Immutable's $500 M Fund

Elon Musk Is Being Sued For Dogecoin

June 17, 2022

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 ⚡️

  • In one of his largest exposés to date, @ZachXBT has dropped an article on the biggest crypto/NFT whales in the space. MachiBigBrother has allegedly embezzled 22,000 ETH over 10 projects. This is a must-read article.

  • The IRS just announced they are taking big extra steps to go after non-taxpayers in crypto. Way to kick us while we're down! Stay safe and legal out there. (Finbold)

  • On Tuesday eight of the top 10 NFT projects posted at least a 115% increase in 24-hour trading volume as the floor prices of many top NFT collections tumble.

  • Convicted internet scammer Anna Sorokin says she will be selling NFTs... (NBC)

  • Clinique will be launching an inclusive NFT makeup campaign very soon, featuring art from a variety of artists and set to drop sometime in late July. (Rarity Sniper)

  • Mount Westmore is a rap supergroup consisting of Snoop Dogg, Ice Cube, E-40, and Too $hort. This West coast powerhouse has teamed up with Gala Music to release NFT album. (Youtube)

  • Truth Labs recently came out as the minds behind Goblintown. The floor price has dropped at the announcement of the founders, as per usual after big announcements. We're keeping close tabs.

  • Pop artist and DJ Reharajj will be performing at Deadfellaz NYC event on June 21 along with a number of other talented artists.

  • Lacoste sells out UNDW3 collection, featuring their iconic crocodile design. The NFTs have yet to reveal. (OS)

Immutable $500M Developer & Venture Fund 📈

If you are new around here let me explain how Immutable is changing the game in one sentence: Immutable is on a mission to enable the best games to build on Ethereum Layer 2 with unbeatable scalability, security, and speed. So far they have been exceptional at delivering on this mission and are a leader in the Layer 2 space working with the biggest games and companies such as GameStop, TikTok, Opensea, Illuvium, Ember Sword, VeeFriends & more.

$500 MILLION FUND 💰

Immutable has taken insights from Gods Unchained / Guild of Guardians and hired the best people from leading studios such as Riot Games to provide applicants with the extensive, necessary knowledge on tokenomics, game design & marketing to launch world-class blockchain games on our protocol. Join immutables growing ecosystem and let us help you onboard the next billion mainstream users. Projects with grants will receive monetary support to meet funding requirements, milestone-based IMX rewards, and access to deep blockchain gaming support and expertise. This includes direct access to an advisory for tokenomics and game design, plus community and marketing support.

If you are interested in Immutable to exponentially accelerate the growth and success of your web3 project or game:

Elon Musk Dogecoin Case ⚖️

The trail:

Keith Johnson has filed a class-action lawsuit against Elon Musk, SpaceX and Tesla for organizing a Ponzi scheme through Dodgecoin. Definitely, something you wouldn't want to wake up to if you are Elon Musk.In the formal complaint, Keith organizes his thoughts first with an introduction where he remarks upon the uselessness of the asset, that it lacks utility, and then points to Elon for creating demand for the questionable asset. He then provides a thorough background on Elon’s direct association with the coin, an expose of Elon’s previous SEC issues, and why Dodgecoin should be considered a Ponzi scheme. He then formally accuses Elon of civil rico - wire fraud, gambling, law fraud, negligence, false advertising, deception, failure to warn, and unjust enrichment.

The amount he is being sued for is 258 billion dollars 😅. Keith’s lawsuit isn’t entirely unreasonable to be fair. But to be even more fair, his investment and conviction practices are questionable if he in the first instance purchased a coin that everybody knew lacked fundamentals and then later wakes up and is upset that the coin that has no fundamentals is not mooning. Alas let the drama unfold.

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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