Is There A Web3 Cabal?

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It’s almost Friday! And almost 2024 🥳

Here is the breakdown of today's newsletter:

💧 What’s Dropping In Web3
🕵️‍♂️ Is Their A Web3 Cabal?
📈 Crypto Update

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• 2023: Here is a breakdown of the most expensive NFT sales of the past year. (TB)

• Elon Musk: Had more words on NFTs and what makes some fungible saying “at least code the JPEG on the blockchain”. (@punk9059)

• Ordinals: A Taproots Wizards contributer went out of his way to prove a point that many Bitcoiners are virtue signaling about their hate for Ordinals. His solution? Build a script for haters to stop Ordinals on nodes. (CT)

• Moonbirds: JoeyMooose makes final $5M offer to acquire the NFT project. (@JoeyMooose)

• Trump: Has dumped more than $2.4 million USD worth of Ethereum recently after the lackluster results from his 3rd NFT project “Mugshot Edition”. (DC)

Did Someone Say Cabal? 🕵️‍♂️

Is there an NFT cabal? Leap seemingly has all the answers. For many in the web3 space that have been around a while this is a no brainer answer (yes). For those not aware a cabal is a secret group or behind the scene operation that is focused on an objective (in this case making money).

Let’s see what Leap had to say below:

💡 Let’s dig deeper:

There’s no question that NFT influencers and other members get together to form private group chats to discuss upcoming mints and happenings in the space. That is entirely healthy in any community that there are sub groups and clicks - the grey area is when these communities are approached by projects to boost sales as a whole or convince their entire collective followings into minting. Leap makes the allegation that there is some sort of cabal for every faction of web3: NFTs, defi, tokens, etc. which is entirely possible. The has to be a happy balance for a thriving ecosystem to occur: consumers, projects, influencers, media, brands, etc. - without most if not all the ecosystem will likely suffer. It looks something like this: businesses are made in the space (projects, brands, etc.). They need to make money to survive and a part of that is advertising. They partner with influencers and pay them. If influencers don’t make money they stop creating content and businesses and the space suffers because innovation comes to a halt. This is a cycle that occurs in every type of media space not just web3.

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• MicroStrategy: Purchased another 14,620 BTC, totaling $615.7M. (@thedropnft)

• CZ: Founder and former CEO of Binance who has pleaded guilty to anti-money laundering and sanctions violations has now just reported being worth $37 Billion or the 35th richest person in the world. (TB)

• FTX: Submits plans to end bankruptcy proceedings. (P)

• Japan: Proposed scrapping corporate tax on unrealized crypto gains. (CD)

• Mt. Gox: Bitcoin exchange beginning repayment to victims from 2014 850k BTC hack. (CD)

Solana has been all the rave recently but this week Ethereum has been making so large gains as well. Just the other day it broke $2,400 and now as retraced below. In all it’s up almost 100% for the year.

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

• Moonbirds Frustration Boiling Over

• Who Let The BoDoggos Out?

• BREAKING: Ledger Hacked

Written by: Gannon Breslin

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. Thursd