Was Recur a Daylight Robbery?

Author

The Triple Scoop
August 22, 2023

The Triple Scoop

GM to the 48 new readers who joined this week. Without further ado. LFG

SCOOPS OF THE WEEK 

⛓ NFT’s

  • OpenSea To Remove Royalty Enforcement Tool

  • Recur Set To Shut Down

  • Ordinals Trading Volume Nosedives

đŸ‘šâ€đŸ’» WEB3

  • Glow Token CEO loses $250k in Crypto.com Scam

  • đŸȘ™ CRYPTO

  • Coinbase acquires stake in circle

  • ‘Friendtech’ renames its core token - But is it legal?

  • $6.3M lost in Sim Swap Attack

  • Fiance loses Dream House Fund on poor crypto bets

🏆 SCOOP PREMIUM - FREE FOR EVERYONE THIS WEEK

  • Find out how to qualify for an up upcoming Generative Art project from an established ‘Modern Meme’ artist

  • NFT project linked to viral revenue-producing crypto MEME

  • Hot Crypto low cap gem that sits with Trending crypto ‘Narrative’

  • GambleFi Low cap gem! Could this moon?

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⛓ NFT’s

  • NFT Total Market Cap $5.69B - 24/hour change +1.39%

  • Volume Traded 24/hours - $14.3M +30%

    • More blood has been shed across the market, over the last 7 days majority of projects are down around 20%.

    • Bored Apes have again slid significantly to the 24ETH region & Degods dropped to 3.75ETH. What in the lord!

    • Interestingly though DeGods remains the whale’s favorite to purchase.

    • Tension is in the air across crypto Twitter with quotes like “We only have ourselves to blame” And “Greed caused this” being thrown around. We can’t help but feel that Max Pain is a signal that the market is bottoming.

    • For PFP’s specifically, especially the high-profile ones like Apes, Captainz, Azuki & DeGods, the market is really tough at the moment. Smaller-priced collections like The Plague, Nakimigos, and Space Riders have held stronger. With less liquidity in the market, combined with incredibly strong communities, it is clear why.

    • Generative Art & cultured pieces including Memes where the value derives from the art or humor itself have held strongest throughout the storm. Artists are still managing to sell out collections.

    • Art collectors have been around for centuries & it only makes sense this now moves digitally. As for Memes, humans love memes. We will make a conscious effort to cover more Gen Art projects moving forward.

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In Today’s issue..

  • Find out how to qualify for an up upcoming Generative Art project from an established ‘Modern Meme’ artist

  • NFT project linked to viral revenue-producing crypto MEME

  • Hot Crypto low cap gem that sits with Trending crypto ‘Narrative’

  • Breakdown of the market leader in ‘Gamblefi’ and why it could still be 10X from here.

At a glance 🔎 

  • The marketplace’s enforcement tool, Operator Filter, is set to be turned off according to the CEO and founder.

  • The tool allowed creators to blacklist marketplaces that did not enforce royalties.

  • It was only introduced in November 2022 and the closure is down to marketplaces integrating Seaport to bypass the blacklist avoiding creator fees.

  • The closure is starting on the 31st of August but any existing collections will have forced fees up to the 29th of February 2024.

    đŸ•”ïž Scoops take:

Once again, there is one group that is taking a huge hit here and that is the creators & artists.

Yes, it’s true that investors like to show appreciation so there is an emotional hit in that aspect but it’s not a patch on how the creators will feel about not being fairly rewarded for their efforts.

The backlash has arrived thick and fast on this one (us included) from heavy hitters such as Yuga Labs and Billionaire Mark Cuban.

Yuga Labs has said they will discontinue support for the trading platform and Mark Cuban (who is an investor in OpenSea) has said the platform is making a huge mistake.

Despite the continuous debates over whether It is clear by now that R you’ll know this by now so we are extremely disappointed with this decision.

At a glance 🔎

  • They were founded in 2021 and things only looked positive following a $50m series A funding round.

  • Unfortunately, they have cited the Crypto winter as a reason to start winding down core features including the ability to withdraw NFTs.

  • They built some huge partnerships, hosting the IP of brands including Nickelodeon and Hello Kitty.

  • Over 380,000 NFTs had been minted through the company.

    đŸ•”ïž Scoops take:

It doesn’t take a genius to work out that the impact of the bear market / crypto winter would be heavy.

What should come as a surprise though is the lack of conviction in the company’s functions from within. Has Recur really just rugged the space of $333M in liquidity? It is a shame to see what was once a major Web3 & NFT launchpad & design studio really fumble the bag this hard. Sheer incompetence at its finest.

During the bull, everyone was a winner it is these current times that separate the men from the boys. As they say, the cream always rises to the top.

Having generated nearly 4000 ETH in volume with 9 collections as well as $20m from their Recur Pass and the initial $50m raised at a $333m valuation it was pretty unimaginable how south things would go.

At a glance đŸ”Ž

  • Probably the biggest victim of the bear over the last 3 months has been Bitcoin Ordinals.

  • Trading volume is down 97% from peak levels of $452 in May to $3m so far in August.

  • The number of transactions has followed a similar trajectory with a drop of 97% which equates to 20,571

    đŸ•”ïž Scoops take: 

A lazy observation could be that this is solely market conditions related.

There is no doubt this is a factor but we will need a bit more time to see if these numbers are an unfortunate result of the conditions or whether there is a real issue with Bitcoin NFTs as a whole.

An issue that is presenting itself from within the community is that Bitcoin should remain primarily as “digital gold” so there is already an element of Bitcoin supporters against the NFT integration.

There was always going to be a little retracement following the initial excitement and boom that comes with it, we just have to hope that they see it through to the other side.

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🌐 WEB3

At a glance 🔎

  • Glow Token CEO Bryan Lawrence lost $250,000 and his house after falling for a scam by individuals posing as Crypto.com representatives. He's suing Crypto.com for breach of contract.

  • Despite admitting that Crypto.com might not be directly involved, Lawrence alleges the exchange's lax security enabled the scam, impacting both his financial situation and health.

  • The lawsuit is uncommon in attempting to hold a major crypto exchange legally accountable for a scam, even if conducted by third parties, questioning the security protocols of such platforms.

    đŸ•”ïž Scoops take:

The Glow Token lawsuit is yet another cautionary tale in the high-risk world of crypto; it underscores a systemic issue—accountability in decentralized finance (DeFi). Typically, the ethos of DeFi, champions individual freedom and responsibility, but as the sector matures, the blurred lines of liability become increasingly untenable. The lawsuit questions how much responsibility platforms like Crypto.com should bear for scams conducted under their name, even if indirectly. This case could set a precedent, prompting crypto exchanges to bolster security protocols and consumer protection measures, which could, in turn, attract a broader demographic less versed in the security vigilance crypto currently demands.

đŸȘ™ CRYPTO CRUNCH

Interested in learning to trade? Click below to join our affiliated Crypto & Forex trading Discord group - The Take Prophet Collective

  • Crypto Total Market Cap $1.05T - 24/hour change -0.18%

  • Total Crypto Volume 24 hours - $24.4B - Change -10.46%

  • Coinbase Layer2 ‘BASE’ has just surpassed Ethereum in daily transactions which has far exceeded the masses’ expectations.

  • Leveling around the $26K mark for BTC but is there more downside to come?

  • It is probably likely, and $22-24K is on the cards in the coming months.

  • If these levels are taken then of course ALTs will bleed.

  • In trading, we can only work in probabilities and not in absolutes, the recent dump from $BTC took the best traders off guard.

  • Implementing a Dollar Cost Average strategy is a sure-fire way to smoothen out the highs & lows of the market, and given we are mid to long-term bullish this is a relatively safe strategy to pick up BTC, ETH & your favorite ALT Coins.

  • Interestingly a mysterious Bitcoin whale has accumulated over 3 Billion worth of BTC in less than 3 months. Bullish? Yes.

  • The flavor of the month is on chain / decentralized exchange trading, it carries higher risk, but right now it is where multiples are being made.

  • Patience is key. Don’t get sidetracked. Stick to your strategy.

    Crypto narratives to focus on this summer

  • - AI Tokens

  • - Telegram trading Bot tokens

  • - GambleFI

  • - Revenue Sharing projects

  • - Decentralised Exchange Tokens

  • - Liquid Staking derivative projects

  • - Metaverse & gaming tokens

  • - RWA - Real-World Asset tokens

Top Stories

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Welcome to the exclusive Member-only section of Triple Scoop - Unlocked for everyone today!

Every week we feed premium members with upcoming NFTs, Hot & Trending Crypto tokens & narratives. Stay informed & ahead of the crowds with Scoop Premium.

Feast your eyes on the delights, surprises & Alpha below.

⛓ NFT’s

This week we are delving into the world of Generative Art. Why? Relative to the rest of the NFT categories, ‘Generative’ or ‘Fine Art’ collections have been able to retain more of their value.

One thing you will notice with digital Art collections are, there is less noise surrounding them, they are typically smaller in collection size, and given there is less community built around them, naturally, there is less hype-filled mania on Twitter.

Love him or hate him, we recently listened to MachiBigBrother on a Twitter space profess how we believe the ‘Art’ Category, at least for the immediate term is set to dominate the NFT space.

But it wouldn’t be Scoop without a bit of memology thrown in there right?

Collection - Untitled Collection

Artist - Batzdu - ‘Artist, Modern Memeism’

Chain - ETH

Supply - Unknown

Cost - Unknown / - $600

Scoops Take

Batzdu is an anonymous digital artist who has previous experience launching popular digital art collections. The guy was into Pepe’s before $PEPE exploded, clearly, he’s a true lover of Memes. In 2022 Batzdu launched Geometric Pepes which gave him his initial run of popularity.

Following Geometric Pepes he launched ‘My Keyboard’ currently costing $160 worth of ETH per ‘Key’. Batzdu is now launching his first On Chain Generative Art project which is currently Untitled. Hence the above ‘Untitled Collection’. Batzdu has teased on Twitter that the generative art project is a work in progress, but the key to having access to the new collection is ‘The Keyboards’. He has mentioned publically on his Twitter that in order to qualify for the drop you must hold 4 Keyboard pieces, which at this stage will set you back roughly $650.

‘Keys’ My KeyBoard

Whether or not there will be a cost to actually purchase ‘The Untitled Collection’ or whether it will simply be an airdrop mechanism we do not yet know.

Why is Batzdu & this collection interesting? Firstly he has a strong following and presence on ‘X’ & is followed by a number of the ‘Big Dicks’ in the NFT crypto game. Secondly, his current collections which you can find here in his Linktree have mainly managed to hold considerable floor prices. Furthermore, Art, in general, has held strong in turbulent times & mixing in some of that Memology, we should have a recipe for success. It is unclear whether this collection will have a Meme theme, but given that the artist has titled himself a ‘Modern Memeist’ We wouldn’t be surprised.

There are currently 6420 ‘Keys’ within the ‘My KeyBoard’ collection if each holder needs 4 to qualify for the new upcoming ‘Untitled Collection’ we would guess the collection size will be 1605 in total.

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Creator - TehBag

Chain - ETH

Supply - 2762

Cost - 0% Listed

Scoops Take

A few issues ago, within Scoop Premium, we discussed our thoughts on ‘TehBag’ project & its token $BAG. As a reminder, the project is a telegram raid bot that has resurged in popularity, following a crash having regained its API keys which meant its product could function again. In short, the project is a raid bot that is used the generated hype & Twitter. Projects can use its services as a powerful marketing tool at a cost. Revenues generated by the ‘TehBag’ currently sit at $11K per day which are used for ‘Buy backs’ & token ‘Burns’. Long story short, ‘TehBag’ sits at just $15M market cap with $11K revenue a day, to put it into perspective, Unibot has circa $40K revenue a day and sits at a cool $130M market cap.

One area of ’TehBag’ that could be overlooked is its NFT collection, with currently 0% listed meaning is clearly in demand. Keep tabs on when they come up for sale by adding them to your Watch list. You can read a full breakdown of the plans for the collection here but in summary.

TehBag prides itself on their collection to be one of the most utility-rich collections around.

These utilities include:

  • Tweet To Earn — Get paid in $ETH or other tokens just by tweeting

  • BAG Affiliate Marketing — Refer new projects to BagBot and get a share of the revenue

  • Airdrop Hub — Be eligible for many airdrops simply by holding

  • Exclusive Club — Showoff your BAG and enjoy high-quality discussions

We have seen NFT projects tied to coins performing well, take Sproto Gremlins for example, tied to the meme token ‘HarryPotterObamaSonic10inu’ which soared to 2ETH Floor. Should the ‘TehBag’ bot keep delivering their impressive list of partnerships & Increasing revenue share we would expect their NFT collective to perform well. One to have on your radar for sure.

đŸȘ™ CRYPTO

Market cap - $22 Million

Risk out of 10 - 8/10 - High

Where to buy - ‘On-Chain’ available via Uniswap

Strategy Idea - $MEVfree token has been on a tear upward. Await a decent pullback for entry. In and out flip opportunity / long-term hold depending on the performance of the project.

Scoop’s Take

MEVFree is a Bot project that fits within the ‘Telegram Bot’ narrative. The cornerstone of the project is their innovative ‘Dex’ decentralized exchange which protects traders for MEV bots. ‘MEV’ Standard for ‘Maximum Extracted Value’. In short ‘MEV Bots’ are used to front-run & back-run traders’ transactions, normally targeting high slippage tolerances within ‘On Chain’ transactions

  • MEV Bots have a detrimental impact on the Defi Ecosystem Causing

    • Unfair trading conditions

    • Increased transaction costs

    • Reduced liquidity

    • Erosion of trust

  • MEVFree Ecosystem aims to:

    • Combat negative MEV bot impact

    • Restore fairness and transparency

    • Protect users

    • Create a secure and equitable trading environment

Pivotal to the MEVFREE ecosystem $MEVFree tokens are needed to be held in order to access MEVFree's advanced features. which include; Hot New Tokens, Trending Tokens, Advanced Token Charts with Price Prediction, Trade, and Wallet Analysis & their Launchpad Early Access.


The project has a number of key influential backers on ‘X’, after having a strong rally in token price it has retraced somewhat, the token price itself will depend on the success & use of the platform as the tokens act of a ‘Key’ to unlock its full feature set.

$BAZED - Bazed Games - Decentralized Casino.

Market cap - $3.4Million

Risk out of 10 - 9/10 - Very High

Where to buy - ‘On-Chain’ available via Uniswap

Strategy Idea - In and out Flip - Ride with On Chain ‘Gamblfi Narrative’

Scoop’s Take

  • High-Risk Pick

  • Decentralized online casino ‘On Narrative’

  • A suite of Casino games, Sports Betting, Lottery system

  • 60% revenue share.

  • Innovative tokenomics & well distributed token allocations

Never play with more than you can afford to lose.

Remember as always to DYOR.

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