Morning Minute | MetaMask Opens Up

TylerD's Market Summary

Today's Morning Minute is brought to you by Dimension X, a Free-to-Play strategic RPG that just launched on the Ethereum blockchain.

Set in the Dimension X comic book universe, where a pan-dimensional explosion created super-powered humans, aliens and monsters with radical and terrifying superpowers, players can use NFT heroes to build super-powered teams that go on quests, level up, and battle other players. Players earn rewards in the in-game currency THUL which can be used to mint new generative heroes and more. 

And the team has some news! They are now running quests where can players can win real prizes! Those playing on ETH and win ETH, and FLOW on Flow.

Check out their Twitter to learn more about how to get started playing this fun new blockchain game and try these quests, or begin exploring the collection below!

🎬 MetaMask Launches Snaps

MetaMask shocked with a major announcement on Tuesday.

They are launching Snaps Open Beta, allowing any developer to build independent features without MetaMask's approval.

Key details (from our Lucky Trader post):

• Permissionless Ecosystem: Any developer can build a feature without MetaMask's approval
• Three Main Categories: Transaction Insights, Interoperability, Notifications.
• Security: Snaps have been audited and are allowlisted in the MetaMask Snaps Directory

With Snaps, users can effectively customize their MetaMask experience. And builders have more incentives to pitch in.

The launch also includes the ability to add Tezos and Solana functionality, enabling broader multi-chain support than previously available.

Security was the first concern that came to mind when reacting to the news - how to ensure that newly developed features are safe to interact with in a space that has been a minefield lately. So it will be interesting to learn more about that and how MM plans to keep users safe.

But overall, this is another major move from the leading crypto wallet provider, which is fighting to keep their place with new wallets (Telegram wallet) and existing ones (Phantom) shipping features by the week.

💸 Magic Eden Wants You to Get Lucky

With the NFT market down, marketplaces are getting creative to inspire buyers.

Enter Magic Eden with their latest feature - Lucky Buy.

It works like this (details from our Lucky Trader post):

• What It Is: Lucky Buy lets you purchase select NFTs at a variable percentage of their listed price (i.e. 15 SOL for a 100 SOL NFT)
• How It Works: Your chances of winning are directly tied to the percentage of the NFT's price you commit to paying (so 15% for the 15 SOL offer in example above)
• Win-Win Scenario: If you don’t win the NFT, you still receive Magic Eden rewards vis diamonds
• Fee Structure: Participating in Lucky Buy comes with a 3% fee, distributed among the creators, sellers, and Magic Eden.

This comes just a few weeks after LooksRare launched their Yolo feature, incentivizing users to literally spin a wheel to win prizes.

It seems the marketplaces are learning from onchain summer, Rollbit and the gambling meta that has been playing out and are embracing it to stay competitive.

We will see how it works out...

👥 Friend Tech Trend Tracker

It was another wild, up-only day in the Friend Tech market.

Users soared, TVL soared, and key prices followed with a major new ATH reached.

Here are some of the core Friend Tech metrics for 9/12 and their day-over-day change:

• New users: 2,383 -> 3,912 (+64%)
• Return users: 7,363 -> 8,243 (+12%)
• Daily Buy volume: $4.5M -> $8.6M (+91%)
• TVL: $22.16M -> $28.6M (+29%)
• Highest key: Racer 6.28 -> 7.87 (+25%)

Total users are now over 148,000 and total transaction volume is up to $150M.

The user metrics are perhaps the most impressive, at local highs and levels not seen since Aug 25. TVL is also soaring and up almost 400% on the week.

A sign of that new TVL - during peak afternoon trading it took 4 ETH in volume to make the "trending" page in the app; the day before it only took 1 ETH

Racer was likely the biggest winner on the day, as his key soared 25%, smashed its prior ATH around 6.8 ETH, and is now approaching 8 as more and more people "bet on the index."

A few other anedcotal trends and developments:

• Manifold Trading went on the biggest FT Spaces of the day (2,600+ attended) and mentioned other funds planning to enter but still planning strategy (a narrative being spread widely now)
• Bread's 3,3 tracking dashboard has been released in beta
• The 3,3 meta seems to be one of the strongest, with more and more adopting the ethos to make friends (and raise prices)
• Influx of new users leads many traders to keep capital idle to be ready for the next big account to onboard

And today looks to be off to a fast start...

🚚 What else is happening in NFTs?

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

• Trading volume came in at 7,100 ETH on Tuesday; NFTs were mostly red again as Milady's tumbled 13% more to 2.43 ETH and DeGods fell 8% to 3.63
• VeeFriend and MetaKeys DAO led top movers, up 29% and 80% respectively
• William Mapan's "Distance" minted out at 2 ETH and holds a 2.97 ETH floor overnight on 16 ETH in volume; DWTML's "Chub Packs" also minted out at $69.69 and the cheapest pack is now $120 on Nifty Gateway
• 0N1 Force announced that Animoca Brands and Wreck League will sponsor the first season of its points system, featuring more than $200,000 in rewards 
• Yuga Labs unveiled the second Moon Puzzle as part of its TwelveFold Cipher Series, with the winner set to receive 0.12 BTC
• The schedule for next weekend's Marfa event has been released by glitch (an official partner), noting events are limited capacity and that all E30D "Full Set" holders would get a 1/150 physical poster signed by Snowfro
• Opepen set 16 revealed on Tuesday afternoon, opening up at a 0.8 ETH floor though without sales; meanwhile set 17 "Reduction" is only 1,300% subscribed with 1.5 days to go
• GAMEE, an Animoca Brands subsidiary, will now let players mint NFTs called Beasties at no cost in its Arc8 app; the NFTs are unique and will have utility like in-game benefits and provide access to events
• DraftKings Reignmakers had another day of big sales, including 4 over $10,000 led by a $32,500 Jalen Hurts card sale and $24,000 for Ja'Marr Chase
• The Genies project has aside $500,000 for digital fashion creators on its platform

🌎 Around Crypto and Web3

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

• The crypto market was slightly down on Tuesday ahead of this morning's CPI print; BTC even at $26,110; ETH -0.9 at $1,600; SOL -1.75% at $18.10
• Binance US's CEO resigned as the company slashes 1/3 of its workforce
• LayerZero Labs is teaming up with Google Cloud to secure its cross-chain messaging platform and enhance web3 interoperability
• GamePhilos Studio raised $8M in seed funding for its upcoming blockchain-infused strategy game, Age of Dino; the funding included backers like Xterio, Animoca and more

🚀 NFT Total Volume

• BAYC (1,440 ETH, 25.5 ETH Floor)
• Milady (1,240 ETH, 2.43 ETH)
• DeGods (737 ETH, 3.63 ETH)
• Nouns (718 ETH, 36.4 ETH)
• MAYC (606 ETH, 5.12 ETH)

📈 NFT Floor Price Increase

• Mutant Garden Seeder (121%, 5.7 ETH Floor)
• Metakeys DAO (75%, 0.75 ETH)
• Metal Tools Access Pass (61%, 2.4 ETH)
• Alien Frens (38%, 0.1 ETH)
• Checks - VV Edition (35%, 0.53 ETH)

🗓 Upcoming NFT Mints and Reveals

The main highlight for today is from Sugartown "Oras," as Zynga's first entry into web3 gaming gets its first NFT mint.

Just 60% of the supply comes to market today, with the rest reserved and seemingly trickled out - welcome for traders. But given the free entry price, every minter will have immediate gains that could lead to some early sell pressure. Many are calling for floor in the 0.3-0.5 ETH range today - we will see how it plays out.

If you want more, see the full list of today's drops from Swizzy's daily mint monitor. 

• Sugartown "Oras" (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Floor x MUMBOT (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? 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 NFT Calendar page.