“Can’t Be Evil” NFT Licenses, New Crypto Investments, Inflation Heats Up in Euro Area + More News

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. 

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NFTs news

  • Venture capital powerhouse a16z crypto said they are releasing a set of free, public “Can’t Be Evil” Licenses, designed specifically for NFTs. It codifies the rights of NFT creators, buyers, and sellers so that every party has a common understanding of the rights associated with NFT ownership. “Whereas currently many NFT holders have to trust creators and previous owners to make “not-evil” decisions regarding their NFTs, projects using “Can’t Be Evil” licenses can make NFT ecosystems more trustless, providing holders with a minimum baseline of standard real-world rights, thereby harmonizing real-world ownership with on-chain ownership,” they added.
  • Seaport, a Web3 marketplace protocol introduced by major NFT marketplace OpenSea, now supports Polygon (MATIC), which comes with a set of new features. “In the coming months, we will be adding support for Klaytn and other [Ethereum virtual machine]-compatible chains as well,” OpenSea said.
  • The NFT-powered protocol Koop is launching on Thursday with the aim of turning consumers into creators, backed with USD 5m from investors including 1confirmation, Variant Fund, and Balaji Srinivasan, Fortune reported. Koop says it “enables NFT communities, creators, and brands to engage their holders and grow their cultural resonance.”

Investments news

  • Seven Seven Six, a venture capital firm led by Reddit co-founder Alexis Ohanian, is planning to raise USD 177.6m for a new crypto-focused investment fund, The Information reported. The new fund will reportedly be named Kryptós, and will become the firm’s first fund focused exclusively on crypto.
  • A group of former executives at Galaxy Digital and Genesis Trading, two crypto-focused financial services firms, are raising USD 500m for a new crypto fund, according to a filing with the US Securities and Exchange Commission (SEC). Among those named in the filing was Galaxy Digital’s co-head of investments Michael Jordan, Genesis’ head of derivatives Joshua Lim, and Genesis’s previous vice president Roshun Patel.
  • The NFT collective PROOF said it has raised USD 50m in a Series A funding round led by venture capital giant Andreessen Horowitz (a16z), with participation from the old PROOF investor Seven Seven Six, as well as True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.

Economics news

  • Per Eurostat data, euro area annual inflation is expected to be 9.1% in August 2022, up from 8.9% in July and slightly above the consensus forecast, hitting its new record and increasing pressure on the European Central Bank to raise rates more. 

Legal news

  • A London court has rejected Christopher Hamilton’s bid to hold off extradition to the US, where he faces money laundering and fraud charges stemming from the global USD 4bn OneCoin crypto scam, Law360 reported.