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- 👀 We did some digging on Nickelodeon’s NFTs and some kaala Solana
👀 We did some digging on Nickelodeon’s NFTs and some kaala Solana
Arvind Krishna & Aakash Athawasya
August 08, 2022
Namaskara, this is your favourite Doodhwala. We give you the same feeling of an extra drop of ghee with your dal chawal 🤤
New week, new you, new crypto news:
Dal Mein Kuch Solana Hai
How’s Nickelodeon’s NFT drop going?
A Crypto Bro’s Worst Nightmare
Milky Meme Of The Day
Dal mein kuch Solana hai
Remember the great Solana run of 2021?
The SOL token shot up from $40 to a whopping $259, just like rent prices in Mumbai.
The total value locked (TVL) in the ecosystem was around $10.5 BILLION.
Everything seemed like a scene straight out of Zindagi Na Milegi Dobara.
Now…let’s imagine what would happen if $7.5 billion of that $10 billion was just…umm…made up.
You would say, Kya tum mentally challenged ho my bwoy?
Please make sure you are sitting down for this one.
Coindesk released a report that casts doubt on the genuineness of the whole Solana ecosystem.
It involves 11 developers, a Solana stablecoin exchange called Saber and a crazy bunch of protocols around it.
But before that…
John Anderson
Surya Khosla
Emmanuel Martinez
Amanada Perry
Which one of these names would you guess to be a developer?
The Indian dude, right? (Don’t lie)
That’s because everyone knows that we Indians are pretty intelligent. 🤷♂️
And this is the exact line of thinking the Macalinao brothers used when they set up fake dev profiles on Twitter.
Ian and Dylan Macalinao, two twenty-something Texan brothers, created a bunch of fake accounts on Twitter. They used a few Indian names to show “credibility” and used the accounts to engage with real people.
The brothers then built Saber and other protocols that were staked on top of each other, so that the dollar could be counted multiple times.
Hence resulting in a large TVL.
Why did they do this? To steal funds or just to spread some Joker vibes?
We do not know. The story is still developing like the curd you make from doodh.
But don’t worry, the Doodhwala has got you covered. 😉
We’ll keep you posted on Surya Khosla ka Ghosla.
Nickelodeon NFTs are making a whopper
Two months ago, Nickelodeon launched NFTs on Recur. Let’s see how it’s going so far!
If you don’t know Nickelodeon, it’s that channel with the orange logo that had your favourite shows.
Shows like:
Dora the Explorer
Drake and Josh
Keenan and Kel
Ninja Hattori
We still remember watching Nickelodeon at the end of school every day at 4 pm 🥹
But unlike Nick’s early 2000s shows, the NFTs have not been a hit.
Nick’s NFT drop started with a BANG, or as we like to say daBANGg with two of their most popular shows
Hey Arnold! - the one about the oval-headed boy
Rugrats - the one about the talking toddlers
These NFTs were sold at $50 (Rs 4k) each, but in a few days the floor price (lowest price for an NFT) jumped to $250 (Rs 20k) each. It even reached the #1 spot on OpenSea beating BAYC and CryptoPunks.
Baby NFTs 1, Monkey NFTs 0.
But then interest quickly declined. Much like Indian football fans, the minute their team loses.
Here’s the massive drop in sales since Nick’s NFTs launched.
If you’re trying to zoom in, I’ll save you time.
On August 7, sales were less than $200 (Rs 14k) and the floor price was at 0.04 ETH about $70 (Rs 5.5k).
Yikes. This looks like a bigger flop than Bombay Velvet. Really Ranbir?
The reasons for this?
Lack-lustred community: We hopped into their Discord and found no product updates since June 12.
Too many gateways: To receive an NFT on Recur, you needed a Recur Pass (which is an NFT), and to receive the Nickelodeon NFT you needed a Nickelodeon NFT pack. So, two NFTs to buy one. Argghh 🙄
Limited real-world use: There seems to be little real-world use of these NFTs, instead Nick’s NFTs can be traded for rarer NFTs. The least they could do is provide merch access! Imagine walking around with a large Orange Soda bottle from Kenan and Kel!
But all is not bad, some BIG BIG wallets are buying these NFTs.
We found two addresses — this one and this one — with an NFT portfolio of over $1 million (Rs 8 crore) who are loading up on Nick’s NFTs.
Maybe they know something we don’t.
A Crypto Bro’s Worst Nightmare
What does a crypto bro love?
No, not Elon Musk.
No, not even Elon Musk holding up a Shiba Inu.
A LamBROgini Lamborghini.
But for my Aussie Crypto brethren, there seems to be a problem.
The Aussie wing of the Italian car maker owned by a German Company (Volkswagen) is seeing high demand.
Because of this customers aka your average crypto bros have gotta wait to get their hands on a Lambo.
How long do they have to wait?
18 freakin months!
Why?
Due to inflation, Lambo is still working out how much to raise the price of its cars.
Let’s hope the crypto market turns up and we can get a LAMBO as the official Doodhwala car.
Ya’ll know if Hot Wheels sells Lambos?
Milky Meme Of The Day
That’s all for today folks! See ya tomorrow!
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 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.