The Bulletin Bored: Regulations, Live AIPs, and ApeClub

Contributions to this week's newsletter made by @maariabajwa

Welcome back to the latest edition of The Bulletin Bored. Please excuse my somber mood this week. I’ve had a lot on my mind lately. One of these things has been the Commodity Futures Trading Commission’s (CFTC) decision to charge Ooki DAO “for illegally offering leveraged and margined retail commodity transactions in digital assets; engaging in activities only registered futures commission merchants (FCM) can perform; and failing to adopt a customer identification program as part of a Bank Secrecy Act compliance program, as required of FCMs.” Punk 6529 shared a great thread, which includes a link to the press release, here.

It’s a stark reminder of some of the legal implications many DAOs are at risk of encountering. This, as well as U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent comments saying “staked cryptocurrencies may be subject to federal securities regulations” has caused a lot of people to self-reflect on actions taken and terminology used.

It’s important to ensure we are doing everything legally and by-the-book. Regulations are coming. It’s not a matter of if, but when.

• Jenkins the Valet’s Bored & Dangerous book is launching on September 27th

• The Metaprints Monkeying Around Experience is launching on September 30th. For more details, check out the article below

AIP-88

This proposal aims to utilize the NiftyKit App to help creators and brands get their projects off the ground. From formatting images and setting metadata to setting up token-gated access, NiftyKit simplifies the NFT creation process and “allows it to be done in minutes.” It also includes a way for people to adopt Apecoin and incorporate it into their projects. The team is asking for 25,500 Apecoin (8,500 x 3 months) with an estimation to go live within three months. The current voting results can be seen below.

AIP-91

This proposal involves creating a platform that “facilitates the connection of talent/needs between the Ape community.” Are you looking for a software developer to help you create a website or app? Or do you want physical merch made with your ape on it? This platform would help you find people within the community who posses these skills in a much more efficient and safer manner. The platform would be token-gated and include features such as profiles, search functions, and reviews. The project is estimated to be ready in 3-4 months and the team is asking for 23,000 Apecoin, which will only be delivered once the final version of the platform is complete. The current voting results can be seen below.

AIP-96

This proposal involves funding public goods, including ETHGlobal and Gitcoin sessions. It includes $200,000 to fund hackathons and grant programs to “encourage developers to build for this community” and push this space forward. The current voting results can be seen below.

ApeClub is another social network platform similar to AIP-91 mentioned above. Maybe we see a collaboration of some kind between the two projects down the road.

The goals of ApeClub include helping members meet fellow apes in their area, easily organize and attend Ape events, and collaborate on projects. Their platform is already live and includes the following:

• a map with the location of community members

• list of events organized by community members

• a directory of projects set up by community members

• notification systems and custom bots on Telegram and Discord

• several registration options, fully secure, without the need to connect wallets (but, with holder verification)

• Helpdesk with dedicated community managers who are available to users 24 hours a day

The team includes 11 people, led by co-founders VoyTech.eth and Wizav.eth. They are asking for $1,125,000 ($125,000 x 9 months). Below is a roadmap and timeline of what they plan on building during those 9 months.

1. Access for MAYC, BAKC, Otherdeed and ApeCoin holders - 1 month

2. Enabling support for all Ape clubs and associations - 1 month

3. In app activity feed - 1 month

4. Mobile app - 2 months

5. Chat functionality - 2 months

6. Member directory - 1 month

7. Authorization for mints and other web3 apps with your ApeClub account - 2 months

You can check out the full proposal idea here.

I’m still working on setting this feature up. I hope to have something ready for you next week.

Crypto Weekly by Maaria

ApeCoin DAO Board Member Maaria continues to keep the community informed on what is happening across the Web3 community. Below are some of the updates from her most recent issue. You can subscribe to the full version here.

• The CFTC filed a lawsuit against a DAO for its involvement with the bZeroX protocol. The SEC had settled charges with the founders of the protocol for “illegally offering leveraged and margined retail commodity transactions in digital assets,” as well as failing to KYC it’s customers. The CFTC alleges that the DAO violated the same laws. A dissenting CFTC commissioner called the action “blatant regulation by enforcement” and said it fails to “rely on the legal authority” of the Commission’s mandate.

• Disney is looking to hire a transaction lawyer to focus on NFT and blockchain projects. The job posting comes just two weeks after Disney CEO Bob Chapek announced that the company is exploring opportunities in the metaverse. Transaction lawyers typically review M&A deals and other complex business dealings.

• OpenSea is launching a new UX for minting and selling NFTs directly on its platform. It is also releasing SeaDrop, an open source contract for NFTs.

• Chiru Labs, creator of popular NFT collection Azuki, is raising a $30 million Series A at a valuation between $300 million and $400 million.

• Autograph, the NFT platform co-founded by Tom Brady, is launching golf digital collectibles in partnership with the PGA Tour. The platform is expected to go live in 2023 and will sell NFTs of notable moments in golf history.

• OpenSea is adding support for Layer 2 chain Arbitrum. The platform currently supports the Ethereum, Solana, Polygon, and Klaytn networks.

• Immortal Games raised a $12 million Series A from TCG Crypto. The startup wants to turn chess into a web3 game with NFTs, play-to-earn rewards, and quests.

• According to a new Chainalysis report, crypto adoption in Central and South Asia is being driven by NFTs. Roughly 58% of the region’s crypto-related web traffic in Q2 was NFT related. 21% of traffic went to play to earn blockchain games.

Thanks for reading this week’s edition! As mentioned above, a lot of great ideas are being proposed on the Discourse forum nearly every day. If you have one of your own and are unsure where to begin, please reach out to me so I can help you get started.

Disclaimer: As part of Apecoin DAO AIP-66, my grant agreement includes the Ape Foundation sending me 400 Apecoin per month for delivery of this newsletter. Nothing said by me in this newsletter or on Twitter should be construed as financial or legal advice. All opinions in this newsletter are my own and not representative of the Ape Foundation or Apecoin DAO in any way. The purpose of this newsletter is to inform the community about news, proposals and what is happening inside the Apecoin DAO and BAYC ecosystem, not a promotion of Apecoin or anything else in any way. By subscribing to this publication you give consent to use your email to send you issues of its newsletters and podcasts. You can view my Privacy Policy here.