Morning Minute | Instagram Users Are Coming to Crypto

Morning Minute | Instagram Users Are Coming to Crypto

TylerD's Market Summary

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๐Ÿ“ฒ Crypto Comes for Instagram

NFTs and crypto have mostly run on Twitter (X).

That's where the user base congregates and discusses, debates and fuds the market and its products.

Well, now the door is opening for an expansion to a new social media app.


What Happened?

Yesterday, Privy announced a new integration with Instagram.

dApps and Protocols now have the option to add Instagram as a Privy login option.

If you aren't familiar with Privy, they focus on authentication, authorization and data control tools to enable better consumer crypto products.

Their vision is to change "the way users connect to their favorite products."

The privy wallet (used for apps like Friend Tech and Fantasy Top) is a custodial wallet set up by the team launching the app, enabling users to use the app without having a native crypto wallet set up.

Users then have the option to export that wallet into a standard self-custody wallet option like MetaMask, Rainbow, etc.

In the past, most apps have had users connect via their X accounts to sign up and launch their privy wallet - and now it can be done via Instagram.

Why It Matters

Privy wallets create a much better consumer experience.

Sign up for apps with a few clicks, gasless transacting and no signing of transactions in general.

Anyone who has used apps like Friend Tech or Fantasy Top can attest to the smoother buy/sell process due to that lack of signing every time.

And now the privy user pool is growing exponentially.

Are these apps ready to expand widely to Instagram?

Probably not, yet.

But for a consumer crypto app to truly breakout, it's going to have to reach audiences like Instagram. 

The first app to do so will become a powerhouse in SocialFi or whatever crypto sector it plays in.

And privy is paving the way.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH led NFT trading volume with $7.5M on the day (+6%); BTC was next with $6.5M (+6%) and then Solana with $3.1M (-32%)
  • ETH NFT leaders were mostly red down 2-5% after a recent rally; BAYC -4% to 15.3 ETH; MAYC -3% to 2.97; Pudgy -2% to 12.3; Doodles +9% to 1.7 outperformed
  • Honey Combs led top movers, jumping 30% to 0.3 ETH
  • NodeMonkes led BTC trading volume with just 10 BTC volume (0.31 BTC floor) as most Ordinals leaders dipped on the lower volume
  • OMB -7% to 0.41 BTC; Quantum Cats -5% at 0.38, and Puppets -20% to 0.222
  • The Runevo team launched its Runes Telegram bot enabling buying of runes token directly from TG, with selling and other features coming soon (Runevo NFTs +50% to 0.003)
  • Solana NFTs were mostly red on the day; Mad Lads -4% to 79 SOL, Tensorians even at 12; DeGods -4% to 45, and y00ts -7% to 11
  • Blast NFTs saw green again with many sets up 4-10%, led by Plutocats (+13% to 2.42), Blastopians (+5% to 0.4 ETH) and Pac Rekt +13% to 0.3 
  • OSF announced a new free NFT mint on Blast (6666 supply) launching this Friday, with priority given to Pac Rekt holders, his D1 shareholders and his ETH art holders
  • A Skulls of Luci was sold to Alan Howard on Tuesday in an undisclosed deal
  • CryptoPunks introduced LIE DOGGO, a new exhibit from Nina Chanel, which includes an interactive installation from the Punks in Residence Program

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

  • The Blast Jackpot hit a 6% win for $BIG token holders on Tuesday, who got to split 85,000 Blast Gold
  • The Fantasy Top floor rose to 0.014 ETH briefly on Tuesday, a 75% gain from Monday; it's since returned to 0.01 after some late day botting issues impacted users like Wardaddy, Bold Leonidas and more
  • NFT Stats lowered his Blast Gold estimate to $10.68 after recent Jackpot dilution
  • Mode (an OP stack-based L2) began distribution of its 550M tokens on Tuesday
  • MetaStreet launched its Apollo mint on Tuesday, with minters receiving benefits like daily XP points, access to higher LTV borrowing, enhanced Blast Gold and more

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • Crypto majors are red this morning; BTC -2.9% at $62,170; ETH -3.5% at $2,990, SOL -7.5% at $145
  • Memecoin majors were red also with DOGE -7%, WIF -12% PEPE -7%;
  • FTX creditors will get 118% of their lost funds back in a new proposed settlement, in cash, within 60 days of court approval
  • Susquehanna ($438B in AUM) disclosed a $1.3B position in Bitcoin ETFs on Tuesday
  • Pump dot fun is bringing in more revenue than Uniswap Lab as memecoin mania continues
  • Build-A-Bear indicated it aims to continue building in the metaverse and web3 in its latest press release
  • Zora acquired in its latest move

๐Ÿš€ Memecoin Movers 

  • $REAL (+965%, $33M market cap, Base)
  • $ZYN (+52%, $27M market cap, ETH)
  • $KENDU (+44%, $25M market cap, ETH)
  • $BAJA (+30%, $3M market cap, Blast)
  • $PAC (+23%, $51M market cap, Blast)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Volted Dragons (50%, 0.09 ETH Floor)
  • Honey Combs (30%, 0.3 ETH)
  • TODAY (21%, 1.6 ETH)
  • Mintify Genesis (19%, 0.12 ETH)
  • BOGx Genesis (15%, 1.59 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is focused mostly in the art sector, again across chains with BTC, Base and Arbitrum in play.

Yue Minjun is back with "Human" dropping today on Bitcoin.

The Prohibition team is facilitating the (Dis)ordered mint from Volker.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Yue Minjun x LiveArt - Human (8:00 a.m. ET)
  • Aphone (9:30 a.m. ET)
  • Memes by 6529 (11:00 a.m. ET)
  • Volker x Prohibition Art - (Dis)ordered (12:00 p.m. ET)
  • DreamYourOlivesRetiral (1:00 p.m. ET)

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.