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SHIT: A Distinctive Project in the Bear Market — Weekly Industry Report [June 20,2022]

Authored by Eno Zhang, Fubing Yang, Kou Jer Shun, Researchers at Huobi Research Institute


This week, we focus on the following events: 1) Paris 2024 Olympics To Use Blockchain Ticketing; 2) U.S. Congress To Hold Hearing On “The Future Of Digital Asset Regulation” On June 23; 3) Fintech Company Flip Completes US$55 Million Financing, Led By Tencent;

Project Analysis: ill poop it nft is a simple collection with 10,000 NFTs with pixels of shit. ShitBeast is another collection with 10,000 NFTs, and each pixel shows a beast with a shit on their head. These two NFT collections come from the same creator, PieceOfShitDeployer. This week’s report will analyze these two projects.

1. Industry overview

I. Overall market trend

The recent sell off in the cryptocurrency market caused Bitcoin to sink close to the key support level of US$20,000 which is close to the peak of Bitcoin’s last major bull run in 2017. Bitcoin has plunged nearly 70% since the peak of the bull market back in November 2021 and is currently trading at US$21,872.

Ethereum had a significant drop and was down 15%, trading at US$1,029 on 15June. Ethereum has lost almost 80% of its value since its all time high of US$4,891.70 back in November 2021.

Altcoins have likewise experienced similar drops to Bitcoin and Ethereum with the majority of them experiencing double digit losses. Polygon, Avalanche, and BNB experienced 33.63%, 29.79% and 22.73% respectively in the past week.

The recent crash in the crypto market in the past week is due to a combination of factors. Macro factors such as rampant inflation continuing, speculation that the U.S. Federal Reserve is going to hike interest rates this week to control rising prices and the recent ETH and stETH depeg coupled with the fear of Celcius’ insolvency all had a part to play in this week’s market performance. Celsius has halted all withdrawals from their platform, further fuelling the fear of its users. These events have resulted in a US$300 billion drop in the total cryptocurrency market capitalization in less than a week. The crypto industry is definitely struggling with major cryptocurrency exchanges such as Coinbase and Gemini laying off 18% and 10% of their staff respectively. In the short term, we believe the market will remain in a precarious positon and there will be more liquidations which will place pressure on the downward trend that we are already seeing.


The NFT market is seeing a very mixed picture amid the broader crypto market downturn. While there was a small relief rally in floor prices in the past day by a couple of major collections, other collections continued to decline. The overall trading volume for the majority of these collections has risen over the past week. Bored Ape Yacht Club (BAYC) has seen its floor price increase by 4% to US$88,070 according to DappRadar. Otherdeed has also seen an increase of 7% in its floor price while Goblintown has seen its floor price fall by 13% to US$3,230.

Mastercard has recently announced that it will begin enabling NFT trading for a range of crypto-ecosystem platforms, including the ‘gas-free’ marketplace Immutable, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and Moonpay. This will effectively allow anyone with a Mastercard card to purchase NFTs from the marketplaces directly rather than requiring them to swap their fiat holdings for crypto.


IV.Layer 2

2. Market news

I. Industry news

Circle Will Issue Euro Coin, A Stablecoin Backed By The Euro

USDC issuer Circle has announced that it will launch a euro-backed, regulated stablecoin Euro Coin (EUROC) on Ethereum on June 30, with support for other blockchains later this year. Institutional clients will be able to use EuroCoin with a free Circle account from June 30, 2022, and developers can currently start integrating with EuroCoin smart contracts. AnchorageDigital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, HuobiGlobal, Ledger, MetaMaskInstitutional and UniswapProtocol will support EuroCoin at launch.

Three Arrows Capital’s Total Settlement Amount On The Lending Platform Reaches US$400 Million

According to sources, the total liquidation limit of Three Arrows on lending platforms such as Deribit and BlockFi could be as high as US$400 million. Three Arrows is currently in discussions with lenders and other counterparties. According to previous reports, Zhu Su, founder of Three Arrows Capital, tweeted that the firm is communicating with relevant parties and are committed to solving the problem. Previously, there were market rumors that Three Arrows Capital had been suspected of operating and repayment problems due to market fluctuations. A few days ago, Three Arrows Capital exchanged 17,780 stETHs for 16,625 ETHs, and all of them were converted into nearly 20 million DAI.

Paris 2024 Olympics To Use Blockchain Ticketing

According to a WatcherGuru tweet, the Paris 2024 Olympics will feature blockchain ticketing.

II. Investment and Financing

NFT Infrastructure Startup NFTPort Closes $26 Million Series A Round

NFT infrastructure startup NFTPort has completed a US$26 million Series A financing, which was jointly led by Wise co-founder Taavet and Teleport co-founder Sten, as well as European venture capital firm Atomico. As part of the deal, Tamkivi will also join NFTPort as a co-founder. Headquartered in Estonia, NFTPort helps developers quickly build NFT-based applications through infrastructure construction. This round of financing will be used to expand its platform and support more blockchains.

Fintech Company Flip Completes US$55 Million Financing, Led By Tencent

Flip, an Indonesian fintech company, has completed a US$55 million Series B expansion round. This round of financing was led by Tencent, with participation from Block (formerly Square) and Insight Partners. Angel investors include Gokul Rajaram, a member of the board of directors of Coinbase. Funds from this round will be used to expand Flip’s engineering and product teams. Flip COO Gita Prihanto said hundreds of companies already use Flip’s payments and remittance services to process employee payroll, customer refunds, invoice/vendor payments and international transfers, with Flip processing more than US$12 billion in transactions annually.

Metaverse Game Developer Atmos Labs Closes US$11 Million Financing, Led By Sfermion

Metaverse game developer Atmos Labs announced the completion of a US$11 million seed round. Sfermion led the investment, Animoca Brands, Collab+Currency, FBG Capital, LD Capital, Alumni Ventures, RedBeard Ventures, DWeb3, GSR Markets Limited and others participated. The new financing will be used to build the foundation of the virtual gaming world Atmos, grow its community, and expand the Atmos team. According to reports, Atmos Labs aims to provide users with AAA-quality competitive games and rich narratives, and develop several native game sports in the metaverse, where players can have their own equipment and teams.

III. Supervision

Top U.S. House of Representatives Asks Regulators To Investigate Cryptocurrency Investments In Retirement Accounts

U.S. House Ways and Means Committee Chairman Richard Neal sent a letter to the U.S. Government Accountability Office asking the agency to review the practice of investing in cryptocurrencies through retirement accounts (401K). Neal asked the U.S. Government Accountability Office for data on which types of employers are now offering cryptocurrency investments in tax-advantaged accounts such as 401K plans. He also wanted to know how program sponsors determine cryptocurrency valuations and fees, as well as any safeguards associated with those investments. He noted that due to the volatility and limited regulation of cryptocurrencies, concerns have arisen that investing in cryptocurrencies using retirement accounts poses risks to the retirement security of older Americans.

South Korean Prosecutors Begin Full Investigation Into Tax Evasion Allegations Against Terra CEO Do Kwon

South Korean prosecutors have opened a full-scale investigation into allegations of tax evasion against Terra CEO Do Kwon, SBS Korea reported. The report added that the data was obtained by the Seoul Police’s Joint Financial and Securities Crime Investigation Team. Last year, the country’s National Tax Service (NTS) uncovered suspicious money flows from an overseas company founded by Kwon, and suspicions at the time led to the launch of a tax investigation. SBS reported that NTS later confirmed that Kwon was involved in concealing his profits in cryptocurrency trading. The funds were moved from Singapore to the Virgin Islands for tax avoidance. Additionally, prosecutors are said to be looking for Kwon’s alleged involvement in transferring Terra’s funds when examining documents.

U.S. Congress To Hold Hearing On “The Future Of Digital Asset Regulation” On June 23

The U.S. House Agriculture Committee’s Subcommittee on Commodities Trading, Energy, and Credit is preparing for a June 23 hearing titled “The Future of Digital Asset Regulation.

3. Trending project analysis — SHIT

On June 10, a new NFT ecosystem launched where its pixels are all about shit. An OpenSea user named PieceOfShitDeployer created two new linked NFT collections — ill poop it nft and ShitBeast,which users can trade and burn.. On OpenSea, their slogans attract attention. “Your nft just a piece of shit 10,000 pixel of shit on your ‘blue chip’ nft or whatever jpg you are holding you are ngmi,” was showed on the ill poop it nft site, while ShitBeast just said “call me SHIT GOD.” At time of writing, the total volume of ill poop it ntf stands at nearly 4400 ETHs (about US$4.86 million), and the floor price is 1 ETH (about US$1091.74). The total volume of ShitBeast is 6700 ETHs (about US$7.42 million), and the floor price is 0.56 ETHs (about US$611.37). After it launched, the price of SHIT dramatically dropped, but became stable on June 14.. This week, we introduce this new project SHIT.

ill poop it NFT

“ill poop it nft” is a simple collection with 10,000 NFTs, and they are pixels of different colors of pieces of shit. There are chillies, socks, and coins on these pieces shit, and some animals such as mantis, snail, snakes and etc on the left corner. The pieces of shits are surrounded by grimy drawings of vermin, flying craft, and decaying signs.

One sign says, “how about you stop flipping shit and actually hold onto it.” Another sign shows that “if $LUNA 2.0 fails, don’t worry I’m sure we’ll have another chance — $LUNA 3.0.” These NFTs were initially offered for free, and now have about 1200 owners.


The creator, PieceOfShitDeployer, also launched another collection of shit NFTs which is called “ShitBeast.” These beasts have chimpanzees’ faces with different kinds of ears, hair, eyes, noses, and glasses. These beasts have shit on their head,and some of them have maggots in their nostrils.

“2 burned poops = 1 ShitBeast”

Both projects are using the same website and Twitter account. The creator, PieceOfShitDeployer explained that you can hold an ill poop it NFT or burn NFTs to get one Genesis ShitBeast NFT and ShitCoin which is a crypto token that was airdropped to NFT holders. Genesis ShitBeats are simply ShitBeasts from before the public mint, obtained because you were an early adopter of the Shit Beast ecosystem. Non-genesis Shit Beats need to be minted.

Both Genesis and normal ShitBeast NFTs can use SHIT through staking, but the differences are that Genesis ShitBeast NFT has more staking rewards. “Shitburners,” or people who burned poop NFTs for a Genesis ShitBeast NFT, will be airdropped a bathroom cleaner NFT that can upgrade your NFT into “Phase 3.” Shitburners will be able to upgrade for free, while non-Genesis ShitBeast holders will need to buy a bathroom cleaner NFT and $SHIT.

However, there are still some mysteries surrounding this project. For instance, when should we hold or burn poop NFT? How can we use SHIT? The official website is closed, and we looking forward to more information about these two NFTs.


One trader wrote on Twitter that “Got my shit-drop!!! Shit God never let us down. Let’s shit this place up!” The poop and ShitBeast reminds us of, which is also a collection of 10,000 NFTs, and each NFT is a goblin with a grotesque faces. The reason behind the explosive sales volume of both projects is similar. The NFT market hasn’t been well since the beginning of this year, and there have been several crashes that happened in the crypto market such as the LUNA bloodbath.The existence of projects such as Goblintown, poop, and ShitBeast provides some meaning to the market which people can emotionally relate to. People might think is a way to express their feelings. Similarly, poop and ShitBeast suggest that people feel confused, unsafe, and pessimistic about current market. Now, people just want a shit cleaner — the airdrop — to cleanse this crazy market.

4. Calendar of future popular asset events

I. NTF mint Calendar

II. Token Airdrops

About Huobi Research Institute

Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content includes industry trends, technology paths, application innovations in the blockchain field, Model exploration, etc. Based on the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with governments, enterprises, universities and other institutions through various forms to build a research platform covering the complete industrial chain of the blockchain. Industry professionals provide a solid theoretical basis and trend judgments to promote the healthy and sustainable development of the entire blockchain industry.

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