September 11-15: This week in NFTs, recapped in one letter

Gm,

Never a dull week in web3, as people are having fun even during the bear market. The past few days were all about Friend Tech, a social dApp which runs on Base L2. It was almost declared dead earlier this month, but now it’s suddenly making a massive comeback. The concept is pretty curious: every user is essentially a social token which you can buy (those shares are called ‘keys’). These keys grant you access to a private chatroom with that user. Naturally, people popular on Crypto Twitter are making a bank now—because the more keys an account sells, the more expensive their keys get.

As usual, only time will tell if this model is sustainable enough. DYOR.

Further, we had the SEC go after another NFT project—this time it’s Stoner Cats, a 2021 project that involved celebrities, namely Mila Kunis and Ashton Kutcher. This doesn’t mean, however, that all NFTs are securities. Stoner Cats, whose roadmap largely revolved around an animated series, emphasized that “the more successful the show, the more successful your NFT will be” — which of course didn’t go well with the SEC, as whenever expectations of profits are implied, it is basically a securities sale.

Finally, we got the long-awaited Nakamigos announcement… They’re dropping another 20,000 PFPs.

NFT projects keeping it simple:

“Flat. Muted. Luxury.” is a gift that keeps on giving (note: the mint price for holders has been changed to free since this was tweeted, which made it pump after the initial crash)

• Yuga Labs launches "The Bodega," a directory for all Made By Ape Licenses
  

• Machi Big Brother’s ambitious ApeCoinDAO proposal is live
  

• Mocaverse $RARI Rewards program is going live on Monday
  

• Remilia (Milady) dev steals $1m, tries to seize the code base — floor price for both projects plunges

Like life, web3 is a journey.