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GM, and welcome to Tokengraph, where the Monday blues do not apply. Weâre coming at you with the most shocking truths about some major players in Web3 right now â so stay tuned!
On todayâs menu, we haveâŚ
- CZ Rumor Takes Wechat by Storm
- Yuga Labsâ BTC NFT Auction is Sketchy
- DOJ Wants to Take SBFâs iPhone Away
- NFT-Related Show Gets 3rd Season
- Silvergate Shuts Down Crypto Network
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Forbes fires shot at CZ
@memelyxyz
#CZ#viralVideo#memely#d 22258— 221213meme (@221213meme)
Mar 2, 2023
In what could likely be a new level of attempted market manipulation, someone began a rumor last week on WeChat, the messaging app, that the FBI shot CZ, the CEO of crypto exchange Binance.
CZ himself refuted the rumor on his own Twitter account, ending the tweet with the number â4â in reference to a previous post about his goals for 2023 â ignoring FUD (fear, uncertainty, and doubt).
Crypto News D2 03/06/23
@TradeCoinD2_VNCZ denied rumors circulating on WeChat that he was shot by the FBI.
#tradecoin#tradecoind2#Crypto#CZ#tradecoind2_vn
— Trade Coin D2 (@TradeCoinD2)
Mar 6, 2023
This is reminiscent of the 2017 rumor that Vitalik Buterin, founder of the Ethereum Network, died in a car crash. To prove that he was alive, Buterin posted a photo of himself holding a piece of paper with the most recent BSC block hash written on it, which had been created well after the rumor began.
The goal of these instances of FUD is probably to create a sense of unease about the market and influence people to sell their assets, creating a buying opportunity at lower prices.
CZ posted about holders selling based on rumors, implying that he has no sympathy for those who quickly believe rumors (especially about his own death!).
Amid market manipulation, FUD, and questions about their balance sheet, Binance and CZ remain two of the biggest players in crypto at the moment, and all eyes are on them..
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The studio behind the Bored Apes Yacht Club (BAYC) NFT collection, Yuga Labs, has joined in the BTC Ordinals hype, but itâs receiving mixed reviews for how itâs going about the auction process for its new collection.
The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.
— Yuga Labs (@yugalabs)
Mar 5, 2023
The 300-piece collection is called TwelveFold, and bidding opened just today. The problem with the auction process is that BTC NFTs donât have a marketplace like Opensea or Blur to buy and sell on. That means that NFT creators have to get creative with how they mint or auction their assets â and thatâs why Yuga has come under fire.
so the way yugas auction will work tomorrow is everyone sends Bitcoin to one wallet and if you lose the bid they promise to manually send it back
likely tens of millions of dollars
weâre still in the stone age đ
— Giancarlo (@GiancarloChaux)
Mar 5, 2023
Hereâs how it works:
- There is no open marketplace, so people have to place their bids with Yuga Labs directly
- Bidders have to send BTC directly to a Yuga Labs wallet address in order to place their bids
- Then, they have to wait until the end of the auction to see if theyâve won â and just trust that Yuga will send them back their BTC if they don't win.
Now, Yuga Labs has a fantastic track record with mints and airdrops, so we donât actually think that theyâre trying to scam their buyers. However, the problem is much larger than just Yuga â itâs the precedent that this auction could set for other, smaller NFT collections on the Bitcoin Network.
This model could very easily turn into a âscammerâs dreamâ in the wrong hands, according to Twitter User @veryordinally. The creator of Ordinals, the BTC inscription NFT protocol, Casey Rodarmor, actually threatened to completely wash his hands of Yuga if they did something similar again:
Again, Yuga has a history of being trustworthy, but their reputation is bigger than just their own track record â really, they represent the NFT space as a whole, and this auction process is setting a questionable example for the rest of the community.
What does Galaxy Digitalâs research unit predict that BTCâs NFT market will be worth by March 2025?
A. $500M
B. $4.5B
C. $1B
D. $300M
Scroll down to the bottom to see if you're right!
Other Top Stories Today đ˘
In a recent proposal, the US Department of Justice (DOJ) stated that it wants to remove SBFâs ability to use a smartphone and replace it with a flip phone, completely restricting access to the internet. The proposal would also prohibit him from using tablets, computers, and video game platforms consoles, and he wouldnât be allowed to use âYouTube, Wikipedia, Etherscan, NFL, DoorDash, Netflix and government websites,â according to Cointelegraph. The goal of these restrictions is likely to prevent SBF from communicating with former FTX employees and accessing crypto wallets.
Dan Harmon, co-creator of the Rick and Morty TV series, just got approved for a 3rd season of his other show Krapopolis â and season one hasnât even aired yet. Fox, the showâs distributor, appears to think it has a bright future. The President of Scripted Programming at Fox had this to say about it: âWeâre so bullish about the work that we want to support and its ability to find an audience and succeed. While [a third season order] is atypical, it was a no-brainer for us with Krapopolis.â The showâs NFTs are called âKrap Chickens,â and owners will have access to rewards and experiences, plus the ability to vote on matters regarding the show.
The fall of the crypto banking giant continues. Two days ago, it was announced that Silvergate is shutting down its payment network for crypto on a ârisk-based decision,â according to its website. That same day, United States Judge Michael Kaplan stated that the firm had to return a whopping $9.8B to BlockFi, another company that was massively affected by the FTX meltdown just like Silvergate.
â Trivia Answer
Answer: B.
Galaxy Digital predicts that BTCâs NFT market will be worth $4.5B best case by March of 2025, based on metrics from the Ethereum NFT market. Worst case scenario, they predict $1.5B.
Web3 Resource of the Day
Silvergate Trouble | MetaMask & Unity | Robinhood Mobile Wallet | ETHDenver 2023 | Bankless Ventures | Video Podcast from Bankless
The creators at Bankless have posted a wrap-up podcast for the first week of March â and if youâve been keeping up with us, you know that this week has been no joke! Ryan and David cover everything from Silvergateâs spiral to Gary Genslerâs attack on crypto and Robinhoodâs new wallet. We really think this recap will be helpful for our readers, because you need to not only stay up to date on whatâs happening in Web3 right now, we also need to fully understand whatâs happening to make sense of it all â and Bankless excels at explaining things and keeping them down to earth.
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.