⚓️ the chastain charges
gm. if everyone liked the same things, the world would be a boring place…NFTs even more so.
let people like what they want…even if it the 45th derivative of Bored Apes we’ve seen.
I wish I could stop talking about Goblin Town…I really do. however, they have the ability to linger like a fart in a small room (I think their community would take this as a compliment).
this morning, their floor prices rocketed up again to 7 ETH (it got real close to 8 ETH too). considering it was a free mint there are no limits to the cope and regret floating around on Twitter now.
if you fall into this category, know you are not alone. I never owned a Goblin, but I did sell a ‘mfer’ from Satoshi way too early.
mfers and goblins are interesting (parallel) case studies. they are similar in that their pumps came out of left field with “ugly” art. however, when you peel back the layers of the onion, you’ll see what’s really at the center of both projects.
essentially, both projects weaponized the power of internet trolls and shitposters. Satoshi (fwiw) is easily one of the funniest people in the space, but he also understands what NFTs mean more than most. it’s sometimes not about the art, it’s not about the utility, it’s not about the roadmap…it’s about the experience.
goblins and mfers both capitalize on the mutual experience we share…of being stuck on the internet with other degens and (let’s just say it) weirdos. their NFTs encapsulate the absurdity of our reality, and because of that, they are able to build really strong communities really quickly.
fade them at your own risk.
the SEC sent a cold chill up every influencer’s spine this AM by charging former-OpenSea employee, Nate Chastain, with wire fraud and money laundering.
for those who forgot, Nate was the community manager for OS (and honestly, a damn good one) up until the summer of last year. that was until he was exposed and unceremoniously let go.
essentially, he was using his insider knowledge of what would be on the OpenSea homepage to flip NFTs for a profit. in total, he banked 20 ETH - money he probably could have earned by simply holding his OpenSea shares over the past year.
instead he’s now facing criminal charges, but oddly not for the clear insider trading that went down.
regardless, NFTs have so far been the wild west. insider trading isn’t even all that “inside” anymore and a lot of “alpha” has just turned out to be leaked info. remember all the front-running that went down for Meebits before the Larva Labs sale to Yuga?
the Chastain charges (as I’m calling them) show that time might be running out for the unethical here. we are on the SEC’s radar and with rugpullers being charged too, I’d imagine a lot gets “cleaned up” over the next few years.
however, that probably just means the NFT “suits” will still get richer while not getting charged. the only ones who will get popped will be high profile people like Nate who need to be “made an example of”. entities like Yuga will likely get off scot-free.
Solana is down again.
remember when Kanye said he didn’t like NFTs and wanted to put out “real world” products? well, well, well, look what we have here…on wednesday he filed trademarks for his Yeezus brand. while this doesn’t mean there is a Kanye mint anywhere on the horizon, it does show that he might be coming around to NFTs. I’m shocked he wasn’t excited immediately. regardless of what you think, he’s usually open to new innovations at the forefront of pop culture.