Dark Side of NFT History: Reviewing the Darkest Moments of 5 Blue Chip Tokens

NFT History's Dark Side: A Review of 5 Key Tokens' Darkest Moments

Some people fall apart, while others rise from the ashes. Written by Lamboland. Translated by Luffy and Foresight News. NFTs have lost their lustre. Looking back on the history of NFTs, Otherside, Azuki, Doodles, Moonbirds, and RTFKT have all experienced controversial moments. Were these questions from the community the turning point for NFTs from boom to bust? The following tweets will review these moments.

1. Otherside

Otherside was born from the largest NFT casting event in history, with thousands of participants queuing up for casting, which led to a serious problem.

Due to failed on-chain transactions, more than $150 million worth of ETH was wasted as gas fees, and those who were able to cast had to pay up to $7,000 in gas fees to participate.

• Conversation with Coinbase Protocol Director: How is Base, as a highly anticipated new Layer2, building its ecosystem step by step?
• How does ERC-6551 change the game by turning NFTs into Ethereum accounts?
• Embark on the Opside Value Exploration Journey: Pre-Alpha Incentive Test Network Countdown officially launched

What’s worse is Yuga Labs’ response, blaming the issue on Ethereum rather than themselves.

This is insane because there are countless ways to avoid gas wars. For example, they could have done a permission list, and there would be no gas wars at all.

2. Azuki

Azuki founder Zagabond published an article revealing that he was actually the creator of CryptoPhunks, Tendies, and CryptoZunks.

This article caused a stir because Zagabond:

• made over $3 million in profit in two months through three projects
• abandoned the projects a few weeks later
• the three projects were associated with different identities/wallets
• retained control of the smart contract

To quell FUD, Zagabond participated in a Twitter the next day. He stated that he had kept his promises to these projects. He will soon transfer ownership of these projects and redistribute funds to the community.

However, the market is not buying it, and Azuki floor prices continue to fall.

3. Doodles

Doodles has been quietly building for most of 2022. As a result, there have been high expectations for what Doodles will do next. However, no one expected Doodles to release digital socks.

The community was disappointed, and an FUD wave spread on Twitter.

Doodles founder Poopie then issued a statement, but it backfired and only made the FUD worse.

Poopie said they wanted Doodles to be a leading media brand, which is funny because they haven’t tweeted anything for nearly two months in 2022.

What really annoys people is that Poopie said Doodles is no longer an NFT project. And they don’t care about anyone with economic motivations, but in fact, almost every NFT holder has economic motivations.

Will things get even worse? Indeed.

A frustrated holder asked Poopie to buy his Doodles. Poopie responded, “floor it and gtfo.”

Poopie’s communication was so bad that holders began asking him to go back to quietly building. Interestingly, last year, holders were still asking him to communicate more.

4. Moonbirds

Moonbirds was one of the most popular NFT minting projects in the last bull market. After a few weeks of release, their floor price soared to 40 ETH.

However, everything started to change on August 4th. Founder Kevin Rose announced that Moonbirds was transitioning to CC0. This meant that anyone could use Moonbirds for commercial activities, not just the holders.

At the time, CC0 was a hot new topic, and newly launched CC0 projects like GoblinTown were achieving amazing success. So some people were excited about Moonbirds’ switch to CC0.

However, the transition to CC0 was an irreversible decision, and Kevin did not consult the holder community before making the decision.

Many holders understandably felt uneasy. Some people bought Moonbirds precisely to gain exclusive commercial rights, and now they were suddenly losing that right.

5.RTFKT

Releasing MNLTH 2 was the most controversial thing RTFKT ever did. Unfortunately, the floor price of MNLTH 2 plummeted 80% in just 3 hours as a result.

RTFKT announced that MNLTH 2 holders had two rights:

• They could buy shoes worth $580 – $1333
• They could buy a coupon code for those shoes

The problem is that people spent up to $10,000 purchasing MNLTH 2 and waited 8 months only to find out that they are entitled to buy a pair of shoes.

RTFKT also restricted the purchase of these shoes to only residents of the United States, which is crazy because over 50% of the holders are not from the United States.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!