Thread by @Lamboland_

The dark side of NFTs:

A throwback to the most disappointing moments in web3 history🧵👇

(1/20)

1. Coinbase

Coinbase announced they're launching an NFT marketplace in 2021.

And the hype was insane.

In less than two days over 2 million people signed up for their waitlist.

But the end of 2021 came and Coinbase NFT still didn't launch yet.

Finally they launched a few months later.

But it was a MASSIVE flop. Nobody used it.

To put things in perspective...

GameStop launched their NFT marketplace 5 months after Coinbase.

And they surpassed Coinbase NFTs' lifetime volume in less than 48 hours.

2. RTFKT

RTFKT is one of the most innovative startups in web3.

And on Dec 13th 2021 Nike acquired them.

However there was a problem...

The acquisition info was leaked early.

Someone named Sarah put her entire net worth into Clone X two days before and bragged about it on Twitter.

When someone asked how her trade was going she said "just wait til tomorrow."

Then tomorrow came, RTFKT got acquired and Clones had a face melting pump.

Sarah then proceeded to dump all her Clones for an insane profit.

3. Otherside

On March 17th, Yuga airdropped their holders $APE. Making their holders even more rich.

The very next day Yuga dropped the most viral web3 video of all time.

The euphoria was insane.

$APE tripled in price leading up to the Otherside mint.

And one whale's $APE airdrop became worth $37 million 🤯

But then the Otherside mint happened and it was a disaster.

Over $150 million worth of ETH was lost to gas fees due to failed transactions.

And even the people who could mint spent up to $7,000 in gas fees to do so.

Yuga then went on to blame Ethereum for this fuck up instead of themselves 🤦‍♂️

4. y00ts

y00ts was the most hyped mint during this bear market.

1 hour before mint they posted this 👀

However, the team ran into a 'blocker bug' and had to delay the mint 24 hours.

Thankfully though the team fixed the bug and people could mint the next day.

However, the art wasn't ready yet.

So the team delayed the art reveal until the end of the month.

But the end of the month came and the art STILL wasn't ready yet.

So the team delayed the art reveal again 🤦‍♂️

Thanks for reading!🙏

Each week I spend 25 hours studying an NFT founder, trader or project and I write a thread summarizing what I learn.

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