• The Drop
  • Posts
  • Not Your Wallet, Not Your NFTs

Not Your Wallet, Not Your NFTs

BAYC Blocked Sale, Robinhood Wallet, & More

Welcome to The Drop NFT Newsletter. Subscribe and join the discord for breaking NFT news, project breakdowns, & artist spotlights. Thank you for following along on this journey! 

Thank you for opening and reading today's newsletter. If you haven't subscribed to our Instagram it's definitely worth a follow if you want to stay up to date on all NFT news. We take pride in not crowding your feed 😊Follow our Instagram here. And if you're feeling crazy follow our Tiktok here. 

What's Dropping ⚡️

  • Actor and comedian Seth Green had 4 NFTs stolen in a phishing attack via fake Gutter Cat minting links. The NFTs in question are highly sought after and include BAYC, MAYC, and Doodles. Seth has reached out to some of the buyers in an attempt to rescue his stolen assets.

  • Stay tuned for a new announcement from the Kooks NFT project 👀. For those that missed it we are partnered with the Kooks by Terry Urban project so make sure to give them a follow here!

  • Artist Helmut Koller revealed his latest work yesterday at the opening of the Cube Art Fair in NYC. His colorful and lifelike hand-painted animals were blasted across multiple large billboards, hinting at an upcoming collection as he transitions to web 3.

  • Luxury design house Pininfarina has created thousands of timeless pieces of machinery for years. They are entering the NFT world with auctions of a car model Modul that has never been shown to the public. The NFTs will feature the car alongside music produced by Sasha Sirota.

  • Kristen Visbal is the artist behind the statue Fearless Girl that went viral after being installed in Manhattan in 2017. She has faced legal issues regarding creating copies of the statue and has created an NFT collection of the subject matter, in hopes to combat the troubles that have held her back from creating her art.

  • The infamous 1970s poster featuring Farrah Fawcett in an iconic red bikini is the highest-selling poster of all time. Family owners of the original rights to the poster have turned it into an NFT and they are listed for sale now through May 23.

  • Decentraland pushes users to create with their upcoming Game Jam. The competition allows users to create games and codes to win digital prizes.

Singapore Court Stopping NFT Sale? 🤨

Every other day we seem to hear about a theft of an NFT, either caused by exploitation or negligence by the owner. With NFTs generating more and more utility, there are many channels that have sprung up that leave you open to theft. One of those is the idea of lending.

In the case of BAYC #2162, the owner, Janesh Rajkumar, took a loan from a person named “chefpierre” and used the Ape as collateral. Utilizing the NFTfi platform, the Ape was put into “escrow”, which can be proven by this transaction. Janesh then got liquidated on April 20th, and the Ape was transferred to “chefpierre”, which is proven by this transaction.

Now, Janesh secured an injunction with the Singapore High Court, in conjunction with Withers Law Firm, to stop any potential sale of BAYC #2162. That’s right. According to the Singaporean courts, this asset is currently untradeable, despite the trade being legit (proven by blockchain transactions). Not only is this one of the first court orders of its kind, but it is also the first NFT asset blockage by a court in Asia. Janesh wants “chefpierre” to give him the opportunity to repay the loan in return for the Ape. In a way, Janesh messed up and now he wants to eat his own cake. Is this good for Web3? Or is this a misuse of the judicial system which can shed a negative light on the space as a whole? WAGMI. 

 Finally: Robinhood Crypto Wallet 🔒

Robinhood has permitted two million waitlisted users to use its newest product, a crypto wallet. This may sound like it isn’t news given the fact that it is widely known that users can purchase crypto on Robinhood. But most users were only purchasing a shortlist of sanctioned coins that could never be moved off of Robinhood. By offering a crypto wallet Robinhood is taking a much-needed step away from its strange limitations and offering basic crypto transferring capabilities that decentralized products should have from the start. Robinhood’s selling points to customers are that they are going to actively subsidize network fees and that they will offer safety features to make the experience more user-friendly than Metamask or Coinbase wallet, for example, they will offer solutions for private key management.

Robinhood should continue to emphasize these two qualities because the rest of what the wallet has to offer sounds pretty lackluster. Users will neither be able to hold NFTs on the wallet nor will they be able to trade and exchange coins other than eight sanctioned coins. If users send a non-sanctioned coin to their Robinhood wallet, it will be forever lost. Robinhood is offering a network fee-less and seamless user UI crypto wallet at the expense of features that would position it as a tool built for decentralization. Instead, it is a wallet that is heavily constrained in its abilities because of an imposing custodian relationship. Needless to say, Robinhood wallet users should certainly take advantage of the fact that their network fees will be paid for them.

Meme Drop 💧

Recent Articles 📰