Morning Minute | Reddit Tokens MOON, Creators Benefit
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints.
TylerD's Market Summary
A new trend is playing out in social media - creators are starting to get paid for their content via tokens and digital collectibles. Find out what's happening on Reddit and who stands to benefit.
💸 Reddit Tokens Moon
Social tokens are becoming all the rage after "Ice Cream So Good Gang Gang" girl has gone mega-viral and seems to be making thousands of dollars per hour on Tik Tok.
Reddit users in certain sub-communities are ready to cash in on this trend as well.
In the past week, 2 Reddit Community Tokens (MOON and BRICK) have seen massive price surges.
Reddit recently changed its Terms of Service, now allowing trading of tokenized Community Points.
By The Numbers
Moons (MOON) is the native token of Reddit's r/CryptoCurrency community which boasts over 6.5M users.
Bricks (BRICK) is the native token of the r/Fortnite community, focused on the cult game.
And they've both had a great week:
- MOON is at $0.45 and a $48M marketcap (+380% on the week)
- BRICK is at $0.067 and a $7.33M marketcap (+94% on the week)
So how does one earn these tokens?
Community Points like MOON and BRICK are ERC-20 tokens, awarded to users for their posts or comments in respective subreddits.
These tokens can be freely traded, tipped, or spent in the community and can also be stored in Reddit's Ethereum-based wallet, Vault.
The recent surge in value coincides with 2 key changes from Reddit (in their TOS):
- they now explicitly allow for the trading of these tokenized Community Points
- they removed the non-tokenized Coins and Awards
These tokenized points have always been tradable but there was less speculation on them before this major change from Reddit. Traders are also speculating that Reddit will now spend more time and attention on these Community Points.
Why It Matters
A significant shift in the interaction between social platforms and crypto is underway, and content creators are set up to benefit.
It has historically been difficult for most content creators who haven't reached giant size to get paid for the work on social media platforms. That is changing, and rapidly.
With Reddit's tokens, Tik Tok stars getting paid in digital collectibles and rumors of Twitter launching similar functionality soon, it's becoming a different world for creators.
The major question is - who will stand to benefit?
Will it be those that create the best and most meaningful content, those that engagement farm the best, or a popularity contest?
The most likely answer is some combination of those 3 will all benefit.
One thing is clear - creating content on social media is about to get more lucrative.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume came in around 8k ETH on Tuesday; the NFT board was a mix with Azuki down to 5.3 but BAYC and Opepens up
- New Polygon mint the Pluto Misfits doubled overnight (from 0.08 ETH to 0.16 ETH) as notable traders call it a flagship project of Polygon after the Polygon team invested and bought the NFTs
- Chimpers released its latest arcade game, "Inferno Escape," available to the public with NFT prizes; anyone with a Twitter handle can log on and play and potentially win the Chimpers NFT prize
- Patrick Mahomes shared Museum of Mahomes is set to launch later this year as a collection of Mahomes-themed NFTs
- Louis Vuitton released its next NFT in the VIA series, exclusively for VIA Treasure Trunk owners; the phygital bag is a revamp of the iconic Speedy 40 bag designed by Pharrell Williams and the physical will be available in Jan 2024
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market mostly chopped on Tuesday; BTC even at $30,000; ETH even at $1,908; XRP futures have set an open interest record (+5% to $0.78)
- Prime Trust has been officially placed into receivership by the state of Nevada citing a shortfall in customer funds
- Robert Kennedy Jr. promised to make crypto exempt from capital gains tax if elected, as the new wave of Presidential candidates continue to focus on crypto
🚀 NFT Total Volume
- Azuki (1,787 ETH, 5.3 ETH Floor)
- BAYC (1,303 ETH, 33.3 ETH)
- MAYC (452 ETH, 5.96 ETH)
- Opepen (222 ETH, 0.82 ETH)
- DeGods (195 ETH, 8.63 ETH)
📈 NFT Floor Price Increase
- Azra Games - The Hopeful (36%, 0.24 ETH Floor)
- Sproto Gremlins (29%, 0.66 ETH)
- Pixelady Maker (28%, 0.14 ETH)
- Pegz (22%, 5.98 ETH)
- Nina's Super Cool World (18%, 0.35 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another huge day for art NFTs, spanning AI, generative and high-end.
The Sotheby's on-chain auctions end this morning, and then several mints drop. Prohibition has its 2nd and 3rd mints today after yesterday's Monospatial mint was an easy 6x for minters (so expect more demand today).
Art Blocks Curated is back with one of the most aesthetic drops in recent memory in "Gumbo". Braindrop has a new drop today, and then Iconic Moments has their Jackson Pollock drop.
It's almost too much for one day, and likely that one or a few of these fly under the radar.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- Braindrops "Dominoes in Fluxus" (12:00 p.m. ET)
- Iconic Moments x Jackson Pollock "Beyond The Edge" (12:00 p.m. ET)
- Prohibition "Beauty Supply Is Out of Du-Rags" (12:00 p.m. ET)
- Art Blocks Curated "Gumbo" (1:00 p.m. ET)
- Prohibition "Necromancer" (4:00 p.m. ET)
- Sotheby's auctions - final day (TBD)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
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.