📝 Is OS2 already on the rocks?

PLUS: Yuga Labs sell Meebits, Abstract-based TCG suffers major exploit and more!

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Nifty Notes Team
February 21, 2025

GM. This is Nifty Notes, the weekly newsletter that covers all the biggest stories in NFTs, web3 and the metaverse.

Here’s what we’ve got for you today:

  • OS2 now live, but XP farming suspended ❌

  • Yuga Labs offload Meebits 👋

  • Abstract TCG suffers $400k exploit 📉

INSIGHTS: OCH Genesis Rings flew as Onchain Heroes got off to a flying start, Bit Bears grew as Berachain picked up speed, and Memoria AL rose ahead of their $ALBERT token launch. Kaito Genesis collapsed after their $KAITO token launch, Lil Pudgys dove as $PENGU lost 25% of its value in the past 7 days, and The Captainz declined following their Consensus 2025 appearance.

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OS2 now live, but XP farming suspended ❌

OpenSea launched their much-anticipated OS2 NFT marketplace on February 17 - though the distribution of XP points, which users will gather to earn an allocation of the upcoming $SEA token, has been altered after criticism of the original system.

Upon the launch of OS2, community leaders and traders alike quickly identified ways to game the trading-based XP points system, engaging in high-frequency flipping of NFTs with minimal losses to maximise their XP rewards.

In a statement on X, OpenSea CEO Devin Finzer explained that they are “pausing this part of the rewards program”, and refocusing efforts on “XP shipments” that reward incentives other than trading numbers.

Yuga Labs offload Meebits 👋

Yuga Labs has sold the intellectual property rights of the Meebits NFT collection to Meebit Company (MeebCo), a newly formed entity backed by venture capital firm 1confirmation.

The Yuga team explained that this offloading of Meebits is part of their strategy to refocus on their core assets, including Bored Ape Yacht Club and the Otherside metaverse. Financial terms of the deal have not been disclosed.

MeebCo, led by longtime Meebits collector Sergio Silva, has announced plans to introduce a myriad of community-focused initiatives, whilst maintaining the collection’s presence in Yuga Labs’ Otherside metaverse.

Abstract TCG suffers $400k exploit 📉

Abstract-based trading card game Cardex has suffered a major exploit, leading to “approximately $400,000” in lost user funds.

This “isolated security failure” – which was on the part of Cardex, and not a vulnerability in Abstract itself – resulted in much community outrage, with many users claiming to have lost thousands of dollars in the saga which lasted over 3 hours and 30 minutes.

Abstract confirmed that the exploit was due to one of the Cardex team “inadvertently [exposing] the private key to their session signer on the front-end of their website”, with Abstract, Seal 911 and Cardex now working to “remediate the situation and make users whole”.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.