Reddit NFT Marketplace, Otherside, and More!
This week's issue focuses on Reddit's integration of NFTs, a lawsuit towards Celsius, and some new decentralized stablecoin players!
If you like learning about Web3, Crypto, NFTs, and Tech, subscribe to our free weekly newsletter! And if you haven't yet, follow me on Twitter!
gm friends, a lot has happened this week in Web3. Here are some things that just minted👇
- 🖥 Reddit integrating NFTs
- 🎮 Otherside Metaverse testing
- 🐶 A new stablecoin is coming
- 🚨 The best minted news of the week
- ... and much more!
Reddit announces their NFT Avatars
NFT profile pictures are a thing. Twitter was the first large social media platform to embrace it earlier this year, and now Reddit is having its turn.
Here's what we need to know:
- The avatar artists from the initial collection came from popular creative subreddits such as r/ProCreate, r/Comics, and r/AdobeIllustrator
- The first collection is limited and only available in r/CollectibleAvatars, which is invite only for now
- While this is hosted on the blockchain, payment will be accepted with credit/debit cards
- Fees will change based on mobile vs desktop (30% fees from Apple vs ~2.9% from Stripe). Reddit charges 5% to cover minting fees and 50% are given to Creators.
Now, why is this significant? Well Reddit has over 400M monthly active users and this provides a real opportunity to onboard millions of users into Web3 (and even convert the bearish Reddit crypto community).
It's part of the pathway to Web2.5, where current internet companies adopt the ideologies of Web3. Just imagine how much better it would be if every major gaming studio let us own our digital assets.
Let's get ready for the Otherside
Yuga Lab's, creator of BAYC, Metaverse project Otherside had a few load tests this week. The goal was to test how many users could the servers handle before their official launch on July 16th. Here's what you need to know:
- Voice chat across thousands of users worked perfectly
- Smooth 3d rendering + spatial audio from a browser-based game
- Using an Xbox or Ps5 controller totally works too
- Users in Europe and the US who participate in the first token-gated livestream on 7/16 will be rewarded
With hundreds of millions of dollars, if not billions, in VC funding + token assets, Yuga Labs has some pretty high expectations for this launch. I'm not expecting a fully functional game that has me addicted after work, but I definitely want a storyline and explanations for Kodas + Deeds in this Metaverse.
Check out the demo leaked a few months ago!
And here’s a sneak peak of the First Trip, the tech demo from @Improbableio. Can’t wait to share the experience with you. pic.twitter.com/jgkf6wTrFB
— OthersideMeta (@OthersideMeta) May 12, 2022
🔥 Recent things you must know about
🐶 Shiba Inu announces plans for their stablecoin
So a new stablecoin is coming. No its not another fork of Luna. Instead, Shiba Inu Coin, the meme coin inspired by Dogecoin, is working on creating a decentralized stablecoin that "avoids the issues in other moonshot"
Basically, they're trying to create a better version of Luna and hopefully without the sketchy tokenomics and high APY promises.
The Shiba Inu Team is really trying to prove that they can impact Web3. They've created their own DEX ShibaSwap, have ecosystem tokens and DAOs, and they are even exploring NFTs and their own metaverse. Definitely something to keep an eye out on.
🧳 Celsius accused of fraud by KeyFi CEO
Crypto lending platform Celsius has been in a pretty bad spot, especially after having to halt account withdrawals due to "extreme market conditions".
But now they're being accused of fraud by KeyFi CEO, Jason Stone. Celsius ensured Stone that their trading teams would hedge impermanent loss and has risk management protocols in place for their 9-10 figure portfolio.
In simple terms, Celius promised that assets would be safe and properly managed.
They weren't.
And after the past public events and some internal auditing, Jason Stone felt it necessary to make this public and even file a lawsuit against Celsius. Check it out 👇
Hi all! I’m Jason Stone, and from August 2020 until April 2021, I led the group of talented individuals who managed the 0xb1 address.
— 0xb1 (@0x_b1) July 7, 2022
📧 OpenSea data breach
OpenSea, the largest NFT marketplace, recently sent out an email about their third-party vendor, Customer.io, sharing user email addresses with other companies.
This is scary. When OpenSea upgraded their contracts, many scammers created fake emails with phishing links that looked like they were from OpenSea. Now that nearly a million email addressed are leaked, there could be some pretty elaborate scams coming our way.
Definitely be careful and register a new email address.
🪙 Aave Proposes their own stablecoin, GHO
I guess it's stablecoin season. Aave is proposing a decentralized, algorithmic stablecoin which will be backed by Aave collateral. Interest rates, and even the creation of GHO, will be up to the AaveDAO to approve of the move.
2/ GHO will be:
— Aave (@AaveAave) July 7, 2022
🌍 Decentralized
💪 Over-collateralized by assets that continue to earn yield
✨ Backed by multiple types of collateral available on the Aave Protocol
⚖️ Governed by the Aave community
With community support, GHO can extend the capabilities of the Aave ecosystem!
🧵 Twitter Thread of the Week
1/ Today, someone tried to hack me with a crypto stealer, so I guess I've finally made it
— samczsun (@samczsun) July 5, 2022
Fortunately, they weren't successful, but all it would've taken was three clicks. Read on to learn about how the attack works, how to protect yourself, and some basic malware analysis🕵️ pic.twitter.com/31qqUoATWL
Other Web3 News
- Solana is being sued for misleading investors and profiting from unregistered securities
- Head of TikTok gaming quit to start a new blockchain gaming company Meta0
- Post Malone will host a VR concert on July 15th in both Venues and Horizon Worlds
- Polygon is partnering with tech startup "Nothing" to bring smartphones to Web3
- Arbitrum launches Arbitrum Nova, a new chain built off AnyTrust technology for low-cost and secure transactions
NFT PFP News
- Jenkins the Valet Book 1 Mint begins at July 11th, 10 AM EST. The mint is a Dutch Auction starting at 0.8 ETH to 0.2 ETH. Writelist will begin shortly after
- Moonbirds have a leaked secondary collection "Ravens", which shot up the project's floor price from 20 ETH to 27 ETH shortly after
- Facebook launches NFT functionality for select users, where a "digital collectibles tab" will be available
- University of Oregon is using NFTs to support women student-athletes, where 75% of the primary sales will be shared.
- BAYC holders can claim an OG sneaker NFT from Solana project STEPN, which is integrating Ape Realm
- NFTNow released the ultimate guide to doodles
- RTFKT is giving commercial rights to CloneX NFT holders
If you like learning about Web3, Crypto, NFTs, and Tech, subscribe to our free weekly newsletter! And if you haven't yet, follow me on Twitter!
Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice. We are not registered investment brokers or dealers. Trading crypto-related assets are extremely risky. Please be careful and do your own research.