NFTs Are Gross

PayPal Crypto Wallet

June 08, 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 ⚡️

  • Co-founder of Framework Ventures Vance Spencer believes the best initiatives are born in bear markets and believes it to be a gift. Have a listen to what he had to say on the Bankless Podcast.

  • Budweiser becomes the official beer for Zed Run, an NFT horse racing game that has been doing numbers since last year.

  • Weekly volume reports show that investors are stacking up during the dip. Tons of inflow during the last week or so. Medium article.

  • Details emerge regarding a phishing attack aimed at Yuga Lab's discord (BAYC, MAYC, ect.) Bitcoin article.

  • Gala Games' new P2E Grit is experiencing issues upon release, as well as backlash from gamers. One of their new NFTs accidentally used a placeholder image unbeknownst to traders. Game Developer Magazine.

  • WWE NFTs will be transforming during this week's Friday Night Smackdown. Secondary markets are happily buzzing. Fox News.

  • Chronoface is leading the pack with its high-end wearable digital timepieces. They will be launching in Q2. Yahoo Finance.

  • A building in Manhattan has been listed as an NFT for 15000ETH! It seems the future of real estate and crypto is on our horizons.

  • Clothing company and retail store chain takes aim at the metaverse with their third NFT drop on Tezos. The collection will feature graphic T's.

  • New project Souls of Nature hopes to shine a light on environmental issues with their 3d animal NFTs. The drop comes along with a game that allows users to care for their animal and corresponding environment. Business2Community.

  • Massive project Dippies just dropped their Van collection. They came as a free airdrop for holders and minted out quickly during public. OS.

What type 💩 ?

Ewwww… STINKY!! When you read that, what’s the first thought that comes into your mind? You guessed it: “poop”.

On May 31st, a collection by the name of ill poop it was released. The project followed a recent trend in the NFT space: free mint. Not only were these 10,000 piles of virtual poop free, but they began to fly off the shelves of OpenSea the moment minting was completed. At the time of writing, they are sitting on a floor of 1.237 ETH.

A few days ago, the team/individual that created the ill poop it collection (pieceofshit Deployer) also compiled a new project called "ShitBeast", and a new token called "$SHIT". This is Phase 2. As you can tell, this entire ecosystem is centered around s*** and other items alongside it. To create a function of utility, they also added a mechanism that allows a holder of the original poop to burn 2 poops for 1 ShitBeast. These ShitBeasts that are created by burning poop are the Genesis ShitBeasts, and there are only 3,900 of them.

Now comes their newest addition to the ecosystem: ShitPlungers. These plungers were airdropped to holders of the Genesis ShitBeasts, better known as: Shitburners. The plungers will be used to upgrade the NFT to “Phase 3”, while Non-Genesis ShitBeasts will have to buy a plunger and utilize $SHIT in order to upgrade.

If this bear market has taught us anything, it’s that people in the NFT space are into gambling. Even projects centered around something as vile as human feces are gaining notoriety. Goblintown kicked off the free mint meta that has caused this market to become saturated with projects capitalizing on the casino-esque atmosphere that we currently find ourselves in. While Goblintown has been a success thus far, it has caused other projects to be released that are solely there for the purpose of milking money. I mean, who really wants a literal pile of sh*t? WAGMI.

PayPal Crypto Wallet 💳

Following their move in March to allow PayPal users to checkout with crypto, PayPal announced on June 7th that they will allow users to transfer their crypto between various wallets. PayPal’s centralized permission system that prescribes limits on how its users have the ability to utilize their crypto is not ideal in terms of how it is at odds with the free exchange logic that undergirds web3 as a whole, but this is an indication that they are at least moving in the right direction. When sending and receiving crypto to PayPal accounts, users will experience no network feels, although they will experience traditional network fees when interacting with non-PayPal accounts. Twitter took well to the news, and while the move has its merit, PayPal nonetheless only accepts four types of cryptocurrencies and has no accommodations for NFTs.

Judged on their own terms, PayPal is doing an impressive job considering that they are the first to receive a complete BitLicense by the state of New York, rather than a conditional one. This means that their restrictive stance has paid off as a traditionally crypto-critical state has given them permission to conduct business in crypto. PayPal will provide an interesting case study into the ways state-regulated crypto exchanges function.

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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