Before we roll into the weekend the Squad at Quick Drop would like to extend a Happy 4th of July to our U.S Quick Droppers this fine weekend. Enjoy the independence, sun and drinks too!
Now this is where it gets juicy. One of the largest gaming orgs has had some of its members meddling in illegal activities. Interest piqued? We hope so. Check out more below.
Several member of FaZe Clan, specifically - Kay, Jarvis, Nikan and Teeqo - got involved in a sketchy cryptocurrency scheme that ended up going sideways.
Their involvement resulted in FaZe Kay being fired, and the other 3 members getting a suspension from the organization. While it is unclear if the intent was ill willed from the start, members have spoke out to share their side of the story.
Pump and Dump?
Many influencers in the content creation and streaming space invested and promoted an Alt-coin called 'Save The Kids.' In theory, the coin promised to donate a portion of the funds generated to charities. With lots of creators and streamers pushing this out to their audiences (seems like a great cause right? why not? We'll come back to this) the coin had tons of exposure to the different platforms and communities. As such, a lot of viewers and fans within these communities decided to invest ("donate") to the cause.
Well, here's what happened. As the coin continued to rise in price, those holding the most shares (founders, initial investors, etc) and anyone apart of the scheme, sought to sell their stake, thus tanking the price of the coin. In the world of investing, this is called a pump and dump. Typically large number of participants or entities throw a bunch of money into a stock to pump up the price and attract other buyers. As soon as it hits their target price (or anxious about their winnings) they sell and the stock immediately tanks. The little guys and gals lose out while the big fish rake in the cash.
It is pretty simple, and FaZe Kay hit the nail on the head in his tweet.
I did not vet any of this with my team at FaZe and I now know I should have
He didn't vet it, and most likely others didn't either. While it is easy to say "Told you so" or "We could've seen that coming," hindsight is always 20/20.
The streaming and content creation space is a tough place to grow in and build a solid community, with only a very small percentage of CC's drawing the vast majority of viewers. As such, CC's are always finding ways to diversify their content and make their entertainment more enjoyable for their communities. And maybe even more so as of late... try and do something good for the world.
'Save The Kids' might have just been the fruit that Tantalus could never reach, and ironically led to a few slaps on the hands and a lost occupation for the FaZe members. While a lot of the FaZe community seems to have rallied around these members, other content creators and streamers outside of FaZe have thrown in their 2 cents as well.
Pokimane speaks out about actions of FaZe members. One of the first large streamers to speak out against the actions of the FaZe members as well as the organization itself was in fact Pokimane. In a live stream with Mizkif, Poki continually hinted at being confused as to how and if these actions were legal. If FaZe handed out punishment, aren't they more or less confirming these actions were wrongful and potentially illegal? Fair point Poki. But the fact of the matter is a lot of the regulations, or lack there of, in the crypto space make it a constant gamble to begin with.
She was also pretty disgusted by the 'greed of streamers' and more or less felt this was a quick money grab using their platform in a bad way.
First and foremost, that's a pretty bold thing to say, and more or less assume that the FaZe Members did intentionally mean it to be ill willed. Streamers and content creators alike are all approached with different opportunities from companies and various groups to help grow their platform or promote a product, e.g. Sneak Energy. For the most part, these 'transactions' aren't ill willed, and oftentimes benefit both parties. Perhaps that was the intent of these members. It is too hard to say with certainty though, and for that we question Pokimane's certainty on this.
The gaming community needs to continue to grow together to be successful, and with members of other large gaming organizations (Pokimane - 100 Thieves) bashing one another, it just can't help the PR and optics of the industry. While everyone is entitled to their opinion and able to share it, we think it would have been better to stay silent on this one and let FaZe Clan dig deeper and provide some clarity in the coming days and weeks.
We would like to hear your thoughts on the latest FaZe news and how you think these streamers and the FaZe organization can move forward. Tweet us @QuickDropMedia with #FaZePathForward. That's all for today
Have a great weekend!