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The NFT nosedive 😤 💉
Big ticket NFTs and slippery slope of valuations. Upcoming NFTs - Credit Suisse + Swiss women football, Dior's digital sneakers, Lacoste's game ecosystem. Twitter troubles. No refund from Logan Paul.
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Digital hotshot, Bored Ape Yacht Club (BAYC), is taking a dive faster than a torpedoed submarine, along with other NFTs.
2021-2022 were the glory days for BAYC, with celebs hitching a ride and Yuga Labs' Otherside game.
Bored Apes feeling unpeeled
Market Free fall: Bored Ape Yacht Club NFTs tumble by a whopping 88% from their peak.
Rollercoaster Ride: Bored Apes, valued at a peak of $429K in 2021-2022, now hit a two-year low.
Unaffordable Apes? The cheapest listed Bored Ape stood at just over $52,000 in Ethereum recently, rebounding to $55K. Still, that's a 20% plunge in a week.
Mutants go mute: The Mutant Ape Yacht Club, BAYC's younger sibling, is in similar straits. The floor price dipped 32% last week to 5 ETH ($9,100).
Major Bored Ape holder Machi Big Brother (a.k.a Jeffrey Huang) has been offloading a large number of these NFTs on Blur to score bonus tokens.
Some attribute the price crash to Blur's impact on trading and lending volumes. In the last two months, NFT trading volume has taken a considerable hit, potentially due to the end of Blur's doubled trading rewards. Blend, Blur's NFT lending platform, has seen loan volumes of $929 Million, dominating 95% of the NFT lending space.
Besides Blur token incentives, the NFT market seems weak and lacking liquidity, driving prices down.
Not just Bored Apes, even top-shelf collections like Doodles, Azuki, and CryptoPunks are feeling the pinch.
"Not just us!" cries the Zoo
Some Unhappy Azuki NFT holders have gone rogue. Forming the Azuki DAO, they're demanding a cool $38 Million refund from the project's team for pulling a fast one on them.
The storm started brewing with the controversial launch of Azuki Elementals, an NFT project that had an eerie resemblance to the original Azuki collection. Sold out in 15 minutes, it was an instant success... until it wasn't.
Price Plunge: Azuki Elementals, once sold for 2 ETH each, have seen their floor price fall faster than a lead balloon. Now, they're worth just over 0.878 ETH.
In their quest for justice, this group of "diamond Azuki holders" formed the Azuki DAO. But, their well-laid plans went awry when their DAO got exploited, costing them tens of thousands of dollars.
Despite the hack, the Azuki DAO isn't backing down. They're consulting a team of legal eagles from Legal DAO to see how best to launch a legal attack against the Azuki founder, Zagabond. Bring out the gavels!
The DAO is also looking at ways to get Chiru Labs to return the profits from the Azuki Elementals drop. They might not be sure if they'll get the money, but they're brimming with confidence that some pressure will do the trick.
Meanwhile, this band of rebels doesn't speak for everyone in the Azuki community.
While NFTs are seeing a lot of red, CryptoPunks is holding steady. They've dipped only 14% over the past week.
Trading platforms like Blur and OpenSea are witnessing a surge in trading volume. With Blur incentivizing traders to flip NFTs, they're adding fuel to the fire.
TTD NFT 🐝
Credit Suisse + Swiss Football
Credit Suisse has entered the NFT space, partnering with the Swiss Football Association to support women's football.
They are releasing a collection of 756 Ethereum-based NFTs that depict digital art portraits of Swiss women's national team players.
Each purchase will support the advancement of women's football, with all net proceeds going to national team players and selected projects for nurturing young female talent.
The NFT collection is divided into three parts - "unique," "rare," and "limited,"
The physical works of art were created by Swiss artist Daniela Filippelli.
Dior's Digitally Doubled Sneakers
Dior, the renowned French fashion house, has announced a new line of men's sneakers with a unique twist.
The B33 sneaker, conceptualised by Dior Menswear's artistic director Kim Jones, will come with an online authentication system and a "digital twin" NFT.
Limited to a run of 470 pairs, each sneaker will be linked to a corresponding NFT minted on the Ethereum blockchain.
The sneakers will feature an NFC chip under the sole of the right foot, providing access to digital certificates of authenticity on a personalised online platform.
Aligns with the growing trend of blockchain-backed elements across Dior's parent company, LVMH.
Lacoste's gamified ecosystem for NFT holders
Lacoste, the iconic French clothing brand, is diving into the Web3 space with a gamified, tokenised ecosystem for NFT holders.
Their program, UNDW3, promises NFT-related perks to users, like limited-edition merchandise and exclusive community events.
Participants can engage in creative contests, video game quests, and interactive conversations, earning points on their UNDW3 card tied to their wallet and Discord account.
The more points they accumulate, the rarer their NFT becomes, thereby increasing its value.
TTD Twitter 🦜
Twitter's latest clampdown has ruffled feathers, causing a flurry of #TwitterDown hashtags and accusations of bad architecture 🤦♂️
Twitter's new policy of rate-limiting has drawn the ire of users across the globe. With verified accounts now restricted to 6,000 posts per day, unverified accounts limited to 600, and new unverified accounts capped at 300, there's no denying that Musk's decision has caused waves.
Musk cited "extreme levels of data scraping and system manipulation" as the primary reason for the changes, promising to eventually raise the restrictions.
Yet, the restrictions have resulted in broken home feeds and comment threads, sparking outcry among the Twitterati.
Commentators have taken to social media to criticise Twitter's "fundamentally bad architecture," with web developer Sheldon Chang accusing Twitter of "DDOSing itself".
Some critics suggest the new policies target AI providers that scrape public data to enhance their offerings, pointing to competitors of Musk's OpenAI. The recent removal of public access to tweets has amplified these concerns.
Some suggest that a strained relationship with Google could be the catalyst, following Bloomberg's report last week that Twitter stopped paying Google's bills.
The Reddit Rebellion
Twitter isn't alone in the platform access restrictions race. Reddit recently saw thousands of subreddits voluntarily go private in protest of the company’s new pricing for access to its API.
Like Musk, Reddit CEO Steve Huffman stated the move was partly driven by a desire to charge AI companies that train their algorithms on Reddit's data.
The Exodus Begins?
As the ground under Twitter trembles, users are gradually shifting away. Data compiled by Dewey Square Group points to a 7.7% year-on-year decline in traffic in March.
According to data from dappGambl
Crypto Twitter has a significant 'fake followers' problem, with up to 10% of followers of some accounts being fake, according to data from dappGambl.
This issue persists despite efforts to curb it, such as Twitter Blue, an $8 monthly subscription for verification, introduced by Elon Musk in April 2023.
The cryptocurrency with the highest number of fake followers is Shiba Inu, with 10.26% or 80,000 accounts being fake. Avalanche follows with 8.14% fake accounts, and Polygon has 7.58% or 73,000 fake accounts.
TTD Refund 🤕
Oh, the tale of Logan Paul and his CryptoZoo NFT project.
It's been six long months since the infamous promise was made, and yet, the saga continues with no end in sight.
Back in January, when the controversy erupted, Logan Paul found himself in hot water as accusations of scamming his audience with CryptoZoo emerged. Despite selling NFTs and introducing the ZOO token, the game itself never materialised, leaving buyers frustrated and angry.
In an attempt to salvage his reputation, Logan Paul presented a "three-step plan" to make amends. He boldly declared that he would burn his ZOO tokens and commit a staggering $1.8 Million to refund the disillusioned buyers. However, as time passed, it became evident that these promises were nothing more than empty words.
The disillusionment deepened when Stephen "Coffeezilla" Findeisen, a YouTuber-turned-investigator, revealed that Logan Paul had failed to make any payments to the victims. It seems that Paul conveniently vanished into thin air, leaving the victims in a state of financial limbo.
To add insult to injury, there is no evidence that Logan Paul or his manager actually burned any of their ZOO tokens, despite their public claims. The wallet associated with the alleged token burn has been inactive since March 2022, casting doubt on the authenticity of their promises.
Meanwhile, the CryptoZoo game itself remains a distant dream.
The official website hasn't seen any updates since 2022, and social media channels have gone silent. It seems that Logan Paul's involvement was merely superficial, as he was largely absent during the project's development.
TTD Create 🎛️
Jingle Some Coins, and Voila, Music.
Bitcoin has worn many hats, from elusive investment to meme fodder.
Now, it's rocking a new groove—music maker.
Thanks to Ordinals, a protocol allowing various data file formats on the Bitcoin blockchain, we've got an on-chain music engine …
Developed by indie maverick Ratoshi, this musical wizardry tool was brought to life over the weekend, with 10 editions minted and sold as unique Ordinals.
Just type in a few keywords, and voila, instant chiptune track!
So you don’t need to be a musician or even own a Bitcoin to create some catchy beats.
The genius lies in the implementation of 'recursive inscriptions', a fancy term for an innovative way Ordinals interact with each other on the blockchain.
Think of it like an orchestral conductor leading the symphony, where each musician is an Ordinal.
This allows developers to cleverly sidestep Bitcoin's 4MB block storage limitations, leading to significant cost savings over time.
After you done with this, you can give your books a »» Muzify «« spin.
TTD Surfer 🏄
Nasdaq refiles for BlackRock spot Bitcoin ETF, names Coinbase as surveillance partner.
Bitcoin ATM operator Bitcoin Depot today launched on the Nasdaq stock exchange, making it the first US company of its kind to go public.
Voyager's credit committee to pay $5.17 Million in legal fees from March to May to McDermott Will & Emery, as per the court filing.
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