the luxury brands making a killing in NFTs

GM Baos.

It's hump day and I'm a lil' sick, but I'm not letting these sniffles stop me from indulging in some good Dumplings.

Today we cover:

• Luxury Brands NFT revenue

• EZU on Magic Eden

• SudoRare's rug ☠️

Nike won’t be known for their shoes soon 😉

Nike made a whopping $185.3m in NFT sales from $1.3b in transaction volume 😮‍💨

This comes from CloneX and MNLTH, the two main collections driving huge volume via mint sales and royalties from secondary sales.

The household footwear and sportswear brand may soon be more infamous for its NFT and web3 products…

Other luxury brands

Dolce & Gabanna, Tiffany and Gucci follow behind, but by a long way. Here are the top ten household brands that are testing Web3 products with their audience!

–courtesy of the Dune Analytics dashboard built by @kingjames23.

Interestingly Tiffany has made $12.62m with just 1 collection with 250 NFTs. Their secret? Partner with the most exclusive NFT project, Cryptopunks, and sell directly to their holders. And looks like they’ll have more here for the rest of the Yuga ecosystem 👀

All of these brands have been instrumental in onboarding newbies to web3 and in many cases, was the first NFT collected by a wallet.

Who will be the next big brand to enter web3?

Magic Eden’s first ETH mint

ME is at it again, this time knocking us off our feet with these huge numbers during the bear 😳

EZU is the sister project of Psychedelics Anonymous, and is ME’s first ETH mint. This partnership landed with a BANG.

They also used this chance to show off their whitelist tool which flaunts a massive 95k+ entries.

ME is launching new features at an insane pace, completely outstripping OS.

They responded quickly to two high profile rugs on their platform, now requiring founders to dox themselves prior in order to use ME to mint.

While this adds friction to the product experience and reduces minting revenues for the marketplace, it weeds out the founders not taking their projects seriously.

What do we think about Magic Eden? Will I see you trading on it soon? 🤔

SudoRare's 6 hour heist ☠️

SudoRare disappears with 520 ETH just 6 hours after launch.

Despite tonnes of people being skeptical and sharing their thoughts on Crypto Twitter (CT), they still managed to trick a bunch of people into putting crypto into their liquidity pools.

SudoRare is a fork of SudoSwap (NFT liquidity pools) and LooksRare (decentralised NFT marketplace).

How did they do it?

SudoSwap forked MasterChef’s code – the smart contract responsible for farm yielding. Every time traders add crypto to liquidity pools, MasterChef runs it.

This is rather odd since MasterChef’s contract is robust. It’s unlikely projects would need an upgraded version.

So, SudoSwap tweaked the code allowing staked funds in liquidity pools to be drained ☠️

The funds were moved to 3 different wallets and withdrawn from a Kraken account.

Right after liquidity pools were drained, the anon team deleted their website & all traces of social media.

Kraken requires KYC though, so it’s likely we’ll hear a bit more on this if it gets investigated.

Moments like this remind me how early we are in Web3 ☹️

Bao-sized news

• A pudgy penguin NFT is bought for 400Eth or roughly 100x floor price and breaks Twitter, he's kickstarting the next bull market for sure.

• 7 essential dashboards to keep a pulse on the Merge.

• Celebrating ETH Rock's 1 year anniversary since its $2,872,733 sale.

• BendDao's proposal to save itself from liquidation.

Made my Abs Hurt from Laughing

Baos making memes about Baos.

TIL being an adult means having a milkshake whenever you want.

Another day, another Dumpling. Make sure to share this with a fren to support us 💙

–Lili