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!

Reddit NFT Marketplace, Otherside, and More!
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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

Credits: r/CollectibleAvatars

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!

🔥 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 👇

📧 OpenSea data breach

OpenSea, the largest NFT marketplace, recently sent out an email about their third-party vendor,, 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.

🧵 Twitter Thread of the Week

Other Web3 News


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.

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