BAYC Otherside Update

Not Okay Bears Delisted

May 18, 2022

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What's Dropping ⚡️

  • The battle between Solana-based Okay bears and derivative project Not okay Bears on ETH has stirred up much controversy in the marketplace. One thing is for sure, whatever your stance on these currencies is, $SOL is on the rise. Still, much of the conceptual metaverse has been built upon Ethereum.

  • A newly funded wallet swept 10 CloneX, 7 Azukis, and 11 Something NFT’s for 445 ETH ($915k USD). Whales are still on the prowl.

  • The marriage of true-to-life art and the metaverse has yet to come to fruition. NFT pioneer Olive Allen is pushing the narrative with her upcoming exhibition at Postmasters Gallery in NYC.

  • Phantom Network received complaints of potential intellectual property violations post reveal and within hours the team offered 10 ETH compensation to holders of the 15 - 20 NFTs in question. The team is creating new art to replace the pieces that were in question.

  • Bots have been plaguing the League of Kingdoms MMO mobile game to much frustration of its users. A bot-fueled p2e game is never a good look, but the team seems to be patching the game up on the daily.

  • Riskie Forever is the artist behind late Tupac Shakur's final studio record, "The Don Killuminati: The 7 Day Theory". The album is 25 years old this year, and the cover art is being turned into an NFT after being recovered by the artist.

  • DeviantArt has been a home for artists to express their fan art and original pieces for over two decades. They are now implementing a system that will help flag stolen NFT art on their website. It's great to see more web 2 platforms implementing web 3 technologies!

  • Stock trading app Robinhood is looking to dip its toes into the world of NFTs and will allow users to hold their cryptocurrencies, as well as implement their blockchain-ready wallet technology. You can join the waitlist here.

  • The artist behind the character design of the classic gaming franchise Megaman is turning his character Mighty no.9 into a full-on NFT collection! This incredible art is dripping with comic-esque nostalgia.

  • Most of us are familiar with the concept and platform LinkTree has provided for both web 2 and web 3 communities. They are about to implement some more metaverse friendly additions, including wallet connection and NFT gallery collection displays. We believe we will be seeing even more web 2 companies step out of their comfort zone in the near future.

"Not Okay Bears" Delisted From Open Sea 🚨

In yesterday’s newsletter, we covered the new newly emerging Solana NFT exposure that is coupled with the Ethereum NFT market slowing down. A project that we mentioned yesterday was Okay Bears due to the notoriety and floor price surge in the last month.

If you missed the breakdown, Okay Bears is a collection of 10,000 bears that live on the Solana blockchain. They launched on April 26th at a price of 1.5 SOL, and at the time of writing, they are sitting at a floor price of 218 SOL. That type of price increase, in such a short amount of time, tends to create new opportunities for those who want to take the risk and capitalize.

In the case of the Okay Bears collection, the way that someone (or some group) capitalized was in the form of a derivative, but on the Ethereum blockchain instead - as you can probably guessed the project is titled "Not Okay Bears". This collection was released on May 15th and quickly started getting traffic. From small investors looking to enter into a proven concept to influencers trying to shill their own bags, this collection was spreading like wildfire. The only difference between both collections was that Not Okay Bears was a flipped version of the original bears - when we say flipped we mean the exact same JPEG file but flipped.

With the art being blatantly misused, OpenSea delisted the Not Okay Bears collection with swift action, but not before the collection reached a floor price of 0.33 ETH. One Twitter user tweeted that he minted 90 Not Okay Bears for free (plus $30 in gas). He sold 70 of them, 12 hours later, for 10.3 ETH. The Not Okay Bears was, of course, NOT OKAY with this delisting. They cited that the 0xApes Trilogy and Bored Ape Solana Club haven’t been delisted, despite being obvious knock-offs of blue-chip projects. In fact, they are both verified collections, which come with a stamp of approval from OpenSea. So, that brings up a variety of questions. What derivatives are we okay with? Do they all have a space in this ecosystem? Is the art stolen, or is it just a “parody”? WAGMI. 

 BAYC Otherside Update 🎮

Shortly after minting out their entire Otherside land collection Yuga Labs shared a demonstration of their in-game experience. The setting is an open-world vast environment that players can traverse on foot or with the help of various transportation tools. NFT Twitter was quick to notice that the Otherside demo resembled the visual and mechanical style of Fortnite. Although the demo may resemble Fortnite superficially there is reason to believe that the actual function and objective of the Otherside game will differ from the battle royale style of gameplay that characterizes Fortnite.

The tech division responsible for developing Yuga’s virtual world is Improbable, a British metaverse technology company. Their specialty is in producing large-scale virtual worlds, ones that are also functionally interoperable. In their own words, they seek to produce a MetaRPG universe distinct from former MMORPG worlds insofar as the player has ownership of the world and can co-develop the world. Improbable’s proprietary M² technology will also be essential in supporting the simultaneous activity of over 10,000 players at once. Their CEO Herman Narula has written a book Virtual Society and in it, he details how these virtual worlds will create new frontiers for human society, work, and purpose; that there are richer visions for the metaverse than just a game. 

Meme Drop 💧

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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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