Welcome to the latest issue of the Cointelegraph Nifty newsletter. Read on for the latest stories on non-fungible tokens. Every Wednesday, the Nifty newsletter informs and inspires you to dig deeper on the latest NFT trends and insights.
In this week’s newsletter, the U.S. Securities and Exchange Commission (SEC) filed its first unregistered securities sale claim against a non-fungible token (NFT) offering.OpenSea Manager Accused of Insider Trading Sentenced to Three Months in Jail and $50,000 Fine, Trump NFT Price Soars After Photos of Former US President Go viral.
SEC Charges Podcast With First Unregistered Securities Sale Claim For NFT Offering
The U.S. Securities and Exchange Commission (SEC) charged a media and entertainment company with an unregistered securities sale when it sold NFTs to investors between October and December 2021.
Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, is said to have raised nearly $30 million through the sale of an NFT called Founder’s Keys, which comes in three tiers.
OpenSea manager jailed for 3 months and fined $50,000 for insider trading
A federal judge has sentenced former OpenSea product manager Nathaniel Chastain to three months in prison for wire fraud and money laundering charges related to insider trading on the platform.
The US Department of Justice issued an announcement on August 22 stating that US Attorney Damian Williams (Damian Williams) stated that Chastain was sentenced to three months in prison, three months of home confinement and three years of supervised release, and was ordered to Pay a $50,000 fine and forfeit ether (ETH) illegally obtained in NFT transactions. Chastain will be required to surrender on Nov. 2, and Chastain’s lawyers plan to appeal the decision and request bail, the Inner City News reported.
NFT marketplace Rarible rises after promising royalties
NFT marketplace Rarible saw a spike in trading volume in the 24 hours after it issued a public statement in support of maintaining royalties for NFT creators.
Meanwhile, rival NFT marketplaces like OpenSea have removed support for royalties and royalty enforcement, prompting other NFT projects to start removing support for OpenSea as well. Data from analytics platform DappRadar shows that 24-hour fiat trading volume on Rarible has grown by nearly 585%, reaching more than $45,000 on Aug. 23.
NFT Prices Soar After Photos of Donald Trump’s Georgia Criminal Case Leaked
The price of an NFT featuring Donald Trump surged after news outlets released photos of part of the former US president’s criminal case in Georgia for allegedly trying to subvert the will of voters in the 2020 election.
According to NFT marketplace OpenSea, the base price for Trump’s collection of digital trading cards, first released in December 2022, rose from 0.138 ether to 0.224 ether on Aug. 24, shortly after the ex-president’s photo became public. An increase of more than 62%. The photo, showing Trump angrily looking at the camera as he turned himself in at the Fulton County Sheriff’s Office, has gone viral and became the first photo of a sitting or former U.S. president facing criminal charges.
Ordinals still account for the majority of Bitcoin transactions despite plunging prices
Despite the cryptocurrency’s recent price drop and signs that the hype surrounding Bitcoin NFTs has died down, ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week.
On Aug. 21, Ordinals developer “Leonidas” noted that 530,788 transactions had occurred on the Bitcoin network in the past 24 hours, of which 450,785 were Ordinals-related transactions.
Thanks for reading this week’s roundup of the most notable developments in the NFT space. Check back next Wednesday for more reports and insights on this actively developing field.