Pokemon

United

Wednesday

In this week’s newsletter, read about how a trader acquired a high-end piece from the CryptoPunks <a data-ct-non-breakable="null" href="https://cointelegraph.com/nonfungible-tokens-for-beginners/what-are-nfts-and-why-are-they-revolutionizing-the-art-world" rel="noopener noreferrer nofollow" target="null" text="null" title="null">non-fungible token (NFT)</a> collection for only 10 Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) 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.&nbsp;
<h2 id="strong-trader-s-acquisition-of-1-5-million-cryptopunk-for-23-000-raises-eyebrows-strong">Trader’s acquisition of $1.5 million CryptoPunk for $23,000 raises eyebrows</h2>
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.&nbsp;
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.&nbsp;
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptopunk-acquired-10-eth" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
<h2 id="coinbase-s-stand-with-crypto-creates-nft-legal-defense-fund">Coinbase’s “Stand With Crypto” creates NFT legal defense fund</h2>
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.&nbsp;
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.”
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-stand-with-crypto-nft-legal-defense-fund-a16z-opensea" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
<h2 id="strong-coinbase-s-stand-with-crypto-creates-nft-legal-defense-fund-strong">Coinbase’s “Stand With Crypto” creates NFT legal defense fund</h2>
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 and Andreessen Horowitz.&nbsp;
With the new initiative, NFT creators targeted by the SEC can apply for representation. Stand With Crypto said on X that with the fund, creators can oppose “misguided actions from the SEC.”
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinbase-stand-with-crypto-nft-legal-defense-fund-a16z-opensea" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
<h2 id="strong-sec-commissioners-slam-agency-after-750-000-flyfish-club-nft-settlement-strong">SEC commissioners slam agency after $750,000 Flyfish Club NFT settlement</h2>
The SEC recently imposed a $750,000 penalty on a restaurant for selling NFTs. In a Sept. 16 cease-and-desist order, the SEC said Flyfish Club conducted an offering of unregistered securities through its NFT sale.&nbsp;&nbsp;&nbsp;
SEC Commissioners Hester Peirce and Mark Uyeda criticized the agency’s move to fine Flyfish Club for selling the NFTs. The two government officials argued the NFTs were just another means of selling memberships.&nbsp;
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/two-sec-commissioners-slam-agencies-nft-settlement-flyfish-club" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
<h2 id="strong-digital-chamber-urges-us-crypto-users-to-support-new-nft-bill-strong">Digital Chamber urges US crypto users to support new NFT bill</h2>
With the SEC continuing its regulation-by-enforcement approach, blockchain advocacy organization Digital Chamber has called on the crypto space to support a bill to protect NFTs. The New Frontiers in Technology Act (NFT Act), introduced by US Representative William Timmons, aims to address NFTs’ regulatory woes.&nbsp;
Digital Chamber urged Americans to call their representatives and urge them to help the industry flourish without securities regulations being misapplied.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-act-consumer-products-securities-us" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
<h2 id="strong-pudgy-penguins-ceo-unfazed-by-sec-actions-against-the-nft-sector-strong">Pudgy Penguins CEO unfazed by SEC actions against the NFT sector</h2>
At the Token2049 event in Singapore, Pudgy Penguins CEO Luca Schnetzler said he wasn’t too worried about the SEC’s crackdown on NFTs. The executive believes that the SEC’s actions are “nonsense” and described it as a “nothing burger.”&nbsp;
The Pudgy Penguins executive believes that if the SEC goes after OpenSea, it must also go against other organizations that dived into NFTs, including Nike, Pokemon and Sotheby’s.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pudgy-penguins-ceo-interview-token2049-sec" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Continue reading</a>
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

$1.5M CryptoPunk bought for $23K, Coinbase’s NFT legal defense fund: Nifty Newsletter

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