how to lose 100 ETH in NFTs

GM Baos,

This morning our beloved Quirinus dumped some of his ETH. This is usually our team's signal that ETH is about to pump 😆 (NFA obviously).

Strap in because we’re chatting more metaverse shenanigans. This story isn’t as glorious though, we’re going to break down the growing divide between NFTs and gaming.

Today we cover:

• Minecraft banned NFTs

• Imaging losing 100ETH from a fake bid…

• The best video we've seen on the rise & fall of Luna/UST

Minecraft says NO to NFTs 🙅‍♀️

Studio Mojang, developer of Minecraft, has banned NFTs.

Minecraft said “NFTs ... create models of scarcity and exclusions that conflict with our Guidelines and the spirit of Minecraft.”

This means…

🙅 Third parties are forbidden to integrate any blockchain technologies into Minecraft clients and servers📦 In-game content cannot be blockchain-based assets🌎 This applies to all content types like worlds, skins, modifications, items and more…

They also commented on the sheer number of NFT scams, with third-party NFTs being unreliable, asset managers disappear without notice, and prices are artificially inflated. Ultimately, their concern is that players pay the cost.

How do we build trust in a trustless environment? We’re at a crucial inflection point in the NFT world (hah…), yet the number of bad actors continue to grow as the market develops.

How did the market respond?

One such example here is NFTWorlds. Before Minecraft’s announcement, NFTWorlds was anticipated to have a 10x return by 2022 end. Its 4Ξ floor was crushed by 75% after the article was published.

It's no secret gamers dislike NFTs.

Someone even asked Tim Sweeney (CEO of Epic Games) whether or not they would be banning NFTs.

His response:

What are your thoughts? Send through your opinions on using NFTs for in-game assets in the current web2 context, and we’ll include it in our breakdown of the NFT-Gaming war in a future letter!

Imagine losing 100ETH, oh wait… ☠️

This is too good to not discuss.

Meet Franklin (@franklinisbored), an influencer who publicises his NFT trades on Twitter and owns a very big bag of apes. 59 to be exact.

Here’s what went down…

1. Franklin put a fake bid of 100WETH to an ENS that he owned – stop-doing-fake-bids-its-honestly-lame-my-guy.eth

2. It was still listed at 1.9 ETH, so MemeWasBorn bought it

3. Franklin’s original 100WETH offer was still up

4. MemeWasBorn accepted the offer

5. Franklin is down 100ETH

6. MemeWasBorn posts about it on Twitter.... Link

What a blunder… but its all g because our boy has 59 BAYCs. So for now, we’ll take this as the spiciest story on crypto Twitter in a long time.

Do Kwon – The rise and fall of Luna/UST

They say acceptance is one of the key steps with dealing with loss. And when you’re done crying about it, try laughing about it 😅

Get washed away by this dramatic, short film by Joma on the Do Kwon saga. It was so good I almost forgot that I lost my whole bag of UST...

Bao-sized news

• Tesla sold 75% of its bitcoin. Elon Musk started selling BTC to replace cash for liquidity. They haven’t sold a dollar of $DOGE though, phew 😆

• Why Coinbase's NFT launch has gained little traction. Largely attributed to a beta launch, which gated critical volume needed to kick off a solid launch.

• Nina's project is going up up UP! I missed out on this, but the whole team is partying RN :c

Giveaways

Made us Laugh

Talented Asian Artists

Isekai’s super cool minting experience ✨

Have an incredible weekend, don't lose 100 ETH.

-Lili