STEPN: Move 2 Earn

BAYC Hacked, Again

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!

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What's Dropping ⚡️

  • Gary Vaynerchuk files trademark for ‘Vayner3’ NFT consulting arm that will offer “technical consulting in the field of non-fungible tokens, cryptocurrencies and other metaverse and Web 3 activities and assets” (CoinDesk)
  • Bitcoin has recently become the first cryptocurrency to be legally traded in Africa. Just two weeks after this event, the country seeks to tokenize its natural resources. (Quartz)
  • Free mints take over the market, pixel art project We're All Gonna Die runs the show over the weekend.
  • Founder of recent project Pyschonautz has promised the community a BAYC giveaway once the floor for his project reaches 1ETH. Will he hold to his word? (Twitter)
  • Snoop Dogg will be opening a BAYC restaurant that serves fine desserts and sweets. (Decrypt)
  • Nifty just updated us with the name for their Tweety Bird collection. It's called Looney Tunes What's up Block? The public sale is on June 21. (Niftys)
  • A nine-year-old artist raises over 2k for charities with her NFT cat collection. With help from her parents, she hopes to help onboard more children into the space. (Cointelegraph)
  • NFT game Illuvium rakes in over $72M in a recent land sale. (Decrypt)
  • Yuga Labs Discord has once again been compromised, leading to some losses for community members. (Coindesk)
  • Solana came to a halt last week as servers crashed, crippling many initiatives that utilize the network. (Decrypt)
  • FTX outperforms Coinbase in fiat exchange total for the first time. FTX is our go-to marketplace for all things NFT and crypto. (The Block)
  • Social Media app Yubo may be onboarding teens with their NFT collection that provides users with verification and access to other users live streams.

STEPN Falling Behind? 🏃

One of the magical aspects of the NFT ecosystem is that it offers countless paths to earning things of value. Some projects, like Loveless City by our beloved VonDoom, reward holders with magnificent art. Other projects allow the user to earn actual money through staking. But one that people don’t talk about often is that of is Move-to-Earn (M2E).

M2E essentially means that in order to earn money in the form of tokens, one must complete a task. In a wider sense, the M2E utility model illustrates a holder’s willingness to earn. Recently, the most popular M2E project has been STEPN, a Solana-based project which allows users to earn money, in the form of Green Satoshi Token ($GST) by running or walking, and logging that data in their native app.

According to users that started utilizing the platform a few months ago, STEPN turned out to be a very lucrative exercise. One close friend of The Drop stated that he earned “roughly $20 worth of $GST every time he took his dog out for a walk.” When you walk your dog 3-4 times a day, the residuals begin to add up very quickly. And with the shoes needed to earn money reaching 15 SOL each, the idea of walking and earning becomes even more enticing.

Unfortunately, the decline of STEPN is in full swing. According to a tweet from Blockwork’s Research, “monthly active users peaked in April at 702K before falling 70% in the month of May.” On top of this, STEPN has been DDoS attacked numerous times over the past weekend, even after attempting to implement an anti-bot mechanism. The platform is also recording new lows in incoming and outgoing SOL. Will STEPN start steppin’ upwards? Or is this downhill tumble going to persist? You decide. Regardless, go outside and smell the roses. WAGMI

Although the recent hiccups, STEPN has a very ambitious roadmap and has an incredible team in place that works diligently at accomplishing all the projects goals. 

Artist Spotlight 🎨 Alyssa Stevens

Alyssa Stevens is a 24-year-old full-time 1/1 artist in the NFT space. Creating art has always been an integral part of Alyssa’s life, but she never thought she could make a career out of it, until March 2022 when her artwork was featured on the homepage of OpenSea.  Within a few days, she went from 0 sales to selling out her collection of over 100 pieces and quickly decided to pursue being an artist in the web 3 space full-time. Alyssa describes her artwork as abstract expressionism and an extension of her perspective on life. She draws inspiration from various artists, such as Picasso, Matisse, and Basquiat, as well as her favorite books, The Alchemist and The Little Prince. Childhood and connection are significant themes throughout her work, which are portrayed through imperfect forms and bright colors, cultivating a sense of nostalgia and yearning for simpler times. Each piece that Alyssa creates embodies our collective existence in a moment of time.

🚨 Alyssa's Links: Twitter, Website, OpenSea, Discord, Instagram

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BAYC Hacked, Again 😔

The last few months have clearly indicated that BAYC NFTs aren’t going to stop being the target of hacker attacks anytime soon. Todd Kramer had 16 of his BAYCs stolen in January through a phishing link, while s27 had his BAYC and MAYCs stolen in April after interacting with a fake exchange. Further, in the week leading up to the Otherside Land drop, BAYC users had their NFTs stolen through a phishing link on Instagram. In the latest heist, BAYC’s project community manager Boris Vagner, had his Discord account compromised, and hackers made away with roughly 32 NFTs valued at over 200 ETH total. 

Some have been quick to point fingers at Discord, citing its vulnerabilities and claiming that it should not remain as the default communications platform for the Web3 social ecosystem. On the other hand, the variety of methods and platforms that hackers appropriate in order to steal BAYC NFTs suggests that this has a lot less to do with Discord in particular, and more to do with whether or not users are exercising careful judgement and prudence when consenting to transactions or electing to follow a link. For an insightful analysis of how hacks like these have been executed, and how you can steer more clearly from such scams, check out the link here.

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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