Morning Minute | Rollbit's 1000x Crypto Futures Pull $72B

GM!

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

The house always wins, and Rollbit is now the house. Find out just how successful their past month was, plus catch up on Sound.xyz's major $20M raise.

🎰 Rollbit Billions

If you have been around Crypto Twitter (CT) in the past weeks and months, you have probably noticed the name Rollbit.

More and more traders and leading influencers across crypto and NFTs seem to be repping the brand.

Now it's more clear why.

Rollbit is raking in the dough.

How It Works

Yesterday Rollbit co-founder Lucky (@Lucky_2147) shared some revenue numbers from Rollbit's 1000x Crypto Futures product.

If you aren't familiar, 1000x long means you can go long or short leading crypto tokens like Bitcoin with up to 1000x leverage.

For example, let's assume BTC is at $30k. A $300 1000x long bet is the equivalent of going long 10 BTC (or $300k). If BTC makes a sudden move up $100, the bettor would make $1000 (minus carry costs and fees). 

The rub is, if the price of BTC goes down at all, the bet is almost immediately liquidated. With a 5x long bet, the price has to go down 20% to be liquidated. With a 1000x long bet, liquidation happens with a 0.1% price move.

So it's basically equivalent to a high stakes slot machine pull.

But people love gambling, and ETH has long been called the world's biggest casino. And that adage is proving true.

By The Numbers

Rollbit's model is clearly working right now.

Their 1000x Crypto Futures product raked in $72.2B in volume in the past 30 days.

Fees are split across 2 models:

• PnL Cut: $70.7B in revenue (avg 0.009% fee)
• Flat Fee: $1.5B in revenue (0.04% fee) 

Users have the option of choosing flat fee or PnL cut, though it's obvious from the numbers above which model the majority are choosing (PnL).

• For Flat Fee, users prepay a flat 0.04% fee per trade upon execution (along with potential slippage fees).
• For PnL cut, users don't prepay any fees and pay solely a percent cut of their profits based on a variety of factors. In the past month, that average fee was 0.009%.

Using back of the napkin math, Rollbit made ~$7M in fees just on this product in the past month. 

And their 1000x Crypto Futures product is just one of many in their crypto casino, which features a casino, sportsbook, NFT Loans and NFT Gambling.

Expect to see more Rollbit on your timeline for the foreseeable future.

💰 Soundxyz Raises $20M

For all of the talk of VC funding drying up in Web3, it feels like significant raises are still happening on a weekly basis.

The latest - Sound.xyz, who completed a $20M Series A raise led by a16z.

With the funds, Sound has opened their new model for music which allows fans to supports musicians directly to all artists.

How It Works

Sound offers functionality for artists and fans.

For artists, they offer features to:

• Release onchain tracks (with no code)
• See and monitor biggest and earliest supporters
• Get paid (instantly) on 100% of the earnings from drops

And according to their announcement, artists have made over $5M to date using Sound.

So why should fans collect on Sound?

In short - clout, access and a "curate-to-earn" feature.

Sound touts the following fan features:

• Discover new music & collect music to prove you were the first
• Access group chats with artists and collectors
• Earn money by curating playlists and songs

Each of these provide value.

For hardcore fans, being able to say "first" to collect a hot new track is enticing as a great collectible, and great for clout.

Accessing artists directly via chats might be the single best feature. As someone who has connected directly with digital artists in the NFT space, it brings much more depth to the collecting experience and breaks down barriers that existed in the traditional world. Having an access line to artists make the whole fan experience much better (I guess if you end up liking the person, ha).

And then curate-to-earn of course will entice some, as does every "X-to-earn" model in Web3.

If interested in learning more, start here and maybe check out their free commemorative NFT celebrating the Sound open launch!

🚚 What else is happening in NFTs?

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

• Trading volume came in around 10k ETH again on Wednesday; NFT movers were led by CryptoPhunks with Captainz and Opepens in the green
• Ether completed its fair Dutch auction mint at 0.3 ETH level, bringing the team's raise to over $2M; floors are at 0.32 ETH for unrevealed capsules, and 0.2 ETH for the revealed Ether Avatars
• Snowfro minted 81 more Chromie Squiggles on Wednesday, going to community members, Art Blocks workers, SquiggleDAO and more; a perfect spectrum Squiggle was minted in the batch, the 23rd in existence
• Joe Pease's "Breathe It In" 1/1 sold for 50 ETH to Ringers artist Dmirtri Cherniak
• Pixel Vault unveiled new BattlePlan Player Cards using soul-bound ERC-721 tokens to create custom gaming profiles
• The original photograph (and NFT) from The Notorious B.I.G.'s iconic contact sheet, titled "THERE CAN ONLY BE ONE," is up for auction by Barron Claiborne with a min bid starting at 50 ETH
• Cool Cats is partnering with 3 video game development firms, 2 owned by Animoca Brands, to create immersive gaming experiences 

🌎 Around Crypto and Web3

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

• The crypto market was down slightly on the day after CPI came in under expectations, under-performing stocks on the day; BTC -0.3% to $30,570; ETH -0.2% at $1,880
• GET Protocol raised $4.5M led by Flow Ventures to disrupt the global ticketing industry via NFT solutions
• Google Play announced a policy shift allowing developers to use NFTs and/or digital assets in apps and games
• 7-Eleven dropped Slurpee NFTs called, "Find Your Slurpee Vibe," for Slurpee enthusiasts across the U.S. on its 96th birthday

🚀 NFT Total Volume

• BAYC (1,822 ETH, 33.7 ETH Floor)
• MAYC (1,198 ETH, 6.43 ETH)
• Azuki (1,017 ETH, 6.77 ETH)
• DeGods (561 ETH, 9.15 ETH)
• Ether Capsules (495 ETH, 0.32 ETH)

📈 NFT Floor Price Increase

• The Blitnauts (120%, 1.1 ETH Floor)
• CryptoPhunks (118%, 0.5 ETH)
• Streets of Milady (63%, 0.3 ETH)
• Sakura Park (61%, 0.25 ETH)
• Blitmap (42%, 2.25 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day of new drops after a surprisingly busy week which has seen a lot of success for primary sales.

The highlight is star artist Refik Anadol's "Winds of Yawanaw" drop which enter Phase 3 of its WL mint with Phase 4 coming tomorrow. But with the public sale not until October 11, this one may take a while to play out.

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

• Pluto Misfits (10:00 a.m. ET)
• Refik Anadol "Winds of Yawanaw" (12:30 p.m. ET)
• Art Blocks Presents "Backwards" (1:00 p.m. ET); Dutch auction

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 NFT Calendar page.