OpenSea Cancels DAO Turtles

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Happy Monday!

Hope everyone had a great weekend and caught up on their sleep 😊

What's Dropping

• BAYC announced a much anticipated new token slated for Q1, 2022. Yes, please.

• MetaChamps sold out their run of 300 Genesis Jerseys in 20 minutes on Friday.

• BYOPills announced key updates in the upcoming Apostle Minting. Floor price jumped from 0.185 ETH to nearly 0.50 ETH with the news. As of this writing, only 585 out of 10k are listed for sale on OpenSea making it one of the lowest supply of any large drop in the entire space.

• MetaHero decided to wipe Jupiter off the mint map this weekend continuing their ongoing worldbuilding / gamification of the MetaHero Universe. Jupiter mints are now "offline". Any other planet minted directly on the site will receive a free Jupiter DAO Token along with a MetaHero Sidekick (in other words, don't buy them directly on OpenSea).

• Dark Horizon sold-out their entire run of 8,686 NFTs in about 2 minutes yesterday.

• 98 or 99 out of 100 people you ask still won't know what an NFT is. You're really, really early.

What happened with DAO Turtles?

Last week Dao Turtles got kicked off OpenSea and all trading got suspended. In an effort to keep this brief, the hammer came down on this NFT project because the Turtles project was treading deep in "securities" territory. DAO Turtles had a $Turtleshell token that would be awarded to holders. This was a passive income NFT project that directly promised a return on investment, unlike Cyberkongz who states that their token 1 $BANANA = 1 $BANANA and nothing else.....riiiiiigggghttt. Anyways, as most of us know any asset with the promise of returns through sales or commissions is regarded as a security from the government's viewpoint.

A somewhat bearish outlook on passive income NFT projects comes from @wilxlee who goes over the possible major red flags with owning some "passive income" NFT projects. For right now It's safe to say if there isn't any utility then it's most definitely a security.

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Bitcoin Birds

If you're making less than $8,000 an hour, you're not Abraham Finley— a 12-year old boy who sold out of 400 hand-drawn birds in less than an hour! Each bird sold for a little under $27, and Abraham netted over $8,000 worth of STX. This event has driven loads of attention to Stacks (STX), a token that connects to Bitcoin to enable smart contracts. Just so we're all speaking the same language here, let's get some things straight.

Blockchain is technology that developers can use to create something new. Bitcoin is a blockchain and (lowercase b) bitcoin (BTC) is the currency of that blockchain. Most people in the NFT space use a separate blockchain called Ethereum, which uses ether (ETH) as its currency. In simple terms, Ethereum is NFT friendly, but Bitcoin isn't so much. Then comes along Stacks. Stacks is a blockchain and that uses STX as its currency. And over the course of the past two days, STX has shot up from $1.45 to $2.20 (over 50%). As mentioned before, Stacks connects to Bitcoin to enable smart contracts. Hence: Bitcoin Birds.

Now back to Abraham Finley and his Bitcoin Birds. Abraham sold out of his hand-drawn birds in less than an hour. The mint took place on Sunday, Oct 3rd and one Bitcoin Bird could be minted for 20 STX (approx. $27 at the time). The floor of the birds are now just under 1000 STX, which is a 400% increase from its mint price, not to mention the additional 50% increase of the price of STX. Abraham is collecting a 5% of secondary sales, which means he's receiving about $105 per sale. The real shock hits knowing that Abraham is making more income off one bird than most minimum wage Americans make working a full day at a boring desk job.

Artist Spotlight

Seer Light is an LA-Based digital illustrator and animator named Ronald Kuang. He's been posting work online since 2015 and has since built a following for a distinct drawing and animation style. His work is a culmination of everything he enjoys in pop culture translated through his aesthetic senses. Where you can find Seer Light: his Twitter and Instagram -his work comes to life so definitely give it a look!

Meme Drop

Source: @JRNYcrypto

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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