The Chainsmokers’ NFT Approach

Happy Friday! Did you know the origins of Friday the 13th date back to Norse mythology? Friday the 13th doesn’t always have to be scary, check out our weekend reads!

Today's Topics:

• Award-Winning Pop Duo Dives into NFTs

• South Korea Crypto Framework Leaked

• Long-Form Breakdown: How To Create an NFT Marketplace

• Weekend Reads

Award-Winning Pop Duo Dives into NFTs

The Chainsmokers have announced that they will be releasing their next album, So Far So Good, with a blockchain twist. Alongside the album release will be a chance to mint a 1 of 5000 NFT that gives partial rights to the album; With partial rights on the album comes partial profits as well.

The pop duo has partnered up with Royal, a platform that connects musical artists with their fans through the power of NFTs. The platform calls its NFTs Royal Tokens, which are tied to certain songs or albums and show proof of ownership. While Royal has partnered with other artists before, this is the first time an album token will be released on the platform, 100% free.

About the Launch

The launch will take place on Royal’s platform Tuesday, May 17th. There are two drop times: 4,000 tokens to be released at 6:00 P.M. for the VIP list and the last 1,000 tokens will be for the public. Each token will amount to .0002% ownership over each song on the album - Trust us, that percentage is bigger than it appears considering their streaming numbers.

If you are lucky enough to get a free token, Royal has stated they will cover any fees associated and airdrop straight to your wallet. You will receive .0002% of the master streaming royalty rights in all 13 tracks on the album. More perks include a collector-only discord server and giveaways.

These Grammy-winning DJs are not strangers to the blockchain. In 2019, the duo announced that they were co-founding Mantis VC, a fund that invests in blockchain projects. Considering they were crowned as the highest-paid DJs that year, raking in over $46M before taxes, they have plenty of capital to spread around to promising projects.

The duo shows their love for the blockchain stating, “It was important for us to do it this way because this isn’t about profiting off some new tech for us, it’s about connecting more deeply with you and harnessing a new disruptive technology in an effective way that truly shows what is possible as we head towards a Web3 world.”

Try your luck at the drop on Royal here.

South Korea Crypto Framework Leaked

South Korean President Yoon Seok-yeol has been a known crypto supporter since before being elected earlier this year. It has been leaked that the administration has a plan to enact the Digital Assets Basic Act (DABA) in 2023 and implement it by 2024. DABA will incorporate cryptocurrencies into the institutional system, with the Bank of Korea Act set to introduce a central bank digital currency.

Nationwide adoption in South Korea should prove to be a big win for cryptocurrency. Not only are they targeting coins and tokens, but they will also look to institutionalize NFTs and roll out a regulatory program for ICOs. The previous administration banned ICOs in South Korea due to the number of scams and rug pulls without regulation in the space.

Earlier this month, President Yoon announced a plan to defer taxation on cryptocurrency gains until DABA has been implemented in 2024. Now, this is something we can get behind!

Long-Form: How To Create an NFT Marketplace

So you want to get involved in the NFT space? Whether you want to focus on the business aspect of the blockchain or you just aren’t very artistic, we found an interesting read for you to check out this weekend on what it takes to create an NFT marketplace!

Coin Rivet breaks down everything from what an NFT is, what you can do with an NFT, and the steps to launch your very own marketplace. The article explains the technical side as well as the business side and provides a straightforward approach to a complex topic.

Check the article out here and let us know when you launch the next OpenSea.

Weekend Reads:

Long Form:

Cautionary Tales from Cryptoland - Great HBS read on the issues that come with moving fast and growing in Web3. It is good to look at opposing viewpoints in crypto and not always drink the Kool-Aid.

Quick Hits:

If you are not sick of Terraform news - In short. The blockchain is halted again. Luna token = Zero. Do Kwon says more stuff. No one believes him.

Marky Z shows off Meta's next VR Headset - A blend of AR and VR. Check out the videos.

Sam Bankman-Fried snapped up 7.6% of Robinhood - He feels it is undervalued. This is one to watch since Robinhood has been leaning hard into crypto.

Former crypto dude at Meta David Marcus launching Bitcoin payments company - Lightspark is the name. Sounds like The Transformers. More than meets the eye?

Major League Baseball Partners with Creator of NFT Fantasy Game Sorare has already successfully implemented an NFT soccer fantasy game.

YouTube:

Watch this video of Bankless running through the Luna collapse

Funding News:

Solidus Labs, Crypto Risk Monitoring Firm, Raises $45M Cybersecurity firm creating machine learning security for the crypto space.

6th Man Ventures Secures $145M For Crypto Fund Firm looking to invest into early-stage projects.

Crime and Hacks:

CEO of EminiFX Charge with Fraud for Role in $59M Crypto Pyramid Scheme CEO promised 5% weekly returns but spent $15M of investor’s money on personal expenses.

DoJ Arrests Crypto Trader Running $5M Ponzi Scheme Defrauded over 170 people for $5.37M.

Have a great weekend! Check back on Monday for the weekend recap.

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