Houston Texans Take On Crypto

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

What's Dropping ⚡️

• NFT music start-up HitPiece returns after a few months of quietly building. They may be onto something as some big names join their ranks such as producer ATL Jacob. (@joinhitpiece)

• The majority of blue chip NFT holders are diamond handing their assets, despite floors dipping. We love to see it! (CoinTelegraph)

• Seedify provides an easy-to-use interface for their NFT launchpad, allowing investors to pour funds into pools for Web 3 games they are interested in. They are also developing an NFT staking system. (@SeedifyFund)

• A place in Web3 for sports lovers has yet to be developed, and Olympix is helping to realize that dream. They hope to build the largest sports DAO in the metaverse. (Olympix)

• An exciting beta for IOS has just been released called Pegaxy and is limited to only 10k users. Built by Mirai Labs, this futuristic racing game has been months in the making. (@PegaxyOfficial)

• Memecoins pop off over the weekend as enthusiasm around Ethereum grows.(Decrypt)

• Digital Bank Revolut was just approved to offer crypto services in European regions. (CoinDesk)

• CodyOnChains explains why he believes in Solana NFTs so much. (CodyNFTs)

• The cryptocurrency arm of Chicago-based TradFi giant Jump picked to revamp Solana to make blockchain more reliable. (coindesk)

Houston Texans Take On Crypto 🏈

The Houston Texans have become the first organization to implement the exchange or crypto for single-game suites. In conjunction with BitWallet (Official Crypto Wallet Provider of the Houston Texans), the team is giving fans the ability to trade their crypto for a first-class experience in one of their stadium suites.

While this venture doesn’t implement NFTs, it does prove that big-name corporations are willing to get behind crypto. From utilizing ENS domains to being actual NFT partners, global brands are starting to understand the need for digital currency integration within their current financial ecosystems. For the foreseeable future, based on market trends and overall sentiment, crypto is not going anywhere. WAGMI.

OFAC Position On Tornado Cash Unconstitutional? ⚖️

Last week’s issue covered OFAC’s (aka the U.S. Treasury’s) sanction on the Tornado Cash smart contract and how the sanction may represent a breach of the First Amendment.

Legal experts have developed further evidence to support this claim. Firstly the sanction on Tornado has to be understood as a restriction on privacy-enabling blockchain tools. Restricting tools that facilitate privacy is unconstitutional under the First Amendment because doing so compels speech and weaponizes censorship - and let's break down exactly what that means. Many feel compelling speech is unconstitutional because one’s right to the freedom of speech does not only entail an individual’s right to say what they want but to also choose what they do not want to say. Therefore it becomes especially important that in an ecosystem as transparent as the blockchain people have access to tools that mediate their privacy. By actively sanctioning these tools, the community believes OFAC is essentially forcing people to reveal information that they most certainly do not want unauthorized access to. In day-to-day life, we have systems that make sure that our financial records don’t fall into the hands of just anybody or that the job we are applying to can’t see our salary history without permission. It is also important to keep in mind that OFAC has placed a sanction on Tornado and has not just disabled it.

What this means is that the Treasury will pursue anybody who continues to associate with the tool, even if the person who is associated with the tool is on the receiving end of a transaction that they never agreed to. This in effect allows anybody to weaponize censorship. In other words, the U.S. government will effectively be supporting a censorship weapon that wrongly accuses innocent actors. An example of this would be if one of your enemies decided to send you money through Tornado Cash, knowing that you would still receive a penalty for no discernible wrongdoing.

Unfortunately over the past couple of days (before the total removal of the Tornado Cash website), we have seen various transactions from random anonymous accounts that target celebrities and public figures' addresses and have sent them ETH using Tornado Cash. As "funny" as this prank may be, OFAC makes it clear that it is illegal to even be on the receiving end of this transaction - even though you have no capabilities to stop it.

Twitter Spaces With Blocklords

Today we have a Twitter Spaces with our team and the Blocklords team at 10 AM PST!

Make sure to not miss out and set your reminder here

What Happened To Okay Bulls? 😬

Okay Bulls slapped their holders with 98% royalties for listing their NFTs, which is truly unprecedented in this space. This happened after announcing that they were fed up with being flipped for a price of a happy meal a week ago. Hence they are not the reason for the 48 hours of the bloody bear hunt.

The announcement:

“Some time after 48hrs have passed, there will come a point where our precious royalties will be turned up to 98%”

Another announcement was made in the discord earlier this week indicating they’re testing something mad to purge the “stubborn bears” as all the royalties were set to 98% which will remain high until the next announcements in 24 hours.

The team further stated there will be a refund of 90% for every bull participants buy on Magic Eden and also clarify why people who bought in pre-purge won’t get refunds.

Further urging the bulls to have fun while making the most of the announcement for 24 hours as the royalties will be turned down to 5% - The new normal.

Sadly the team ruined the party for its bulls barely 3 hours after the previous announcement with another announcement.

“After a chat with Magic Eden, we have to adjust the royalties back down sooner than expected. This also means that any NFTs bought after this announcement will not get a sweep refund.”

This means, that only those who bought in immediately after the previous announcement will get a 90% refund.

Unfortunately, this move by the team ended up as a royalties experiment blunder. They admitted and promised to reimburse degens affected with an okay bull for each one lost although not the same one.

What are your thoughts on how all this played out?

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

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