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OpenSea Partners With Warner Music Group

Music NFTs + XRP SEC Case

Author

Gannon Breslin
September 30, 2022

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

gm, Happy Friday everyone 😊

  • Monusverse is releasing Episode 1: Arch of Peace, a groundbreaking web3 experience pushing the world's cultural heritage to the next level. Check out the Monusverse HERE.

  • Generative artist Tyler Hobbs releases a unique art project with incredible success. This unique system allows users to play with and explore algorithms. (archipelago)

  • World-renowned artist Terry Urban and his NFT project Kooks have partnered with Streetlab.io (The Drop is also partnered with Kooks). Streetlab has sold out 12 consecutive projects in a row and looking to do the same very soon with Kooks! If you were previously registered for the Kooks drop make sure to re-register HERE.

  • Meta has made it possible for all users in the US to connect their Web3 wallets to share their NFTs. (coindesk)

  • An art collector may have authorities after them after supposedly setting a true-to-life Frida Kahlo drawing during an NFT stunt. (theartnewspaper)

  • An upcoming Solana-based NFT game Star Atlas is now available as a demo on the Epic Games store. (decrypt)

  • Thermal Creature World sold for 10 ETH (@beast.eth)

  • Digital funding with a real-world focus is what WisdomTree has been working on. They are pushing for blockchain integration upon mainstream assets such as treasury bonds. (blockworks)

  • Former Solana derivative developer goes on to launch an NFT apparel brand. (decrypt)

  • The Hollywood animation studio ThreePointZero helps Kiviverse NFT trade at over 6000% with the announcement of their first cartoon. (MarketWatch)

  • Rank 1 of ABC by HGESOL sold for a record of 501.23 SOL. The wallet that purchased rank 1 turns out to be the largest holder of the collection. (@ABCsalesbot)

Warner Music Partners With OpenSea 🎶

Art. Domains. Access passes. The types of NFTs that are out there are endless. But, the music sector of NFTs, in particular, hasn’t really picked up significant movement or been shown any obvious attention. Until very recently.

Warner Music Group announced they are partnering with OpenSea to give artists, signed by the label, the ability to create and distribute music NFTs and experiences. This announcement will also open the door for limited-edition drops while also creating new channels to engage with fans. This isn’t the first time WMG is venturing into NFTs, but it’s definitely their most obvious venture. OpenSea is currently the #1 NFT marketplace and the amount of exposure that WMG artists will receive is unprecedented. The music industry hasn’t changed its channels of engagement and distribution for quite some time. Streaming services such as Spotify and Apple Music are creating somewhat of a monopoly over the entire music ecosystem and the NFT music route will hopefully give fans the ability to take part in the rise of their favorite artist. WAGMI.

XRP Fights Back Against SEC ⚖️

Ripple, a cryptocurrency that has been in and out of the limelight over the years, has been trending this week after dunking on the SEC in court. Ripple, commonly known as "XRP", has been in a legal spar with the SEC since 2020 after the SEC alleged that the XRP is not a digital asset but instead a type of financial security. Ripple sued the SEC on this basis last week. Ripple Labs’s general counsel Stuart Alderoty went live to ensure the public that Ripple will win this case since the digital asset does not fulfill any of the requirements established by the Howey Test.

What is the Howey Test?

"The Howey Test refers to the U.S. Supreme Court case for determining whether a transaction qualifies as an "investment contract," and therefore would be considered a security and subject to disclosure and registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934" - Investopedia.com 

Since XRP fundamentally lacks an investment contract, the SEC seems to have made a false accusation against the coin. We would love to hear your thoughts on the matter, will the SEC's accusations most likely fall flat? (email us back)

On Thursday, Judge Anna Torres overruled the SEC’s objection to sharing documents wherein the former Director declares that Ether is not a security. These documents have some very peculiar contents in them like preserving a record of the conversation that the SEC had with Bitcoin’s mythologized creator Satoshi Nakamoto. The case may very well end soon and in favor of XRP. Hats off to Ripple for fighting this lengthy and immensely expensive battle with cleanliness and precision.

Why are we writing about this?

Unlike Ethereum, SOL, Cardano, and others XRP is not a cryptocurrency in which NFTs are traded on the blockchain. However, the decision, in this case, sets a precedence for all cryptocurrencies and in turn could greatly effect all coins (which includes NFTs). In all, if XRP got struck down by the SEC as security the obvious decision would be to move onto the next coin.

For more info on this decisive decision read here.

Max Pain 💀

Sponsored Content: Monusverse is a partner of The Drop.

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