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Dark Moments in NFT History! Insider Trading at RTFKT, Bored Ape Yacht Club Overloading Ethereum with Land Sales, and...

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Dark Moments in NFT History! Insider Trading at RTFKT, Bored Ape Yacht Club Overloading Ethereum with Land Sales, and...

NFT collector Lamboland recently took to Twitter to shed light on the dark side of the NFT space, listing the most disappointing moments since NFTs became popular. Can you recall a few of them?

This is a translation and summary. Please refer to the original text for any ambiguity.

Unforgettable NFT Events: Episode 1 - Coinbase NFT Market Failure

The Coinbase exchange announced in 2021 that it would launch an NFT market that year. This news attracted a lot of attention from users, with over 2 million people joining the waiting list in less than two days.

However, the launch of the NFT market did not go smoothly. It was delayed until April 2022, failing to attract users to trade, resulting in extremely low trading volume.

In contrast, Gamestop's NFT market, launched five months later, surpassed the total trading volume of the Coinbase NFT market within just two days.

Additional Information: The Coinbase NFT market seems to have been forgotten by the public. According to data from Dune, the daily average trading volume does not exceed 1 ETH. Even after more than a year of its launch, when you visit their website, it still claims to be in the testing phase.

Unforgettable NFT Events: Episode 2 - RTFKT Insider Trading

NFT studio RTFKT was acquired by Nike on December 13, 2021, but the acquisition was leaked on Twitter before the official announcement.

A Twitter user named Sarah invested all her money, around $100,000, in CloneX before the news was made public and boasted on Twitter about how it would change her life.

When asked about her investment performance, she replied, "You'll know tomorrow, but if I were you, I'd buy now."

The next day, after the news of RTFKT's acquisition came out, Sarah immediately sold her holdings of CloneX in the market, making a substantial profit.

Unforgettable NFT Events: Episode 3 - Otherside Land Release

On March 17, 2022, Yuga Labs airdropped APE tokens to holders of NFTs like Bored Ape Yacht Club. The next day, they released a promotional video for Otherside and announced that APE could be used to mint Otherside land.

This news caused the price of APE to continuously rise, reaching as high as $26. Notably, NFT collector Dingaling received APE airdrops worth up to $37.3 million.

Event Recap: ApeCoinAPE Opens Strong! Bored Ape Holder Gets Tens of Thousands of Dollars for Free

However, the Otherside land release was a disaster. Due to an overwhelming number of buyers, transaction congestion led to failed transactions, resulting in a staggering $150 million ETH gas fee loss, which the official later compensated for.

Furthermore, even if the purchase was successful, the gas fees alone cost around $7,000.

Event Recap: Otherside Sold Out in an Hour, Gas Fees Soar: 30,000 ETH Contributed to Network Fees, $350 Just for Transfers

Afterward, Yuga Labs blamed Ethereum for the incident instead of reflecting on how to improve their minting process, and even indicated at the time that they would consider migrating to other chains.

Unforgettable NFT Events: Episode 4 - y00ts' Repeated Mishaps

y00ts, an NFT project originating from Solana, was one of the most attention-grabbing projects in this bear market cycle. They released an anticipated teaser video an hour before the minting was set to begin. However, due to a code vulnerability, the minting had to be postponed for a day.

Additionally, after the blind box minting was completed, the official delayed the reveal date due to the works not being finished, and finally, after a second delay, the works were officially unveiled.

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