NFT Market Update 12th December 2022

Sartoshi, founder of ‘mfers’, is back from their short-lived Twitter exile after abandoning the community in June 2022. The creator formally known as Sartoshi will reappear on new year’s day as @sartoshi_rip.”

Yuga Labs is facing a lawsuit after Moonpay and Guy Oseary allegedly worked with the company to covertly pay celebrities to boost the popularity of Bored Ape Yacht Club.

Twitter CEO Elon Musk has pledged to increase the platform’s character limit. This time the proposed increase is from 280 to 4000 — over 14 times the current cutoff.

Veefriends founder, Gary Vaynerchuck wrote in a blog post that there are three major issues holding back the NFT market — oversupply, short-term greed and poor operators. Vaynerchuck argued that there’s unlikely to be another market boom like that of 2021, particularly as he doesn’t see the “macroeconomic landscape” turning bullish anytime soon.

Solana News

Y00ts founder, Frank, pressured derivative mint qy00ts with a cease and desist resulting in the collection halting its upcoming drop. According to Frank the drop would have likely sold out resulting in the qy00ts founder now missing out on $140k primary sale.

American toy retailer Toys “R” Us has so far failed to mint out its project. The 10k collection is under 70% minted with one day remaining until the mint closes.

Controversial Solana news platform, Degenerate News, is expected to launch its mint today. The roadmap includes starting a web3 news network focused on content creation in both written and video formats.