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RIP FTX 😓😓 But What Does It Mean For NFTs?

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter charting TikTok video NFTs. So, let's not sacrifice any more digital assets and dive into what's happening in the NFT space this November 10th.

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  • The Hundreds Cancel Badam Bomb Squad NFT Drop

  • FTX’s Collapse Could Kill Solana NFTs: Here’s Why

  • Half Moons ðŸŒ— - Daily tidbits

  • NFTevening's Shooting Star 🌠 - Our artist of the day

  • Dark Side of The Meme 🌚 - your daily dose of NFT laughter

To the Moon index

The Hundreds Cancel Badam Bomb Squad Drop Due To Royalty Feud

The creator royalties debate is not slowing down. It seems like the train is going full steam ahead, right into a brick wall. Just when you think things can't get any worse, Opensea makes an announcement and flips Twitter upside down. No, really, their recent announcement about "optional creator royalties" has artists and founders ticked off.

Unlike what Opensea had planned, their announcement wasn't digested properly. Kind of like that late-night snack you have that upsets your stomach (we’ve all been there, right?). Anyway, prominent artists shared that the message was misleading, to say the least. They said no clear plan was established regarding existing collections and creator royalties. Opensea only addressed one part of the issue, leaving the rest deep under the open sea.See what I did there?

One team in the NFT space had some things to say about the marketplace. Adam Bomb Squad, a collection by The Hundreds, was supposed to release its second collection on Thursday, but plans changed. The collection was supposed to be released through Opensea, but the team wasn't pleased with the marketplace's stance. 

Now Badam Bomb Squad (the second collection) will launch on their own website. We love a project that’s independent and able to problem-solve.

FTX’s Collapse Could Kill Solana NFTs: Here’s Why

The sky is falling! The sky is falling! FTX, the fourth largest cryptocurrency exchange, has almost collapsed Over the course of a couple of days, there’s been a lot of drama between top exchanges FTX and Binance. It was like watching my mom’s favourite soap opera. However, this story is not only filled with drama, but also with great loss. The crypto markets are down, Solana is down 50%, FTT (FTX native token) is down 50% and even my friend is down because his girlfriend left him.

But how did this drama begin, you may ask? Well strap in and keep your helmet on, you’re in for a wild ride. Allegedly, Changpeng Zhao (CEO of Binance) caught wind that FTX may be in some financial trouble. Accordingly, CZ sold $2 billion worth of FTT (FTX's native token), which caused the price to tank.

While some accused CZ of a coordinated attack, slowly other information has come to light. Allegedly, FTX became vulnerable to this after providing Alameda Research with loan only backed by SOL and FTT.  To make matters worse, Alameda Research had $1.1 billion of Solana on its balance sheet. That's over 10% of the project's supply. YIKES!

With FTT and SOL in the gutter, Alameda couldn't liquidate enough coins to pay back the loan to FTX. 

At first, it looked like Binance would acquire FTX, but after looking at the balance sheet, CZ abandoned the idea....And millions of reliant exchange users with it.

If you’re worried about Solana NFTs then that makes two of us. The community members took their frustrations out on Twitter and had some interesting things to say. Some people wanted nothing to do with the chain, and others stated they would remain to build no matter what. Either the Solana members are tough cookies or they’re numb to the pain (or perhaps a mix of both).

Unfortunately, the pain doesn't stop there. FTX was not just an early investor in Solana, but also Aptos and Sui. In fact, they also sponsor almost every crypto-related podcast, Youtube channel, twitter space or newsletter—but luckily for you, not this one ;)

Half Moons 🌓

  • FTX Owns Many Grail Ape NFTs…So What Now? [NFTEvening]

  • Arianee Partners With NFT Attendance Badge Protocol, POAP! [NFTEvening]

  • The Story Behind Hasbulla Magomedov’s NFTs [NFTEvening]

  • VoxelCrazyHeads: Bridging Reality and The Metaverse [NFTEvening]

Shooting Star 🌠

XSULLO's creations are innovative and refreshing and have a distinctly recognizable style. The artworks vary from analog to digital, while exploring a cybernetic post-gender Punk world with emphasis on the effects technology has on the human psyche. Formed in 2015 as a husband/wife creative passion project, the art duo has gathered an internet presence with their art and worked with clients including Marvel, Nike, Netflix, and Apple.

Shedding (2022)

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