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Here is the breakdown of today's newsletter:
🚨 Sewer pass goes live
- Breaking: Murdoc from Punkillaznft emptied the contract wallet and rugged the entire community, see here.
- NFTs are performing surprisingly well on Instagram as multiple artists sell out collections on the platform. (CD)
- The Sewer Pass by Yuga Labs has already had more than 5,872 ETH traded in less than 24 hours. (OS)
- Rarible partners with Polygon Blockchain to offer a marketplace-building tool with no fees. (@rarible)
- Firms Gemini And Genesis are being sued for apparently raising billions of dollars illegally. (BB)
- High fashion brand Yves Saint Laurent has recently filed a trademark for metaverse use. (@KondoudisLaw)
🚨 Sewer Pass Claim LIVE
After much anticipation, the Sewer Pass claim started yesterday for all BAYC and MAYC holders. These Passes serve as access to the Dookey Dash, a game where users try to get the highest score for a prize that has yet to be announced. At the time of writing, the total sales volume for the passes is approximately $17 million (11,421 ETH).
Sewer Pass claim is now open at . Every BAYC/MAYC holder can claim one until February 8. There’s no rush or benefit to early claiming — if you have a BAKC, you may want to bring your doggo along. Sewer Passes are the only way to access Dookey Dash.
— Bored Ape Yacht Club (@BoredApeYC)
Jan 18, 2023
💡 How do the passes work?
The passes are broken up into 4 tiers. Depending on whether you held a BAYC or MAYC, you were either a Tier 3 or Tier 1, respectively. But if you also held a BAKC in the same wallet, you would go to Tier 4 or Tier 2. One metric that Yuga Labs added was related to secondary sales. In their contract, Yuga blocked zero-royalty marketplaces, such as Blur and Looksrare. This is done to ensure Yuga’s 5% creator royalty actually gets enforced. Due to this, OpenSea seems to be the primary marketplace for Sewer Pass transactions, and the floor prices for each tier are listed below (last night).
💡 The Drop
This game has been anticipated for quite some time and based on market sentiment, it seems like the mint has been a total success, thus far. The claim is still active for a few weeks, so we do expect more passes to hit the secondary market. But despite that, doing almost $10 million in secondary sales within 24 hours of launch is unprecedented, especially in the market that we reside in today. Congratulations, Yuga, and good luck to all of those partaking in the Dookey Dash. WAGMI.
I asked AI if i should sell my @BoredApeYC Sewer Passes or not.🧵(1/3)
— boredape93 (@boredape93)
Jan 18, 2023
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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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