Balloonsville NFT Popped

What's Dropping, AMC Batman Collection, Floor Tracker

February 08, 2022

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What's Dropping ⚡

  • Cool Cats schedule is back on and now everyone can get their Cool Pets.

  • 2112.run is currently in presale and it seems like a Cyberpunk dream come true.

  • Azuki crossed 100k ETH in secondary sales in UNDER 30 days. This is truly an incredible milestone to achieve this quickly as no other project in the history of the space has breached this ceiling in such a short period of time. For context, Cool Cats minted in July and has seen 83k ETH in secondary sales. BAYC minted back on May 1st and they’re heading towards 400k ETH.

  • Tokyo Punks by Sabet sold out and already hit 700 ETH on secondary in just a few days.

  • The Bored Ape Yacht Club floor blew past 100 ETH and is now sitting just under 120 ETH. Thanks, Justin Bieber.

  • Someone got a Supertar's NFT Tattoo well before launch (goes to show how crazy Party Shirt's fans are) in just a few days they are about to break 4,000 in their discord.

  • Karafufu - created by the Museum of Toys - instantly sold out and the floor is sitting at 3.2 ETH.

AMC x DC Comics Batman Collab 🦇 

AMC is back at it again with yet another NFT collaboration for their audience. Back in November, they announced that they would accept cryptocurrencies such as Ethereum, Bitcoin, and Litecoin via PayPal. Shortly thereafter, AMC partnered with Sony Pictures to give away exclusive, limited edition Spider-Man NFT's. Now, AMC is back with a new partnership in collaboration with DC Comics to give away The Batman NFT’s, featuring 1 of 16 original designs. Though the website does stipulate “while supplies last” it does not specify how many total tokens will be in circulation.

Nevertheless, here's how to get one! Tickets can be purchased beginning Tuesday, February 8th at 12 pm EST through Monday, February 14th at 11:59 pm EST, any tickets purchased or reserved for AMC Stubs A-List members online or on the AMC mobile app for showings at AMC Theatres in the United States between March 1st, 2022 - March 6th, 2022 (including Fan Events and Investor Connect Screenings) will be eligible for the reward. From there, A unique code containing NFT redemption instructions will be provided to users via email for the corresponding ticket purchase or reservation transaction on March 8, 2022. NFT’s paired with in-real-life (IRL) events are becoming increasingly more common! In fact, FTX (though they are not running this specific AMC campaign) has been doing this with sporting events and festivals— most notably, their recently Coachella collaboration! This type of exchange is likely to become much more common in the near future, as businesses lean into a Web 3 based model for ticketing and events!

Magic Eden Exposed by Balloonsville 🎈

It was a very hectic weekend, as a treasure trove of news seemed to flow consistently on what felt like an hourly basis. Something particularly big happened on Monday, February 6th, and not many people are talking about it: a project by the name of Balloonsville rugpulled right after they successfully sold out. I know what you are thinking, “It’s a rugpull, those happen every day, who cares?” This one in particular carries a bit more weight. Just as other rugpulls are planned well in advance, this project schemed in the same manner, but with distinctly different intentions.

Magic Eden is the leading NFT marketplace on the Solana blockchain. What makes it different than a marketplace like OpenSea, for example, is that in order to sell on Magic Eden, you need to fill out an application, and the team must grant you access. This access comes with a royalties agreement, and according to Magic Eden, there is adequate due diligence performed before a project gets put on their platform. As evidenced by the Balloonsivlle incident, that is clearly not the case.

Balloonsville’s intention for rugpulling was to illustrate that Magic Eden was not adequately keeping tabs on projects that would involve their constituents, as they claimed they were, and that really the platform only exists fortheir own monetary gain. If a project has some hype and dense engagement metrics, Magic Eden will list your project without even executing routine background checks. This is according to the Balloonsville team in a now-deleted tweet. If you are required to apply in order to sell an NFT, chances are that step in the process is simply a cash-grabbing scheme conjured up by the marketplace. Magic Eden proved that. After the rugpull and doxxing of Magic Eden’s practices, the platform converted to full damage control mode. After all was said and done, Balloonsville decided that they are going to derug the project, refund minters, and offer options for refunds to current holders.

Unscrupulous, cash-grabbing companies are the bane of our existence in Web3. Platforms that set out to exploit projects and community members leave a bitter taste in the mouths of potential investors. Scams cause users and potential users alike to abandon the space, view the community in a negative light, and propagate further discussions around negative experiences. Subsequently, credibility is lost, and the growth of the NFT space is stunted. Companies that are in it for short term monetary gain (ehm ehm @NFT) are NGMI. On the other hand, WAGMI.

Meme Drop 💧

ifykyk

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.  

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