This week’s featured collector is Rainster

Rainster’s collection focuses on Ethereum NFTs. They’ve collected a few interesting artworks including a portrait of Beeple and animated Glitch NFTs. Browse the full art collection at lazy.com/rainster

The results of last week’s poll: How significant do you think the role of NFT utility trading will be in the future of NFT marketplaces?

Last week’s newsletter featured a new marketplace for NFT utility. We then asked our readers to predict how important NFT utility trading will become in the future. The results were mixed and suggest a cautiously optimistic view, with a slight majority considering NFT utility trading to be a major player in future marketplaces, while a significant minority are either uncertain or foresee a lesser impact.

Beeple on the Future of NFTs: Evolution and Adoption

Mike Winkelmann, known professionally as Beeple, is a digital artist who has become one of the most prominent figures in the world of NFTs in 2021 with his record-breaking $69 million sale of an NFT at Christie’s auction house. Beeple’s work has since been synonymous with the explosive growth and interest in NFTs as a new medium for digital art ownership and collection.

In a recent talk with Matt Medved, co-founder and Editor-in-Chief of NFT Now, Beeple discussed the evolving landscape of NFTs and digital art. Here are a few of the main insights into the evolving NFT space which will be of interest to collectors and creators:

1. Digital Art’s Evolution: Beeple shares his vision of integrating digital and physical art. He talks about how digital art can be more actively experienced in one’s environment, similar to traditional art, creating a stronger emotional connection. For creators, this highlights the potential for hybrid artworks that engage audiences across multiple dimensions, and for collectors, it suggests the value in seeking out works that offer such a dual experience.

2. NFTs as a Reflection of Internet Culture: Beeple discusses his “Everydays” series, likening it to a form of political cartooning for internet culture, documenting the zeitgeist. This approach suggests that NFTs can serve as historical records, offering collectors the opportunity to own pieces of digital history and creators a chance to contribute to the cultural narrative.

3. Conceptual and Technological Challenges: Beeple acknowledges the challenges of the NFT term becoming associated with scams and suggests that the technology will need time to mature and be understood. He believes that future generations will naturally understand the concept of virtual ownership, which suggests a long-term perspective on the value of NFTs.

4. Creator Royalties and Market Evolution: Addressing the contentious issue of creator royalties, Beeple argues for realistic expectations, drawing parallels with the music industry. He posits that the NFT ecosystem’s development will require both technological and social solutions, and he calls for a community-driven approach to uphold the values behind NFTs, such as ongoing creator compensation.

Overall, the talk points to a need for patience, innovative thinking, and community-focused efforts to navigate the NFT landscape, emphasizing both the medium’s current state and its potential to reshape the art world.

Watch the full interview here.

This week’s poll: What future NFT development are you most eager to see?

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This week’s featured collector is GirthFingers

GirthFingers has a large collection of NFTs ranging from art to pfps. Lots of great pieces make the collection worth a look. Check it out at lazy.com/girthfingers

The results of last week’s poll: Is the recent spike in NFT trading volume a sign of a sustained market recovery, or just a temporary surge?

Nearly half of respondents to last week’s poll think the bear market for NFTs may finally be coming to an end. A third remain more cautious. We’re keeping our fingers crossed! 🤞🏽

The Future of NFTs in Art, Gaming, and Marketplaces

In the realm of art, NFTs challenge traditional notions of ownership and distribution, raising questions about the value and provenance of digital art. In gaming, they offer innovative ways to handle in-game assets, but also introduce complexities around player economies and game design. Marketplaces for NFTs are evolving too, going beyond trading NFTs as collectibles to trading the underlying utility that the NFTs represent.

This week we’re exploring a few of the recent advances that NFTs have made in these three fields.

Delegate’s New Marketplace: A Step Foward for Buying and Selling NFT Utility

Delegate.xyz has unveiled a marketplace that revolutionizes the trading of NFT utility. This platform differs from traditional NFT marketplaces: instead of buying and selling NFTs, Liquid Delegate allows the tokenization and exchange of the NFT’s utilities. For example, if an NFT grants event access or premium merch claims to its owners, then these rights can be bought without buying the underlying NFT.

Here’s how it works:

1. Users deposit NFT asset into escrow

2. Users receive a “Principal Token” (representing ownership of the NFT) and a “Delegate Token” (for trading the utility rights of the NFT)

3. Users can sell the Delegate Token while maintaining ownership of the Principal Token.

Implications for NFT Holders and Traders:

• For Holders: An opportunity to monetize their NFTs’ utility without risking the underlying asset.

• For Traders: A chance to speculate on the future value of NFT utilities, potentially benefiting from events like airdrops.

The Hot Potato on NFT Twitter: A Blend of Art and Game Mechanics

Vincent Van Dough’s creation of a “hot potato” NFT has stirred a unique blend of art and interactive gameplay within the NFT community. The game, requiring the NFT to be transferred every 24 hours, showcases a dynamic interplay of social engagement and performance art. Now players are wondering: how many consecutive days will the game be played before the potato is destroyed?

Elements of Interest:

• Community Involvement: The game has engaged various prominent figures in the NFT space.

• Artistic Merit: The hot potato NFT connects to the roots of crypto art, reflecting on the medium’s potential for creative expression and communal interaction.

• Social Media Dynamics: The game has generated a substantial amount of creative content, humor, and community bonding, which is especially welcome during the ongoing NFT bear market.

Ubisoft’s Foray into Ethereum NFTs with ‘Champions Tactics’

Ubisoft, known for major gaming titles such as Assassin’s Creed, is embracing blockchain technology with the introduction of Ethereum NFTs for its upcoming game, ‘Champions Tactics’. This move reflects a growing trend of established gaming companies exploring the potential of NFTs and blockchain in gaming.

Highlights:

• Free NFT Minting: Ubisoft plans a free NFT mint for ‘Champions Tactics’, requiring only Ethereum gas fees.

• Warlords PFPs: These pixel-art NFTs (a throwback to the early days of Ethereum NFTs) offer early access to game features and are part of a larger strategy to integrate NFTs into the gaming experience.

Final Thoughts

While mainstream attention may have moved on (temporarily) from NFTs, the technology and culture continues to build. This week’s developments highlight the evolving landscape of NFTs, where utility, artistic expression, and gaming experiences are becoming increasingly intertwined.

This week’s poll: How significant do you think the role of NFT utility trading will be in the future of NFT marketplaces?

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This week’s featured collector is Cyericlee

Cyericlee has a stellar curated collection of Ethereum NFTs, including a Bored Ape along with Gutter Cats. Check it out at lazy.com/cyericlee

The results of last week’s poll: Which blockchain do you think will have the most NFT sales in November?

The results of last week poll indicate that a near majority of respondents, 44%, believe Ethereum will lead in NFT sales in November, reflecting its established position in the NFT market. Bitcoin, with 22%, is considered the second most likely, suggesting a growing interest in its NFT capabilities. Surprisingly, 8% of respondents anticipate a different blockchain altogether leading in sales, pointing to the possibility of emerging or less mainstream platforms gaining traction.

NFTs in Pop Culture and Gaming: A Look at Recent NFT Trends

The NFT world, ever dynamic and interwoven with popular culture and technological advancements, has recently experienced a series of promising developments. Let’s explore this week’s main events and their potential implications for NFT collectors and enthusiasts.

The Simpsons’ Satirical Nod to NFTs

The iconic TV show “The Simpsons” recently aired a Halloween episode humorously featuring NFTs and Web3. The segment, “Wild Barts Can’t be Token,” where Bart Simpson becomes an NFT, has been well-received in the NFT community, sparking a flurry of memes and creative responses.

The episode inspired the creation of NFTs like the free-to-mint Springfield Punks collection and rekindled interest in Simpson-themed NFT derivatives. The episode is seen as good news for the NFT community as it underscores how NFTs have permeated mainstream culture, ultimately leading to broader acceptance and understanding.

Square Enix Enters the NFT Gaming Arena

Square Enix, known for creating “Final Fantasy,” is launching “Symbiogenesis,” an NFT-based game on the Ethereum and Polygon networks. This move breathes new life into the hope of a major shift in the gaming industry towards integrating blockchain technology.

The game’s launch involves an allowlist campaign via Discord, encouraging community engagement and participation. This method of distribution and interaction could set a precedent for future NFT-based games.

Square Enix’s venture into NFT gaming is the latest in a larger trend among traditional gaming companies who are exploring blockchain and NFTs because of its potential to transform how digital gaming assets are valued and traded.

Yuga Labs Co-founder’s Spending Spree

Wylie Aronow, aka Gordon Goner, of Yuga Labs recently embarked on a significant NFT buying spree, investing over $1.5 million in various collections. This move has been seen as an attempt to inject momentum into the NFT market. Moreover, by investing in a range of NFTs, Aronow is not only diversifying his portfolio but also fostering connections with multiple NFT communities, strengthening the overall ecosystem.

Surge in NFT Trading Volume

Recent data shows a considerable jump in NFT trading volume, raising the question of whether the market is regaining its strength.

The 5x increase in volume from mid-October suggests a rebound in market activity, reflecting resilience and sustained interest in NFTs despite past volatility. This uptick might indicate a renewed optimism in the NFT space, but it’s essential for collectors and investors to remain cautious and informed, as the market is known for its rapid fluctuations.

Final Thoughts

The NFT landscape is continuously evolving, influenced by cultural phenomena, technological advancements, and the actions of key players. For collectors and investors, staying attuned to these developments is crucial for navigating the market effectively. While the recent surge in activity and interest is promising, the NFT market remains complex and unpredictable, requiring careful consideration and strategy.

This week’s poll: Is the recent spike in NFT trading volume a sign of a sustained market recovery, or just a temporary surge?

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This week’s featured collector is Nando

Nando has a fine collection of Ethereum, Solana and NBA Top Shots NFTs. With lots of interesting artworks, this is worth a look. Check it out at lazy.com/nando

Three Metrics Revealing the Current State of the NFT Market

The NFT market has been a rollercoaster of evolution and speculation over the past couple of years, and understanding its current dynamics is essential for collectors, investors, and enthusiasts alike. Recent data provides us with some intriguing insights. Let’s delve into these points:

1. A Lack of Unique Daily NFT Buyers:

While there has been a slight improvement in NFT prices recently, the number of unique daily NFT buyers on Ethereum is trending lower.

2. The Ebb and Flow of Total NFT Marketcap:

The NFT market cap currently stands at a significant 2.63M ETH (~$4.8B). However, putting this in perspective, the market cap had once touched $3T in November 2021, which is about 637 times today’s value. This vast difference can be attributed to multiple factors:

• ETH Price Volatility: A substantial portion of the decline can be pinned on the fluctuations in ETH prices. As NFTs are often priced in ETH, a decrease in the value of ETH can lead to a proportionate drop in the NFT market cap.

• Market Maturation: The initial NFT bull run was a period of extreme exuberance. As with many novel technologies and markets, there’s often a cycle of hype, followed by a correction and stabilization as the market matures.

3. Leading Blockchains in the NFT Realm (Last 24 Hours):

Understanding the blockchains that dominate the NFT sales volume is crucial as it provides insights into where most of the activity and innovation are occurring. In the last 24 hours, the top blockchains for NFTs were Ethereum, Bitcoin, Polygon, Solana and Immutable X.

In Conclusion:

The NFT landscape is ever-evolving and difficult to predict. Collectors should always keep an eye on the trends, as they provide valuable insights into the market’s direction and potential opportunities. Is there a particular metric that you follow closely? Let us know!

This week’s poll: Which blockchain do you think will have the most NFT sales in November?

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This week’s featured collector is Ferryirawan

Ferryirawan collects Solana NFTs, including Kami, Gapes and Angomon. Small collection with a nice range of art. Check it out at lazy.com/ferryirawan

With Bitcoin Surging, Many Are Wondering When NFTs Will Be Back.

The meteoric rise and subsequent cooling off of the NFT market exemplifies the volatile nature of new technologies, especially those at the intersection of art and finance. Beginning with Beeple’s $60 million digital painting sale at Christie’s in March 2021, NFTs briefly captivated global mindshare, promising a novel mechanism for owning digital art through blockchain technology. This frenzied period of hyper created a sense of scarcity and high investment potential, making “NFT” a buzzword.

However, as every NFT collector knows, the fervor among the mainstream has waned considerably. A significant portion of NFT collections have lost nearly all their value, and the market is now viewed skeptically in the media. Cases like the devaluation of Jack Dorsey’s first tweet NFT from millions to a mere $1,300 emphasize this sentiment. Despite the decline, some in the NFT community, especially those who invested cautiously, remain optimistic and are awaiting a market resurgence. Their hope is tethered to potential upticks in Bitcoin and Ethereum values—increases that we’re starting to see this week with Bitcoin—as well as advancements that make NFT transactions more user-friendly.

Some argue that the NFT market has bifurcated between high-profile collections, often treated as status symbols, and NFTs purchased for their aesthetic value. While the former dominated in transaction volume, both types suffered from inflated valuations.

Besides financial aspects, NFTs have also opened up enduring social dimensions. Communities on Discord servers have formed around specific NFT collections. Some see this “real utility” as a redeeming feature that could sustain the NFT market in the long term.

The consensus among NFT collectors is that it is too early to dismiss NFTs entirely. The technology is undergoing a correction but could easily return to demonstrate its transformative potential.

For a peek into the mood of the NFT community, check out this article in El Pais: ‘When are you getting the Lamborghini?’ This is how the NFT market is surviving after promising millions to its investors

This week’s poll: Are you feeling optimistic about the return of NFTs?

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This week’s featured collector is BrettsCollection

BrettsCollection is a multi-chain collection of NFTs with a focus on Ethereum, NBA Top Shots and Solana. Pretty cool to see the range of NFTs. Check it out at lazy.com/brettscollection

The Effort to Fix NFT Royalties Continues—Will It Succeed?

The Open Metaverse Alliance for Web3 (OMA3), a conglomerate of significant players in the blockchain, NFT, and metaverse communities, recently announced the formation of a specialized working group whose aim is to fix NFT royalties. The goal is to guarantee the enforcement of creator royalties within the NFT ecosystem. Among the participants are notable entities such as Yuga Labs, the force behind the Bored Ape Yacht Club, and Magic Eden, the multi-chain NFT marketplace.

What Happened to Creator Royalties?

Creator royalties are fees, generally ranging from 2.5% to 10%, imposed on the secondary sales of NFTs. These fees are meant to directly benefit the creators, acting as a continuous revenue stream. Though the concept was initially hailed as a cornerstone of the crypto ecosystem, offering artists a level of financial security absent in traditional art markets, its implementation has recently come under threat. Primarily because the downturn in the crypto market has emboldened NFT marketplaces to eliminate creator royalties in a bid to capture market share.

The Larger Stakes: Interoperability and the Metaverse

OMA3 contends that the erosion of creator royalties risks not only the integrity of the NFT space but also jeopardizes the long-sought goal of an interoperable metaverse—a cohesive online environment where user-owned virtual items can migrate freely between platforms. Robby Yung, CEO of Animoca Brands and a co-founder of OMA3, argues that royalties are essential for incentivizing creators to participate in such an open ecosystem. Without them, the communal sharing of content that makes the metaverse concept viable could break down.

Yung acknowledges the pervasive issue of NFT buyers opting for short-term financial gains, often to the detriment of long-term online sustainability. The challenge is to make the community aware of the hidden costs of prioritizing immediate profit over sustainable development. As Yung puts it, “Everything always has a cost. It just may not be self-evident up front.”

Composed of key industry players like Animoca, Yuga Labs, Magic Eden, Decentraland, The Sandbox, Alien Worlds, and Upland, the working group will focus on developing universal standards to protect creator royalties across NFT marketplaces. The aim is to formulate and enforce protocols that member companies agree to uphold.

Conclusion

The establishment of OMA3’s working group signifies an important juncture in the NFT and metaverse domains. As the sector grapples with how to balance economic viability with ethical and long-term sustainability, the outcomes of this group’s efforts may have far-reaching implications for creators, collectors, and the broader digital landscape.

For further details on this new initiative check out the in-depth article in Decrypt.

This week’s poll: Will efforts to guarantee NFT royalties succeed?

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This week’s featured collector is Manuelino

Manuelino is a multimedia artist based in Lisbon who also works as a photographer and videographer. They got their start in photography as a concert photographer for iconic bands like U2, Nine Inch Nails and Depeche Mode. Check out Manuelino’s NFTs at lazy.com/manuelino

Tutorial: Create Dynamically Generated NFTs with Chainlink Functions and Google’s Vertex AI

The intersection of blockchain technology and artificial intelligence is a frontier teeming with possibilities. For those interested in exploring the intersection of AI and NFTs, this tutorial from Google Cloud on creating dynamic NFTs with unique, AI-generated artworks is worth checking out.

View Tutorial

What’s particularly useful about this tutorial is its focus on practical application. It takes you beyond the theoretical foundations and demonstrates how to dynamically update NFTs based on real-world data or random seeds. This means you can leverage generative AI to create unique digital artworks that are both dynamic and interactive. You’ll learn how to handle authentication secrets, configure Chainlink Functions, and initiate on-chain requests—all essential steps in creating a seamless integration between smart contracts and external AI and Machine Learning services.

Whether you’re an AI enthusiast, a NFT creator, or somewhere in between, you’ll find something worth learning. Check it out on Google Cloud’s Medium page.

This week’s poll: How many NFTs have you created in the last 12 months?

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This week’s featured collector is Vittorioilmagat

Vittorioilmagat is an engineer and artist. Their Lazy collection features many of the artworks they have created, such as this uniquely compelling collection of eyes. Check it out at lazy.com/vittorioilmagat

Documenting CryptoPunks: Indie Exploration of an NFT Icon

Indie filmmaker Sherone Rabinovitz’s upcoming documentary, “CryptoPunks Origins,” traces the journey of the CryptoPunks NFT project from its experimental beginnings to its role as a seminal work in the digital art movement. With a decidedly independent production ethos that mirrors the punk spirit of the project’s creators, the film aims to offer an grassroots narrative about CryptoPunks, capturing its essence well before it caught mainstream attention.

Watch the extended trailer here.

MoMA Launches NFT Art Project to Encourage Creativity on the Blockchain

The MoMA Postcard project is an innovative experiment in collective creativity on the blockchain. It kicked off with a pre-launch titled “MoMA Postcard First 15,” involving 15 artists from across the globe who contributed to digital postcards. These artists iteratively added to each postcard, which traversed multiple cities and continents, while responding to a designated prompt.

Artists who have engaged with the project highlight the global, community-driven nature of blockchain art. They point out that the blockchain ecosystem enables new dialogues between artists and collectors, challenging conventional art-world norms. MoMA’s Postcard project is also a celebration of accessibility, shifting focus from high-value auctions to community building and shared creativity.

The significance of the MoMA Postcard initiative is twofold: it showcases the potential of blockchain for revolutionizing how art is created, shared, and preserved; and it also marks a milestone for an established institution like MoMA in embracing web3 technologies. Artists involved in the project are optimistic that it is the start of a monumental shift in the narrative surrounding blockchain, contemporary, and digital art.

This week’s poll: Which aspect of blockchain’s influence on art and culture interests you most?

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This week’s featured collector is Benza

Benza minted their first NFT in June 2020 after being inspired by the Crypto Campfire podcast. Soon after, a friend on Twitter suggested that they mint their chalk art. ‘Chalk art became my niche in this crazy world of crypto art and NFTs,’ says Benza. Check out their collection at lazy.com/benza

PayPal Files Patent for NFT Purchase and Transfer System

PayPal has submitted a patent application, documented as US-20230298001-A1 in the United States Patent and Trademark Office, for an innovative “NFT purchase and transfer system.” This move aligns with the company’s strategic foray into the realms of cryptocurrencies and web3 technologies. The proposed system is designed to enable off-chain transactions in an NFT marketplace, a feature that offers the potential benefits of reduced transaction costs and expedited asset transfers. Furthermore, the application outlines the system’s capacity to integrate multiple digital wallets, thereby granting diverse users access to NFT assets.

Essentially, PayPal’s proposed system streamlines NFT transactions between users of the same service provider. It performs these operations off-chain, likely reducing transaction costs and speeding up the process. This method preserves the decentralized ethos of blockchain while integrating with a centralized service provider, offering a blend of both worlds.

The development is noteworthy in the context of NFTs becoming increasingly mainstream, with their adoption expanding beyond niche communities. PayPal’s entrance into this space stands to amplify the legitimacy of NFTs, given the company’s established prominence in the online payments ecosystem. The patent application was made public on September 21, and it remains in the pending stage, with further details anticipated as it progresses through the bureaucratic pipeline.

ApeCoin DAO Approves Sister DAO for NFT Acquisitions Amid Market Downturn

ApeCoin DAO, the decentralized autonomous organization affiliated with Yuga Labs’ native token, has narrowly approved a governance proposal aimed at launching a sister DAO. This initiative, known as AIP-297 and spearheaded by Animoca Brands co-founder Yat Siu, secured a slim majority of 53.6% on September 21. The proposal outlines the allocation of 750,000 APE tokens (~$945,000) from the ApeCoin treasury to establish a community-governed vault focused on the acquisition of influential NFTs. These NFTs would cover various domains including art, music, virtual worlds, and gaming. The management of the acquired assets would be subject to voting by members of the sister DAO, and APE token holders will have the opportunity to leverage the intellectual property of these NFTs, possibly via future grants denominated in APE tokens.

While this sister DAO will function autonomously, it will still fall under the governance of APE token holders, maintaining a level of continuity within the broader ApeCoin ecosystem. This move comes as a strategic response to the declining fortunes of both the ApeCoin community and the NFT market at large. Data from DappRadar indicates a sharp downturn in NFT trading volumes and sales, showing a 70% decline to $559 million and a 45% decrease to 3.2 million transactions since March. Against this backdrop, APE’s value has plummeted over 95% from its April 2022 peak, paralleling similar devaluations across most Yuga collections.

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This week’s poll: Will PayPal’s Patent for an NFT Purchase and Transfer System Affect Mainstream Adoption of NFTs?

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This week’s featured collector is NelbRodrigues

NelbRodrigues is a Fine Art Photographer, born in Brazil and based in Italy. Nelb’s Lazy profile features a few of their recent photographs. Check it out at lazy.com/nelbrodrigues

Nouns DAO’s NFT Governance Experiment: A Treasury-Draining Fork

Nouns DAO, a notable NFT community project, has recently completed a “fork” that allowed some holders of the NFT to redeem assets from the community’s treasury. Nouns DAO is a decentralized autonomous organization (DAO) that raises funds by auctioning a unique NFT once a day. The revenue from these daily auctions contributes to its treasury, which is then allocated based on community decisions for various projects and endeavors.

As a mechanism to manage dissent within the community over how the treasury was being spent, the DAO introduced a “fork” – a move hailed as a progressive step towards decentralized governance. However, the introduction of this fork proved a double-edged sword. While it was designed to protect from potential threats like a 51% attack, it inadvertently attracted savvy arbitrage traders who manipulated the fork system for profit. These traders, having accumulated Nouns NFTs below their “book value,” utilized the “rage quit” mechanism, ultimately draining over half of Nouns DAO’s $50 million treasury. This incident underscores the complexities of decentralized community management.

While the fork in Nouns DAO resulted in financial loss for the project’s treasury and was seen by some as a shortcoming of decentralized governance, the incident serves as a pivotal learning experience for the NFT community. The events highlighted the tension between two primary factions within the DAO: those focused on promoting the NFT brand through high-visibility expenditures, and those with a more conservative financial approach. Additionally, the rise of arbitrageurs, who saw the fork as a financial opportunity, added another layer of complexity. Despite the challenges, many within the Nouns community remain committed to the vision of the DAO and see this event as a chance to refine and improve the DAO’s governance structure.

For a detailed analysis of the Nouns DAO fork, check out this article in Coindesk.

Bitcoin Ordinals Controversy: Rodarmor’s Proposed Renumbering Sparks Backlash

Casey Rodarmor, creator of the Bitcoin Ordinals protocol, which has produced numerous “NFTs on Bitcoin,” is considering retracting a key promise made to Bitcoiners about the immutability of ordinal numbers, suggesting they be renumbered and potentially changed in the future. Ordinal numbers have been a vital aspect of the collectibles’ appeal, with many collectors valuing specific ordinal numbers for their significance. For instance, OnChainMonkey Genesis chose Ordinal #20219 to mark the month and year of its creation, and many ordinals embed their unique number in the name. Rodarmor claims that preserving the rank and order of these ordinals complicates his work on new versions of the protocol, and making the inscription numbers “unstable” would facilitate new software features. However, the proposed change has been met with skepticism and backlash, especially from those who have invested heavily in specific ordinal numbers. Developer Raphjaph has suggested an alternative that wouldn’t alter existing numbers, but only the future generation method. Although a vote has been proposed regarding the changes, Rodarmor, who has significant control over the ORD protocol, could potentially overlook its outcome.

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Buy Lazy Merch

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This week’s poll: Should NFT projects allow “rage quitting” and distribution of the treasury?

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