission commissioners reacted when the government agency fined a restaurant $750,000 for selling NFTs.
In other news, the blockchain advocacy organization Digital Chamber supported a newly introduced bill to properly define NFTs and exempt some from securities laws. Meanwhile, the CEO of NFT collection Pudgy Penguins described the SEC’s actions against the NFT space as nonsense.
Trader’s acquisition of $1.5 million CryptoPunk for $23,000 raises eyebrows
A crypto trader found a way to take ownership of a fractionalized CryptoPunk NFT by triggering a buyout feature in the smart contracts of a defunct platform that splits NFT ownership. The NFT collector proposed a buyout of CryptoPunk #2386 for only 10 ETH on Aug. 28.
The smart contract allowed NFT shareholders to counter the proposed buyout for 14 days. While some attempted to challenge the buyout, the trader ultimately completed the ownership transfer.
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Coinbase’s “Stand With Crypto” creates NFT legal defense fund
Crypto exchange Coinbase’s crypto advocacy initiative, “Stand with Crypto,” has now branched out into NFTs. On Sept. 13, the Coinbase launched a Creator Legal Defense Fund worth $6 million, backed by OpenSea and Andreessen Horowitz.
With the new initiative, NFT creators targeted by the SEC can apply for representation. The Stand With Crypto account on X said that with the fund, creators can oppose “misguided actions from the SEC.”
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Coinbase’s “Stand With Crypto” creates NFT legal defense fund
Crypto exchange Coinbase’s crypto advocacy initiative, “Stand with Crypto,” has now branched out into NFTs. On Sept. 13, Coinbase launched its Creator Legal Defense Fund, worth $6 million and backed by OpenSea…
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