The Stand With Crypto Alliance, a Coinbase-backed non-profit organization, is leading efforts to establish the Creator Defense Fund initiative that has raised $6 million from venture capital firm Andreessen Horowitz (a16z) and NFT marketplace OpenSea.

According to a Sept. 13 press release, a16z contributed $1 million to the fund, while OpenSea pledged the remaining $5 million.

The alliance said that legal pressures — like the SEC’s recent Wells Notice to OpenSea — signal that blockchain-based creators will continue to face significant regulatory threats, and the fund aims to help those who need it.

Creator Defense Fund

The fund aims to offer legal support to artists and creators who are facing government actions or navigating regulatory uncertainty, particularly within the crypto space.

Miles Jennings, general counsel at a16z, emphasized that the fund is designed to assist creators who use blockchain to connect with fans, monetize their work, and foster creativity. He explained that the initiative includes partnerships with leading law firms to provide legal consultations for creators.

According to Jennings, NFTs are innovative blockchain-based tools that enable digital property rights over various digital and physical assets. The assets are proof of ownership of anything, including digital art or concert tickets.

He added:

“Blockchain technology will bring artists and fans closer together while also helping artists better monetize their work, ultimately bringing more creativity into the world. The fear of potential legal repercussions should not hold back well-meaning artists from experimenting with new technologies that may better serve their fans and families.”

OpenSea CEO Devin Finzer announced the release of a free open-edition NFT titled “Rising Tides Lift All Boats” on Base to commemorate the fund’s launch and symbolize the industry’s resilience.

Notably, crypto community members have welcomed the move, with Bradley Freeman of Stack saying:

“Creators are the lifeblood of NFTs and the rarest resource in a world of infra and dev tools. If you’re a creator at the bleeding edge of technology, you are extremely valuable and you will be rewarded over the coming years and decades for being early.”

Mentioned in this article

Yesterday OpenSea revealed that it had received a Wells notice from the SEC for the sale of NFT. 

OpenSea has received a Wells notice from the SEC.

We’re shocked that the SEC would make a move that threatens creators and artists, and we’re ready to stand up and fight for our industry. https://t.co/7FyFH3NLdm

— OpenSea (@opensea) August 28, 2024

With this note, the SEC warns the company that it is considering filing a lawsuit against them.

The problem

Even though the SEC has not explicitly stated what the problem is, the issue seems to be related to possible accusations directed at the marketplace for offering unregistered securities to the public.

Given that the OpenSea marketplace allows the buying and selling of NFT, it is more than logical to think that the issue is precisely related to the alleged nature of some NFT as unregistered security. 

In and of themselves, NFTs cannot be considered securities. However, in the event that they are sold with the promise of making profits, for those who buy them, deriving solely from the activity of the seller, they could indeed fall under this definition.

The US law, like that of many other countries, prohibits offering unregistered security to the public, and it appears that no NFT offering has obtained registration with the SEC. Furthermore, even if it were requested, it seems highly unlikely that the SEC would grant it. 

And so the SEC has decided to investigate the offer of NFT on the marketplace of OpenSea. This is to verify if there might be grounds in some cases for a complaint against them for violation of security laws.

The position of the SEC for the NFT of OpenSea

From the Wells notice sent by the SEC to OpenSea, it is not possible to clearly understand the agency’s position regarding NFTs or their marketplace. 

However, at least it can be deduced that they are investigating the matter. 

However, for about two years the agency has been trying to push the idea that many digital assets should be considered unregistered securities. At this point, it is not surprising that, after cryptocurrencies, it has also started to examine NFTs. 

However, two key points need to be highlighted. 

The first is that until now all the most important cases opened by the SEC against subjects accused of offering the public digital assets considered by the agency as unregistered securities have essentially ended with the defeat of the SEC. 

To tell the truth, in the case against Ripple, it seems that the company has admitted some fault, agreeing to pay a fine of 125 million dollars. However, previously XRP had been declared not to be an investment contract if traded on the secondary market (the exchanges).

It remains a fact that until now none of the main digital assets in the world have been definitively delisted from exchanges for losing a case against the SEC. Precisely because all the cases concluded in this area have seen the agency effectively defeated.

The second key point is that behind the action of the SEC there could actually be political and propagandistic (i.e., electoral) intents, rather than technical ones. 

This year there are presidential elections in the USA, and the democratic government of Joe Biden is trying to attract the votes of cryptocurrency detractors. However, this attitude does not seem to have paid off. So much so that in May, probably from the Biden government itself, a sort of diktat arrived at the SEC to approve spot Ethereum ETFs.

So even in this case, the agency’s policy seems to be a bear.

The OpenSea case

After having effectively failed in the attempt to block or limit the crypto markets, the SEC is now trying with the NFT market. 

It should be remembered that, while the crypto market is in great recovery since 2023, compared to the minimum peaks of the bear-market of the previous year, that of NFTs is still in strong suffering. 

For example, the market capitalization of cryptocurrencies, which fell below 800 billion dollars in 2022, has now risen even above 2,000. 

Instead, the monthly trading volumes of NFTs in 2023 have continued to decline. The lowest point was reached just last month (July 2024).

In light of this strong difference, it really seems that the NFT sector is a much easier enemy for the SEC to attack. While the crypto market has not only awakened but has also become decidedly powerful again.

OpenSea is no longer the main NFT marketplace in the world, although it has been for years. However, it remains a point of reference for many reasons.

At this point, it even seems obvious, in some ways, that the SEC ended up going after them. 

The reaction of OpenSea

The co-founder and CEO of OpenSea, Devin Finzer, wrote that they are shocked that the SEC has made such a radical move against creators and artists. Furthermore, he claims that they are ready to react and fight.

He believes that by targeting NFTs, the SEC would stifle innovation on an even larger scale than it has tried to do so far. This is because hundreds of thousands of artists and creatives online would now be at risk, and many would not have the resources to defend themselves.

Finzer defines NFTs as “creative goods”, thus denying that they can be considered investment contracts. 

Writes: 

“It would be a terrible outcome if creators stopped making digital art due to regulatory threats. Take, for example, the lawsuit filed against the SEC by the musician Songadaymann and the conceptual artist Brian L. Frye, which describes their fear that the sale of their art and music might be considered an offering of unregistered securities”.

Finally, it declares that they are committing 5 million dollars to help cover legal expenses for NFT creators and developers who receive a Wells notice. 

It is not easy to understand where this story might be heading, also because on one hand there are no crypto giants like Coinbase or Binance, but on the other hand there is a public agency that until now has been constantly overruled by the courts in this type of action.

OpenSea CEO Devin Finzer announced that the firm received a Wells Notice from the US Securities and Exchange Commission (SEC) because the regulator considers the NFTs on its platform securities.

In an Aug. 28 statement on X, Finzer expressed surprise at the SEC’s broad action against creators and artists. He stated:

“We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”

$5 million fund

Finzer emphasized that the SEC’s move ventures into uncharted territory. He warned that targeting NFTs could stifle innovation on a larger scale, jeopardizing the livelihoods of hundreds of thousands of online artists and creators.

He also noted that many do not have the resources to defend themselves. Due to this, OpenSea is pledging $5 million to help cover legal fees for NFT creators and developers who receive a Wells Notice from the financial regulator.

Finzer argued that NFTs are fundamentally creative products, including art, collectibles, video game items, domain names, and event tickets. He asserted that digital art should not be regulated like financial instruments such as collateralized debt obligations.

The OpenSea CEO expressed concern that regulatory threats could discourage creators from making digital art.

Wells notice

The Wells Notice issued to OpenSea signals a continued regulatory crackdown on digital assets in the US.

A Wells Notice is a preliminary announcement by the SEC indicating its intent to recommend enforcement action. This notice allows the recipient to respond before charges are formally proposed.

Over the past year, the SEC has issued similar notices to several crypto-related firms, including Robinhood, Paxos, and Uniswap Labs. However, the notice to OpenSea is the first directed at an NFT-related company, showing that the regulator is closely scrutinizing NFT markets.

The outcome of this case could set a significant precedent for how NFTs are treated under US securities law, potentially affecting a wide range of digital artists and collectors.

Mentioned in this article

Coachella has partnered with OpenSea to launch NFTs. 

Ready for an entirely new @coachella experience?

Meet the 2024 VIP Festival Pass and the new Oasis Lounge – a serene space offering exclusive bar benefits with limited complimentary drinks, shaded lounge, and more. Minting is now live on OpenSea! https://t.co/t3G1bZEH8o

— OpenSea (@opensea) March 5, 2024

The Coachella NFTs available on OpenSea entitle you to real VIP experiences, exclusive merchandise, and digital collectibles. 

Coachella’s NFTs in collaboration with OpenSea

The Coachella Valley Music and Arts Festival, or Coachella Music Festival, is a music festival that takes place every year in the Coachella Valley, California (USA). It is one of the most famous in the world.

The festival usually lasts for two weekends, and is always scheduled during the second half of April. 

The 2024 edition will indeed take place on the fields of the Empire Polo Club in Indio, from Friday, April 12 to Sunday, 14, and then from Friday, April 19 to Sunday, 21. 

Interestingly, it will take place right in the days when the Bitcoin halving should occur, but it’s just a random coincidence.

The first edition took place in 1999, and this year’s will be the twenty-fifth, since it was not held in 2000. 

The main guests who will perform on the Coachella stage this year will be Lana Del Rey, Tyler the Creator, and Doja Cat, but many other artists will also perform including Blur, J Balvin, and No Doubt. 

One of the most anticipated events is the reunion of the Californian band No Doubt, but the list of artists who will perform on the stage of the famous festival is extensive, and includes Peggy Gou, Steve Angello, Tyla, Raye, Bebe Rexha, Renée Rapp, and many others. 

OpenSea: the NFT collections of the Coachella festival 

For the occasion, three unique NFT collections have been launched, which will serve as passes for exclusive access and merchandise.

So far only 29 out of the 1,024 NFTs available on OpenSea have been minted, but the launch happened just yesterday.

It is worth noting that Avalanche has been chosen as the blockchain, so purchases must be paid in AVAX: this could limit demand a bit, since AVAX is a much less used cryptocurrency compared to ETH, for example.

One of the benefits granted to those who purchase these NFTs is exclusive access to the Oasis Lounge. The Oasis Lounge is a new feature introduced only this year at Coachella, and consists of a space that offers exclusive benefits with limited free drinks, shaded lounge areas, and more. Access to the Oasis Lounge will be reserved for holders of these NFTs. 

They will also entitle you to request a VIP Festival Pass for the VIP areas that will host vendors of special foods and beverages, air-conditioned restrooms, shaded lounge areas, and full-service bars without hosts. 

Coachella and NFTs

Already in the 2022 edition, two years ago, Coachella took a similar initiative.

At the time they chose the metaverse, thanks to a collaboration with Absolut.

Absolut is a famous brand that produces vodka, and to celebrate its tenth year as the official partner of the Coachella festival, it created its own space in the metaverse called Absolut Land.

This initiative has never been replicated, perhaps also because the truly curious thing was in its novelty. In fact, this year they opted for another novelty, namely NFTs that entitle to exclusive benefits. 

In reality, they had tried to organize a similar initiative in 2022, for last year’s edition, but they did it in collaboration with FTX. The crypto exchange failed in November 2022, so the initiative fell through.

This year they decided to do it in collaboration with Open Sea, and to wait until the last month to announce it. 

The NFT market

After collapsing during 2022, the NFT market seems to have slightly recovered by the end of 2023. 

Using the monthly trading volumes on OpenSea as a reference point, after reaching a peak of almost 5 billion dollars in January 2022, they had dropped to 2.5 billion in May, and then with the collapse of the crypto markets, the monthly trading volumes on the world’s leading NFT marketplace had plummeted to just 250 million dollars in November of the same year.

The decline continued in 2023, after a small and brief recovery, with the bear-market reaching its lowest point in September below 80 million. 

Starting from October, however, the market has somewhat recovered, but has not yet exceeded 200 million dollars monthly. 

It must be said, however, that in the meantime OpenSea has been surpassed by Blur as the largest NFT marketplace in the world, whose volumes are now four or five times higher.

The overtaking occurred in November 2022, which was the month of FTX’s failure, so the drop in OpenSea in 2023 was largely due to the arrival of Blur.

However, after the initial boom, Blur’s volumes also decreased in the second half of 2023, although they remained much higher than those of OpenSea. 

However, there has been a clear recovery for Blur in October as well, so much so that the bottom of the NFT market now seems to be behind us. 

The CEO of OpenSea, Devin Finzer, stated that the renowned NFT marketplace is “open” to various negotiations, from collaborations to the sale of the platform. 

OpenSea: is the NFT marketplace for sale? Here are the CEO’s words

According to what is reported, it seems that the CEO and co-founder of OpenSea, Devin Finzer, has stated that the company is “open” to negotiations.

There could also be the sale of OpenSea at stake, as Finzer said he has received interest for an acquisition, but without specifying when and from whom. 

What is clear, however, is the sector collapse that has led the platform to have difficulty justifying its $13.3 billion valuation.

In this regard, Finzer speaks of an “open approach” in evaluating partnerships, acquisitions and therefore, also the sale of OpenSea. At the moment, there are no official news, nor an active search for a suitor. 

Here are his words in an interview:

“The honest answer is that we have a rather open approach. We believe that if the right partnership were to present itself, then it would be something worth considering.”

OpenSea: the NFT marketplace for sale because of competitor Blur?

Always together with Finzer, the strong growth of the competitor NFT marketplace Blur has been analyzed, which in a way “overtaken” the primacy of OpenSea. 

And indeed, since its launch in 2022, Blur has managed to establish itself in the NFT sector, with a current daily trading volume of 18 million dollars, about five times higher than that of OpenSea. 

At the same time, OpenSea still has more users than Blur, but compared to January 2022, its monthly trading volume has experienced a 96% collapse. 

In this regard, Finzer wanted to clarify that he is not discouraged by Blur’s performance, but yes, he cannot go unnoticed. Here’s what he said about it:

“We have only noticed that Blur has cut many different corners when it comes to its approach to legal and regulatory issues”

The crypto recovery and the NFT sector

While the position of OpenSea and the sale of the platform is not clear, Finzer also talks about a possible recovery of the crypto market, which could lead to a new growth for the NFT sector. 

Compared to the NFT mania of 2021, the following years have been rather turbulent for the sector. Yet during 2022, the NFT marketplace acquired Gem, an NFT aggregation tool, Dharma, a first cryptocurrency wallet, and Mintdrop, which allows creators to quickly bring their collections to the market.

These actions carried out during the crypto winter have been opportunities for Finzer as a dealmaker, who seeks opportunities when bearish markets turn into bullish markets. 

Not only that, for these first weeks of 2024, the CEO of OpenSea has declared to have had meetings with luxury brand executives to develop custom NFT projects, and participation in various events during Fashion Week this week in Paris.

According to Finzer, the presence of Gucci and Louis Vuitton in the NFT sector this year is different from previous years, as there is more market awareness. Here are his words on the matter:

“I think people are now starting to understand it more deeply. I was really impressed when I had these conversations, by the level of sophistication of the people managing these projects and initiatives.”

The dismissal of employees

Last November, OpenSea made headlines for a significant organizational transformation, which caught the attention of the entire crypto space. 

In practice, OpenSea had decided to lay off half of its staff, raising doubts about its status.

In this regard,  Finzer has now commented:

“The restructuring we have done has been aimed at changing the composition of the team to make it leaner and smaller, so that we can operate more agilely in the market, rather than downsizing it due to financial pressures”

The famous NFT marketplace, OpenSea, appears to be the target of several email phishing campaigns reported by users. 

At the same time, the platform warns that it is not a hacker attack.

NFT marketplace OpenSea and the reporting of email phishing campaigns

On X, users are going wild in reporting the various email phishing campaigns targeting the famous NFT marketplace, OpenSea.

Specifically, ScamSniffer’s X account has reported to its 11 thousand followers, phishing campaigns targeting both developers and customers of OpenSea.

beware there are a few email phishing campaigns targeting OpenSea’s users and developers recently, including:
– fake developer account risk alert
– fake offer pic.twitter.com/cLpoZijFLO

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) November 13, 2023

Basically, some NFT marketplace users said they were targeted, receiving emails from the “fake OpenSea,” containing malicious links. 

Not only that, there are those who also reported that the email phishing attempt was received on an email strictly dedicated to their OpenSea API (Application Programming Interface) key. 

NFT platform OpenSea responds by stating that this is not a hacking attack

As the crypto community reveals itself on X and also on other social media such as Reddit, OpenSea has also taken action on the phishing campaign in question. 

There’s no hack. DO NOT click links you don’t trust.

— OpenSea (@opensea) November 13, 2023

Basically, as early as two days ago, OpenSea wanted to reassure its users that it was not the target of any hacking attack. 

Not only that, the popular NFT marketplace urged users not to click on any links they do not trust. 

Recently, OpenSea has been in the news for its organizational transformation that has seen the marketplace lay off an unspecified number of employees. The news reportedly sparked discussions within the crypto community, not only about the marketplace’s strategy but also about the current state of NFTs. 

Crypto sector and phishing attacks

This one from OpenSea, is yet another phishing campaign from the crypto sector, featuring NFT thieves. 

In fact, only in September, the X account of Vitalik Buterin, co-founder of Ethereum, was compromised and used by hackers to promote a fake NFT commemorative coin. By providing the link to the phishing website, the attack succeeded in scamming victims by obtaining about $700,000 in crypto and NFT. 

Not only that, in June 2023, however, the Roblox metaverse was targeted by crypto phishing guys using NFT drains, stealing millions of dollars. 

In addition to the NFT sector, phishing campaigns also target crypto-wallets and crypto-wallet hardware. 

In March, Trezor alerted its users to crypto fraud set up through a phishing attack. Basically, attackers were able to trick investors into entering their recovery seed phrase into a fake Trezor site.

Related posts
More from author

Opensea, a major player in the world of non-fungible tokens (NFTs), has recently undergone a significant organizational transformation that has drawn attention across the crypto and blockchain space. 

The company’s decision to lay off an unspecified number of employees has sparked discussions about the current state of the NFT market and Opensea’s strategic realignment to navigate the changing landscape.

NFT platform Opensea lets go of several employees 

The NFT market, once characterized by explosive growth and soaring sales, has decelerated significantly in recent months. 

The meteoric rise of NFTs in 2021 has led to widespread enthusiasm and a sense of digital ownership redefined by blockchain technology. 

Collectors and investors have flocked to NFT platforms like Opensea to purchase unique digital assets, from digital art to virtual real estate.

Opensea quickly established itself as a leader in this digital renaissance, becoming one of the largest and most influential NFT marketplaces. 

However, as the initial fervor subsided, the NFT marketplace began to face challenges. NFT sales, which had been on a steady upward trajectory, began to show signs of fatigue in February 2023. 

The decline continued, and in October NFT sales dropped significantly by 21%, marking a turning point in the NFT landscape.

The repercussions of this market downturn were not limited to NFT platforms, but extended to their investors and partners. 

One example is Coatue, a major investor in Opensea, which reduced its investment in the company by a substantial 90%. 

This drastic measure highlighted the need for NFT platforms like Opensea to reevaluate their strategies and adapt to the new reality of a less exuberant NFT market.

Devin Finzer, co-founder and CEO of Opensea, was not unaware of these challenges. In response to the changing market dynamics, Opensea undertook a significant restructuring. 

This restructuring, characterized by the reduction of a portion of the workforce, represents a strategic shift aimed at equipping Opensea with the agility and focus needed to thrive in the changing landscape of the NFT ecosystem.

The attempt to restructure the team 

The essence of this restructuring is to cultivate a “smaller team with a direct connection to users.” 

Devin Finzer emphasized that although the decision to let employees go was an arduous one, it is an essential step in building a stronger foundation for Opensea, enabling the company to innovate more quickly and efficiently. 

The downsizing aims to streamline the organization’s operations, reduce overhead and focus on core activities.

The move to a smaller, more focused team is in line with the prevailing view that the NFT market, although going through a temporary downturn, still has considerable potential. 

Opensea’s commitment to its community and the development of Opensea 2.0 underscore the company’s dedication to remain nimble and relevant in the ever-changing NFT landscape.

Devin Finzer’s reassurance, via social media, that Opensea continues to support its existing products as it iterates on Opensea 2.0 shows that the company is determined to evolve and adapt. 

Opensea’s efforts to refocus its team around an updated product signal its readiness to respond to the changing needs and expectations of NFT enthusiasts and participants.

Conclusions

In conclusion, Opensea’s recent staff reduction is emblematic of broader trends observed in the NFT market. 

The shift from unprecedented growth to a more measured pace has prompted key players like Opensea to recalibrate their strategies. 

By embracing a smaller and more agile organizational structure, Opensea is positioned to address the challenges and opportunities presented by the evolving NFT landscape. 

While the short-term implications of this move may be met with uncertainty, Opensea’s commitment to innovation and community support ensures its continued relevance in the ever-changing world of NFTs. 

As the NFT market continues to mature, Opensea’s path testifies to the adaptability and resilience needed to thrive in the crypto, blockchain, and web3 ecosystem.

Related posts
More from author

OpenSea recently launched a ‘no-code’ tool that simplifies the creation of NFT collections, allowing creators to develop and mint without relying on third parties. 

This innovation replaces the previous ‘lazy minting’, according to OpenSea. See below for full details.

OpenSea’s No-Code Hub makes NFT collection creation accessible to all

According to the latest news, OpenSea is looking to regain its former leadership position in the world of NFTs by launching a new “no-code hub” that allows artists to create and mint tokens without the need for third parties or blockchain expertise.

The company said: 

“Gone are the days when creators had to navigate between different platforms, vendors, and services to bring their projects to life. Now they can do it all in one place.”

OpenSea has been working hard to introduce new tools and services that make it easier for creators to enter the NFT world, manage their collections and publish their projects, all without requiring technical or programming skills.

This new OpenSea studio will replace the previous “lazy minting”, which allowed artists to create objects off the blockchain before selling or transferring them, and will allow users to choose from the majority of compatible blockchains.

The decline in Ethereum NFT transactions and the emergence of Blur as a competitor to OpenSea

This move to simplify the process of creating and releasing NFTs comes at a time when the NFT market has deteriorated significantly, with a decrease in monthly trading volumes and the number of active traders for Ethereum-based tokens, according to data from The Block Research.

In fact, data from The Block Research shows a steady decline in the total number of transactions for Ethereum-based NFTs since February. 

This is despite the fact that OpenSea has recently expanded its presence in the competitive NFT market. 

Earlier this year, it launched OpenSea Pro, a platform that aggregates quotes from 170 different markets to offer traders the best competitive opportunities. 

One of the key features of OpenSea Pro is the provision of real-time data from multiple markets, providing almost instantaneous updates on user activity and NFT collections. 

While pursuing these initiatives, OpenSea has faced some challenges, including a recent security breach that may have compromised users’ API keys.

OpenSea plans to further enhance Studio in the coming months, introducing new collection pages that will include video, images and text, as well as features such as a roadmap and FAQs. 

The company also plans to introduce the concept of ‘Edition’ into the development roadmap of the new platform, simplifying the process of quickly and efficiently eliminating NFTs. 

Meanwhile, exchange platform Blur overtook OpenSea as the leading marketplace for exchange volume last year.

Ethereum and Polygon: an analysis of performance in the NFT markets

The latest NFT market data suggests a marked decline in some aspects of Ethereum and Polygon’s performance over the past month. However, it is important to note that Polygon’s NFT ecosystem has maintained a significant market share, hosting around 50 percent of all available NFTs.

Both Ethereum and Polygon have seen a significant decline in sales volume, with a drop of over 41% in the last month. 

This decline has raised concerns about the overall performance of the NFT market. However, some members of the community believe that this decline can be interpreted as a return to a more sustainable pace.

According to CRYPTOSLAM’s data, the blockchain sector experienced a decline of more than 50 per cent in total NFT transactions, accompanied by a 7 per cent decline in the number of buyers. 

Remarkably, out of a total of 860 million NFTs across all blockchain networks, as many as 455 million NFTs are hosted on Polygon. 

DappRadar’s data highlights Polygon’s top NFT collections over the past month, with ‘y00ts’ in first place, followed by ‘Mythical Beings’, ‘Cryptokhat’ and ‘OKX NFT Collection’.

In other words, Polygon’s NFT market has recently shown a decline in sales volume, possibly indicating a shift to a more sustainable pace. 

Encouragingly, there has been a recent increase in the number of buyers over the last 24 hours, indicating possible signs of recovery.

Related posts
More from author

Adidas recently announced the worldwide launch of “RESIDENCY by adidas,” an innovative residency program dedicated to digital artists in partnership with the NFT OpenSea marketplace. 

This initiative debuts with the first NFT sale of artworks, including limited and open editions created by MonkeeMoto and Adra Kandil. The event will take place between 6 and 11 September 2023. See below for all the details. 

Exclusive NFT sale on OpenSea: the latest news from Adidas

Further expanding the scope of Adidas’ commitment to art, culture, creativity and digital technology, Adidas recently announced the global debut of “RESIDENCY by adidas.” 

This innovative Web3-based digital artist residency program represents a milestone for the streetwear and lifestyle brand, solidifying its intention to engage an assortment of digital artists from around the world. 

The initiative offers unique opportunities to exhibit their work and collaborate with the brand both in the digital realm and on physical projects. The program aims to unite the realms of art, creative expression, and identity. 

The same ones that are central to the brand’s ethos and commitment to creativity and innovation within the Web3 community. 

RESIDENCY, which will go live globally on 7 September during Korean Blockchain Week in Seoul, represents a pivotal moment when the Three Stripes Studio will reveal a new path of collaboration and creativity for digital artists to further connect with the iconic brand and their passionate community of collectors and connoisseurs.

Adidas also proudly presents MonkeeMoto, still in disuse, and Adra Kandil, or DearNostalgia, as a richly diverse pairing of unique creative lenses to represent the brand’s first RESIDENCE. 

With the newly created work by the artists, RESIDENCY launches the first NFT sale of limited and open edition adidas artwork by MonkeeMoto and Adra Kandil. 

Some statements about Adidas’ new initiative

Stacey King, global head of communications and activation for Adidas said the following about it: 

“This project is another big step for our Studio as we continue to explore, experiment and diversify our impact and value in the Web3 Community. 

When we looked at what our brand and community has represented in this space, as well as the reaction to our Open Editions in Berlin and NYC, it felt like such a natural step to go ‘all in’ and create an even stronger pathway and platform for some of the coolest and most engaging artists in our Community. RESIDENCY represents all of this and more to come. 

We’re excited for the digital, physical and linked drops that will follow – all in parallel to our continued plans to build ALTS by adidas into one of the best projects in Web3.” 

The limited edition consists of 100 pieces per artist and includes an exclusive hoodie available only to those attending the event. This unique package will be offered at a price of 0.15 ETH. 

Meanwhile, the Open Edition will be priced at 0.03 ETH. Both editions will be available for purchase starting Wednesday, 6 September. Sales of the limited edition for both artists will end upon the sell-out of 100 NFTs or 8 September, while the Open Edition will close on 11 September. 

Those who participate in the adidas activation during Korean Blockchain Week will also have the opportunity to pick up a limited-edition adidas hoodie featuring the /// Studio’s iconic side trefoil to accompany the limited-edition NFT.

The SEC fines media company for the unregistered sale of NFTs

On Monday, the US Securities and Exchange Commission (SEC) issued its first-ever enforcement action against the sale of NFTs, imposing a $6 million fine on a Los Angeles-based media company for illegally selling unregistered securities. 

However, this event raises questions about the eventual regulatory direction the multibillion-dollar NFT market might take.

In this case, the details were clear: the sanctioned company, Impact Theory, had promised potential NFT buyers profitable growth in their investments by claiming that a payment of 1.5 ETH would lead to significant gains once the company compared itself to the stature of the “next Disney.”

Although the SEC announcement marked a first step, much uncertainty surrounds the regulatory future of the NFT industry, which until this week had avoided the attention of SEC Chairman Gary Gensler. 

As is often the case in similar instances in the cryptocurrency arena, the SEC’s announcement was quickly followed by criticism from the commission’s Republican minority. 

Specifically, SEC commissioners Hester Peirce and Mark Uyeda objected to the chairman’s approach, arguing that the regulations should not be overly applied to collectibles and digital artwork, which make up a large part of the NFT market.

Until now, the SEC had not addressed the luxury goods trade or the art market.

However, the commission’s current critical attitude toward cryptocurrency-related products may push it to regulate art projects, digital collectibles and NFT-based subscription supporters. 

Hence, one wonders if the action taken on Monday could be seen as a sign that the SEC is heading toward broader control of the entire NFT market.

Related posts
More from author

ZTX, the revolutionary Web3 creation platform in a pioneering virtual world, has officially announced the launch of the much anticipated and long-awaited NFT drop “ZTX Genesis Home Mint” on OpenSea.

This launch comes in collaboration with OpenSea, the leading global platform dedicated to the collection, creation and exchange of cross-chain digital assets and NFTs

NFT news for ZTX and OpenSea: the big drop launch of Genesis Home Mint

As anticipated above, ZTX, the innovative Web3 creation platform in a cutting-edge virtual world, has officially announced the launch of the highly anticipated ZTX Genesis Home Mint.

This is in close collaboration with OpenSea, the leading global platform for the collection, creation and exchange of cross-chain and NFT digital assets. 

This launch is scheduled for 30 August on Arbitrum.

It is worth noting that the Genesis Home Mint represents a change from traditional virtual land sales since the land will be free to all users and will serve as a base for homes in ZTX. 

This initiative rewards early supporters and participants with 4,000 NFT of unique houses rendered in 3D, packed with in-game utilities, offering improvements to economic activities, resource production, and priority access to exciting upgrades and features.

In addition to this, these awards are designed to recognize early supporters and ambassadors of the ZTX community who have helped enrich the ecosystem with creative content. 

Digital collectibles known as Genisys Homes provide creators with ongoing opportunities to engage and interact with their fans or community, allowing them to collect on-chain rewards for their creative work.

4,000 NFT District Home: exclusive expressions in ZTX districts

Through the Genesis Home Mint, a total of 4,000 limited-edition NFT District Homes will be generated, divided equally across ZTX’s four key districts: fashion, gaming, finance and art. 

Home owners will have the opportunity to have early or exclusive access to selected experiences and content closely related to the identity of the district with which their home is affiliated.

Homes will not only offer hands-on functionality within the app, allowing users to customize rooms, display artwork and content, and host meetings, but will also act as subscriptions. 

These subscriptions will provide governance rights for the community treasuries of ZTX’s four districts. Each district will pursue independent grants and initiatives to support and reward diverse creators in the ecosystem.

Some statements about the ZTX Genesis Home Mint

Speaking about the ZTX Genesis Home Mint, Chris Jang, co-CEO of ZTX, had the following to say about it: 

“We’re excited to present the first mint of our ecosystem. The many benefits that are geared towards the community and creators via these Genesis Homes are reflective of our commitment to rewarding loyal users and builders.

That has not been lost by our early backers, who have been the forces behind our presale already successfully selling out. 

We will continue to build with the goal of providing creators the infrastructure tooling necessary to scale up and offer diverse 3D experiences, in order to be a long-term partner for the many builders in the web3 space.” 

Oliver Maroney, who leads Gaming Partnerships at OpenSea, said: 

“We are excited to partner with ZTX to bring their first-ever mint to life. We believe that great games powered by NFTs will not only onboard new users to blockchain technology but also help the gaming industry evolve. ZTX is pushing the space forward.”

Related posts
More from author