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Reddit recently launched its latest NFT avatar collection with the intention of evoking a sense of "warm, fuzzy feelings of nostalgia” among collectors. At the same time, Amazon expanded its Web3 presence by introducing new blockchain tools to its Amazon Web Services cloud platform.
Additionally, we engaged in conversations with Web3 influencers to ascertain the willingness of crypto enthusiasts to transition from Twitter to Meta's Threads or any other decentralized social media platform.
This Week's Alpha
Much ado about Snoo: Reddit has just launched its Gen 4 Collectible Avatar series, unveiling a fresh assortment of vibrant collectibles in its NFT shop, which brilliantly reimagines the beloved "Snoo" character that has become synonymous with the platform. Aptly named “Retro Reimagined,” this microblogging sensation aims to evoke a delightful sense of nostalgia, invoking those cherished "warm, fuzzy feelings of nostalgia" we all hold dear. The collection showcases the artistic brilliance of 100 independent creators, alongside sought-after designs from popular NFT collections like Cool Cats.
- Learning from the past: In an effort to ensure a smoother experience for users, the Reddit team took proactive steps for this release, which included the implementation of anti-bot measures like CAPTCHA. Moreover, they introduced spend limits and initiated an "initial access" period on the first day to restrict the number of NFTs a user could acquire in a single sweep. Despite these improvements, the launch wasn't flawless, as some issues persisted.
- Soaring sales: Based on the data provided by Dune Analytics, the number of avatar holders has surpassed 14.5 million.
Amazon primed and ready: The e-commerce giant, Amazon, has recently introduced cutting-edge blockchain tools to its Amazon Web Services cloud platform. This move aims to enhance the functionalities of its Amazon Managed Blockchain service, which offers well-maintained infrastructure for developers seeking to accelerate the development of Web3 applications. The newly added tools, named "Access" and "Query," provide developers with a seamless and efficient way to engage with public blockchains. Moreover, these tools also expand the node offerings by enabling serverless and scalable access to various blockchains, further streamlining the development process.
- Add to cart: The latest tools further enhance the platform's already burgeoning Web3 aspirations, which are said to encompass the development of an NFT marketplace.
Threadheads: Although Meta's new Threads social app has successfully attracted millions of newcomers, there is still uncertainty surrounding its ability to captivate the dynamic crypto community and draw them away from their beloved Twitter homebase. Certain Web3 strategists and developers express skepticism about its appeal. Riley Blackwell, a community-building strategist with a focus on Web3, shared their perspective, stating, “I don't need a Twitter clone – I need Meta to think deeper about creating new ways to connect.”
- Decentralized dreams: Although the platform supports the decentralized social media protocol ActivityPub, enabling users to connect with various social media platforms such as Mastodon, Bluesky, and others, registration still mandates an existing Instagram account. This requirement poses a challenge for those Web3 artists and creators who prioritize maintaining online anonymity. Furthermore, once users join the platform, it becomes nearly impossible to leave.
- Scoring on simplicity: The platform indeed provides a remarkably streamlined and effortless onboarding process, enabling it to rapidly attract new users. The integration of cross-posting threads as Instagram stories fosters an initial sense of interoperability. However, Threads users are already dedicating significantly less time on the app, raising concerns that it might be a passing trend – a phenomenon well-known to high-speed crypto traders.
Project in the news
(VeVe)
Stan Lee Universe
Who: VeVe and Kartoon Studios
What: The VeVe NFT marketplace recently launched an exciting new collection of chibi-style NFTs featuring the iconic Marvel legend, Stan Lee. This series comprised four unique artworks, each having distinct edition numbers and rarity ranks. Collaborating with VeVe on this release was Kartoon Studio, and they were thrilled to announce that the collectibles achieved an incredible feat by selling out almost instantly, with over 8,000 NFTs finding eager buyers in no time.
How: The collectibles, sold as "blind boxes" that remained concealed until purchased, were priced at $15 apiece. As reported by Bloomberg, the release generated approximately $120,000 in revenue and saw a surge in value of at least 500% by Monday morning. On the VeVe app, certain collectibles were listed for resale at prices reaching up to $749.
In Other News
No admission fee: The historic British Museum, which boasts a rich 270-year legacy, is embracing the metaverse in collaboration with The Sandbox. This exciting partnership aims to transport its vast collection into the virtual realm while also introducing a captivating series of NFTs (Non-Fungible Tokens).
Star Atlas shrinks its galaxy: This week, the company responsible for the Web3 game underwent significant workforce reductions, with over 70% of its employees being laid off. Nevertheless, the CEO assured that their vision remains steadfast and unchanged.
Twitter trading: Suku, the Web3 wallet, has recently introduced a groundbreaking app enabling direct transfers of digital currencies and NFTs among Twitter (X?) users. This remarkable feature is something Musk aims to incorporate into his own social media platform.
From Vintage to MNTGE: MNTGE, the cutting-edge digital fashion brand, has recently unveiled its latest collection of NFT patches, thoughtfully paired with tangible counterparts, and interconnected with real-world incentives and rewards.
Frequent flier: United Arab Emirates' airline, Etihad Airways, is gearing up to launch an innovative Web3 loyalty program, enabling participants to stake NFTs in exchange for miles and exclusive travel benefits.
Non-Fungible Toolkit
ERC-6551: Unpacking The ‘Backpack’ Wallet
Over the recent months, a number of Web3 projects have embraced the ERC-6551 standard, also known as token-bound accounts. This novel standard has unlocked a myriad of possibilities spanning various domains such as NFTs, gaming, DAOs, and the metaverse.
For instance, consider a PFP NFT collection that adopts the ERC-6551 token standard. With this implementation, the collection could securely hold its own native cryptocurrency within the NFTs. Moreover, it gains the ability to safeguard derivative NFTs, such as digital wearables for avatars like socks, sneakers, or hats. If you're interested in learning more about ERC-6551, here's some valuable information to get you acquainted.
