# NFTs Are a Gateway Token *The Rug's Mostly Credible Newsletter #10* By [The Rug](https://therugnews.com) · 2023-02-01 newsletter --- ![](https://storage.googleapis.com/papyrus_images/ee053e11b0599ac3138d4a56d9230d5a.jpg) Chairman Gensler drops the mic after telling citizens to, "Just say no to NFTs." ### Letter From The Editor Dear eye doctors, We're off to the races in Q1 2023 although we've been warned to _take it easy_ by commissioner Gary Gensler who dutifully [reminded](https://twitter.com/TheRugNews/status/1620791029011210241) us that NFTs are a gateway token. Somebody else has been smoking something because NASA scientists [discovered](https://twitter.com/TheRugNews/status/1620173632344563712) hieroglyphic Dickbutts on the lunar surface, Elizabeth Warren banned leather crypto wallets for the environment's sake, and _dozens_ of people [flock](https://twitter.com/TheRugNews/status/1618672630198059009) to decentralized social media platforms. There is also a new type of Layer 2 bubble [gum](https://twitter.com/TheRugNews/status/1617517768475291650), souls are getting "exercise" in the [metaverse](https://twitter.com/TheRugNews/status/1617631117066272769), Larry David got sentenced to two years plus community service, and Chat GPT is [taking over](https://therug.mirror.xyz/hUQt2XF1roaocALWW1QdM45NzY7YkDFooKpRre9yRwI) the trading desk at Celsius network. Our January issue of [The Rug NFT](https://therug.mirror.xyz/biX_10PO0yD8nN_lN6ctr3tOa2X5CtFonDOtzl80dAY) \[Limited Edition\] in now open for minting, **Under The Rug** recorded its ninth episode, and we got an "easter-egg" [shout out](https://twitter.com/TheRugNews/status/1619015792976363523?s=20&t=ZCF246NN14nxsr_zRSyn-Q) with **BanklessHQ** on their Weekly Rollup. Ground control to Major Tom. But First, WTF is The Rug Newsletter? ------------------------------------- > The Rug is Web3’s mostly credible news source. We take money, seriously. If NFTs are the future of ownership, **The Rug** is the future of satire.  Think _The Onion_, but we actually understand (and like) crypto. Our Newsletter publication includes: * The mostly relevant articles * The hardest hitting headlines * Behind-the-scenes podcasts * Newspaper-style NFTs, and... * Much, much less The Rug's Newsletter is where you can catch them all in one spot, str8 to your inbox. Do [rug](https://paragraph.xyz/@therugnews/subscribe) a friend. * * * The Rug NFT January 2023 ======================== After [189](https://twitter.com/TheRugNews/status/1605996514261618688) wallet addresses [collected](https://therug.mirror.xyz/Y7Z9D7c6XhZwGIRmYv8YL2NPmk0UIRU6F7hNvomj5Y4) The Rug Vol. II Issue 1 we set our sights on the next edition. The Rug Vol. II Issue 2 is [now available](https://therug.mirror.xyz/biX_10PO0yD8nN_lN6ctr3tOa2X5CtFonDOtzl80dAY) as an OPEN MINT on Ethereum. The price is an email. Future editions will not require an email but will simply be available for purchase from any Web3 wallet for .02 ETH. This is the last one that is open so bag it, snag it, and sell it to the butcher in the store room. Also, check for the whole collection on [OpenSea](https://opensea.io/collection/the-rug-nft). ![](https://storage.googleapis.com/papyrus_images/c178bd4ad8e91825498473d918263825.png) * * * **The Rug Articles** ==================== L2 Arbitrum Teases Gumdrop -------------------------- ![](https://storage.googleapis.com/papyrus_images/ccaa3be75ac5c9ced0a6bbdf63be4fba.png) Layers twos are so elastic they've expanded into bubble gum. [In this article](https://therug.mirror.xyz/WX8G91n5PVfsLHNgGv8i5bY43GwG66z2eQv64J_U7K0) by [0xJoshua](https://twitter.com/0xJoshuaSL), we figure out just what happened and why. _The market was primed for a disruptive new gum, resulting in the Cambrian explosion of “Ethere-yum killers” that proliferated during the 2017 initial gum offering (IGO) bubble followed by the so-called "Dentyne summer" of 2021._ [Collect](https://therug.mirror.xyz/WX8G91n5PVfsLHNgGv8i5bY43GwG66z2eQv64J_U7K0) this delicious chewy treat as an NFT on optimism. **CEL Token Rallies on News That All Investment Decisions Will be Made by ChatGPT** ----------------------------------------------------------------------------------- ![](https://storage.googleapis.com/papyrus_images/e0b07a4f00762e80688205b2ca5a5b5c.png) Who would have thought that an AI engine could replace an utterly incompetent CEO. [In this article](https://therug.mirror.xyz/hUQt2XF1roaocALWW1QdM45NzY7YkDFooKpRre9yRwI) by [Perchy](https://twitter.com/TheFutureisDAO1), we get an insight into the machinations of the machine. _Finally, I can sleep soundly at night, knowing that my funds are being managed by an experimental, numerically-challenged chatbot, rather than Alex Mashinsky,” said an anonymous Celsius depositor._ [Collect](https://therug.mirror.xyz/hUQt2XF1roaocALWW1QdM45NzY7YkDFooKpRre9yRwI) this GPU intelligence based article as an NFT on optimism. * * * The Rug Headlines ================= ### POLITICS — Elizabeth Warren Proposes Leather Ban on Crypto Wallets Warren is [hawkish](https://twitter.com/TheRugNews/status/1615823345072893953) on the ecological sustainability of crypto wallets. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1615823345072893953) POLITICS — Elizabeth Warren Proposes Leather Ban on Crypto Wallets ![](https://pbs.twimg.com/media/FmyA6rvX0AEmT2R.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 27](https://twitter.com/TheRugNews/status/1615823345072893953)[ 4:28 PM • Jan 18, 2023 ](https://twitter.com/TheRugNews/status/1615823345072893953) ### HEROES — George Santos Reveals He's Also Satoshi Nakamoto George Santos can't be [stopped](https://twitter.com/TheRugNews/status/1616098241950679040), it's like a Scooby Doo ending. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1616098241950679040) HEROES — George Santos Reveals He's Also Satoshi Nakamoto ![](https://pbs.twimg.com/media/Fm2IhZjaAAEmdVn.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 15](https://twitter.com/TheRugNews/status/1616098241950679040)[ 10:40 AM • Jan 19, 2023 ](https://twitter.com/TheRugNews/status/1616098241950679040) ### FITNESS — Metaverse App Permanently Traps Your Soul in Better Body A wide weary world [where](https://twitter.com/TheRugNews/status/1617631117066272769) soul and body can float or die. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1617631117066272769) FITNESS — Metaverse App Permanently Traps Your Soul in Better Body ![](https://pbs.twimg.com/media/FnL5K57aAAA8ser.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 11](https://twitter.com/TheRugNews/status/1617631117066272769)[ 4:11 PM • Jan 23, 2023 ](https://twitter.com/TheRugNews/status/1617631117066272769) ### LEGAL — Larry David Sentenced to Two Years Plus Community Service for Role in FTX Commercial Larry David was 'pretty pretty pretty pretty, [guilty](https://twitter.com/TheRugNews/status/1618298202121441280)'. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1618298202121441280) LEGAL — Larry David Sentenced to Two Years Plus Community Service for Role in FTX Commercial ![](https://pbs.twimg.com/media/FnVZRRfXECgOPL-.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 38](https://twitter.com/TheRugNews/status/1618298202121441280)[ 12:22 PM • Jan 25, 2023 ](https://twitter.com/TheRugNews/status/1618298202121441280) ### BUSINESS — Dozens Flock to Decentralized Social Media Platforms It's [breathtaking](https://twitter.com/TheRugNews/status/1618672630198059009) just how many people are rushing to decentralized social media platforms. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1618672630198059009) BUSINESS — Dozens Flock to Decentralized Social Media Platforms ![](https://pbs.twimg.com/media/FnauLWJXEBEIWXu.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 8](https://twitter.com/TheRugNews/status/1618672630198059009)[ 1:10 PM • Jan 26, 2023 ](https://twitter.com/TheRugNews/status/1618672630198059009) ### BREAKING — NASA Scientists Uncover Ancient Hieroglyphs on Moon That Look Suspiciously Like Dickbutt These dudes are always [finding](https://twitter.com/TheRugNews/status/1620173632344563712) sophomoric ways to express their view of reality. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1620173632344563712) BREAKING — NASA Scientists Uncover Ancient Hieroglyphs on Moon That Look Suspiciously Like Dickbutts ![](https://pbs.twimg.com/media/FnwDUyIakAE4SX2.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 11](https://twitter.com/TheRugNews/status/1620173632344563712)[ 4:34 PM • Jan 30, 2023 ](https://twitter.com/TheRugNews/status/1620173632344563712) ### PSA — NFTs are a Gateway Token Gensler does a [mic drop](https://twitter.com/TheRugNews/status/1620791029011210241) after announcing his new "Just Say No to NFTs" campaign. This is his 'boom-shaka-laka' stance. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1620791029011210241) PSA — NFTs are a Gateway Token ![](https://pbs.twimg.com/media/Fn40qeVX0AI9HH5.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 10](https://twitter.com/TheRugNews/status/1620791029011210241)[ 9:27 AM • Feb 1, 2023 ](https://twitter.com/TheRugNews/status/1620791029011210241) * * * Under The Rug Podcast ===================== ![](https://storage.googleapis.com/papyrus_images/b02a9873211c95d8a9628a78016ab215) * * * **Under The Rug** is a crypto-comedy podcast based on the hardest hitting headlines in Web3. In each episode a rotating cast of the comedians at The Rug get together to chop peanuts, craft jokes, and discuss things semi-crypto comedy related. Our eighth episode, "[Watermarked](https://anchor.fm/therugnews/episodes/Under-The-Rug--Ep--8-Watermarked-e1t4qut)", is now available. This eighth episode included Donald Trump NFT watermarks, H2O, high school football, Rugstradamus, parents not understanding, SBF's get out of jail free card, failed holiday crypto jokes, and much much less… Episode nine is in the can, and forthcoming in the next newsletter. * * * Calls to Action =============== * [Collect](https://therug.mirror.xyz/biX_10PO0yD8nN_lN6ctr3tOa2X5CtFonDOtzl80dAY) the January Issue of The Rug NFT * [Send](https://paragraph.xyz/@therugnews/subscribe) a link to crypto friend to subscribe * [Join](https://discord.gg/BwXtDCf3) our discord and come hang out in the lounge * * * **Bonus Content**: Listen to this excerpt from Under The Rug Episode 8, Watermarked. [![User Avatar](https://pbs.twimg.com/profile_images/1459983921060335621/G7QEOxAZ_normal.jpg)](https://twitter.com/TheRugNews) [The Rug | Crypto News](https://twitter.com/TheRugNews) [@TheRugNews](https://twitter.com/TheRugNews) [![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/TheRugNews/status/1616620626734911493) PODCAST — He's Doing It Again ![👉](https://twemoji.maxcdn.com/v/14.0.2/72x72/1f449.png)[anchor.fm/therugnews/epi…](https://t.co/YsUfhywHWV) ![](https://pbs.twimg.com/ext_tw_video_thumb/1616620209980461057/pu/img/sNWMId_aJdXAx8zL.jpg) [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 8](https://twitter.com/TheRugNews/status/1616620626734911493)[ 9:16 PM • Jan 20, 2023 ](https://twitter.com/TheRugNews/status/1616620626734911493) * * * **Sponsor**: Hit us up on [Twitter](https://twitter.com/TheRugNews). **Value for Value**: If you enjoy any of our NFTs, articles, headlines, podcasts, or newsletters send what it's worth to [TheRugNews.eth](https://etherscan.io/address/0xa4c7aca8d49226355c5543a28c3de0573f66494a) * * * ![](https://paragraph.xyz/editor/callout/information-icon.png) **The Rug is a media property spun up out of BanklessDAO.** --- *Originally published on [The Rug](https://therugnews.com/nfts-are-a-gateway-token-the-rug-newsletter-10)*