• The Drop
  • Posts
  • Only Fans NFT Verification?

Only Fans NFT Verification?

Squiggles Rug Pull, NFT Buzz, Floor Tracker

Welcome to The Drop NFT Newsletter. Subscribe and join the discord for breaking NFT news, project breakdowns, & artist spotlights. Thank you for following along on this journey!

🚨 This newsletter is sponsored by FTX:

FTX US is a regulated crypto exchange that hosts some of the highest amounts of trading volume and daily active users in the industry. 

On top of this, FTX US offers desktop and mobile trading of Ethereum + Solana NFTs with NO GAS FEES! Start your FTX journey today by getting set up here 🔥 

HAPPY FRIDAY!

What's Dropping ⚡

  • Yesterday’s Karafuru reveal was definitely one of the biggest highlights of the week. Sales already breached the 25k ETH mark and the floor as of Thursday evening is 5.2 ETH. One legendary piece sold for 40 ETH shortly after reveal.

  • Squiggles is the boating accident we can’t seem to turn away from. After an incredibly detailed 57 page dossier dropped on Twitter by @Watcher.Guru detailing 7 other projects that all rugged leaving buyers bag-holding garbage and clearing more than $10m USD from these projects. Squiggles has yet to admit to anything had their entire collection removed from OpenSea Thursday evening. Meanwhile, there’s still 2,500+ ETH sitting on the contract.

  • The Hypebears reveal was met with a crumbling floor and an overall rash of disappointment.

  • Loveless City launched their website yesterday along with an art contest and announced that their Discord would never be freely open to the public and would forever remain invite only.

Only Fans NFT Verification? 🤔

NFT profile picture (PFP) verification is being rolled out across multiple social media platforms. Twitter was the first to successfully integrate the feature with their hexagon-shaped PFP icons, with Instagram and Youtube are now closely following behind. Now OnlyFans is working on a similar feature. This platform, infamous for its pornographic content, has rumored crypto-related features in the past (such as Dogecoin tips and crypto payments). However, until now, there hasn’t been any real integration of crypto for users.

This new NFT feature will be similar to the Twitter NFT PFP feature. Any NFTs minted on the Ethereum blockchain will be supported, but instead of a hexagon identifier, NFTs will be identifiable by an Ethereum icon. When users click on the NFT, it will expand with more information about the digital asset from OpenSea.

The main question remaining is, “Why?” According to Tech Crunch, the OnlyFans CEO said, “This feature is the first step in exploring the role that NFTs can play on our platform.” While we agree that smart contracts are one of the best ways for content creators to take ownership of their content, this feature being rolled out on one of the most scammy creator platforms (for context, OnlyFans takes a whopping 20% cut on its users' transactions) doesn’t sit well. Plus, we can’t imagine that a verified NFT Ape PFP is going to get OnlyFans users any more profile clicks. Although there are different types of creators on the platform, it is challenging to understand what benefit this new feature will bring to users.

What a way to close out the week!

NFT BUZZ 📹

In this video, @yarramishog breaks down 5 up and coming projects that should be on everyone's radars!

Squiggles Rug Rumors Boil Over 🚨

If you were on NFT Twitter for even a second yesterday you were likely made very well aware of the massive Squiggles controversy that came to light yesterday. There's absolutely no way to cover the entire scope of this scam but the entire 60-page dossier about the Squiggles rug is linked below that does an excellent job.

TL,DR: The Squiggles team is the same team around countless rug pulls throughout the space. Everything was orchestrated to have massive hype behind each project - marketing, discord following, Twitter following, coordinated artwork... the whoooollleeeee thing was and is a giant SCAM.

After this dossier came out the entire space was up in arms and OpenSea responded with the striking allegations. The evidence was mounting by the second and there was no question that all of these rug pulls were orchestrated by this group. Needless to say, the space is getting smarter and smarter by the day, and catching these malicious actors before mint is becoming more common. 

Meme Drop 💧

FTX US NFT Marketplace 🔥

The Drop is ecstatic that we are now a partner with FTX, one of the biggest crypto exchanges in the world. Even more epic is how incredibly fast the team at FTX was able to create the ultimate NFT marketplace.

On the FTX desktop, you can buy and sell NFTs with gas-free NFT trading and keep everything in one spot with all things crypto. Buy your crypto and get busy trading right away with no hassle. To have your crypto and NFT trading all under one seamless platform click here.

Recent Articles 📰

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.  

Follow the team: 

Join the Discord + follow the links below 👇