NFT Lending Taking Over
ZachXBT Gets Sued
Here is the breakdown of today's newsletter:
😳 ZachXBT Gets Sued
❓ NFT Lending WTF
Rumor has it the new Nike and Fortnite collab may include Polygon NFTs. (@chrisakvn)
Cryptopunk #8611 was burnt over the weekend for a BTC version. (DC)
NFT Intelligence Firm Mnemonic secures $6M in funding. (@mnemonichq)
The new Twitch game "Only Up" has Goblintown art throughout the background. (DC)
Two Rolex Watches were just used as collateral for an on-chain loan. (@CirrusNFT)
The University of Nicosia is launching a Masters Degree Program to become a metaverse expert. (UN)
Fifa is filing tons of metaverse related trademarks. (@KondoudisLaw)
Nike has released more information about their Fortnite collab. (CT)
ZachXBT Sued By Machi 😳
You’ve probably heard the name before, MachiBigBrother (Jeff Huang)
The famous or some would say infamous NFT whale that many believed at one point or another had the most luxurious digital art collection known to mankind.
The other day he filed a defamation lawsuit against ZachXBT, web3’s own Sherlock Holmes.
1/ It’s unfortunate I have to make this thread but I am being sued by MachiBigBrother for an article I published in June 2022.
Today Machi filed the defamation lawsuit. The lawsuit is baseless and an attempt to chill free speech. I intend to fight back & defend free speech. http
— ZachXBT (@zachxbt)
Jun 16, 2023
💡 Why did it come to this?
ZachXBT is famous in his own right for long-form threads and breakdowns of various projects, collectors, and founders in the web3 space. Back in June of 2022, he wrote an allegedly damning Medium article accusing MachiBigBrother of embezzling over 22,000 ETH and rugging over 10 NFT projects.
You can read the Medium article here and decide for yourself.
This unique amalgam of DeFi and NFTs broadens NFT utility and liquidity, offering enticing features like:
🔹 Collateralized loans
🔹 Fractionalized NFTs
🔹 NFT rentals
What has happened? Heavyweight platforms, Blur and Binance, have dipped their toes into this innovative field. Blur's Blend platform impressively seized 82% of the NFT lending market share within just three weeks of launch.
While this new wave of lending offers potential profits and boosted liquidity, risks such as token liquidation concerns remain. NFT lending presents a profitable avenue for traders. Those who bought tokens during bull runs can now earn additional Ethereum via lending.
Conversely, borrowers gain access to the previously elusive NFT ecosystem. However, it's crucial for potential participants to equip themselves with proper knowledge before taking the plunge.
What to expect? The potential of NFT lending extends beyond digital art. Using the housing market as a model, NFT lending could welcome thousands of new traders to Web3 and may even stretch to include mortgage lending.
While the prospects are high, the risks are equally potent, especially for newcomers susceptible to 'predatory' lending practices. Platforms like Blend, which allow staggered payments, could present pitfalls, potentially leading to premature token liquidation.
The future of NFT lending, although promising, depends on platforms upholding decentralization for sustainable growth. The key lies in aligning NFT lending closely with DeFi principles, as we tread this exciting new path.
NFT lending is a mixed bag of tremendous potential and significant risks. As always, the mantra remains - stay educated, especially if you plan to explore the world of NFT lending protocols
Here's everything you need to know about @BoredApeYC upcoming game.
The Forge (Evo-2)
— Orangie (@orangie)
Jun 21, 2023
Crypto bro reaches enlightenment.
— Crypto Bros Taking Ls (@CoinersTakingLs)
Oct 15, 2021
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