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OpenSea Exec Heading to Prison

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Author

Gannon Breslin
August 29, 2023

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Here is the breakdown of today's newsletter:

🥳 MAYC Miami Party Recap
⚖️ OpenSea Exec Prison Sentence

  • Artist Ashira launches charitable NFT collection to aid Maui wildfire recovery. (@AshirasArt)

  • Check out "Botto", the powerful AI bot that creates and mints NFTs. (CD)

  • Snoop Doggs' Ape Dr. Bombay collabs with Sketchers shoes. (S)

  • After former President Donald Trump had his mugshot go ultra viral his NFT trading cards skyrocketed over 426% in less than 24 hours. (BT)

  • Coinbase is getting a minority stake in Circle Internet Financial (often known as just “Circle”) and the companies are dissolving their Centre Consortium partnership that had issued USD Coin (USDC), the world’s second-largest stablecoin. As part of the move, Circle will bring the issuance and governance of USDC fully in-house. (CD)

  • ICYMI: Last Friday, NFT startup Recur announced that its Web3 platform is shutting down. Despite hosting the NFT IP of several big brands like Hello Kitty and Nickelodeon and a $50 million raise, it was unable to withstand the challenges of crypto winter. (DC)

  • Hey, OpenSea wanna see something cool? NFT marketplace Rarible has seen a substantial uptick in trading volume over 24 hours following a public statement in support of maintaining NFT creator royalties. (CT)

F*CK IT SATURDAY (Recap) 🍾

I think we all know Miami knows how to party and this past weekend once again Bored Ape Yacht Club members (in particular Mutant Apes) put on a party that will be hard to forget … if they remember.

Excited Season 2 GIF by The Office

💡 What happened?

  • In celebration of two years of Mutant Ape Yacht Club, BAYC with the help of Applied Primate and the Mutant Cartel hosted an all-night event at the Oasis Wynnwood in Miami Florida.

  • A$AP Ferg performed along with the help of @noththreadguy. You can see some highlight photos here.

  • Applied Primate kept the potions flowing and comics on hand to be read

Check out the video recap of the event below:

Former OpenSea Exec Prison Sentence ⚖️

Nathaniel Chastain, the former OpenSea exec who got caught trading NFTs with insider knowledge, is going to prison.

Arrested Development Mistake GIF

💡 Here are the details:

  • Chastain is sentenced to 3 months in prison

  • On top of serving time, he has a $50,000 USD and 15.98 ETH fine

  • He had been accused of purchasing NFTs with the knowledge that they would be soon featured on OpenSea’s homepage - profiting off the massive uptick in price once they were

During the enticing Chastain stated, “I let down the company I was serving and lost sight of the person I aspired to be”.

Hopefully, this is a good reminder to everyone in the industry (investors, founders, and employees) that there are real consequences for your actions and the blockchain never lies!

We love a good recap. Make sure to check this one out!

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