This Week on Crypto Twitter: The NFT Community Wants Back Creator Royalties

It was ubiquitous loss among the leading cryptocurrencies this week as the last inflation readings raised fears among investors that the Federal Reserve will continue to raise interest rates this year, as it did all of last year.

The prices were the last thing on people’s minds as there were a lot of other things on their minds this week. M Shadows, the singer of Californian metal band Avenged Sevenfold, took issue Monday with NFT marketplace OpenSea, after the latter last week stopped enforcing the practice of ensuring creators get a 5-10% cut of future resales of their work.

That day, that Financial Times broke a story that Galois Capital, a crypto-focused hedge fund, had shut down after depositing half of its $200 million in assets under management at the time in the now-collapsed FTX exchange. Co-founder Kevin Zhou appeared to be tweeting from the fund’s account.

On Tuesday, NFT news account @NFTnow broke the story of what appears to be an elaborate, multimillion-dollar rug cover.

That day, Fox Business journalist Eleanor Terrett provided an update on the ongoing case against FTX founder and former CEO Samuel Bankman-Fried, who stands charged with eight feloniesincluding wire fraud and conspiracy to commit money laundering.

That day, self-proclaimed “Crypto Data Nerd” @0xKofi expressed its concerns that upstart NFT marketplace Blur, which recently passed OpenSea in sales volume, was dominated by a handful of professional traders. He called the lack of creators’ royalties “short sighted” in a later tweet.

Similar numbers as Kofis made the rounds again the next day.

That same day, crypto-friendly Republican House Majority Whip Tom Emmer (R-MN) introduced a bill that proposes to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals, a move he claims would erode Americans’ rights to financial privacy. The CBDC Anti-Surveillance State Act would also require the US central bank to report to Congress on its experiments with digital currencies.

Crypto sleuth Isabel Hunter on Wednesday released the results of an investigation into where 1 billion dollars in Shiba Inu (SHIB) tokens that Ethereum creator Vitalik Buterin donated to India’s COVID-19 relief efforts actually went. It turns out that $58 million of that eventually reached its intended recipients. The rest is wild history…

The United States Securities and Exchange Commission’s Hester Pierce, as last week broke ranks to criticize the agency’s crypto custody proposal, tweeted her thoughts again this week. On Wednesday, she appeared to fire a subliminal shot at her boss, Chairman Gary Gensler, who is unpopular in the crypto industry for his regulation-by-enforcement strategy, which has so far involved suing high-profile crypto companies while offering little to the industry. guidance on how to comply with the requirements.

That day, the Bitcoin bull @ZK_Shark hyped up Bitcoin NFTs, although he admitted between the lines that they have less utility than their Ethereum counterparts.

On Thursday, Ryan Selkis, founder of the intelligence company Messari, announced a 15% cut in the company’s workforce.

Also that day, the Montana state’s decision to protect the interests of crypto miners became a treat on Crypto Twitter.

On Friday came an NFT researcher who tweets as @punk9059 shared a chart that no doubt worried many Bored Ape Yacht Club fans.

Finally, Polygon (MATIC) crashed hard this week, losing 21% in seven days to trade at $1.22 at the time of writing. MATIC began its decline on Tuesday when news broke that Polygon Labs was laid off 100 employees (20% of the workforce) after restructuring. Avalanche (AVAX) founder and CEO Emin Gün Sirer fired some shots at the rival blockchain.

Meanwhile, Uniswap founder/CEO Hayden Adams offered technical advice.