OpenSea's War On Artists

Parallel Is Making Big Moves

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Here is the breakdown of today's newsletter:

😡 OpenSea Royalty Update
🎮 Parallel Web3 Gaming

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  • After a two-year wait, Coinbase has finally been approved for BTC and ETH futures - crypto derivative trading. (@coinbase)

  • A group of BAYC investors is suing Sotheby’s and 40 other defendants (including Just Beiber, Madonna, and other celebs) for allegedly misleading investors into promoting BAYC.

  • CBS Studios has received a patent for using the Star Trek name in crypto and NFTs. The application was submitted in April and approved in August. The trademark permits the use of digital crypto collectibles and NFT-authenticated video clips. (CT)

  • LooksRare Season 3 went live, check it out here.

  • McDonalds is launching a small collection of soulbound Grimace NFTs on Polygon, claimable only in Singapore. (DC)

  • ArtBlocks just announced the compelling upcoming Hearts+Craft collection. (@ArtOnBlockchain)

  • PayPal pauses crypto purchases in the UK for the remainder of the year. (CD)

  • Artist SlimeSunday shares plan to allow the burning of any NFT to claim their latest artwork. (@slimesunday)

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OpenSea Creator Royalties Update 😡

What seems like the never-ending royalty debate has come to another conclusion. OpenSea announced yesterday that in August royalties will be fully optional for secondary sales (essentially killing them). See the full statement below:

If you were wondering, OpenSea’s 2.5% fee is not going anywhere because how else would they make money? Many in the community are arguing this will be the “death” of OpenSea. Why would artists who make a living off of royalties choose to sell their digital work on OpenSea?

Parallel Making Big Web3 Gaming Moves

Remember Parallel? If you don’t we will fill you in (this is worth knowing)

Parallel is one of the first NFT collections that had a massive following at the start of the web3 craze back in 2021. Parallel has a star-studded team with backgrounds in Activision/Blizzard and other state-of-the-art gaming studios. Parallel initially started as NFT trading cards that would someday turn into a full gaming ecosystem. With over $150 million in trading volume, a recent mint in July brought in $1.3 million, and their $PRIME token the day of Parallel’s gaming universe is getting close.

If you want to learn how the game works check out this excellent thread below:

💧 The Drop
Countless people on twitter are saying a specifically very important thing about Parallel: It is actually fun to play.

Although this sounds like a no-brainer I think we can all agree that web3 gaming has struggled in the “actually fun to play category” and many find themselves only tied to strictly earning.

If you are looking to see what the different seasons of DeGods looks like this is the thread for you!

No question about it, we did not end the week on a high note in the crypto market. Was it because of Elon selling $373 million in BTC?!

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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.