⚓️ cheese-merger in paradise
how are you? are you reading this today *and* you own a Cool Cat? nice…I figured that since Cool Cats have been some of the biggest supporters of this newsletter so far.
can you do me a favor today though and tell a *non-Cool Cat holder* about me? I’d really appreciate that as I feel I’m kind of getting stuck in the Cool Cats echo chamber on Twitter and I’m trying to break free of it.
I write this newsletter for all in the NFT space…not just my people. and if you’re already subscribed…just know you *are* most definitely one of my people ❤️
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we will be forced to learn about the merge whether we like it or not.
here’s the TLDR…Ethereum is moving from proof-of-work (PoW) to proof-of-stake (PoS) in September. to do this, they’ll be (you guessed it) merging everything on the existing chain (ETH) onto the “new” one (ETH2.0)
so what happens to our NFTs? they’re merged too, of course. nothing to worry about (yay!)
but apparently, there are some weirdos who want Ethereum to stay PoW. and technically, they can “fork” Ethereum (essentially, the blockchain equivalent of copy/paste) and run it under a different name. this would, however, also copy over your favorite NFT project to that random chain too.
for that reason, Yuga is getting ahead of the confusion by telling people they plan on recognizing *only* the one, true Ethereum…and not any derivative knock-offs.
yes, we don’t have to worry about our NFTs. we can just sit there like we normally do. but if you’re feeling like a bookworm today, it’s *probably* worth it to read up on the merge and know how it affects your prized assets (again, it kind of doesn’t).
Magic Eden has finally communicated to their community what happened with Degen Town.
for my non-Solana folks, what did happen with Degen Town, you ask?
nothing to see here…just one of the biggest marketplaces in NFTs promoting an outright rug. and then radio silence on the matter…
to be fair, their statement does explain the time gap. they have been in communication with the founders who took the money and ran…in order to find some sort of recourse for those left in the dust.
however, it’s scary to read because as the adage goes, “you can’t trust anyone in this space”. apparently, that also applies to legitimate companies and marketplaces.
to be fair, diligence wouldn’t have done much…as there were some legitimate names attached here. thank god that we now know they can’t be trusted (check the official statement for their Twitter handles).
doing your own research has never been so important.
a lot of people are going to start “slow rugging” us, and much like Magic Eden found out with Degen Town…there’s not much we can really do about it.
kevin.eth sold for 40 ETH just now. which famous Kevin could it be? Kevin Durant? Kevin O’Leary? Kevin Rose??? my bet would be on “the field”, however. this is probably some guy named Travis looking to flip it.
speaking of the merge, Bankless has been covering everything you need to know about it (and they do it much better than I ever could). go check out their newsletter if you haven’t already. if you’re reading BivNFT but not Bankless, honestly I very much appreciate that, but also, what are you doing fam?