The launch of Pudgy Penguins’ PENGU token is off to a less-than-ideal start, with crypto wallets flagging the claims website as “dangerous” and claimants complaining that they’re missing tokens. 

Pudgy Penguins NFT holders were supposed to be able to claim their share of 88 billion PENGU tokens starting today.

However, some have reported they are missing a portion of their claims. Crypto influencer Nick O’Neill shared a screenshot showing he claimed 573,092 tokens but says he only received 7,940. Others said that they were missing as much as half of their allocation.

Read more: You’re not gonna make $50K in PENGU by buying and returning Pudgy toys

In addition, crypto wallet firm MetaMask is flagging the Pudgy Penguins claim website as a potential threat that may steal your assets. Not only that, but according to Pudgy’s creative chief, ‘chefgoyardi,’ the website is experiencing DDOS issues after getting over 4.7 million hits and receiving 100,000 claims.

It appears that some issues stem from Solana and its transaction limits. According to the founder of Clusters, the claims are being broken down into multiple transactions for some of the larger PENGU claims. 

They said, “Amount shown vs amount claimed is not a discrepancy, just refresh the page and it’ll show what you already claimed & what remains to be claimed.” 

Pudgy’s creative chief and safety program manager, ‘Beau,’ reminded users experiencing difficulties that they have 88 days to claim their tokens and that they can always wait. Chefgoyardi has since posted that the “claim amount discrepancy/wallet connectivity issues are nearly patched.” 

Read more: FTX token holders are getting Pudgy Penguins tokens

The floor price of Pudgy Penguins NFTs has dropped by over 50% following today’s events. Wallets linked to early PENGU investors are already selling large amounts with one wallet selling 176 million tokens worth over $9 million. 

According to CoinGecko, the price of PENGU was $0.06845 earlier today but has now dropped to $0.03116 — a 54% decrease in price.

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An unusual method of farming Pudgy Penguin tokens (PENGU) shared online claims bulk-buying $20,000 of Pudgy merch could net a $50,000 profit for anybody willing to put in a bit of extra leg work.

According to X user @Deroidz, if you redeemed the NFT of every Pudgy plushie or figurine bought, you could get $50 apiece from the upcoming Pengu token airdrop when it’s sent to NFT holders. 

This assumes holders will be receiving a generous $50 worth of PENGU. However, this figure is worth double the price of the toys and is unlikely to be distributed. Regardless, by following @Deroidz’s advice, you would have to scan 1,000 different QR codes to make a profit of $30,000.

To make the extra $20,000 you’d need to return all of your scanned Pudgy merchandise to Amazon, and hope that you receive a refund. 

The glaring issue with this plan is that the token allocation for these NFTs is unlikely to be as high as the mooted $50. One user noted that based on the number of different Pudgy NFTs, the token allocation will likely be closer to 50 cents. 

Amazon is also likely to probe any refund requests that involve $20,000 worth of stock and 1,000 separate items.

Pudgy Fever already looks to have hit one store in New York City, after Mask Network founder Suji Yan took a picture of the ravaged Pudgy Penguin boxes that were missing the QR code and were already opened.

Read more: Pudgy Milady deployer issues and dumps new NFTs despite promises

Some users weren’t happy with the idea of returning the already scanned Pudgy toys. “Returning them again is lame af,” one said, suggesting instead that buyers should “donate them to kids or something if you tryna hustle like this.”

“Really gonna ruin it for others? cmon man there are kids buying these things,” another said. 

Exactly what percentage of tokens the toys will receive is unknown. A Pudgy infographic indicates that 24.12% will be given to “Other Communities,” and that 25.9% will be given to the “Pudgy Community,” consisting of various Pudgy NFT holders. A total of 88 billion PENGU tokens will be distributed altogether. 

When the PENGU airdrop will take place is also unknown, but a cryptic post indicates details about the airdrop, or the airdrop itself, could be announced tomorrow.

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The founder of Catly, a new video game described as “AI-slop” that debuted at the 2024 Game Awards in Los Angeles last week has a history with failed NFT and blockchain games.

The first game from SuperAunthenti Co., Catly’s trailer left X users questioning how it secured a Game Awards spot and promotion by big-name influencers, such as Pokimane and Ninja.  

The studio’s co-founder, Kevin Yeung, also launched TenthPlanet, a game company focused on Web3, NFTs, digital ownership, and blockchain-based games. In 2022, his studio reportedly planned to launch two blockchain games and sunk $2.5 million into a cat-themed project called Alien Meow. 

This “cat metaverse” planned to “generate in-game value from breeding, much like CryptoKitties,” Yeung claimed. A beta was supposed to release by early 2023 but this never happened. Its other blockchain game, Mech Angel, is also nowhere to be found. 

Read more: The Flappy Bird revival is hiding crypto plans

Gaming news outlet 80 Level was able to confirm claims made by one Reddit sleuth, that SuperAuthenti Co is the shareholder, and owner, of Shanghai Binmao Technology. This studio created an app called Plantly: Mindful Gardening, which featured plants as “digital tokens.”

Staff at Binmao Technology were also found to have spent three months working on a metaverse game called Catly.

So, does Yeung’s new Catly game have NFTs? Nowhere in the game’s marketing or website is there any mention of them, however, its design is reminiscent of NFT projects, with flashy 3D renders used to showcase in-game cosmetics. 

The described gameplay is also very reminiscent of Alien Meow.

Read more: Ubisoft’s new Champions Tactics NFT game was unplayable this weekend

Regardless, some users are concerned that the game might have NFTs. Others are upset by Catly’s apparent use of AI-generated images and compared it to “AI-slop.” Some called it a “100% scam” and raised suspicions about its planned Apple Watch release. 

The Catly X account was created last May and has just over 1,300 followers. It has posted 18 times and is now hiding AI-related comments under its posts. Kevin Yeung has also deleted his LinkedIn profile.

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Animoca Brands, the NFT and Metaverse firm, hopes to pass a resolution at its annual general meeting (AGM) on December 23 that would replace its auditor, DFK Collins, with Hall Chadwick. This is according to the distributed agenda. 

Animoca has arguably been slow to file its recent audit reports, not completing its 2020 report until mid-2023. The report included comments from DFK Collins, which noted that for Animoca to “continue as a going concern” would be “dependent upon” it “raising new equity funds as and when required” as well as “support from the convertible note holders.” It would also need to “convert cryptocurrencies into fiat currencies as and when required.”

However, despite these comments, it is important to note that DFK Collins also said that its “opinion is not modified in respect” of these matters.

Read more: Animoca Brands has a web3 portfolio worth $1.5B because it said so

At the time of this audit being published, Yat Siu, Animoca Brands’ executive chairman, noted to the Australian Financial Review that the firm didn’t think these issues were “a going concern issue” and added that Animoca has “a reasonable cash position, a reasonable equity position.” 

Since the audit period covering through the end of 2020, Animoca Brands has continued to raise money, including:

• On May 13, 2021, the company announced that it had completed a capital raise of US$8,888,888.
• On May 28, 2021, the company entered into subscription agreements with “sophisticated and professional investors,” raising US$9.4 million.
• On July 1, 2021, it completed the second tranche in its May 13, 2021 raise, bringing in US$50 million.
• On October 20, 2021, Animoca raised US$80 million from “sophisticated and professional investors.”
• On January 18, 2022, the company announced it had completed a capital raise of US$358,888,888.

An attachment to the AGM agenda notes that Hall Chadwick believes it is “prepared to audit the financial statements for” 2021, 2022, and 2023. 

Siu previously told CoinDesk in September of this year that Animoca was “midway through the audit, which is a critical piece of the IPO puzzle” for the firm, also confirming at the time that DFK Collins was conducting that audit. 

Protos has reached out to Animoca Brands about this desire to change auditors. Animoca Brands was not able to comment on why it had decided to switch auditors, noting, “Unfortunately, due to disclosure requirements, we cannot comment on this prior to the general meeting on 23 December.” Additionally, when asked why DFK Collins was not able to complete the 2021 audit that was in progress, Animoca Brands communicated that “We have noted in the past (including in the Chairman’s Letter in the 2020 annual report that you cited) that the business of Animoca Brands poses complex challenges for financial reporting and auditing. We have completed substantial work towards the audit of the 2021 financials and plan to transition seamlessly to a new auditor with full cooperation between both audit firms.” Furthermore, when asked if this would delay any IPO plans, Animoca Brands noted that it expects “the change in auditors to support Animoca Brands’ plans to list on a public exchange.” Finally, it noted that definitive timelines for the outstanding audits will need to wait as “the shareholder meeting will provide the company with authorization to switch its auditor, at which point the new auditor can formally begin work on outstanding audits with a timeline created.”

Update 2024-12-04 18:20 UTC: To ensure clarity, we have added comments from Animoca Brands, expanded a quote from the 2020 report, and changed the headline.

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Ubisoft’s latest NFT game, Champions Tactics, was branded “unplayable” during its opening weekend after a bug meant that just two players won every matchmaked game before they could be played.

YouTuber and crypto gaming analyst Jauwn disclosed the apparent exploit on X (formerly Twitter) on Saturday. He claimed that the game had been unplayable since Friday and that an alleged malicious actor had found a way to become the only player that other gamers matched with. 

Two accounts, Schilleri11 and Paulstar111, were at the heart of the controversy with one of them reportedly ranking at the top of the leaderboards after already playing 56,000 matches. 

Read more: Hamster Kombat loses nearly 260 million players in just three months

However, the Game Director for Champions Tactics: Grimoria Chronicles claimed today on Discord that the NFT game is playable again — for now. They noted it wasn’t the work of a malicious player and that a matchmaking bug was the cause. 

Both Schilleri11 and Paulstar111 have been unbanned and the devs wished, “everyone to be understanding towards them.” They added, “The bug might reoccur, and we are currently working on a long-term fix for it!”

Read more: Otherside got $450M from Yuga Labs but its latest game is ‘virtually unplayable’

Regardless, the fact a bug of this magnitude was allowed to persist on a game produced by a triple AAA publisher worth $2 billion didn’t sit well with Jauwn. “When the first crypto game made by one of the largest game publishers of all time is nothing but a passionless grift,” he said, “it says more about crypto games as a whole than you might think it does.”

He added, “The fact that they have nobody supporting the newly launched game over the weekend is kinda hilarious and awesome at the same time. Ubisoft’s employees give so little of an F they’re happily clocking out and going home while the game melts down.”

Champions Tactics is a PC game that involves battling collectible figurines that are also sold as NFTs. Currently, its marketplace lists one NFT for a staggering $129 million, and the second highest is listed for almost $57,000. On the other end of the scale, many of these figurines are worth between $5 and $6. 

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When OpenSea blogged about a Wells notice it received from the Securities and Exchange Commission (SEC), thousands of supporters instantly rallied. Withholding the actual letter, OpenSea broadcast a response in which it bemoaned the SEC’s supposed targeting of NFTs.

The statement claimed that “classifying NFTs as securities would not only misinterpret the law, but would also jeopardize artists’ livelihoods.” It also warned of commissioners’ allegedly “harmful consequences for consumers, creators, and entrepreneurs.” 

Uproar ensued. Crypto promoters couldn’t agree more fervently with OpenSea’s blog and were more than happy to accept its characterization of the facts. They duly tweeted their views to millions of viewers.

• “I guess Gary Gensler thinks NFTs are securities after all,” wrote Bankless, putting words in the chairman’s mouth.
• “The SEC is now trying to claim that NFTs are securities,” tweeted Tyler Winklevoss, gaining 225,000 views.
• Brazenly, the CEO of OpenSea claimed of the SEC, “they believe NFTs on our platform are securities.”
• “If NFTs are securities, everything collectible is a security. And that’s obviously not the law,” wrote a lawyer who should know better.

As with so many fake news events of the past month, it probably never happened.

Fake news again: NFTs as securities

As the SEC has repeated unambiguously on its website, in public speeches, on social media, and in hundreds of court filings, anyone can sell any asset as an investment contract by seeking to use the money of others on the promise of profits.

US courts have found investment contracts that used orange groves, whiskey, condominiums, gas leases, pay telephones, and various other items.

For decades, countless US judges have repeated this indiscriminate treatment of the asset involved in an investment contract. What matters is not the item but the promises, financial projections, and economic realities of the sale. The offer, not the asset, creates the investment contract.

One week ago, a US district judge repeated this clearly: “ordinary assets — like gold, silver, and sugar — may be sold as investment contracts, depending on the circumstances of those sales.”

In ‘SEC v. W. J. Howey Company,’ the Supreme Court explained how sellers can transform any asset into an investment contract by soliciting an investment of money into a common enterprise seeking to profit from the indispensable managerial or entrepreneurial efforts of others.

With that ruling 78 years ago, the Howey Test was formed. US courts have consistently upheld it for decades.

Selling a non-security via a securities offering

For example, in a Howey lawsuit ‘Hocking v. Dubois,’ someone sold a condominium, which is a home and clearly not a security itself, as a security offering. The judge agreed that the seller created an investment contract by adding various financial assurances to the buyer.

Similar examples abound in the progeny of Howey: the investment contract — not the asset involved in the investment contract — is the security.

This simple, clear rule of law makes tweets this week by OpenSea’s CEO and other NFT influencers exasperating.

The law is easy to understand, yet crypto promoters still gleefully claim in 2024 — ignoring 78 years of court precedent — that the SEC wants to classify entire crypto asset types like NFTs as securities. It has not.

Read more: Fake news again! This time it’s Kamala Harris and ‘unrealized crypto gains’

The SEC has not classified all NFTs as securities

The SEC has never claimed that all NFTs are securities. For years, commissioners have repeated that Congress and the Supreme Court tasked the SEC with regulating the offer and sale of securities, to “protect investors by requiring publication of material information thought necessary to allow them to make informed investment decisions.” 

If the SEC wants to sue a particular person or company for failing to disclose information to investors prior to selling an investment contract involving an NFT (as it has in the past) that is its Congressional mandate. However, NFTs themselves are as unremarkable as sugar, gold, silver, whiskey, condominiums, or pay telephones.

NFTs themselves are simple items that sellers may offer as regular assets, or if they add financial assurances, as an investment contract.

The fake news trend continues. Throughout the month of August, crypto influencers have tweeted hysterically about events that never happened. 

Protos has covered fake news about California adopting bitcoin, fake Palestinian persecution at Binance, a fake policy change by Kamala Harris, the fake release of CZ from the prison system, a fake unrealized crypto gains tax, the fake job change of Gary Gensler, and a conspiracy theory about Solana and the CIA.

Add the fake classification of NFTs as securities to that list.

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NFT marketplace OpenSea has been issued a Wells notice by the Securities and Exchange Commission (SEC) which is threatening to sue the firm on the grounds that non-fungible tokens (NFTs) on the platform are securities. 

OpenSea CEO Devin Finzer announced the notice on X (formerly Twitter) on Wednesday.

OpenSea has responded to the notice with an official statement in which it argues that NFTs are used for purchasing game items, supporting artists, and “boasting allegiance” to a sports team.

“Classifying NFTs as securities would not only misinterpret the law, but it would also jeopardize artists’ livelihoods, disempower collectors and gamers, and stifle innovation across the many promising use cases for NFTs,” it read.

Read more: Latest third-party breach leaks OpenSea user APIs

It continued, “We’re confident that OpenSea operates legally and that our users aren’t trading securities when they buy or sell NFTs using our platform.” 

The firm has also pledged $5 million to help cover the legal fees of any NFT creators that receive a Wells notice. OpenSea said, “We hope that the SEC will reconsider its stance and approach this issue with the open-mindedness it deserves.”

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The metaverse was meant to herald a bright new future for humanity. With none other than Mark Zuckerberg at the helm, it was supposed to welcome five billion users and grow to $13 trillion, according to researchers at Citi.

Unfortunately, it appears that these analysts — and Metaverse cheerleaders — were getting a little ahead of themselves.

Zuckerberg’s metaverse division at Meta (formerly Facebook) lost $4.5 billion last quarter alone, adding to its lifetime, $46 billion-and-counting metaverse losses. His flagship metaverse game for adults, Horizon Worlds, is embarrassingly popular with children.

Similarly, the crypto metaverse industry — at least when measured using the prices of assets like land parcels, metaverse currencies, and in-world characters — has all the characteristics of a dazzlingly popped bubble.

Decimated digital land and asset prices

Consider The Sandbox, a metaverse once worth over $7 billion. As of August 8, its transaction volumes per DappRadar were down 99.9% from its 2022 highs of $117 million, to less than $8,000.

Zooming in on The Sandbox’s non-fungible token (NFT) sales doesn’t provide any redemption. Its NFTs traded $10.2 million on November 24, 2021 alone. On any average day this August, NFTs from those collections traded less than $10,000. That’s a decline of over 99.9%.

Then there’s, Decentraland, one of the oldest crypto metaverses. Its daily transactions have declined 99.9% from $2.5 million on November 29, 2021, to less than $5,000 on an average day this month.

Other metaverse lands have suffered similar humiliation. Axie Infinity trading volumes are down 99% from nearly $1 billion on September 30, 2021, to less than $2 million today. Metaverse transactions are down 99% from 672 on April 6, 2022, to less than five on average this month. League of Kingdoms transactions are something of an outlier, down a ‘mere’ 90% from their March 19, 2022, all-time highs.

By almost any measure, whether by unique active wallets, NFT floor price, land parcel resales, skin values, or in-game actions, crypto metaverses are less popular almost without exception than in 2021 and 2022.

Read more: The NFT market bubble has popped and we’ve got the charts to prove it

Metaverse currencies and governance tokens down 90%

Following the ICO model that began with MasterCoin and NextCoin in 2013, many crypto metaverses sold a proprietary token to serve as an in-game currency and governance token. Almost all of these metaverse tokens are, like user engagement statistics within digital worlds, down at least 90% from their highs.

A chart of various metaverse currencies from mid-November 2021 to today shows declines exceeding 90%. Decentraland’s MANA, Axie Infinity’s AXS and SLP, The Sandbox’s SAND, Yield Guild Games’ YGG, Vulcan Forged’s PYR, Metahero’s HERO, GensoKishi Metaverse’s MV, DeFi Land’s DFL, and NFT World’s WRLD have all declined over 90% since mid-November 2021.

Despite two years of decay, there are still believers in the metaverse — especially Bloomberg’s #3 ranked billionaire, Mark Zuckerberg. With 10X more wealth personally than the combined market capitalization of all CoinMarketCap-categorized metaverse tokens, Zuckerberg and his Reality Labs division at Meta are seemingly undeterred in their commitment to making Horizon Worlds a success.

As with any bubble-popped industry, there will be rare survivors. Even eBay and Amazon emerged from the dot-com bubble as victors. Generally speaking, the combined market capitalization of over 100 CoinMarketCap-categorized metaverse assets has declined from $50 billion on November 25, 2021, to $16 billion.

If this crypto sector is to stage a comeback, it will certainly be a long journey.

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Once heralded as proof that Ethereum NFTs have utilities beyond speculative trading, Eric Wall is closing down his Orb Land project. The project has been inactive for over a month.

Orbs were supposed to be ‘NFTs with actual utility,’ according to Wall. In reality, almost no one used his sophistic proof-of-concept.

On April 10, 2023, Wall created his orb. It is now discontinued. “Thank you to everyone who participated,” he glibly signed off.

The whole project spawned a mere five orbs by crypto celebrities Wall, Nic Carter, Justin Drake, Tarun Chitra, and Zaki Manian. Even their combined follower count of 714,000 on X couldn’t attract more orb ponderers.

Wall co-founded Orb Land with Jonas Lekevicius of cybersecurity company Cube3. Lekevicius never owned an orb but helped code smart contracts, create the website, and manage designs.

No one cares about non-speculative utility NFTs

Comically, the project disproved the exact concept it intended to prove. Not only did it not prove that Ethereum NFTs have non-speculative utility, but it also failed to prove a modern use case for the Harberger Tax.

A Harberger Tax is a user-specified tax rate that assesses while the user holds an asset. Holders of orbs specified a price at which they were willing to sell, then Orb Land would drain a percentage of that amount until they sold the orb. Orbs drained ETH from orb holders’ wallets every 12 seconds (each Ethereum block).

Orb Land promoters like Wall and Nic Carter spoke about the innovative Harberger Tax at great lengths in a wide variety of media interviews. They praised its innovative fee structure to “auction off a recurring slice of your time.” They promised that orb invocations — written responses to orb holders’ questions that Orb Land ceremonially hashed onto Ethereum’s blockchain — was only a proof-of-concept for a cornucopia of motivating use cases for non-speculative, useful NFTs.

Ultimately, no one cared. Carter complained that owning an orb burdened him with ‘homework’ that he regrettably typed to unwelcome invokers.

Today, as from the beginning of Ethereum’s ERC-721 ‘NFT’ standard, the primary use of NFTs remains not utility but speculating on their resale price.

Read more: Influencer ghosted Logan Paul NFT lawsuit to ‘save six figures’

As with most crypto projects, Wall’s blockchain project remained centralized. Even Wall himself admitted that there’s little reason Orb Land couldn’t have simply been a non-crypto website. 

Indeed, no one could ever own an Orb Land orb without applying to management. Orbs also have no transfer function, so management unilaterally enforced royalty rates and collections.

Orb Land was a simple business that gained little product-market fit and is now shuttering. It failed to prove that NFTs have non-speculative utility beyond niche hobbyists and wealthy fans of celebrities.

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Binance Smart Chain’s ‘biggest’ NFT artist is suing Elon Musk’s X Corp after the social media giant suspended his accounts, allegedly ignoring its own policy and costing him his livelihood.

Jeremy Ryan, aka ‘NFT Demon,’ filed a lawsuit in California on Wednesday in which he accuses X (formerly Twitter) of unfairly suspending his seven accounts and ‘severely’ damaging his crypto and NFT businesses. 

Ryan, who became an NFT artist after surviving brain cancer, says his record of minted art makes him the largest NFT artist on the Binance Smart Chain. His work has attracted support from numerous celebrities including John Cena and Snoop Dogg.

However, he argues that being cut off from his accounts means he has “lost his predominant source of income and livelihood,” and that he is losing future profits that could be made if he was still active on X promoting his NFT work.     

The lawsuit calls X’s content moderation policies “inconsistent and arbitrary” and claims that his suspension was “without any proper explanation or justifiable reason.” Ryan submitted 13 appeals for his NFT Demon account without receiving a response from X. 

The suit reads, “X has a pattern of unexpectedly suspending cryptocurrency and NFT-related accounts with no explanation and some of these accounts are coins that Mr. Musk has personally purported to take an interest.”

The lawsuit also details a long list of free speech statements from Musk before arguing that the CEO and his platform repeatedly go against their official policy on content moderation.

Read more: Insider trading lawsuit: Here’s how much Elon Musk pumped DOGE

“Despite the platform’s announced commitment to ‘defending and respecting the user’s voice’ as one of its core values, it has repeatedly engaged in behavior contrary to this core value to the detriment of Plaintiff Jeremy Ryan,” the lawsuit reads.

Overall Ryan has made eight legal claims against X Corp, including breach of contract, unjust enrichment, promissory fraud, false advertising, and unfair business practices. NFT Demon is seeking damages in excess of $75,000 and a trial by jury. 

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