⚓️ RTFKT mint exploit
you get a special treat today.
it’s my wedding anniversary and the wife and I decided to celebrate with lunch beverages 🍻
I had two beers…so I’m loose and ready to write about NFTs.
RTFKT is getting a reputation for *not* having the smoothest mints. first, it was the AR sweatshirts, now it’s a raffle in partnership with luggage brand RIMOWA.
the exploit here isn’t nefarious…it’s really just lazy.
simply put, one could enter the raffle and if they won, they could mint the NFT (right now some have a 2 ETH price floor).
from there, however, the raffle winner could transfer the NFT out of their wallet and mint again. rinse, repeat.
this gave raffle *winners* an unfair advantage and left many raffle *losers* (who stared at their screens for more than 2 hours trying to get in) understandably upset.
to be fair, RTFKT has never said they were good at anything *but* marketing…which leads to my next point.
still bet on the swoosh
minting issues aside…it’s still probably a good idea to bet on RTFKT and their connection to Nike.
branding is an important part of Web3 (duh) and no one in the last 50 years has gained more goodwill from marketing than Nike.
the swoosh is beloved by many and hated by few. all the botched mints in the world could not stop the momentum of a global behemoth like Nike.
RTFKT (for those that don’t know) is owned by Nike…and they’re clearly using the brand to experiment. they’re throwing their weight behind the brand to gauge interest and dip their toes into Web3.
Odell is not wrong here. while I *still* think CryptoPunks is the better long-term play in the space…I wouldn’t rule out RTFKT being a great bet either.
I find it interesting that in Web3 you’re so easily able to copy/paste contracts (or in the case of Blur…lift API integrations).
when decentralization is a pillar of the space, I suppose it means that code too is no longer proprietary.
this democratizes things a bit…but allows those with a headstart to not have nearly the advantage they once had in a Web2 world.
imagine if the Google algorithm was public domain. would Google be the monopoly they are today? probably not. would that be a bad thing? also, probably not.
every day, I use the DELTA section of this newsletter to shout out artists and creators in the NFT space.
yet…not a single soul has reached out to me asking to be featured here.
the fact of the matter is, I need content. there’s a good chance if you ask, you shall receive…and I will feature you in this section.
and best of all, it’s a free plug. I’m not in it for the money (clearly, as I run a free newsletter). I just want to feature cool people doing cool things in the space.
don’t hesitate to reach out.