Memeland MVP NFT
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Memeland (originally 9GAG) is a web3 project offering Memeland NFTs, a collection of 9,999 utility-enabled Profile Picture Frames (PFPs). The owner of MVP #76, one of the NFTs, reported it stolen. It was resold by the thief, and then ultimately sold back to them at cost by an individual who purchased it from the thief.
About Memeland
Having started as 9GAG in 2008, Memeland now invites people to join and contribute to their community and company through blockchain technology[1]. "We joined 500 Startups in 2011, raised seed funding, joined Y Combinator in 2012, and never stopped shipping."[1] Memeland NFT is a collection of 9,999 utility-enabled PFPs (Profile Picture Frames)[2] initiated by 9GAG as they venture into the web3 space[3]. Memeland joined OpenSea in June 2022[4]. Memeland NFTs can be purchased on NFT marketplaces like OpenSea, LooksRare, and X2Y2[3].
9GAG, based in Hong Kong, has a massive global audience of over 200 million[2] on social media platforms like Instagram, Facebook, Twitter, and TikTok[3]. Multiple famous celebrities and investors are involved in the project, such as Kevin Rose, Gary Vaynerchuk, Kevin Ma[3], and Hong Kong tycoon Adrian Cheng[2]. Memeland NFT is comparable to successful projects like Moonbirds, Invisible Friends, CloneX, Doodles, and the Bored Ape Yacht Club (BAYC), with similarities in having a company behind it, token systems, metaverse land, celebrity involvement, Web2 experience, and building an NFT ecosystem[2].
Memeland is a venture studio focusing on web3 and building social products for communities[1]. 9GAG aims to make the world happier with Memeland NFT as its first collection[2]. Memeland's mission is to empower creators by connecting web2 and web3 communities[2]. The project revolves around the concept of finding Memeland, a legendary treasure island known for its glory, fortune, love, and the best memes[3]. They aim to connect creators and communities through creativity, the $MEME token, and NFTs[1].
$MEME is the governance token and the core component of the Memeland ecosystem[3]. $MEME is earned through holding, staking, creating content, and playing in the Memeland metaverse[2]. The main characters of the Memeland ecosystem are the Memeland Captains, a collection of 9,999 PFP NFTs that provide long-term $MEME token rewards, exclusive event access, and club memberships[3].
Memeland offers various utilities to its PFP holders, including private club membership, exclusive access to the creator NFT marketplace, real-life events, and upcoming projects[2]. The distribution of the Memeland PFPs includes 6,900 winners from the 9GAG and partners allowlist, 3,000 winners from the public allowlist raffle, and 99 allocated to the Memeland Treasury[5]. The article mentions the blind auction for "YOU THE REAL MVP," which allows the community to set the price[2]. The final price reached 5.3 ETH, and holders of this NFT receive additional utilities[2]. Holders of Memeland PFPs have full commercial art rights for the Memeland PFPs they own and Memeland receives 6.9% of all secondary sales[2].
9GAG emphasize under-promising and over-delivering, acknowledging that they don't know how big Memeland will become but promising to give their best[1]. The $MEME token is a meme coin without utility, a roadmap, promises, or financial return expectations, solely focusing on memes[1][6][7]. 9GAG has chosen not to provide a specific roadmap for the project but focuses on their mission to connect web2 and web3 and empower creators[3]. While it lacks a traditional roadmap, its mission and strong backing are speculated to provide the potential for significant growth[2].
People are asking questions about @MEMELAND. Let me answer some of them.
Mint date? Not today.
Mint price? Not cheap.
Roadmap? No roadmap.
What now? Follow @MEMELAND.
We made our announcement only 1 month ago. Web3 moves fast but we are here to stay. Good things take time.
"BRING OWNERSHIP TO EVERY COMMUNITY IN THE WORLD. From the team that brought you 9GAG comes Memeland, a web3-focused venture studio. We are building and investing in social products for community, with community. We are connecting creators and communities together through creativity, $MEME, and NFTs."
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The MVP NFT #76 was stolen.
| Date | Event | Description |
|---|---|---|
| July 25th, 2022 9:29:58 AM MDT | Suspected Theft Transaction | The suspected original theft transaction[8]. |
| July 25th, 2022 9:33:37 AM MDT | Subsequent Sale | Subsequent sale of stolen NFT[9]. |
| July 29th, 2022 7:02:00 PM MDT | Boba Epicure Tweet | Boba Epicure reports on the story of purchasing the stolen NFT and selling it back to the original owner at cost "4 days ago"[10]. |
| July 29th, 2022 8:28:00 PM MDT | Memeland Retweet | Memeland retweets the original tweet about the return of the stolen MVP with the caption "Respect"[11]. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
The NFT: [12]
Total Amount Lost
The total amount lost has been estimated at $23,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
Boba Epicure later recounts that despite significant lost profit, they still "feel great" about selling the NFT back "at cost"[10].
"4 days ago I bought an @memeland MVP for 16ETH because I'm a big fan of #9gag—then I was told it was stolen. I sold it back at cost to the owner after @9gagceo connected us (floor is now 29ETH). I still feel great about doing the right thing and will ride my potatoz to the moon."
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Memeland Homepage (Nov 17, 2022)
- ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 What Is Memeland Nft By 9gag Not Just A Jpeg But Utility Enabled Pfps - Diamond Annie Medium (Nov 22, 2022)
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Memeland NFT Review: Team, Utility, Roadmap And More - WAGMI (Nov 22, 2022)
- ↑ 9GAGLABS - OpenSea (Nov 21, 2022)
- ↑ What Is Memeland Nft By 9gag Not Just A Jpeg But Utility Enabled Pfps - Diamond Annie Medium (Nov 22, 2022)
- ↑ Memeland - "Go slow to go fast." - Twitter (Nov 21, 2022)
- ↑ 9gagceo - "People are asking questions about @MEMELAND. Let me answer some of them." - Twitter (Nov 22, 2022)
- ↑ 8.0 8.1 Ethereum Transaction Stealing The NFT - Etherscan (Sep 15, 2023)
- ↑ 9.0 9.1 Ethereum Transaction Reselling NFT - Etherscan (Sep 15, 2023)
- ↑ 10.0 10.1 Boba Epicure - "4 days ago I bought an @memeland MVP for 16ETH because I'm a big fan of #9gag—then I was told it was stolen. I sold it back at cost to the owner after @9gagceo connected us (floor is now 29ETH). I still feel great about doing the right thing and will ride my potatoz to the moon" - Twitter (Oct 30, 2023)
- ↑ 11.0 11.1 Memeland - "Respect" - Twitter (Nov 21, 2022)
- ↑ https://opensea.io/assets/ethereum/0x6efc003d3f3658383f06185503340c2cf27a57b6/76 (Sep 15, 2023)