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Faraway's RIFT Airdrop Leaves NFT Holders Furious

Crypto gaming company Faraway acquired Yuga Labs games Legend of the Mara and HV-MTL- but did not distribute tokens to its top holders.
By: Squiffs • January 30, 2025
Faraway's RIFT Airdrop Leaves NFT Holders Furious

Faraway, a crypto gaming company that purchased two of Yuga Labs previous gaming endeavors, had an airdrop today for its new AI-driven token RIFT, but some holders of the ecosystem’s non-fungible tokens (NFTs) were left in the cold with zero token allocation.

Within an hour of its launch RIFT quickly surged as high as a $300 million market capitalization, but has trended down since and is currently changing hands at $.09, or a $92 million valuation. The ecosystem NFTs, which were originally launched under Yuga Labs, consist of HV-MTL, a 24,000 supply collection with a floor price of 0.04 ETH, and Kodamaras, a 7300 supply collection with a 0.075 ETH floor.

NFT whale Dingaling took to X to convey his dismay saying, “Holding 264 Mara, 263 Otherdeeds, 198 HV-MTL. Zero $RIFT airdrop LMAO. Amazing.”

Dingaling’s Faraway and Yuga gaming NFT portfolio is worth at least 63 ETH, or about $200,000, without taking asset rarity into account. It is worth noting that the estimated 35 ETH worth of Otherdeeds NFTs are still under Yuga Labs’ control, but are adjacent to Faraway’s gaming ecosystem.

"GTFO"

Adding fuel to the fire, Faraway’s Chief Product Officer, Spencer Tucker said in a now-deleted post, “Pay attention to instructions given week over week for over a month or GTFO.” Dingaling simply responded, “Message received.”

the-defiant

This is the latest in a recurring series of token airdrops where teams and dApps are failing to please their users. Some protocols that are mass-farmed such as LayerZero are charged with the impossible task of filtering out thousands of sybil users, while others are requiring their users to jump through hoops in order to receive tokens despite already owning ecosystem assets.

Despite all of this, most users echo the same sentiment over and over: Just airdrop the tokens.

In December, another large NFT holder known as Dfarmer went to X to speak on this trend where he posted, “If you make us get a role in discord, expose our wallets to attack vector, inscribe our social security number in the next block and name our firstborn after you it is NOT an airdrop.”

Airdrop Requirements

In order to qualify for the airdrop, users were required to hold either HV-MTL NFTs or the ecosystem’s $J3FF AI agent token and connect their wallets to the Faraway website. This was first announced on Jan. 21. The airdrop allocation was also open to selected users who filled out an application released on Jan. 23.

There were multiple announcements in the Faraway Discord urging members to have their wallets connected to Faraway’s website by the Jan. 24 cutoff date.

The RIFT token generation event (TGE) features a 55% allocation to the community, with 10% allocated to the HV-MTL community, 10% for future HV-MTL activations, 20% for F node rewards on the FCHAIN,14% for future community activations, and 0.8% to partner communities. Only 10.8% of the total airdrop allocation is unlocked at this time.

RIFT is the first token to launch in the FCHAIN ecosystem, a Layer 1 built for gaming and entertainment.

Adam Hollander, another player and longtime supporter of Yuga Labs said, “The fact I didn’t get a $RIFT allocation after the legitimately traumatizing amount of time I spent on HV-MTL and LotM is perhaps the most offensive thing that’s ever happened to me in web3.”

The Faraway Labs team did not immediately respond to The Defiant’s request for comment.

Spencer Tucker nor the Faraway Labs team have publicly addressed the situation at this time.

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