Let’s discuss @SpacePoggersNFT and its founder @NiftyWhaleNFT. Sadly, it's the classic #NFT story: a founder overpromises before mint, underdelivers once paid, and then goes dark. Only this time, the founder isn't anonymous. Tune in because @garyvee makes a cameo.
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Before we begin, two bits of housekeeping. First, @SpacePoggersNFT still exists and is now under new leadership (@RUG_TECH and @natebear). The team is doing a great job and you can learn more here: spacepoggers.com
Before we begin, two bits of housekeeping. First, @SpacePoggersNFT still exists and is now under new leadership (@RUG_TECH and @natebear). The team is doing a great job and you can learn more here: spacepoggers.com
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Second, the thread is all public data. To the extent that the thread is doxing (which is unlikely), I align with @NFTethics that “a legitimate interest to dox someone” exists when done to indicate possible criminal acts or prevent fraud:
Second, the thread is all public data. To the extent that the thread is doxing (which is unlikely), I align with @NFTethics that “a legitimate interest to dox someone” exists when done to indicate possible criminal acts or prevent fraud:
https://twitter.com/NFTethics/status/1483051313462136833?s=20
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So let's get started:
The NFT space is rife with projects led by anonymous founders. These founders often claim that they maintain their anonymity for their personal safety. However, these founders are often motivated by legal, not physical, protection.
So let's get started:
The NFT space is rife with projects led by anonymous founders. These founders often claim that they maintain their anonymity for their personal safety. However, these founders are often motivated by legal, not physical, protection.
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As seen with projects like Evolved Apes, anonymous founders will sometimes “rug” their investors. This occurs when a founding team overpromises, exaggerates, or outright lies about their project’s value before going dark, leaving collectors holding the metaphorical “bag.”
As seen with projects like Evolved Apes, anonymous founders will sometimes “rug” their investors. This occurs when a founding team overpromises, exaggerates, or outright lies about their project’s value before going dark, leaving collectors holding the metaphorical “bag.”
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The tale of @SpacePoggersNFT and its founder @NiftyWhaleNFT follows a similar narrative. It’s the story of how Nifty created an online persona, launched a 1121 ETH ($4M+) NFT project, and then abandoned it only 3 months after mint with less than 100 ETH in the treasury.
The tale of @SpacePoggersNFT and its founder @NiftyWhaleNFT follows a similar narrative. It’s the story of how Nifty created an online persona, launched a 1121 ETH ($4M+) NFT project, and then abandoned it only 3 months after mint with less than 100 ETH in the treasury.
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But let’s step back: @NiftyWhaleNFT bursted onto crypto Twitter last March. He portrayed himself as an #NFT connoisseur that “wanted to support artists, creators, and the NFT community." His Twitter bio boldly proclaimed that “he’d be spending $10M in NFTs in 2021.”
But let’s step back: @NiftyWhaleNFT bursted onto crypto Twitter last March. He portrayed himself as an #NFT connoisseur that “wanted to support artists, creators, and the NFT community." His Twitter bio boldly proclaimed that “he’d be spending $10M in NFTs in 2021.”
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In the summer, @NiftyWhaleNFT pivoted to project founder. He envisioned a new project that would create “Disney on the Blockchain” through an original IP that could connect with "folk outside of the NFT world.” This vision became @SpacePoggersNFT: beta.cent.co/NiftyWhaleNFT/…
In the summer, @NiftyWhaleNFT pivoted to project founder. He envisioned a new project that would create “Disney on the Blockchain” through an original IP that could connect with "folk outside of the NFT world.” This vision became @SpacePoggersNFT: beta.cent.co/NiftyWhaleNFT/…
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The main goal of @SpacePoggersNFT was an animated series featuring cartoon space animals. In a podcast before launch, @NiftyWhaleNFT stated that a “large chunk” of the $10M that he’d be spending on NFTs in 2021 would be spent on @SpacePoggersNFT: .
The main goal of @SpacePoggersNFT was an animated series featuring cartoon space animals. In a podcast before launch, @NiftyWhaleNFT stated that a “large chunk” of the $10M that he’d be spending on NFTs in 2021 would be spent on @SpacePoggersNFT: .
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On August 8th, 2021, @SpacePoggersNFT launched. It sold out within 30 minutes. The public mint raised 1,121 ETH ($4M+), while the presale garnered another 60.8 ETH. However, the total amount actually raised was undercut by 535 ETH in refunds as a result of a contract bug.
On August 8th, 2021, @SpacePoggersNFT launched. It sold out within 30 minutes. The public mint raised 1,121 ETH ($4M+), while the presale garnered another 60.8 ETH. However, the total amount actually raised was undercut by 535 ETH in refunds as a result of a contract bug.
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With the @SpacePoggersNFT backstory all teed up, now it’s time to get into the claims against @NiftyWhaleNFT…
With the @SpacePoggersNFT backstory all teed up, now it’s time to get into the claims against @NiftyWhaleNFT…
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Claim 1: @NiftyWhaleNFT misrepresented the extent that mint funds would be used for the @SpacePoggersNFT animation. Only $50k (of 1121 ETH) was spent on the animation despite it being the main selling point.
Claim 1: @NiftyWhaleNFT misrepresented the extent that mint funds would be used for the @SpacePoggersNFT animation. Only $50k (of 1121 ETH) was spent on the animation despite it being the main selling point.
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Claim 2: @NiftyWhaleNFT misled investors about how ETH would be allocated. Nifty said that most of the mint would be used for the animation and other projects. Instead, at least 50% (~650/1121 ETH) was paid to developers. Again, animation expenses were only $50k (<15 ETH).
Claim 2: @NiftyWhaleNFT misled investors about how ETH would be allocated. Nifty said that most of the mint would be used for the animation and other projects. Instead, at least 50% (~650/1121 ETH) was paid to developers. Again, animation expenses were only $50k (<15 ETH).
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Claim 3: @NiftyWhaleNFT's decision to pay ~500 ETH in refunds, while still paying ~650 ETH to the devs that caused the bug, drained the 1121 ETH treasury at collectors' expense. Even with <100 ETH in treasury, Nifty still claimed that millions were earmarked for animation.
Claim 3: @NiftyWhaleNFT's decision to pay ~500 ETH in refunds, while still paying ~650 ETH to the devs that caused the bug, drained the 1121 ETH treasury at collectors' expense. Even with <100 ETH in treasury, Nifty still claimed that millions were earmarked for animation.
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Claim 4: @NiftyWhaleNFT claimed that he never received any funds from @SpacePoggersNFT. However, it appears that Nifty owns one of the "dev" wallets and made off with at least 350 ETH (+$1M) for three reasons…
Claim 4: @NiftyWhaleNFT claimed that he never received any funds from @SpacePoggersNFT. However, it appears that Nifty owns one of the "dev" wallets and made off with at least 350 ETH (+$1M) for three reasons…
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First, it appears that @NiftyWhaleNFT used @SpacePoggersNFT mint funds to buy 2 Bored Apes. On the same day that a Pogger “dev” wallet bought 2 BAYCs (8/28/2021), Nifty verified himself in the BAYC Discord and tweeted about playing the MAYC game.
First, it appears that @NiftyWhaleNFT used @SpacePoggersNFT mint funds to buy 2 Bored Apes. On the same day that a Pogger “dev” wallet bought 2 BAYCs (8/28/2021), Nifty verified himself in the BAYC Discord and tweeted about playing the MAYC game.
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To be clear, the below "dev" wallet is alleged to be @NiftyWhaleNFT's. It received 370 ETH from the @SpacePoggersNFT mint in total. Because it used some of that ETH to purchase Bored Apes, I'll henceforth refer to it as the "BAYC Wallet." etherscan.io/address/0xa21c…
To be clear, the below "dev" wallet is alleged to be @NiftyWhaleNFT's. It received 370 ETH from the @SpacePoggersNFT mint in total. Because it used some of that ETH to purchase Bored Apes, I'll henceforth refer to it as the "BAYC Wallet." etherscan.io/address/0xa21c…
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Second, @NiftyWhaleNFT said on @garyvee's podcast that he owned multiple @veefriends Gift Goats. Nifty’s public wallet (opensea.io/NiftyWhaleNFT) owns a Gift Goat and the BAYC wallet bought a Gift Goat the week before he appeared on the podcast:
Second, @NiftyWhaleNFT said on @garyvee's podcast that he owned multiple @veefriends Gift Goats. Nifty’s public wallet (opensea.io/NiftyWhaleNFT) owns a Gift Goat and the BAYC wallet bought a Gift Goat the week before he appeared on the podcast:
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Third, a wallet with the ENS address "d*******m.eth" received a 1 ETH payment from a @SpacePoggersNFT OpenSea wallet. This matches the name of the CEO of NiftyWhale, Inc—a DE corporation operating in CA. The remaining ~25 ETH in this wallet was cashed out onto Coinbase.
Third, a wallet with the ENS address "d*******m.eth" received a 1 ETH payment from a @SpacePoggersNFT OpenSea wallet. This matches the name of the CEO of NiftyWhale, Inc—a DE corporation operating in CA. The remaining ~25 ETH in this wallet was cashed out onto Coinbase.
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Claim 5: Oddities exist between @NiftyWhaleNFT’s online persona and his actions. In light of the misleading statements about @SpacePoggersNFTs’s finances, it appears that these were not mistakes, but a poor attempt to fit a persona created to build credibility before mint.
Claim 5: Oddities exist between @NiftyWhaleNFT’s online persona and his actions. In light of the misleading statements about @SpacePoggersNFTs’s finances, it appears that these were not mistakes, but a poor attempt to fit a persona created to build credibility before mint.
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First, @NiftyWhaleNFT has given conflicting information on when he “got into” crypto. He mentioned in this podcast that he got into crypto in 2014: . A few months later, he told @garyvee that he got into crypto in 2016:
First, @NiftyWhaleNFT has given conflicting information on when he “got into” crypto. He mentioned in this podcast that he got into crypto in 2014: . A few months later, he told @garyvee that he got into crypto in 2016:
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Second, @NiftyWhaleNFT read his “about me” from his blog verbatim on a podcast when he was asked to tell his story of how he got into NFTs. Genuine experiences don’t need to be read verbatim (time 4:25): podcasts.apple.com/us/podcast/nft…
Second, @NiftyWhaleNFT read his “about me” from his blog verbatim on a podcast when he was asked to tell his story of how he got into NFTs. Genuine experiences don’t need to be read verbatim (time 4:25): podcasts.apple.com/us/podcast/nft…
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Third, @NiftyWhaleNFT described himself as an aspiring artist that had to pivot to software engineering for family reasons. Yet, Nifty decided to hire BOTH an artist & engineering team to work on @SpacePoggersNFT, despite being "skilled" in both: twitch.tv/videos/1010018…
Third, @NiftyWhaleNFT described himself as an aspiring artist that had to pivot to software engineering for family reasons. Yet, Nifty decided to hire BOTH an artist & engineering team to work on @SpacePoggersNFT, despite being "skilled" in both: twitch.tv/videos/1010018…
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Fourth, @NiftyWhaleNFT has stated on several occasions that NFTs are great because they empower artists. However, actions speak louder than words, and Nifty paid lead artist @natebear less than 2% of the @SpacePoggersNFT mint.
Fourth, @NiftyWhaleNFT has stated on several occasions that NFTs are great because they empower artists. However, actions speak louder than words, and Nifty paid lead artist @natebear less than 2% of the @SpacePoggersNFT mint.
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Finally, a LinkedIn surfaced that likely belongs to @NiftyWhaleNFT. The profile’s name and location match NiftyWhale Inc’s business license, while the profile’s credentials are in line with Nifty’s knowledge of studio animation. If true, this undermines his online persona.
Finally, a LinkedIn surfaced that likely belongs to @NiftyWhaleNFT. The profile’s name and location match NiftyWhale Inc’s business license, while the profile’s credentials are in line with Nifty’s knowledge of studio animation. If true, this undermines his online persona.
Remaining thread:
https://twitter.com/BaxendaleNFT/status/1487929562235383809?s=20&t=d0c4l2jD7mrhb6DQMQzIUg
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