Ryan Carson Leaves Web3

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Today's issue is a massive breakdown of the biggest drama in the NFT space in quite some time.

Here is the breakdown of today's newsletter:

💊 Daily Dose founder Ryan Carson leaves web3 for good

• ETH Denver is in full swing (Feb. 24-Mar. 5th) and the events are looking incredible so far. Check it out here.

• ICYMI: The winning Dookey Dash key sold for $1.6 million USD the other day. (TD)

• NounsDAO an OG NFT collection drooped some epic fashion. (@nounish)

• Tough scene: Here’s a clip highlighting some major projects at the top. (@OxMaestro)

• NFT Paris wrapped up and it looked epic. Check an amazing video recap by @ladypumpkink here.

• Tyler Hobbs Fidenza sold at Christie's auction in London the other day for 442k USD after auction fees.

• Rumors are flying Binance used $1.8 Billion in customer funds for its own purposes, eerily similar to what FTX did. (CN)

Ryan Carson Leaves Web3 💊

If there is one thing that web3 is never short of ... it's drama. Ryan Carson, one of the biggest names in the entire NFT/web3 space, has departed and shows no sign of returning.

⏰ Let's Rewind

Before jumping into web3 Carson owned an online coding school known as "Treehouse". It's not our place to have a strong opinion on this but the departure from Treehouse left many employees disgruntled, to say the least. (You can read more about that here)

🦉 Ryan Teams Up With Kevin Rose

After Treehouse, Carson jumps full steam ahead into web3 and teams up with Kevin Rose to launch Moonbirds and Proof Collective. Shortly after mint Carson announces his departure from both projects to focus on his new 121g fund after trying to raise $40 million in investor funds. (Obviously, holders weren't too happy about his swift departure which you can see in the comments under Rose's post here, or you can see the tweet below that sums up the frustration).

📉 121.g Fund Tanks

We will just leave this photo here that sums it up ...

⚡️ To Everyone's Amazment, Flux Fund Is Announced

After the blow-up of 121g, Carson faced criticism for his announcement of Flux, a new Web3 fund. If the tweets hadn't been deleted we would share them here. Carson stated that he intended to raise $10 million through 100 investors and allegedly claimed that 21 spots were already gone. Well, those spots weren't in fact "gone". The official Flux website stated that all investors had to contribute at least $160,000, which would equate to a total of $16 million raised, $6 million more than what Carson claimed to be raising.

😵 Here's where things really started to go wrong...

Members of the community pointed out irregularities in posts and statements, which led to some investors distancing themselves from the fund. Many potential investors came out and said they had not signed anything, given money, or even shown full interest in agreeing to be a part of Flux.

This thread below covers the drama beautifully:

💊 Dail Dose Departure

After the collapse of 121g, alleged false advertising of Flux, and the communities outrage ... Carson bows out of web3 on his very popular Daily Dose Twitter space. Shortly after it is announced that the Daily Dose following and community will be handed over to Zeneca and join the ZenDailyShow.

You can see this announcement below:

Chart of the Week 📈

As if you haven't heard enough about Ordinals these past couple of weeks here's a chart to solidify our point (it's a new wave of NFTs that is taking over). This chart will likely explode in the coming weeks with the release of Yuga Lab's Ordinals collection which is coming very soon.

Sponsored Content: There is no sponsored content in this newsletter.

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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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