🥛New Trend: Reddit NFTs 🔥 Everything you need to know...

  • October 24, 2022
  • 2 Min Read

GM. This is the Milk Road. The crypto newsletter that combines all your internet tabs into a simple, 5-minute email.

Here’s how we’re kicking off the week:

  • The World Series & What It Could Mean For The Markets...
  • Reddit NFTs Are Exploding. Here's Why
  • Numbers of the Weekend
  • Meme of the Day

WHAT THE WORLD SERIES COULD MEAN FOR THE MARKETS

And I got bad news.. the Philadelphia Phillies are back in the World Series this year🤬 

Unfortunately, it's a lose-lose situation. We're either gonna face a financial crisis or we'll have to watch the guy from Top Gun celebrate on repeat:

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REDDIT NFTS ARE EXPLODING. HERE'S WHY...

In July, Reddit launched NFTs. They're digital avatars that Reddit users can customize & set as profile pictures to stand out. 

Here are some stats since the launch: 

  • 3m wallets created. OpenSea (the top NFT marketplace) has ~2.3m wallets
  • 86k+ NFTs have been launched. 40k were bought at an initial price of $10-$100, and the rest were given out for free to top Reddit contributors
  • 85% unique holder ratio. Better than top NFT projects like Bored Ape Yacht club (64%) and Doodles (54%)
  • $100m+ market cap
  • Top 10 collection on OpenSea
  • Top Reddit NFTs are selling for ~7 ETH ($9500)

The funny thing is that 6 months ago Reddit was filled with NFT haters. Today, they all have NFTs as profile pictures and are chanting "WGMI".

And it's all because Reddit used a Trojan Horse - they "tricked" users into getting into NFTs, without them even realizing it. 

Instead of calling them NFTs, Reddit calls them Collectible Avatars.

Instead of seed phrases & gas fees, Reddit provides a custody wallet (no seed phrases) and uses the Polygon blockchain (no fees).

Instead of paying with crypto, Reddit lets users pay with credit cards.

It looked something like this...

Reddit might've just made the Playbook for "How to Onboard Millions Without Them Knowing".

NUMBERS OF THE WEEKEND

$1.8b - Over $1.8b has been paid out to NFT creators in royalties. According to a new Galaxy Digital report.

The crazy part? Most of that money is going to the top NFT collections. NFT royalties are literally going to the NFT royalty. 

  • The top 482 NFT collections make up 80% of all the royalties
  • The top 10 collections make up ~27% of those royalties. 

Royalties have been on the hot seat recently with marketplaces like SudoSwap and y2x2 removing them from their marketplaces.

So it'll be interesting to see how this plays out. It could be the end of the NFT Royalties' Golden Era as we know it.

$2.5m - Azuki partnered with Chiru Labs to sell 8 NFT-backed skateboards for $2.5m. The NFT-backed skateboards were each auctioned off.

There were a total of 145 bids and the winning bids were between $260k-$400k. Here's what the leaderboard looked like:

The interesting thing is the skateboards are an example of something new called a physically backed token (PBT), which links a physical item to a digital token.

Each skateboard comes with an embedded chip that can be scanned on a smartphone to verify ownership. Instead of a digital NFT proving you own a physical item, it's the opposite. 

And just in case you thought you were gonna 🎵kick, push, kick, push🎵 on these skateboards while jamming to Lupe Fiasco...think again. 

Each skateboard is plated in 24-karat gold and weighs 45 lbs. These skateboards ain't made for kickflips.

TODAY'S EDITION IS BROUGHT TO YOU BY DEFICHAIN

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  • A crypto wallet that supports desktop & mobile
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  • Staking and decentralized loans

Looking to strengthen your hold on your investments and get through crypto winter? Get in on DeFiChain at choose.defichain.ac.

MEME OF THE DAY

That's a wrap for today, ladies & gents. See ya tomorrow!

If you want more, be sure to follow our Twitter (@MilkRoadDaily)

A ROADERS REVIEW

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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    Milk ManWriter

    This dashing dairy expert is not just your average milkman. He's a tri-athlete, a former classmate of Satoshi Nakamoto, and a crypto enthusiast who loves nothing more than delivering the freshest news and insights straight to your inbox.