Quick Take

• Loaded Lions will launch its LION token on 27 February on the Cronos EVM chain

  Yuga Labs sold its intellectual property (IP) rights of the Meebits NFT collection

  Doodles plans to launch a new token, DOOD, on the Solana blockchain

  OpenSea’s OS2 update and SEA token airdrop ignited controversy in the NFT community

News Highlights

• Loaded Lions is aiming to launch the utility token, LION, on 27 February on the Cronos EVM chain. The token is designed to integrate with the Loaded Lions and Mane City ecosystems for governance and user privileges. It will be airdropped to holders of specific Cronos-based NFT collections, including Loaded Lions, with a snapshot occurring between 21 and 27 February to determine eligibility. Loaded Lions is also planning to expand to Ethereum and Solana communities.

• OpenSea’s OS2 update and SEA token airdrop, launched on 18 February, have ignited controversy in the NFT community. The OS2 platform introduced an XP system intended to distribute SEA tokens, where users earn points by bidding and listing NFTs. However, traders have exploited this through high-frequency NFT trading to maximise XP returns, leading to artificial marketplace volume and plummeting NFT floor prices. OpenSea suspended XP rewards for bidding and listing NFTs following the issue.

• Yuga Labs sold its intellectual property (IP) rights of the Meebits NFT collection to Meebit Company (MeebCo), a new entity backed by venture capital firm 1confirmation. This was done so Yuga Labs could focus on its core IPs, such as the Bored Ape Yacht Club and Otherside metaverse. MeebCo plans to enhance the Meebits brand through community-focused initiatives, digital storytelling, and merchandise. It partnered with OpenSea as the official marketplace for Meebits, introducing a new rewards system called Bits for community engagement.

• Doodlesplans to launch a new token, DOOD, on the Solana blockchain, moving away from previous collaborations that did not resonate with its core community. The token will initially function as a meme coin but is expected to evolve into a utility coin for a gamified ecosystem.

Recent Research Reports

• Research Roundup Newsletter [Jan 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into The Significance of Meme Coins and DeFAI.

• DeFAI: DeFi x AI: DeFi is witnessing a fresh wave of innovation, with one of the most exciting developments being the fusion of DeFi and AI — often referred to as DeFAI. In this report, we look into the DeFAI landscape, and delve into Griffain and HeyAnon as case studies, both of which are notable examples in the abstraction protocol category.

• From Trading to Broader Adoption: The Significance of Meme Coins: The launch of US President Donald Trump and his wife Melania’s meme coins, — $TRUMP and $MELANIA, — drove the meme coin hype to a new level. Meme coins are going beyond acting as an investment vehicle and becoming tools for community engagement, capital raising, and user acquisition.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

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Authors

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Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

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Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile.

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