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Stephen Curry his insane $180k Bored Ape NFT purchase, explained – ClutchPoints

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In case you happened to scroll by the Twitter of Stephen Curry and noticed he has this funky looking ape as his display picture, well, here is the explanation for that. You probably know the Golden State Warriors superstar most for his splashy 3-pointers that make Chase Center explode to their feet or the road crowd of an opposing squad’s arena collectively groan. But this past summer, the 3-time NBA champ made an even bigger splash when he entered the crypto game and made a massive $180,000 NFT (non-fungible token) purchase to get into the Bored Ape Yacht Club (BAYC). That ape on his profile picture happens to be the “Bored Ape” that he bought to get into the exclusive club.
So what exactly is this Bored Ape Yacht Club that Stephen Curry and some other NBA stars such as Charlotte Hornets guard LaMelo Ball, Sacramento Kings guard Tyrese Haliburton, and New Orleans Pelicans wing Josh Hart got themselves into? Here is the official description from the club’s official website itself:
BAYC is a collection of 10,000 Bored Ape NFTs — unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.
The NFTs come as unique avatars of bored-looking apes, hence the name. The apes come in distinct forms, though, sometimes varying in expression, and coming in different appearances, wearing different types of clothing, sporting their own kinds of drip, and what-have-you.
Curry’s, in particular, is a blue-furred ape, with green Zombie eyes, a neutrally-bored expression, and sporting a suit. There are even mutant apes, like the ones that have beams coming out of their eyes, that have some out-of-this-world appearances.
Anyway, how did this craze even start to begin with? Well, it actually started with four friends who thought it was a great idea to create an exclusive space for bored rich people. The apes came about from the crypto jargon “aping in” which refers to those who buy cryptocurrency without any care for risks.
The elite perks that come with owning one of these funky looking apes are what probably got Curry and other NBA stars particularly hooked into the Bored Ape Yacht Club. Owners of this NFT are eligible to enter Yacht parties with stars such as Stephen Curry and other celebrities, gain access exclusive Discord server with fellow members, and more.
In fact, the Warriors superstar was once spotted hanging out in the BAYC Discord. How dope is that?
.@StephenCurry30 just casually chillin in the bored ape discord 🔥🦧📈 pic.twitter.com/sREO3RIq2N
— Storm🌪 (@CryptoStorm__) August 28, 2021

The Bored Ape Yacht Club has certainly taken the NFT space by storm. The NFT, which can be bought on OpenSea.io, has shot up in value and you would need to shell out an insane amount of money to get your virtual hands on one of them. One of the cheaper ones on the site could set you back over $120,000. One even sold for over $3.4 million due to its exceptionally rare gold fur trait.
#AuctionUpdate #BAYC #8817 sells for a RECORD $3,408,000 USD! This is the first time it has been made available since it was minted. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth #NativelyDigital pic.twitter.com/HfFTpEOIUh
— Sotheby's Metaverse (@Sothebysverse) October 26, 2021

So yeah, with those price tags, we probably won’t ever be able to afford one of these NFTs. We will just have to leave these Bored Apes to insanely rich guys like Stephen Curry who have a spare hundred grands or even millions lying around.

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Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

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Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
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FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

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Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
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