Saturday, September 23, 2023
HomeUpcoming NFTSEC Probes Yuga Labs, DeGods Eliminates NFT Royalties

SEC Probes Yuga Labs, DeGods Eliminates NFT Royalties

  • Yuga Labs Gives Back to Miami Students, Forms Ape Community Council
  • Actor Anthony Hopkins’ NFT collection became the fastest primary drop in OpenSea history, selling out in 7 minutes

OpenSea added support for Avalanche (AVAX) chains this week — The seventh blockchain for NFT transactions. But AVAX traders seemed indifferent. Given that the token continued its steady decline during an uneven week in the digital collectibles market.

And for gamers out there, the upcoming first-person shooter multiplayer Web3 game Shrapnel recently released an economic white paper After dropping a cinematic game trailer, it outlines the gameplay and in-game assets.

Here are some other notable stories that caught the attention of Web3 Watch. Yuga Labis the creator of the Bored Ape Yacht Club (BAYC) NFT.

SEC wants to take a closer look at apes

The SEC has made Yuga Labs the latest target in a series of probes into crypto and Web3 companies.

The investigation will determine whether the sale of digital assets violates federal securities laws. The brand portfolio includes BAYC, Mutant Ape Yacht Club, CryptoPunks, Meebits, Otherside Metaverse and ApeCoin (APE) Tokens.

Yuga Labs says: said in a statement.

Whatever the outcome, Yuga Labs is the most valuable NFT company and the SEC’s decision will likely set an industry precedent.

ApeCoin’s staking plans, scheduled for October 31st, may have caught the attention of regulators. Asked to comment on the staking, Yuga Labs told Blockworks that while he contributed to the initial launch of ApeCoin, he is not involved in the ApeCoin DAO, which operates independently, and therefore said, I don’t have much to say,” he said.

Within an hour of the SEC’s announcement, APE’s price fell from $5.16 to $4.77 and continues to fall.

But the yuga kept walking through the swamp and ever since announced A $1 million commitment to support education and arts initiatives in the co-founder’s and CEO’s hometown of Miami.

Additionally, Yuga Labs recently assembled BAYC and MAYC Community Councils — Made up of 7 early Ape holders. The idea is to listen on the ground, synthesize feedback from the community, and pass it on to the leadership team.

DeGods Joins Zero Loyalty Club

Solana’s most popular NFT project, DeGods, has tweeted that they are updating all NFTs to 0% royalties. DeGods collection goes from 9.99% royalty to zero.

This “experiment” was done in the name of business. DeGods did not provide additional details.

According to the company, usage fees for other collections y00ts and t00bs owned by Dust Labs will also be updated soon.

The team has yet to reveal the artwork for y00ts, more than a month after the first mint. And the artists behind it, and the larger DeGods ecosystem known as SCUM, recently left project.

The decision to abolish the royalty structure calls into question the importance of royalties in the NFT space. A royalty is a percentage payment that her NFT creator receives every time someone sells a digital asset.

For traders, this means lower flipping costs and added incentives to trading. Creators can usually set a cut for each sale.

Twitter users reacted skeptically question To “But how do teams make money?” comment Like “Why don’t you pay everyone a royalty for having your pfp?”

Founder Frank Degods responded By acknowledging that for months people had labeled them “dead projects and rugs.” he said:

In August, NFT artist Beeple joined us. Tweet“Creators should build a collector base that wants to honor these royalties.” Treating owners “right” can lead to increased endorsements.

Q&A about Unstoppable Domains

Unstoppable Domains, a founding member of the Unstoppable Women of Web3 (UWoW3) educational group, said Tuesday that by 2030, more than 5 million women across Latin America will join Web3 and in return $25 million worth of free NFTs. announced a commitment to distribute the domain.

UWoW3 has partnered with Latin American based organizations CryptoConexión and HER DAO LATAM to offer free educational courses in English, Spanish and Portuguese through workshops and hackathons to help women developers transition to Web3. Created with

Unstoppable Domains also recently Prizes in collaboration with Abu Dhabi companies We ensure that each woman living in the emirate’s capital receives a decentralized domain name.

Blockworks reached out to Sandy Carter, senior vice president of the company, to discuss the Unstoppable Domain education initiative.

Blockwork: Unstoppable Domains recently launched a series of online courses. What makes a student choose UWoW3 Education Stream over other academic platforms?

Carter: The UWoW3 Education Stream is completely free and features content from leaders across Web3. For college students, they can be a great resource for immersion in the blockchain space and complement blockchain-focused academic content.

Blockwork: Why is UWoW3 looking to Latin America now? What specific countries are being targeted?

Carter: When we launched our educational stream, one of the top requests we received was to provide content in Spanish. We have also been contacted by Monica Talan, the founder of CryptoConexión. He was thrilled to partner with her Unstoppable Women of Web3 to bring our mission to Latin America. All universities that meet certain criteria are eligible for free domains. The first hackathons will be held in populous Latin American countries, and we will work with local partners to host events in other countries.

Blockwork: While Latin American countries have embraced cryptocurrencies largely out of necessity amid volatile economies, Unstoppable Domains believes Latin American users should focus on specific skills and skills in the blockchain industry. What is your field?

Carter: Web3 has a wide range of topics worth exploring, from how to create the first NFTs to blockchain development. His Web3 course in Spanish offers different levels of topics, so whether you’re just learning about Web3 or ready to start building in this space, people on their journey can support

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  • Ornella Hernandez

    block works


    Ornella is a Miami-based multimedia journalist covering NFTs, the Metaverse, and DeFi. Before she joined Blockworks, she did reports for Cointelegraph and also worked for TV stations like CNBC and She Telemundo. She originally started investing in her Ethereum after hearing about it from her father, and she has never looked back. She speaks English, Spanish, French and Italian. Contact Ornella [email protected]

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