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NFT Projects Rally Behind Rug Pull Victims

FTX sneak peak, New Mint Rankings, Rug Pull Details, and more

Welcome to The Drop NFT Newsletter. Subscribe for breaking NFT news, project breakdowns, & artist spotlights. Thank you to all who are following along on this journey!

Goooooood Morning & Happy Monday!

We hope you got the well-needed rest you deserve after spending countless hours digging through Discord and OpenSea this past week. More than likely you didn't - but we can pretend, right? (we didn't either)

To start things off, the winner of the MetaGuardians raffle was...

lavance@w***********.com

If you are this person please send a DM to @gannonbreslin to claim your MetaGuardian!

Let's not waste any more time and get into today's issue 😊

New Mint PFP Rankings

LARGEST GAINS

206% @mmccsolana (sol)

186% @TurtlesNFT (sol)

57% @peacevoid_world (eth)

40% @cryptoadznft (eth)

38% @winterbearsnft (eth)

Hot Tip: If you have been subscribed to The Drop over the past week you will start to notice that more and more SOL projects are climbing the New Mint PFP Ranks!

Iconics Rug Pull

Here at @thedropnft we pride ourselves on keeping it real and reporting the facts even if it's news that we don't enjoy giving. Our goal is to be a source of NFT news/content that you can trust. With that, an NFT project named "Iconics SOL" was a giant rug pull.

As you can see above, Iconics Sol was a project that was going to be an 8000 supply of "high quality" digitally created warrior headdresses at 0.5 $SOL. Supposedly, the project was created by an anonymous 17-year-old 3D artist who did not keep his/her side of the deal.

What happened:

Right after the 2,000 NFT presale the artist shut down all operations and made off with around 1000 $SOL (currently around $167,000). To add fuel to the fire, the NFTs that people minted when revealed were just sets of random emoji characters.

Baller Ape Club Rug Pull

No need to go into deep detail here because the story is the same but even worse than Iconics. Celebrities/Artists like Lil Xan even shilled Baller Ape Club before the rug pull.

It is rumored that around 13,000 $SOL was stolen in the Baller Ape Club rug pull.

Half Glass Full

The good news is the SOL NFT community rallied behind victims of the rug pull and many projects offered free mints out of the kindness of their hearts. Big thanks to @SolTigersNFT, @Solarnauts, @SGFUnited, @Bitbaddies, and others who did this.

Here are some examples below:

The Bottom Line

This was absolutely tragic and the person(s) behind Iconics Sol/Baller Ape Club are thieves. The learning lesson here is always to make sure to do your due diligence on not just the NFT project but the team behind the project. The best place to do this is to be a part of the project's discord. Something to look out for is bots in discord channels. If the server was grown by bots (or if a significant number of members are not active) this is a sign that it could possibly be a scam NFT project that is just looking to mint and run off.

What's Dropping

  • Mekaverse drops on October 6th, one of the most anticipated drops in NFT history

  • Cool Cats floor hits 14 ETH 🔥

  • Solana Monkey Business (SMB) NFT sells for 13,027 SOL = $2M which is the largest SOL NFT sale to date

  • The average cost of 1 SMB > 1 bitcoin 🤯

  • Foxy Fam runs from a floor of 0.11 ETH to 0.43 ETH!

  • KB24 NFT is an NFT collection centered around Kobe Bryant inspired art and all proceeds from the collection will be donated to the Mamba & Mabacita sports foundation

  • @mmccsolana tripled in a day and it could be the fastest-growing NFT in history with only 3 days down and already claiming the 27th largest NFT spot

  • Famous Fox holders will soon be able to stake their NFTs to earn royalty shares

Sneak Peek

FTX Tweets this image… hinting they may be adding 5 SOL NFTs to their marketplace! (Degenapes, Aurory, Thugbirds, SMB, and Galactic Geckos)

Meme Drop

Source: @SizeChad

Thank you for reading today's issue of The Drop Newsletter!

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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