2023 Underground Art Market Report
Introduction The Securities and Exchange Commission (“SEC”) issued a cease-and-desist order on August 28, 2023, charging Impact Theory, LLC (“Impact Theory”) with conducting an unregistered offering of crypto asset securities in violation of the Securities Act of 1933 (“Securities Act”).1 Without admitting or denying the …
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On August 28, 2023, the Securities and Exchange Commission (the “SEC”) charged Impact Theory, LLC (“Impact Theory”), a media and entertainment company headquartered in Los Angeles, with conducting an unregistered securities offering through its sale of non-fungible tokens (“NFTs”).1 The case represents the SEC’s first …
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[co-authors: Rachael Mintah, Carsten Dobler, Judith Reboul, Aparna Luthra, Camille Pellicano] Welcome to Reed Smith’s summer DigiDigest update on all things metaverse and Web3. These short updates are designed to cut through the noise and put the most talked-about news and coolest new initiatives in the …
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Thursday, September 7, 2023 Last week, the SEC filed its first ever enforcement action on non-fungible tokens, charging a media and entertainment company with conducting an unregistered sale of NFTs called “Founder’s Keys.” Although the issuer, Impact Theory, immediately settled the enforcement action, the SEC’s apparent determination …
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An amended complaint was filed on Thursday in the federal class action lawsuit against Shaquille O’Neal over his NFT project Astrals, and the basketball icon faces allegations of violating securities laws in connection to offering Solana-based assets and an associated token. The 111-page filing comes …
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Beginning September 15, you will start to see more NFT gaming ads on Google, as the tech giant recently updated its cryptocurrency advertising policy. The updated policy will now permit advertisements for NFT games that enable players to purchase in-game items like virtual apparel, weapons, …
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Web3 basketball game Rumble Kong League has teamed up with apparel brand Stance to launch a collection of in-game NFT HyperSocks, alongside IRL counterparts. The partnership, which includes a collaboration with NBA superstar Paul George, will see the Rumble Kong League universe extend beyond the …
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(L)Earl Sweatshirt. Photo by Ryo Tanzawa (R) The Alchemist. Photo by Ryo Tanzawa Voir Dire, the collaborative rap project between Earl Sweatshirt and veteran producer the Alchemist, was originally conceived as a needle in a digital haystack, a YouTube playlist buried under a fake …
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Running it back this season appears challenging for Dapper Labs’ officially licensed NFL All Day NFT collectibles platform, as sales struggle to gain pre-season momentum compared to the year before. The project, which made its rookie debut last fall, took Dapper Labs’ lucrative formula for …
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