The mighty have fallen 😵‍💫

gm.

FTX appears to be bankrupt.

Ok…now that’s out of the way.

In today's edition:

• 🥳 Decentraland Metaverse Music Festival starts tonight at 12 pm (UTC)

• 😵‍💫 Binance backed out of FTX deal

• ⌚ Rolex files for crypto, NFT and metaverse trademarks

• ❌ Beeple denies ditching Ethereum for Solana

In other news: 

• OpenSea finally addresses NFT royalties, but creators are disappointed (NFT Lately)

• The Hundreds cancelled there OpenSea drop due to dispute about royalties (Decrypt)

• Bitcoin falls to two-year low as market reels from FTX fallout (Decrypt)

• Bored Apes founders propose new model for NFT creator royalties (CoinTelegraph)

• Bank of Russia suggest NFT & smart contract regulation (CoinDesk)

• Lionel Messi becomes ambassador and takes stake in SoRare (NFT Lately)

• Compliance firm TRM labs raises $70M as crypto crime ticks up (Decrypt)

• Ethereum roadmap includes new stage: The Scourge. But what does that mean for NFTs? (NFT Lately)

Some other stuff we dig:

• The top free mints in November (NFT Lately)

• Gym owners aim to bring NFT memberships to wellness clubs (Cointelegraph)

• Why do NFTs hold their value? (NFT Lately)

Trending collections:

• Otherdeed for Otherside [Floor Price - 1 ETH]

• ENS: Ethereum Name Service [Floor Price - 0.01 ETH]

• Pirate Nation - Founder's Pirates [Floor Price - 0.08 ETH]

Decentraland Metaverse Music Festival Starts Tonight! 

The second annual Metaverse Music Festival is ready to make history, hosting 15 stages with more than 150 artists across the next four days.

Here's what we know: 

• Decentraland Metaverse Music Festival starts today at 12 pm (UTC) until November 13.

• The lineup includes Ozzy Osbourne, Bjork, Dillon Francis, Gramatik and many more.

• The festival is free for to attend. No ticket or VR headset is required.

• We look forward to four days of metaverse fun while partying to iconic artists.

• Let's party!

We're pondering if Ozzy can devour a bat avatar style...  🤔

Binance Will 'Unlikely' Acquire FTX 

Binance is already considering backing out of its FTX deal after doing basic due diligence.

Here's what we know: 

• Binance signed a non-binding order to buy out FTX.com on Tuesday.

• Yesterday, the crypto powerhouse announced it's unlikely to go forward with the acquisition after looking at FTX's internal data.

• The acquisition deal sent the crypto market spiraling. Bitcoin is down by >12%, breaking the $17k mark for the first time since November 2020. 

• FTX's reliance on illiquid tokens also heavily raised concerns.

• SBF has just warned investors that they will go bankrupt if they can't get $4B in cash ASAP.

Rolex Files for Web3 Trademark

Rolex has filed a trademark application to partake in all things Web3. 

Here's what we know:

• Rolex filed a crypto, NFT and metaverse trademark application.

• The trademark claims for digital assets, NFTs, virtual goods auctions, cryptocurrency keys, marketing via the metaverse and more.

• More luxury brands are dipping their toes into the decentralized ecosystem.

• There's no better time. 😉

Beeple Denies Metaplex Deal Rumors

Turns out the fuss behind Beeple "ditching Ethereum for Solana" was complete and utter nonsense. Oh wells. 

Reminder: You have until the end of this month to earn hundreds of dollars in ETH.

Today's edition was written by Leah Alger and Ty Smith.

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