Okay Bears Crosses 2 Million SOL Volume

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 ⚡️

• A Dune dashboard created by @nlevine19 shows a comprehensive list of the most successful big brands in NFTs, with Nike reigning supreme. (Dune)

• The weekly crypto fund flows report is in, showing low volume over the last week. BTC experienced massive off-selling, while ETH reaches the ninth week of straight inflows. (CoinShares)

• An NFT created for New York Fashion Week offers fantastic utilities, including runway seats, a TIDAL music subscription, afterparty invites, and designer collectibles. (NYFW)

• Registration is open for Web3SF, a three-day event in San Francisco with a variety of events, including workshops, conversations, and more. A few of our writers may be mingling, come and say hi! (Web3SF)

• Designer of The Sims Will Wright is working on a blockchain-powered game with NFTs. (Blockworks)

• The founder of Telegram proposes "NFT-like smart contracts" for auctioning usernames on the platform. (Telegraph)

• The Federal Reserve has approved master account access for crypto banks, another step towards these sorts of financial institutions becoming a reality. (Coindesk)

• For the first time, a Solana project is a top 5 PFP project alongside Bored Ape Yacht club and crypto punks and Moon Birds. TL,DR: It's DeGods NFT. (@DegeDaVinci)

Okay Bears Crosses 2 Million SOL Volume 🐻

Okay Bears continues to push Solana to the forefront of the NFT scene since its lunch in May by being the first Solana NFT project that has beaten an array of prominent Ethereum collections being the first NFT in the Solana ecosystem to hit 2 million in total SOL volume traded.

Despite a rough few weeks within the community, the bears came together to reinvent themselves and further address the future of the brand by setting up the Honey Pot mechanism which we’ve covered in our previous newsletter here.

Nonetheless, the bears aren’t carried away by the heat of the big moment as they gear up for the ‘Bear Market’ and the second Bear Drop which will consist of 1,000 unique digital collectibles with completely new art worth of weight in gold.

The second Bear Drop; Founders Coins and new collection is expected once the 2.1M SOL volume is crossed.

Selecting long-standing community members to work side by side as they prepare to take the project to the next level was another huge move from the team which begs the question; are we finally in the Bear Market?

META's Identity System 👤

Meta has rolled out an official Meta identity system. Previously, one would go about diving into Facebook’s brand of virtual reality with either an Oculus account or a Facebook account. Now, users of either the Oculus or Meta quest hardware will need to create Meta accounts and Meta Horizon profiles. The Meta account can be created using an Instagram account, Facebook account, or an email. Folks will have the choice of tethering their Meta identity to their already developed Facebook brand of digital identities or starting anew. After this core identity is registered, users can make a public-facing Meta Horizon profile, with an avatar and name.

It should be noted that Meta is certainly trying to play a trick on anybody that is not acquainted with the basic theoretical ideas that underlie the metaverse. Of significance to many in Web3 is the pursuit of decentralization, and the metaverse as a social reimagining of how things can be done more democratically by leveraging blockchain technology. Meta’s goal is to create an even tighter and all-encompassing social experience than Facebook or Instagram; deeper centralization. But it becomes very hard for laymen to not end up believing that Meta is a stand-in for a definitive metaverse. Of course, a limiting factor for many will be the hardware required, but we can expect Meta to roll out something soon that lets people interact with the space using basic computers.

SudoRare NFT Marketplace Rugged 😡

For the last couple of weeks, we have seen countless DMs about a new marketplace making its debut. But on Tuesday, something happened that a lot of people didn’t even notice. An NFT marketplace went live and rugpulled within 6 hours. Think about that. An NFT marketplace rugpulled in 6 hours….

It was a service called SudoRare, which was supposed to be a branch of the already successful Looksrare and SudoSwap marketplaces. SudoRare promised users the ability to create their own liquidity pools for their NFTs, while also staking $LOOKS for interest. The members staking rewards were astronomical, hence the almost $1 million in liquid funds injected into SudoRare in such a short amount of time. After everything was said and done, 519 ETH (about $800k) was taken from unsuspecting users.

Scams are becoming more prevalent in the NFT space because oversight is essentially nonexistent, and the amount of money that can be poached in such a short amount of time is too enticing an offer to pass up for some lowlifes. Watch out for numbers that seem too good to be true, as that is typically the case. Massive APR? No thank you. Especially if it means that I have to give up my assets. Slow and steady wins the race. WAGMI.

Meme Drop 💧

Recent Articles 📰

• A Pudgy Penguin Just Sold For $630,000

• Streetlab.io OGs Drop

• Is NFT Lending Good Or Bad?

• y00ts NFT by DeGods

• NFTs Are Hitting The Big Screen

• Ethereum Merge Is Happening

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.

Follow the team:

Gannon Breslin, Kayla Kilbride, CryptoVonDoom, Naveed Lalani, Alex Reed, Naman Patel, Big Tuna

Want to advertise your brand to 25,000+ readers?

Submit a form here.

Want to get your project featured?

Submit a form here.