GM Scoop Family. You've been missed. Now let's dive in.

🍦STATE OF THE MARKET

• NFT Total Market Cap - $22.81B - 7 day change  + 0.20%

• Volume Traded Prev 7 Days - $162.3M -8.08%

🐋 WHALE WATCH

In the last 7 days Whales have been scooping up:

• 1st Place - Sewer Pass

• 2nd Place - Bored Ape Yacht club

• 3rd Place - Otherdeeds

• 4th Place - Doodle Genesis Box

• 5th Place - Cool Cats: Fractures

🍯 THE MELTING POT

How has our basket of NFT gems performed this week? Let's dive in.

1 x Floor Sewer Tier 1 Pass + Balance of 0.39 ETH.

Total Melting Pot value Current - 2.85 ETH

ETH value Melting Pot Performance since 5th Jan (-54.7%)

Time is ticking for the sewer pass, there isn't long before the Dookey Dash game is over. Lucky for you we will be forced into making some new trades soon. We are assessing the market and establishing what NFT gems can help slow down the melting of the pot.

Have faith fellow degens. Have faith.

🍦SCOOPS OF THE WEEK

🍦Logan Paul accused of Rug Pull

🍦Coinbase Pauses New Collection Drops

🍦Polygon Tops The Charts

🍦Dooplicators Are Here

🍦eBay Expanding Following Marketplace Acquisition

Logan Paul accused of Rug Pull

It's a wild world out there and Logan Paul, the internet's king of stunts, is now facing heat from a class-action lawsuit. Accused of participating in a "rug pull" with NFT project CryptoZoo, Paul and his crew are facing allegations of promoting a game that, well…"never existed."

CryptoZoo was billed as an NFT-based game that would allow virtual ZooKeepers to buy, sell, and cross-breed exotic animals on the blockchain. You can see an example result below.

The lawsuit alleges that the defendants used Paul's online following to market the NFTs to consumers unfamiliar with digital currency, promising benefits, rewards, and an online ecosystem to use and market the NFTs. However, the game allegedly "did not work or never existed" and the defendants manipulated the market to their advantage.

Logan Paul, with over 23 million YouTube subscribers, is just one of the many defendants listed in the lawsuit. Others include his assistant, manager, and lead developer of CryptoZoo. As the lawsuit gains traction, Paul has taken to Twitter to apologize and offer a $1.3 million reward program for affected players.

This is not the first time that celebrities have faced backlash for promoting NFT projects. In 2022, US consumer watchdog group Truth in Advertising put 17 celebrities, including Gwyneth Paltrow, Eva Longoria, and Snoop Dogg, on notice for promoting NFTs without appropriate disclosures.

So, is Logan Paul the next crypto culprit or just a victim of circumstance? Either way, the online influencer, and his crypto adventures are sure to keep us on the edge of our seats

Coinbase Pauses New Collection Drops

They have been featured in the Newsletter quite a bit recently following the debacle with Apple blocking their latest update and more recently, the brother of a former product manager making trades on confidential information.

It only seems like yesterday that the Coinbase NFT Marketplace dropped, 20th April last year to be precise, however, a bombshell announcement was made this week.

The company announced that they are pausing creator drops on the marketplace to focus on other features and tools that creators have asked for. They did clarify that the marketplace was not shutting down completely and they remain optimistic about building a future.

No details have been shared on what these features and tools are yet so it's a complete guessing game.

Polygon Tops The Charts

It's no secret about our bullish views on Polygon. Our piece just before Christmas shared how Polygon NFTs are in their bull run.

The chain has made huge moves in securing deals with Meta, Starbucks, Reddit, Disney, Instagram and most recently Rareible.

It may come as a surprise to some, but certainly not us, that Polygon NFT sales remain above Ethereum's for the 2nd month in a row, starting 2023 just like they ended 2022.

The stats have been released for January 2023 showing that OpenSea handled over 1.5m NFT sales on Polygon compared to Ethereum's numbers which were 1.1m.

December of last year was a similar story with 1.3m on Polygon and just under 1m on Ethereum.

The main factor for this may be down to Ethereum primarily having the majority of high-value projects which leads to high gas fees. In comparison, Polygon offers extremely low gas fees and seems to be the chosen home for a lot of affordable collections.

It's a very exciting time for the chain and we have no doubt they will be featured in the news section again when another gigantic partner is onboarded.

Dooplicators Are Here

Doodles announced the plans for Doodles 2 and even got the date of launch bang on. It may be a simple point to praise but we have even seen the likes of Yuga Labs push dates back.

The concept of the Dooplicator was fairly simple, owners can customize their Doodle with wearables that come in a variety of rarities with the completed Doodle being available as a full-body dynamic image of a PFP.

Following the launch, the floor sat at around 1.2 ETH and has steadily declined throughout the week with the floor (at the time of writing) bottoming out for now at 0.42 ETH with the total volume sitting at 13,022 ETH.

We attach a video of how the concept works here.

eBay Expanding Following Marketplace Acquisition

It's fair to say they certainly know a thing or two about marketplaces and their plans for Web3 make perfect sense.

As we have seen with successful Web2 companies moving into the Web3 space, there is no guarantee that success comes with them.

eBay seems to be taking the right steps for its next journey in Web3 to support its NFT marketplace KnownOrigin by seeking to fill several roles focused on the marketplace including Crypto Counsel, Head of Community and a marketing executive.

The jobs have been advertised on LinkedIn and feature quite detailed job descriptions so it's fair to say they are very serious about their next moves.

Should any of our readers be interested, we attach details of the job application here.

🏆SCOOP'S WEEKLY WINNER

This is a project that really went under the radar and at first glance can be quite a confusing project to understand.

We don't want to confuse you too much of course so we will deal with the basics and of course the stats.

1. The project is called Checks-VV and they were created by Jack Butcher. 

2. Each NFT is 80 Twitter checkmarks of different colors arranged in a grid.

3. They cost $8 to mint

4. They have a unique burn mechanism with an odd incentive where 2 x 80 "checkmark" NFTs can be burned into 1 piece of 40, and then the 2 pieces of 40 can become a 20 check piece and so forth down to a single colored checkmark.

5. If a holder was to purchase and burn 64 single-coloured pieces, they can produce a single black check of which only 3 can ever exist.

6. There is a strategy for everyone involved in the buying and selling chain which makes this project extremely unique.

The popularity of the project has boomed, as we said above they cost $8 to mint and the current floor sits at 1.02 ETH with the project having a total volume of 4898 ETH.

With the project having 16,026 items and only 3877 owners it goes to show that Butcher's intentions of "investors taking ownership of the thoughts and behaviours that lead them to where they want to go" are working.

A project that has risen from $8 to 1.58 ETH is incredible but creating a new concept of NFT is just as remarkable.

THE REKT SECTION 😡

We came across this 158-page document and it made for some fascinating reading. Don't worry we won't be relaying all the information but we do attach a copy here if you want to read it.

BALLZNFT created a social experiment called Little Shapes and it led to an exposure of a ring of influencers and founders draining $200,000,000 out of the ecosystem over 274 projects.

Want to find out how? Check out this thread here.

We would like to remind the community that DYOR into projects is one of the most important things you can do before parting with your money. We hope the thread will open your eyes to what can happen in the space.

🤡 WHOEVER CONTROLS THE MEME CONTROLS THE UNIVERSE

Disclaimer

The NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.

NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.