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- Coinbasics Newsletter #5 - It's not been a good day for Porsche!
Coinbasics Newsletter #5 - It's not been a good day for Porsche!
1. Porsche NFT price has been dropping steadily since mint
these Porsche mfers doing the wrong kinda flooring
— frankdegods.eth (@frankdegods)
4:01 AM • Jan 24, 2023
The reason for this failure could’ve been multiple factors ranging from a high mint price of 0.911 Eth during peak bear market to not taking advice from web3 native folks and not having enough whales onboard before the mint. Here’s what the community on twitter has to say about this:
Porsche is another example of big Web2 brands putting the least amount of effort into an NFT project—that is why they failed.
The mint price itself wasn’t why, but they messed up their target audience. They tried a typical 10K project.
— Loopify 🧙♂️ (@Loopifyyy)
1:06 PM • Jan 24, 2023
Web2 company looking to enter Web3?
How to avoid doing a NFT launch like Porsche:
→ Price + size supply appropriately
→ Introduce your Web2 fans to Web3; don't just onboard Web3 degens to your brand
→ Take more than 2 months to actually build a community
→ Communicate— DebbieSoon.eth 🤗 (@debsoon)
1:16 AM • Jan 24, 2023
But you got to have the confidence of whoever advised Porsche to price their NFT’s at 0.911 in life with anything you do, Lol 😂 . The Floor started dropping lower than the mint price & even 30% of the collection isn’t minted yet!
2. Binance accidentally mixed Customer Funds With B-Token Collateral!
The exchange issued 94 so-called Binance-peg tokens (B-Tokens), and almost half of those reserves are stored in a cold wallet called Binance 8. The wallet contains more tokens than required for the number of B-Tokens issued. Since the tokens are supposed to be backed 1:1, the excess indicates the collateral is being mixed with customers’ tokens. - source, Bloomberg
3. Binance processed almost $346 million in BTC for the Bitzlato exchange
The founder of Bizlato founder was arrested by US authorities last week for allegedly running a "money laundering engine”. Binance was one of the top three counterparties on the Bitzlato that received Bitcoin between May 2018 and September 2022. These details were revealed by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
4. zkSync integrated Unstoppable Web3 domains into their Wallet and Checkout apps
This allows their community to send and receive crypto with other zkSync Wallets using human-readable names instead of random addresses. Also, zkSync Checkout users can create payment links with their Unstoppable Web3 domains to share and collect crypto payments.
Here are some reading recommendations from us to give you a tldr of what’s trending in web 3:
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