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Smol Brains exploit, NFT for trees, and Metaverse movies are all in the news this week

Unconfirmed code exploits on TreasureDAO’s Marketplace purportedly resulted in the free sale of tens of Smol Brains NFTs.

On Mar. 3, reports surfaced of an exploit identified on the TreasureDAO Marketplace NFT trading platform that enables users to purchase things at no cost regardless of the collection’s listing price or floor price.

harry.eth, a security professional at Metamask and MyCrypto, confirmed on Mar. 3 around 1 a.m. UTC that a bug in the Marketplace code allows a user to purchase nonfungible tokens (NFTs) for 0 MAGIC. At the time of writing, at least 28 Smol Brains and Smol Brains Land NFTs appear to have been taken using this vulnerability.

The TreasureDAO team has not yet responded to a request for confirmation or denial of a Marketplace issue.

MAGIC is the currency utilised on TreasureDAO’s Marketplace. On Thursday, the MAGIC price fell 33% in an hour, from $3.75 to $2.50, but has since recovered to around $3.25, according to CoinGecko. Both the decentralised autonomous organisation (DAO) and the marketplace are built on Ethereum’s layer-2 scaling solution, Arbitrum.

As of the time of writing, the Smol Brains collection’s floor price is approximately 2,469.69 MAGIC ($8.100). However, the total loss to date may have exceeded $1 million, considering the majority of the stolen items were listed at significantly higher prices than the floor price. Smol Brains #5203, which was valued 15,000 MAGIC ($585,555) at the moment it was relocated, was the most valuable item taken thus far.

 

Purchase an NFT and give a tree

Trees for the Future is a 501(c)(3) nonprofit organisation dedicated to planting trees in Sub-Saharan Africa through the use of donations.

The idea to employ NFTs came about after the creator of Trees for the Future solicited donations from crypto investors. UltraDAO artists responded to the request, combining the work of 111 artists to create the Woodies NFT collection.

UltraDAO gave around $252,000 to Trees for the Future in total from the proceeds of two different sales of the Woodies NFT collection. UltraDAO was created by artists and NFT collectors as a “DAO for the arts.”

Richard Powazynski, a Woodies artist and UltraDAO contributor, told Philanthropy.com on Mar. 2 that he thinks the cooperation will help promote Trees for the Future’s humanitarian work. As he stated:

“We want Trees for the Future to visit our town and educate residents about the importance of trees.”

Trees for the Future, a philanthropic organisation, has received over $250,000 in donations from an organisation of artists who sold ‘Woodies’ NFTs for cryptocurrency.

 

In the Metaverse, a film screening will take place.

On Jan. 22, a film titled Gamestop: Rise of the Players was screened to an audience at a Metaverse drive-in theatre to commemorate the one-year anniversary of the Gamestop stock’s (GME) peak price of $258.18. The film, a collaboration between film producer business Super and film studio Decrypt Studios, chronicled the events surrounding the early-to-mid 2021 meme stock boom.

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According to Alanna Roazzi-Laforet, founder of Decrypt Studios, the meme stock tale was the ideal subject matter for the Metaverse:

“The GameStop WallStreetBets narrative served as a gateway into the realm of crypto, igniting a chain of events that introduced everyday consumers to concepts such as the metaverse and NFTs.”

Additionally, attendees were given a proof-of-attendance protocol token, or POAP, for “driving in” to the screening.

Additionally, a Metaverse exhibit devoted to telling the tale of the meme stock craze has been created. Visitors can access the exhibition via a mobile app, a computer browser, or a virtual reality headset.

 

The Nifty League successfully raises $5 million.

Nifty League, an NFT gaming platform, has raised $5 million in a seed round headed by investment company RSE Ventures and Spartan Group.

The cash will be used to increase the team’s community, develop additional characters, construct further NFTs, and expand the game options on its Metaverse platform.

Andrew Mahoney-Fernandes, CEO of Nifty League, stated in the formal release on Mar. 2 that “NFTs enable us to take our games to the next level of dimension.”

 

Other Useful Information

Monthly NFT purchasers are dwindling. For the first time in four months, the overall number of unique buyers fell below 800,000 in February. According to Cryptoslam data, 796,009 customers purchased NFTs on secondary markets in February, totaling over $2.6 billion, a 40% fall from January.

The world’s two major record labels, Sony Music and Universal Music Group, have united to develop the Snowcrash NFT marketplace. The platform will contain music from iconic musicians Bob Dylan and Miles Davis in the form of NFTs.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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