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For the last time in a while (we promise that we are here most of the time) we have some of the team still away on a much-needed holiday catching some sun before the winter freeze.

Today’s edition is brought to you by Co-Founder DAWA, feel free to give me a follow here:

Scoops of the Week 🍦

🍦ETH.Link Restored as Legal Battle Ends

🍦Is a New Yuga Labs Ape Collection on the Horizon

🍦Do Kwon on The Run…Or is He?

🍦New NFT Platform involving Tiger Woods and Tom Brady

ETH.Link Restored as Legal Battle Ends

A legal story that has an ending…who’d have thought it

In a tense affair that has now concluded, the battle was between the Company that created Ethereum Name Service (ENS) and GoDaddy.

The feud was over True Names Ltd (The creator of ENS) alleging that GoDaddy had incorrectly told ETH. Link members that the address registration had expired and the rights to the domain had been sold before it was available for re-purchase.

The link was a precious treasure for the company as the function allowed users without Web3-enabled browsers to access ETH addresses of which there have been 2 million registrations as of last month.

The U.S District Court for the District of Arizona was the home for this matter and to the delight of ENS Domains, they took to their Twitter to share that they are back online following a successful injunction.

🍦Is a New Yuga Labs Ape Collection on the Horizon

Ahh, the rumor mill, where would we be without it? We all love a bit of speculation, especially if it involves the golden lot of our world.

The latest rumor surrounds a new project collection within the Yuga Labs world of their own called Mecha Apes.

According to reports, this new collection aims to raise $50m… it wasn’t going to be non-profit, was it.

Anyway, based on a leaked pitch deck, this new project may be related to the Otherside Metaverse.

A lot of unanswered questions we know, and Yuga tend to keep plans very secretive, however, this one was staring at us black and white in their roadmap which has already hit certain milestones such as the $ APE launch, the land sale itself and the Koda reveal.

Garga, one of Yuga’s co-founders shot down the rumor as fake news…. but we have all heard that before.

Keep your eyes peeled on this one, maybe a nice new entry point into the Yuga Labs Eco-System

Do Kwon on The Run…Or is He?

Remember the Crypto Queen on the run? Well, we have a new runaway drama on our hands in the form of the Do Kwon.

In case you were not aware, Do Kwon was Terraform Labs’ co-founder which suffered a $40 billion wipeout in May this year. The wipeout came from UST and cryptocurrency LUNA collapsing.

Government Stance: South Korean prosecutors say Do Kwon is “obviously on the run” and asked Interpol to issue a red notice. Further, they state that Kwon was not cooperating with the investigation and told them (through his lawyer last month) that he has no intention to appear for questioning. This has led to the request for Kwon’s passport to be evoked.

Do Kwon’s Stance: Kwon claimed he was not on the run from any government agency and took to his Twitter to state: “We are in full co-operation, and we don’t have anything to hide.”

The initial story behind this supposed he said / she said fiasco is that South Korean prosecutors have accused Kwon of financial fraud and we could be looking at another legal battle.

In degen style, Kwon had to have a laugh lowering the seriousness of the situation (see below)

New NFT Platform involving Tiger Woods and Tom Brady

Autograph is a web3 company co-founded by Tom Brady in which Tiger Woods is a board adviser, announced on the 19th of September 2022 a deal with the PGA Tour that will last to 2027 to create an NFT platform that will allow fans and or investors to own a piece of its history.

The two will be working together to create a digital collectibles platform that will dive into the archives obtaining Tour competition video, data, imagery, and other competition-related components.

Golf fans and general investors for that matter will have the opportunity to own and collect NFTs featuring the best Tour golfers as well as some of their favorite moments from the archives to the present day.

For once, a developing golf story that does not include LIV…whoops I just mentioned them there (that’ll be the last)

Regulation Blueprint Arrives ⚖️

In this section, we will be giving a bit more of a detailed update surrounding the Legislation Blueprint that has been released for our friends across the water in America.

For starters, this is the first framework on crypto regulation, so it is subject to change but as it’s the first of the Biden era it’s important to get a basic grasp of what can be expected.

The White House released 6 main topics that were to be dealt with:

1. Consumer and Investor Protection

2. Promoting Financial Stability

3. Countering Illicit Finance

4. U.S. leadership in the Global Financial System and Economic Competitiveness

5. Financial Inclusion

6. Responsible Innovation

However, two main factors that weren’t specifically mentioned but are certainly at the forefront of the Government’s mind are the imposing of environmental standards on the industry, in particular, the proof-of-work transaction-validation process used by many blockchains, and the desire for the creation of the digital dollar.

A further update will come, but it is not expected for a short while with the Treasury advising an illicit finance risk assessment on decentralized finance shall be completed by the end of February 2023 and an assessment on NFTs to be completed by July 2023.

In terms of the environmental standards, you will note Ethereum’s recent change to proof-of-stake has had a real positive reaction in terms of its eco-friendly nature so it will be interesting to see how Bitcoin follows and how the Government will advise accordingly.

One of the most important considerations for the Government is, of course, the protection of their people. The Treasury has specifically highlighted the safety of Stablecoins and stated they "will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities by sharing information and promoting a wide range of datasets and analytical tools."

As always, the Government will not leave themselves short. Provisions will be in place so they will benefit as well.

Unfortunately, all we have known for the majority of time in our de-centralized world, we have witnessed a change in the form of legal cases, and pressure from governments and lawmakers across the world to bolster regulation, increase protections, and generally stick their noses in.

Is this a good thing? well, that is a debate for another day, of course, we have enjoyed the freedom that this world has brought us, but we, unfortunately, witness more hacks and scams than ever before. Does this require an increase in legislation and regulation…. it looks like that decision may be taken out of our hands.

State of the Market ⚡️

Our colleague did not get the memo about bringing the sun home.

We remain as you can see cold, wake me up when September ends won’t do this market any justice in terms of heat, we are in for a longer haul than first potentially anticipated. But remember as always… lower floors + lower ETH = Giant Bull. I knew there was a math equation I liked!

Yes, we need to repeat that sellers are still outweighing Buyers and it was wishful thinking the ETH price dip would maybe lead to a wave of investment.

In terms of the Blue Chips Index, this is performing strongly over the last 7 days, albeit it’s worth noting in the last 2 weeks it reached a really low point.

In terms of ETH itself, the merge did cause a bit of a dip and we saw ETH reach a 7-day low of $1289 compared to the price this time last week of $1638. The price didn’t stay bottomed out for too long, however, with a quick (ish) bounce back to $1364.

Bitcoin on the other hand has had a pretty tricky 24 hours but it is nothing out of the ordinary that we haven’t seen before. A 1-day snapshot shows an almost horseshoe-perfect letter U in terms of price changes. Hopefully, once it passes back above the 20k mark it won’t witness those lows again. Price currently sitting at $19,149.88.

Disclaimer

The NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.

NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.

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