Web 3.0 Woundup – 26/02/23

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This week’s Web 3.0 woundup sees Friendsies deny doing the dirty, the NFT of a seminal sci-fi work head to Sotheby’s, and Dapper Labs get courtside seats in its NBA Top Shots class action lawsuit.

It begins.

Snow Crash Novel Heads to Sotheby’s as NFT

Fine art broker Sotheby’s this week disclosed an upcoming auction of a manuscript of the 1991 novel Snow Crash, the first book to mention the metaverse, including an NFT version. The auction will also feature items linked to the popular fiction novel such as a tachi sword owned by Hiro, a protagonist in Neal Stephenson’s novel.

According to Sotheby’s, the auction will coincide with the launch of the Infocalypse NFT collection that features generative art NFTs linked to the Snow Crash novel.

Friendsies Creators Deny Rug Pull

The creators of the Friendsies NFT project this week refuted claims that they duped investors and collectors after the project said that it’ll be temporarily halting its development roadmap. The creators also deactivated the project’s Twitter account, increasing suspicion of a possible exit scam, considering the project had raised over $5 million last year.

Although the project has restored the Twitter account, some in its community are suggesting making it a community-owned project.

NBA Top Shot Case Heads to Court

A New York judge this week allowed a class action lawsuit against Dapper Labs over its NBA Top Shot NFT series to proceed to court after he rejected the creator’s attempt to dismiss the case. The plaintiff, Jeeun Friel, claims that Dapper Labs violated securities laws by offering NBA Top Shot Moments to customers without first registering with the Securities and Exchange Commission (SEC), and as such it constituted an unregistered sale of securities. 

The case could have ramifications for all NFT projects and will have the SEC licking its lips at the potential of having a court case to back up its prosecution efforts in the future.