# NFT insider trading ⚖️ *Author: William M. Peaster* *Published: Jun 3, 2022* *Source: https://www.bankless.com/de/nft-insider-trading-* --- Dear Bankless Nation, This week, former OpenSea head of product Nate Chastain was [arrested and indicted](https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme) in New York on one count of money laundering and one count of wire fraud in connection to his insider trading activities at OpenSea last year. Some thought the charges showed America’s regulatory floodgates were opening. Many others wondered what this meant for some NFTs’ potential status as securities. However, the case against Chastain seems pretty singular, since it’s based upon his *defraudment of OpenSea*, his employer, via front page listings he helped determine while at OpenSea. > [](https://twitter.com/SHL0MS/status/1532065627971543041) Additionally, NFTs don’t have to be securities for the U.S. regulators to crack down on manipulative and fraudulent practices in the space, as many web3 lawyers have noted by now. > [](https://twitter.com/collins_belton/status/1532046610783412224) We’ll have to wait and see how [Chastain’s defense goes](https://twitter.com/betterlawMLA/status/1532370904524591104), and I’ll keep you updated in *Metaversal* along the way. In the meantime, thanks for reading as always, and I hope you have a great weekend. -WMP --- # 🛒 NFT News & Platforms - **Zora **published the [Zora API](https://twitter.com/ourZORA/status/1532071848090882053?t=9Mg82uld8xayU4kw6GkLIw&s=09), which can be used to retrieve all sorts of useful data related to ERC721 NFTs. - **Gem **rolled out a [Smart Collection Search feature](https://twitter.com/gemxyz/status/1532398494287282176?s=20&t=TCcYe7o2dsoSlXVlVjuoPw). - **GoDaddy **published a primer on ENS domains for its corporate clients: > [](https://twitter.com/enswire/status/1532226898113138688) - **Hyype** added support [for ENS domains](https://twitter.com/hyypeHQ/status/1532434082965073920). - **Lens Protocol**, the web3 social media project, [allowlisted Pooly NFT holders](https://twitter.com/LensProtocol/status/1532427357058961408?s=20&t=z6ZMlD68mcpB68fddbCC0g).**** - **Warner Bros.** is tapping its [Looney Tunes IP](https://www.hollywoodreporter.com/business/digital/looney-tunes-nft-tweety-warner-bros-1235156577/) for a new series of NFT projects. ## 🏆 Digital Collectibles - **goblintown.wtf **has [burst onto the NFT scene](https://bankless.ghost.io/welcome-to-goblin-town-?s=w) in rather absurd, but spectacular, fashion. - **Nouns DAO **sold [Noun #287 to Lil Nouns DAO](https://lilnouns.wtf/vote/4) in a notable DAO-to-DAO deal. - **Crypto Coven **opened up summonings for its [Coven Cats](https://twitter.com/crypto_coven/status/1532186112575385600?t=A8lGl-D-mRZq_B8XlxbIug&s=09) expansion collection. - **Avastars** are [going 3D](https://twitter.com/AvaStarsNFT/status/1532089728903921664). - **Animon** rugged collectors to the tune of ~$6.3M, per [a new ZachXBT investigation](https://twitter.com/zachxbt/status/1532390797479403521). - **Rollbit**, an NFT-based casino, purchased 12 Bored Apes for distributing as jackpot prizes: > [](https://twitter.com/CirrusNFT/status/1531883648961478656) ## 🎨 Art - **Jim Carrey**, via MoonPay, purchased *[The Wild Within - ‘Devotion’](https://superrare.com/artwork-v2/the-wild-within---%E2%80%98devotion%E2%80%99--30610)* on SuperRare: > [](https://twitter.com/JimCarrey/status/1532108252015497216) - **Justin Maller **is releasing his new [FACETS series](https://twitter.com/justinmaller/status/1532058892250730496) on June 15th. - **SuperRare **announced its [Space Race 3 winners](https://twitter.com/SuperRare/status/1532039374203785222). ## 🎮 NFT Gaming - **Midnight Society**, the video game studio founded by streamer extraordinaire Dr. Disrespect, announced a [collaboration with Polygon Studios](https://twitter.com/polygonstudios/status/1531701433233465345); the partners will work together to develop a trading platform for in-game items. - **Method**, one of the world’s most renowned esports organizations, has started an [NFT gaming guild](https://twitter.com/Jihoz_Axie/status/1532035880084701184). - **Axie Infinity** launched public testing for its new [Lunacian Codes](https://twitter.com/AxieInfinity/status/1532368771394174976) referral feature. ## 💽 Music - **Beat Foundry** kicked off a public mint of Daniel Allan’s *The Collages* beat series: > [](https://twitter.com/BeatFoundryNFTs/status/1531697018468306944) - **Coopahtroopa.eth** published [This Week in Music NFTs - May 30th](https://thisweekinmusicnfts.substack.com/p/this-week-in-music-nfts-may-30?s=r). ## 🌐 Virtual Worlds - **Decentraland **community members approved adding [OnChainChains](https://twitter.com/OnChainChain) to Decentraland’s [Wearables Registry system](https://twitter.com/FrankyNeedles/status/1532341600961146885?s=20&t=RRpw8VG4OaNOozFo1JZ6vA). - **The Sandbox **distributed [5M mSAND tokens](https://twitter.com/TheSandboxGame/status/1531988721398079492) to LAND holders. ## 💎 DeFi x NFTs - **Sudoswap **open-sourced its [NFT AMM smart contract code](https://twitter.com/sudoswap/status/1531313975295545344?t=IlIDoIXQQ8BTuDIkDvrJAw&s=09). - **JPEG’d** unveiled [The Citadel](https://medium.com/@jpegd/introducing-the-citadel-57a17965434d) system. --- ### **Action steps** - 📺 Watch **[Decentralized Society | Interview with Glen Weyl, Puja Ohlhaver, and Leon Erichsen](https://bankless.ghost.io/16-decentralized-society-glen-weyl?s=w) **on *Green Pill* - 📺 Watch **[Interview with CoinFund founder Jake Brukhman](https://jpegs.banklesshq.com/p/-34-the-next-big-market-trend-w-coinfund?s=w) **on *Overpriced JPEGs* - 🧐 Read my other latest write-ups **[EVM metaverse landscape](https://bankless.ghost.io/evm-metaverse-landscape-?s=w)** and **[How to earn more Uniswap trading fees](https://bankless.ghost.io/uniswap-arrakis-trading-fees/)** if you missed them - 🧐 Check out the mintable **[Global Tax Guide](https://twitter.com/TaxDroid/status/1532036819189129218?s=20&t=PxQOOtDzPV2UqYlxUnTiyA)** created by BanklessDAO