Morning Minute | Airdrop Season Rages On
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Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
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TylerD's Market Summary
Hints of the newest airdrop are here, courtesy of NFT lending protocol NFTfi. Here's how you can participate. Plus, California is looking to legalize DAOs.
🎁NFTfi Adds Reward System (cough: Airdrop)
2023 might be the year of the airdrop for NFT market participants.
This year we've already seen notable airdrops from Blur, Parallel, and Arbitrum, with rumors of $MASK (MetaMask's token) on deck as well.
Well, throw another contender in the airdrop ring with leading NFT peer-to-peer lending protocol NFTfi.
The protocol, which has conducted over $400M in lending transactions since 2021, has just announced a new Rewards program.
And while it's not fully confirmed to be an airdrop, signs are pointing that way.
The Details:
The aim of NFTfi's new program is to "reward and thank" users of the platform.
Some of the highlights include:
- All users of the platform ahead of the snapshot (OGs) received reward points
- To redeem points, users must lend or receive a loan before May 15th, 3 pm CET
- The next season of rewards (Earn Season 1) begins on May 15
- The rewards program itself is not an offer of tokens or securities, and U.S. residents are not eligible
So all the early users were rewarded with initial balances, and new users can earn points by transacting going forward.
But "what's the point" of the Rewards points?
Airdrop Clues
Here are 3 indications that this "Rewards Program" could lead to an airdrop or token claim:
- Vision to make the protocol owned & operated by its users
- Banned in the US (like Blur was)
- Points are "planned to be redeemable for blockchain tokens at a later point in time"
All of those bullets scream airdrop, with point 2 perhaps being the most obvious sign, along with the team mentioning in plain language that the points will be redeemable for "blockchain tokens" in the future.
How to Participate
Interested in farming for this airdrop?
There appears to be plenty of time left to earn rewards, given Season 1 does not even begin until May 15.
Here are some things you can do:
- Become a lender*: make a loan against an NFT
- Become a borrower*: put an NFT up as collateral and receive a loan against it
- Participate on social (quote tweet NFTfi's thread to receive 200 bonus points)
*There are risks that come with any collateral lending and NFTs are about as risky of an asset to lend against as there is, so do your own research before jumping in
Feel like this opportunity has passed?
Take a look at other NFT lending protocols that have not yet officially announced airdrops, like Arcade.xyz, and use their protocols.
A primary tenet of crypto and Web3 proves once again to be true: those who use the platforms and protocols are the ones who are rewarded.
👩⚖️California Moves to "Legalize" DAOs
While swaths of the U.S. government are creating hurdles for crypto adoption and crypto companies, California is looking to help.
A new bill was just introduced which would provide a legal framework for Decentralized Autonomous Organizations (DAOs) to incorporate in California.
The Details:
Here's a quick rundown of what we know:
- The bill (Assembly Bill 1229) would change California's corporate code to include DAOs, blockchain networks, and smart contract protocols.
- Andreessen Horowitz (a16z) and the Crypto Council for Innovation have already expressed their support.
- If passed, the bill could establish a legal framework that legitimates DAOs as a new type of organization, ensures appropriate taxation, and creates more certainty for Californians participating in the Web3 economy.
“We have to make sure that our laws are keeping up with technology,” a spokesperson for Assemblymember Haney told Decrypt. “For us, we’ve seen only three paths forward, environmental tech, biotech, and we think that Web3 needs to be firmly rooted in California. And that’s what this bill is about.”
Why It Matters:
With an approved legal framework, DAOs would certainly become more legitimate and would have a new structure and foundation to build upon when developing governance, organizational structure, accounting principles, etc.
The bill would set a precedent for other states to follow in providing their own legal frameworks for DAOs.
And last, California comes off as a big winner here if this passes, positioning itself as a potential leader and home for Web3 talent and builders.
Watch out Miami.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume was just below 15k ETH on Tuesday, up 20% from Monday but still at local lows; OS Pro captured 6.7% share, with Blur holding 57%
- NFTs saw a mix of red and green on the day on the low-volume day, with Otherdeeds and Vessels seeing some of the most notable gains
- Yuga delayed the HV-MTL reveal until May, with the "Journey to Evo 2" stage also delayed to June (HV-MTL down 15% on the week to 1.29 ETH)
- Yuga's The Otherside shared new details for how Environment tiers will matter in the Otherside, with higher level tiers enabling more workers on the plots (Otherdeeds +9% and Vessels +20% on the news)
- 10ktf and PUMA are partnering to revive the Slipstream sneaker, in a journey that will include both digital and physical pieces
- NBA Top Shot has debuted their own mobile app, now available for download on iOS and Google Play, for a limited time during the NBA Playoffs
- Dune analytics has launched a new API, revamped subscription levels and a flexible credit system in a big new rollout
- PROOF unveiled its new Community Council, featuring 10 community members nominated NFT holders
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market rebounded strongly on Tuesday; BTC +5.7% at $28,900; ETH +5% at $1,910
- Coinbase launched a "Stand With Crypto" campaign commemorating its fight against the SEC with a free mint blue shield collectible available on Zora
- Animoca Brands partnered with UFC Champ Rose Namajunas to launch new NFTs and a digital sports memorabilia challenge
🚀 NFT Total Volume
- MAYC (4,172 ETH, 10.8 ETH Floor)
- Wrapped CryptoPunks (1,057 ETH, 49.5 ETH)
- BAYC (960 ETH, 50.5 ETH)
- Azuki (797 ETH; 14.5 ETH)
- DeGods (636 ETH, 7.8 ETH)
📈 NFT Floor Price Increase
- Goblintown (35%, 0.4 ETH Floor)
- Murakami Flowers (21%, 0.58 ETH)
- Otherside Vessels (20%, 0.33 ETH)
- NFT Worlds (19%, 2.03 ETH)
- AKCB (20%, 0.6 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busier day of new drops.
The highlight is likely from Art Blocks, back with the newest Curated drop "Still Moving" by Nathaniel Stern and Sasha Stiles. The style is described as "an interactive poem about humanity’s visceral engagement with the virtual," and in fact the pieces require interaction to be displayed.
There has been some chatter about the resting price of 0.2 ETH being too high for this market, so we will see if this one mints out (most likely still yes).
Then adidas ALTs holders should be on the lookout for that Indigo Herz Pack drop happening late today, with token-gated sneakers and hoodies up for grabs.
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- Cornerstone Companions (11:00 a.m. ET); 0 ETH
- Art Blocks Curated: Still Moving (1:00 p.m. ET); Dutch auction
- Curious Cabins #50 - Caravan (2:00 p.m. ET); 0.029
- Visionary by Dain Yoon (3:00 p.m. ET); 0 ETH
- adidas Indigo Herz Pack (TBD)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.
