🐳 Daily Edition: Robinhood Chain Revives NFTs

Before we break down what’s going on with NFTs, here’s a quick update on the CLARITY Act…

The Senate was not able to pass the CLARITY Act before the August recess. However, they will be able to test the waters on September 15th when they hold a cloture vote. If that passes, they could try and advance the Act. The timing will be tight, and they will only have a few weeks to resolve the remaining conflicts before Senate attention fully shifts to the midterms.

It’s commonly believed the Act will end up getting pushed to next year, as several parts of the legislation are still hotly disputed, mainly ethics and conflicts of interest, stablecoin yield, and anti-money laundering provisions.

NFTs have been dead since last summer. Their demise was due to a variety of factors including NFT loans getting liquidated, ETH trending downwards and big projects postponing their airdrops. Even with the little crypto volume that has existed during the bear, NFTs have received the least attention out of any category.

With the speculation around Robinhood Chain, the NFT market has been shaken up. Numerous projects have recently minted out on RH, bringing back a sense of euphoria for the JPEG collectors still alive.

The highest floor price collection on RH Chain right now is Stonk Brokers, which is sitting just under 10 ETH. The appeal of Stonk Brokers is that it introduced a novel concept to holding NFTs: tokenized stock airdrops. Every Stonk Broker gets periodic airdrops of tokenized stock, which are bought using fees from the collection and its ecosystem coin, $STONKBROKER. When you sell the NFT, the stocks go with it.

To contextualize Stonk Brokers’ success, it quickly surpassed Bored Apes in floor price. $STONKBROKER is currently sitting at a $39 million market cap.

Other notable collections on RH Chain include Cash Cats, Spritehood Wisps and Chain Mancers.

Long financial nihilism.

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• ‘At a standstill:’ Senate races to salvage Clarity Act before August recess as ethics fight, law enforcement concerns loom

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AI

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Crime

• Chinese crypto investor Harry Chun Tak Yeh found dead after falling from thirty storey building in Paraguay

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