Fire Into NFTs? & The SEC Doing Its Thing

What The Heck Is Going On?

• Damien Hirst burning his own art? 🔥

• The SEC + Bored Ape Creator, Yuga Labs 😬

• What The Meme?

Hirst burned 1000 artworks yesterday 🔥🎨

Mr. Damien, what are you thinking? Have you gone mad?

Well, no. Hirst burnt 1000 of his artworks yesterday, sure. BUT there's a reason.

He created 10,000 pieces of artwork and buyers could choose to get an NFT or artwork.

Hmm, what would you choose? 5,149 buyers opted for the original artworks while 4,851 chose the NFTs.

So there are still many paintings to burn.

Hirst is saying "A lot of people think I'm burning millions of dollars of art but I'm not. I'm completing the transformation of these physical artworks into NFTs by burning the physical versions."

Our take... we think this symbolizes what blockchain tech is capable of. Hirst literally burns his artwork, but burn really means "to get rid of".

Art moves culture, and culture moves art. This is essential experimentation of tech.

The SEC and Yuga Labs 🐵

A couple of monkeys, going head to head.

... just kidding. 🙈

The SEC is basically probing Yuga Labs about whether their NFTs should be classified as something closer to stocks and should therefore follow the same rules.

And Yuga Labs is saying they understand the SEC doesn't understand Web3 yet and officially stated that they are committed to cooperating with any inquiries along the way.

No drama, sorry.

The issue, gov't organizations move slow. 🐌

They haven't even sorted through all of Facebook's nuances.

Good luck in Web3 guys and gals! Web3 innovation will continue to grow.

What The Meme?

That's all folks!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.