y00ts NFT by DeGods

Opensea Stolen NFT Policy + Pudgy Penguins

August 16, 2022

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Happy Tuesday! You've asked and we have delivered. Starting today we have a Solana NFT focused writer!

What's Dropping ⚡️

  • It's been quite a week for OkayBears as the community rallied together to address the future of OKB as some prominent investors bought into the collection as it recovers from its recent dip. (@j1mmyeth)

  • MTV is creating a VMA Metaverse within Roblox. This is a bit odd, as Roblox is a game geared towards the younger crowd. (BeInCrypto)

  • If you have ever wanted to be digitally married in a fast food restaurant within the metaverse, Taco Bell may have you covered. (@KondoudisLaw)

  • A lovely art project co-created by Ja Rule depicts black life in America. The artist Nick Davis designed 1k Black is Beautiful NFTs, each one showing a personal experience and telling a story of cultural significance. (OS)

  • Marketplace Open Sea will now require a police report regarding NFTs that are reportedly stolen, theoretically taking some fault off their shoulders and appeasing users - more on this below. (Decrypt)

  • La Flor Dominicana just sold their first cigar-based NFT oddly enough, letting it go for around $85,000. This digital version of their "Golden Bull" will never be lit. (HalfWheel)

  • Chapter2 has designed a world-class bike frame and art piece, applying the intense artwork of Bradley Ham to the bike as decals. (Chapter2Bikes)

  • Cryptopunk holders are now free to use the art to their liking, though the rights, title, and interest still belong to Yuga Labs. (Coindesk)

Pudgy Penguins IRL Toys 🐧

The Pudgy Penguins will soon be waddling around in the form of physical toys. Announced last week, select NFTs from the collection will be licensed from the community to be converted into IRL tangibles.

After their founders were ousted back in January by 9x9x9 for being money-hungry cashgrabbers, no one really knew what the future looked like for the penguins. From project takeovers by holders offering up to 750ETH for the collection all the way to talking about DAOs being formed by the community, every solution thinkable was proposed to save the penguins from dying. The original promises made by the project founder were a game, a token, and a book about how to get into NFTs, to just. name a few. Due to potential legal issues with securities offerings and overall poor execution, the collection has declined for quite some time. The founding team was actually still hiring almost a year after their mint, which the community was very unhappy about. That unhappiness lingered for a while and the project just went dark. But, since the toy announcement, we’ve seen the mood change slightly.

The floor price of the project reached a high of about 3.7 ETH, after subsequently falling to a low of approximately 0.6ETH less than 4 months later (85% loss!!). The toys have definitely shifted the market sentiment as the floor is now sitting comfortably around 2.2ETH, at the time of writing. Poor execution is a death wish in the NFT market. Prolonged execution is the nail in the coffin. Let’s see if the penguins swim back up to the surface, or if they sink to the bottom of the NFT Failure Ocean. WA(ddle)GMI.

 OpenSea Stolen NFT Policy Update 🚔

OpenSea has introduced a new policy in regard to stolen NFTs; you’ll have to file a police report if you want OpenSea to officially recognize your item as stolen. The reason they made this switch is twofold. First, they want to use a system that reduces the number of false theft reports, secondly, they want to address the fact that people who have unwittingly come to possess a stolen NFT are not penalized. The process remains basically the same; you would first go to the OpenSea help center and submit a ticket for a stolen item, at which point they will disable that specific item. The primary difference is that if you don't provide a police report within 7 calendar days of submitting your OpenSea ticket, then OS will re-enable the NFT after that time period.

The reactions to this change in policy are certainly mixed, but for the moment it is perhaps the most pragmatic move possible. At the same time, it is also impossible not to recognize just how hilarious the new policy is. If we can get past the professional presentation and tone of their announcement, OpenSea is in fact asking you to tell the police that somebody has stolen your CryptoDickButt, and that you need their services to help get it retrieved. OpenSea’s policy reflects the power that various marketplaces have in ensuring the safety of holders. Other marketplaces should follow suit in implementing a system that disables thieves from being able to profit from their unethical behavior. 

y00ts By DeGods 🔥

If you’ve been around the Solana NFT scene for a while you should have heard or known about Degods or the 33.3% community. Well, the same studio behind the Degods collection is bringing yOOtopia to the NFT game.

“A common-sense approach to NFT intellectual property”

"Duppies" as they were formally known before rebranding to yOOts is an experimental NFT collection coming to the Solana blockchain.

yOOtopia is not just about an NFT collection but also a common-sense version of copyright and ownership for NFTs with ⓨ

"ⓨ is away of registering “copyright” with an NFT collection being the governing body"

Currently, NFTs are owned by public domains as you’re only offered IP rights on just your individual NFT but with yOOtopia, “each collection would have its own ⓨ registry, where it’s easy to track who’s approved to be using the NFT's IP". This allows projects to approve & reject usage requests at Web3 speed.”

This approach comes with utilities like “yOOts Store” - a marketplace of custom-made yOOts traits. Where anyone can submit customizations of any of the original yOOts traits for approval. Utility

The ⓨpaper and arts were revealed over the weekend, you can through them here.

The mint date is expected to be announced within the coming days but the application for yOOts scholarship is still live.

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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