Financial Advice, Judge Rules

GM Readers!📪 It's BitDegree Insider, and it's a new day, it's a new dawn...

⭐️Today's selection:

• 🛑Regulators Vs Emojis
• 🛒3AC NFTs Action
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

REGULATORS VS EMOJIS

Hold onto your emojis!

A recent court ruling in the United States has raised eyebrows by declaring that certain emojis used by companies to promote financial investments can now be considered financial advice.

We're talking about these emojis: 🚀📈💰

Do you feel it? after having a look at them... do you feel the sudden urge to buy every coin you see at their top?

According to regulators, this is how we should feel like.

The ruling was handed down by federal judge Victor Marrero, who ruled against Dapper Labs, the owner and developer of NBA Top Shot Moments.

The judge claimed that Dapper Labs' tweets promoting their NFT platform violated US securities laws by implying potential profits through the use of financial emojis.

Here's the evil tweet:

However, Dapper Labs disagrees with the ruling and has argued that their tweets only reported recent sales and did not promote any profits.

Unsurprisingly, the ruling has sparked controversy among cryptocurrency communities.

Oscar Franklin Tan, the CLO of Enjin Ecosystem, spoke out on the issue, stating that the court has a responsibility to protect free reporting in cryptocurrency communities as they are part of free speech.

Are emojis the new enemy of financial regulators?

This ruling has certainly stirred the pot among cryptocurrency communities, leaving many to wonder if their beloved emojis could land them in hot water. It's a debate that's sure to continue for some time.

TL;DR: Recent court ruling declared that such emojis as '💰📈🚀' can be considered as financial advice. The case in question: a tweet by Dapper Labs, the developer of NBA Top Shot Moments NFT collection.

WILD NFT ACTION

The liquidators of Three Arrows Capital are putting their valuable NFTs up for auction.

That's right, folks, they're trying to recover some funds during liquidation - and what better way to do that than selling off some digital art?

Let's take a peek at what Three Arrows Capital had in their portfolio. 

It includes 12 CryptoPunk tokens, 30 Fidenza, 17 Ringers, and works from Bored Apes Yacht Club, Autoglyphs, and Chromie Squiggles.

And that's just the blue chip projects! Experts say the collection is worth around $6.4 million, but who knows? It could be worth even more!

The only thing we know for sure is that the experts are basing their analysis on minimum prices, which, let's be real, doesn't sound very impressive.

Now, if you're wondering what the most valuable NFT in the portfolio is, look no further than Ringer #879.

Three Arrows Capital bought it last year for 1,800 ETH (over $5.6 million at the time of the deal).

Su Zhu, the head of the hedge fund, even boasted about it, calling a crypto NFT goose. 

But wait, there's more. Over the weekend, a whale sold 1,010 NFTs worth $18.6 million, only to quickly buy back 991 of them. 

Some say it was to get an airdrop number 2 from the NFT marketplace Blur, while others suspect it was just good old-fashioned market manipulation.

Either way, the minimum prices of BAYC and related collections took a -10% hit.

It just goes to show that in the wild and fancy world of NFTs, anything can happen.

TL;DR: Liquidators working on the 3AC case announced that they're about to sell NFTs owned by the infamous bankrupted hedge fund. It's estimated to be worth around $6.4M if not more. 

VENTURE MONDAY

Ethereum 'town square' protocol Towns raised $25.5M in a Series A funding round led by a16z crypto, with participation from Benchmark and Framework.

Towns is a Web3 group chat protocol and app by Not There Labs that lets online communities build blockchain-based gatherings in a fully decentralized way.

Retro-Style Ethereum NFT Metaverse Game Worldwide Webb raised $10M in a Series A funding round led by Pantera Capital.

This MMORPG has been in development since 2020. It is notable for allowing players to use their NFTs from different blockchains and collections. These tokens serve as avatars that participate in battles, quests, and story lines in general.

Blockchain infrastructure provider Gateway FM raised $4.6M in a seed funding round led by Lemniscap, with participation from CMT Digital, the LAO DAO, Very Early Ventures, Fantom Foundation, Folius Ventures, TRGC, MetaWeb Ventures, Factor Ventures and Unstoppable Domain Ventures.

Using its services, Web3 companies can access nodes directly using remote procedure calls and avoid any intermediaries, allowing them to provide highly decentralized services.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Since February 2022, Ukraine has Received Nearly $70M in Crypto Donations. You need it, you have it.
• NanoLabs Sues Cryptocurrency Exchange Coinbase Over Trademark Infringement. There's not a single boring day in crypto.
• IMF Managing Director Calls for Crypto Regulation Instead of Ban. Not a hot take.