Serial scammers rug pull $2.5M

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter that will make you buy new sneakers. So, let us take you on a journey of discovery and see what’s been happening in the NFT space this October 19th.Have feedback? Great, we don't want you to keep us in the dark! Send all of your thoughts to [email protected].

• Serial scammers rug pull $2.5M

• Azuki's new standard allows scan-to-own for physical items

• Half Moons

• Shooting Star

• Dark Side of the Meme

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Serial scammers rug pull $2.5M

If I was to ask you for $300 to pre-order a pair of sneakers from a brand called PuMidas, you might call my bluff.

y00ts Yacht Club pulled the rug yesterday, taking home 1,634 ETH (over $2M) and making all their social channels disappear. The collection showcased itself as a "tribute to the most iconic NFT projects," namely Bored Ape Yacht Club and y00ts. Experienced community members are not surprised by the scam.

However, y00ts YC was shaping up into a legit project, and it seems like even knowledgeable traders like Franklin took the bait.

As this wasn't enough, another 287 ETH (over $500K) vanished yesterday, with Project Kaito also missing in action. It sounds like a good time to review the top 10 red flags provided by NFT detective Rug Pull Finder.

Whether you've traded before or are new to the space, remember to always DYOR (do your own research).

That's not what I meant.

Azuki's new standard allows scan-to-own for physical items

With the launch of the PBT (Physically Backed Token), the Japanese anime-themed NFT project Azuki shares a new open-source standard that ties a digitized token to a physical item. Tadam!

The physical items come with a chip attached to them that verifies the NFT ownership. You scan the chip; you own the physical object.

Of course, the item's ownership is required to initiate transfers and manage the ownership of the NFT, and you won't be able to scan chip-equipped objects if you haven't bought or received them. It would be like taking a book home from a store just by flashing its barcode. Thou shalt not steal. Being a rabbit is not an excuse.

In other words, it means "decentralized authentication and tracking of the full ownership lineage of physical items, all completely on-chain and without a centralized server." And it has never been done before. This innovation has been approved as EIP-5791 (Ethereum Improvement Proposal) and might soon become as popular as the EIP-721, introducing NFTs on the Ethereum blockchain.

Applications could be endless. "This is just the tip of the iceberg," according to Azuki.

Half Moons 🌓

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Shooting Star 🌠

Atrdynn 

Atrdynn is an Indonesian-based artist whose creations are inspired by streetwear brand t-shirts, retro metal posters, movies, and novels. Using AI digital art and digital drawing with a combination of halftone printed textures, Atrdynn aims to be a storyteller with his art. They plan on rowing their brand and growing with the NFT community.

RemainZ (2022)

KeyZ (2022)

Dark Side of the Meme 🌚