Disney Releasing NFTs 🤯

GM. This is Degen Scoop. It’s Wednesday, here are the stories of the day:

• Disney Releasing NFTs 🤯

• Reddit Moons Revived 🪦

• SEC Claims They’ve Done Good 🦸🏻‍♂️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Disney Collaborating With Dapper Labs to Release NFTs on Flow

Walt Disney is teaming up with Dapper Labs, the creator of NBA Top Shot, to launch Disney Pinnacle, a digital pin platform for branded NFTs on the Flow blockchain. The choice to use a permissioned blockchain is interest, but I would imagine Disney would like to retain a degree of control.

The initiative aims to create a socially driven collectible experience, bringing the tradition of pin collecting into the digital age. Disney Pinnacle will feature characters spanning 100 years of Disney, including icons from Pixar and heroes/villains from the Star Wars galaxy.

This move follows Disney's earlier collaboration with Cryptoys to release limited-edition NFT Star Wars toys. Dapper Labs CEO emphasized that Disney Pinnacle incorporates lessons learned from past experiences, offering fans the ability to collect and trade digital pins securely on their phones worldwide. The platform is set to launch on Apple's App Store by the end of the year. And they think we’re not in a bull market.

Moons Sees Resurgence in New Community Update

Reddit's r/cryptocurrency community token, Moons, has surged by 133% to nearly $0.13 following an update by moderators. The update outlines a "plan forward" for Moons, imposing a hard cap on the supply. This development is testament to the fact that even perceived dead coins are never truly dead.

Reddit admins will renounce the Moons contract, making it completely decentralized and preventing the creation of new Moons. The update also reveals plans to burn Moons held in the Community Tank, reducing the total supply to just over 83M.

The move makes the token deflationary, and the mod team will work with the community to distribute remaining Moons as well as improve the utility with new bots and API features. Reddit had previously announced the sunset of its crypto-based rewards program, causing a drop in Moons' price, which has now ~50% recovered from the recent update.

SEC Praises Themselves On Crypto Justice in Self-Assessment

In a self-assessment, the SEC highlighted a "highly productive and impactful year" in terms of crypto and digital asset enforcement actions. The SEC filed over two dozen enforcement actions related to crypto assets in 2023, indicating an increased focus on policing the industry.

The charges included fraud allegations and failure to register crypto asset offerings and exchanges, involving major companies and executives like FTX founder Samuel Bankman-Fried and Terraform Labs founder Do Kwon. The report also mentioned enforcement actions against crypto firms Celsius, Kraken, Genesis, and Gemini, as well as Nexo.

The SEC scrutinized celebrity endorsements in the crypto space, charging Kim Kardashian and others for promoting assets on social media without disclosing payments, resulting in Kardashian agreeing to pay $1.26M to settle the charges. The report encompassed a total of 784 enforcement actions, $5B in financial remedies, and distributed nearly $1B to harmed investors.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.