Friendsies Hard Rug Pull

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Here is the breakdown of today's newsletter (3 min read):

😡 Friendsies Hard Rug Pull🐱 Franklin sweeps 150 Cool Cats

• Veefriends are launching Burn Island, an artistic and interesting take on the recently popularized NFT burning craze. Eruption 1 just went live yesterday. (@veefriends)

• ENS Domains still have value: PFP.eth sold for 40 ETH!

• Open Sea goes 0% royalties for a limited time in response to Blurs recent success. The switch is causing much controversy amongst traders and artists alike. (@opensea)

• INSANE TRADE! A Cryptopunk worth over 100K was recently traded for its bitcoin equivalent, putting more heat on the BTC ordinals fire. (BP)

• Check out this deep dive into the recent million-dollar rug from the Friendsies project (@zachxbt)

• Ubisoft brings their popular Rabbids characters into the metaverse with the help of The Sandbox as part of their Lunar New Year event. (@TheSandboxGame)

Friendsies Rug After Securing $5.3 Million 😡

⏰ Let's rewind

Back in the heat of the bull market countless projects were launched with grand ideas of value and utility. One of these projects was Friendsies which launched their 10,000 collection in March of 2022. The anonymous team brought in over $5.3 million from the mint and royalties *gasp*.

On their infamous OpenSea page it states:

"The fRiENDSiES universe begins by generating your fRiENDSiES and will extend into the metaverse, real-life experiences & art installations, and limited edition items. Ultimately, your fRiENDSiES will become an AR AI companion that will bring you joy. Join us on this journey as we build a better world where generosity, care, and altruism are rewarded!"

What else did they promise?

• the future of Friendsies was to be a "Tomogatchi-like game that is play-to-earn"

• a soon to be release community treasury

• a roadmap and royalties program

As you probably could guess, none of that happened and instead, the floor plummeted to near zero as holders began to lose hope.

Out of nowhere, the Friendsies project Twitter account tweeted (then quickly deleted) this tweet below:

Shortly after this tweet, the entire Twitter account disappeared and the space went into a frenzy. Naturally, during the mint back in March some big named NFT influencers promoted the project and now are facing scrutiny. Overall its a bad situation and hopefully the founders will be brought to light and to justice *cough cough where's the FBI when you need them*.

ALLEGEDLY, according to this Twitter post, the founders have already been found.

Franklin's Epic Cool Cat Sweep 🧹

If you're new to the space, @franklinisbored is a legendary degen trader and BAYC whale collector (he currently owns 70 apes from the last we checked). He posts many of his day trades that sometimes happen in a matter of minutes and to the amusement of his followers sometimes only result in the winnings of a fraction of an ETH.

Most recently he sweep the floor of Cool Cats NFT collection unlike anyone has seen ever before by buying over 150 Cats in 5 hours!

🔨 Impact

Cool Cats are staying relatively cool at 2.35 ETH floor even though Franklin started his epic buying spree at 2.2 ETH.

• 409 Cats listed

• 55% unique owners

• 130,000 total volume

Are the Cats primed and ready to run? Send us an email reply back of what you think 😊

Sponsored Content: There is no sponsored content in this newsletter.

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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.

Follow the team:

Gannon Breslin, CryptoVonDoom, Naveed Lalani, Alex Reed, Naman Patel, Big Tuna

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