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Nike x RTFKT Air Force 1s Sell For Thousands

OpenSea Insider Trading Trial Begins

Author

Gannon Breslin
April 25, 2023

Breaking NFT News, Project Breakdowns, & Artist Spotlights. We do all the heavy lifting for you! Follow our Twitter / Join our Discord to win raffles and allow list spots!

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Here is the breakdown of today's newsletter:

👟 Nike x RTFKT Air Force 1s⚖️ OpenSea Insider Trading Trial Update

  • Yuga Labs wins lawsuit against creators of knock-off apes. Here's the low down. (@NeerMcD)

  • Minting platform Zora just launched "Zora Zine", an NFT that will be redeemable for a physical magazine. (@zine)

  • Even during this bear market, an Ape (#7403) was bought for 212.00 ETH (390,378.93 USD) on Blur. Check out the epic purchase here.

  • Marvel Studios' founder is launching a 1/1 NFT project called Ekos, which will feature comic-inspired pop art from various artists. (BW)

  • Bluesky is a social media rival to Twitter built on a decentralized protocol that has been making waves as a handful of web3 content creators have created accounts on. Is it actually worth the hype? (DC)

  • Somebody swept 25 DeGods for 200 ETH ($364,585 USD). (@SolanaMummy)

RTFKT x Nike AF1 Forge Is LIVE 👟

Yesterday, the Nike Air Force 1 "Forging" event went live. This event was in collaboration with RTFKT and 10 limited editions are up for grabs. Two of the editions were done by renowned Japanese artist Takashi Murakami who was the artist for Clone X.

💡 Here are the details:

  • Number of shoe variations? 10

  • Each shoe has a certain set of units ranging from 60 units to 4182 units

  • The current floors range from 0.29 ETH to 4.55 ETH

  • Each NFT can be redeemed "forged" for a physical sneaker (starting now)

The Murakami collab in the middle is actually the sneaker currently with the highest floor (4.55 ETH)

Holders of these limited edition NFTs are now put in an incredibly tough position of whether sell or forge their sneakers. Who knows how high the floor of these works of art can go?

OpenSea Exec Insider Trading Trial ⚖️

Remember in the heat of the bull market when a huge scandal at OpenSea broke out?

If not we will refresh you:

  • Nathaniel Chastain was a former OpenSea product manager who had direct insight on what projects would be featured on OpenSea's home page

  • Naturally, if an NFT project was featured on the home page there would be a spike in sales and floor price

  • Chastain was caught buying various projects before they would be featured and reaping massive rewards for the insider knowledge

Obviously, this was a textbook example of insider trading, and finally now over a year later the "chickens have come to roost" and the trial is set to go underway.

What are the charges?

Chastain is facing one count of wire fraud and one count of money laundering *yikes*. His trial before U.S. District Judge Jesse Furman in Manhattan is expected to last one to two weeks.

Chastain's lawyers have argued that his actions were not insider trading and that the information he accessed was not OpenSea's property and had no inherent value to the company. riiiiiiight.

We will keep you updated on what happens in this high profile case.

This is a tough one to see...

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.