🚀 FTX’s new FUD token

Namaskara, this is the doodhwala. The crypto newsletter that's like a nice Indian Thali, we've got a bit of everything. 🍛

(btw: we're launching something 👌 on Friday, February 10)

Here’s what’s on your plate today:

• 🚀 FTX’s new token — FUD

• 🔥 NFT trend going CRAZY!

• 📈 Don't SHAVE. Earn Millions.

• 🥛 The Saudi Metaverse

• 🤣 Milky Meme of the day

Get your PLATEs ready!

🚀 FTX’s new token — FUD

A week ago this token didn’t exist.

Now, it’s got a DAO, listed on an exchange, and — it’s the closest thing FTX creditors have to actually getting their money back. 😳

Last week, crypto’s crown cringe prince Justin Sun launched a very special token called FUD through a DAO called DebtDAO.

Yes, F — U — D.

The founder of the Tron blockchain + the owner of Huobi launched a token called FUD. 🤣

FUD = Full Unadulterated Doodh ❌FUD = Fear Uncertainty Doubt ❌

FUD = FTX User Debt ✅

The FUD token is a “bond token” issued to those who lost their money on FTX.

What tf does a bond token ☝️ even mean?

It’s an IOU by a third party. A third party that:

• literally created a token outta thin air

• deployed it on its own blockchain

• listed it on its own exchange

FUD was issued by a DAO called DebtDAO which literally describes itself as:

Does anyone else get the irony here?

Tron just created a token outta thin air (FUD) for people who lost money because an exchange created a token outta thin air (FTT).

If this isn’t the most CRYPTO thing ever, idk what is. 🤣 🤣 🤣

Here are some stats on the FUD token (which btw was launched on February 4):

• initial price of $1

• initial supply of 20 million

• represents $100 million of FTX’s debt

But did the price stay at $1?

Let’s see — if you launch a token + call it $FUD + link it to a billion-dollars in debt + trade it on an exchange with deep liquidity = what do you think will happen?

This is what happened:

🗓️ February 4 — $1🗓️ February 5 — $200🗓️ February 7 — $77🗓️ February 8 — $51

What’s next for DebtDAO and FUD?

Besides sending FUD to the moon, Debt DAO wants to create a way for FTX customers to get their money back. 🏁

Here’s how they wanna do this:

• contact FTX customers

• conduct a debt audit

• airdrop them the FUD token

The eventual goal is — for the FTX debt to be traded around on exchanges like you’d trade a rando shitcoin. 🤣

Doodhwala’s take:

Is FUD a dope name for a coin? — hell yes.Is it created to help FTX customers? — probably not.

We think FUD is a neat way for Huobi to acquire FTX users.

It’s like Huobi telling FTX customers —

‘Hey, you know all that money you lost in FTX, right?

Why not tell us how much you lost and we’ll give you a made-up coin for it?

Oh and btw, this coin is more volatile than 🐶 Dogecoin, you’ll love it.’

Oh jeez 🙈

🤔 Flippening: The biggest question in crypto!

Are you ready to stay ahead of the game in the evolving world of digital assets? 🤓

Then we’ve got just the place for you.

The Flippening is a crypto newsletter that keeps you on top of the latest trends.

They focus on the highly anticipated → Flippening.

When Mbappe flips Messi as the GOAT ❌When Kohli flips Sachin’s century record ❌

When ETH replaces BTC as the most valuable crypto ✅

You'll also get access to:

👉 Exclusive insights and analysis on the dynamic crypto landscape.👉 360-degree view of the crypto world, from market updates to innovative projects to airdrops.

Get ready to take your crypto knowledge 🚀 with 700K+ other readers.

🔥 The NFT trend that’s going CRAZY!

There’s a new NFT trend in town.

No, it's not yet another “Mint to Save The World” NFT crap.

And it’s also not another Bored Apes rip-off like Bored Apes Doodh Club (actually, that’d be an EPIC collection 😎)

This is a hot new trend is called Open Editions.

Wtf is that? 🤨

These NFTs are usually created using ERC1155 token standard.

One popular example of this type of NFT is Checks by Jack Butcher. ✅

So how HOT is this trend actually?

Hotter than the hottest day in the Sahara Desert. 🤷‍♂️

The number of NFT trades of ERC1155 (Open Edition NFTs) went up from 6% to 30% in just 2 weeks! 🤯

Even the number of traders trading these NFTs have shot up close to 30k in the past few weeks. 🔥

So clearly, this is a trend that’s worth paying attention to.

But the big question is….will it stay? 🤨

Most trends disappear faster than you can even Google about them. 😬

Open Editions, however, doesn't seem to be that way.

This is mainly because of GAMIFICATION. 💰

Despite the issues of “large supply” through unlimited mints, most open editions NFT collections are gamify-ing the experience through burn mechanisms.

How tf does it work?

You might have minted 10-20 of the “free to mint” NFTs.

But now to unlock the utilities of these NFTs, you need to burn NFTs. 🔥

Projects would have set rewards for the burn quantities.

For example:

If you burn 1 👉 you’ll get a small 🎁If you burn 10 👉 you’ll get a bigger 🎁

So the collectors are incentivised to burn and to also keep the supply low. 📉

What about secondary market trades like on OpenSea, etc?

Well, to participate in the burn events, you need NFTs.

And the only way you can acquire these NFTs after the free mint period is through the secondary markets. 🤷‍♂️

Based on the value the NFT burning unlocks, the NFTs are priced that way on the marketplaces.

This is definitely an interesting way to get a lot of people into your project and provide value.

But do you think this is STUPID af or FRICKIN’ incredible? 

(REPLY and let us know👇)

🎮 Gameswala: Cinema Chokra

A Dairy Case of Mistaken Identity 👀

Can you guess the movie which features this Iconic Doodh?

(answer at the 👇 bottom👇 of the email)

📈 Chaach and Charts: Monkey Fur that costs more than a LAMBO!

Bored Ape Yacht Club is one of the most expensive NFT collections out there.

Only 10,000 of these NFTs exist. 🤯

Every crypto rich guy either owns one, wants to own one, or pretends to own one. 🤷‍♂️

But even among the various Bored Apes, some are more valuable than others. 🔥

What’s the main difference between the expensive vs less expensive apes? 🤨

Traits. 💰

And here are the traits with the highest floors prices:

1. Solid gold fur (on the face!!)

2. Unshaven pipe (on the mouth!!)

3. Unshaven dagger (on the mouth!!)

I think I won't shave my beard for a while. Maybe it’ll increase my value as well. 🥲

Some of these BAYC traits have value of over 600 ETH which is around $980k. 🤯

That LITERALLY costs more than my house. 😭

🛠 Resourcewala: Blockchain DEV ain’t no THANG

Blockchain Development.

2 words ☝️ we can barely spell (lol we needed autocorrect!)

Learning blockchain dev is scary af. There’s no one book called “Blockchain For Dummies,” and we’ve got a buncha questions like:

1. What tf is blockchain development?

2. What’s the diff between front-end and back-end dev?

3. How does cryptography fit into all of this?

Fear not, we’re answering all of these questions in today’s Resourcewala.

🍼 Crypto doodh shots: Dell joins the Council

• 💻 Blockchain Laptops?: Dell joins forces with industry leaders like Google, FIS, and Nomura, in the Hedera Governing Council

• 🇦🇷 HANG ME NOW!: Argentina's National Securities Commission sets ground rules for crypto companies with new regulation.

• 🏜️ Digital Desert: Sandbox signs a partnership deal with Saudi Arabia’s Digital Government Authority for something metaverse related.

• 📈 Punk, you Bored yet?: NFT market surges as CryptoPunk and Bored Ape sell for over $1 million each!

• 🏃‍♂️ Do Gwon: The South Korean authorities went on a manhunt to Serbia to track down the elusive former Terra CEO, Do Kwon

😂 Milky Meme Of The Day

💰Answer💰

Let us know what you think 👇

If you want more doodh then, be sure to follow our Twitter, our LinkedIn, and our Instagram.

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.