Reddit has unveiled its newest collection of NFT avatars, designed to evoke a sense of nostalgic delight among collectors. Meanwhile, Amazon has integrated fresh blockchain tools into its Amazon Web Services cloud platform, furthering its expansion into the Web3 realm.
Additionally, we engaged in conversations with prominent Web3 influencers to assess whether crypto enthusiasts are prepared to shift from Twitter to Meta’s Threads or other decentralized social media platforms.
This Week’s Alpha
Reddit has recently launched its Gen 4 Collectible Avatar series, introducing a vibrant selection of collectibles in its NFT shop, giving a fresh interpretation to the beloved “Snoo” character. Named “Retro Reimagined,” this collection aims to evoke a sense of nostalgic joy, featuring artwork from 100 talented independent artists and popular NFT collections like Cool Cats.
Taking lessons from past experiences, the Reddit team made efforts to enhance user satisfaction during the recent release. To prevent bot interference, they integrated CAPTCHA measures. Additionally, they set spending limits and established an “initial access” period on the launch day to restrict the number of NFTs an individual could acquire at once. However, despite these measures, the launch encountered some challenges.
In terms of sales performance, data from Dune Analytics reveals an impressive milestone, with over 14.5 million avatar holders now on the platform.
In a move to bolster its Amazon Web Services cloud platform, the e-commerce giant has introduced additional blockchain tools, enhancing the capabilities of its Amazon Managed Blockchain service. This curated infrastructure empowers developers to build Web3 applications more efficiently. The recently introduced “Access” and “Query” tools streamline developers’ interactions with public blockchains and broaden node offerings, providing serverless and scalable access to blockchains.
This development marks another stride in Amazon’s expanding Web3 aspirations, which purportedly encompass the establishment of an NFT marketplace in the near future.
Can Meta’s New Threads App Win Over the Crypto Community?
Threadheads: Despite Meta’s new Threads social app successfully attracting a substantial number of mainstream users (commonly referred to as “normies”), there remains a critical question: Can it entice the lively crypto community to abandon their familiar Twitter homebase? Certain Web3 strategists and developers express skepticism regarding its appeal.
Embracing decentralized ideals, the platform is in sync with the decentralized social media protocol ActivityPub. This compatibility enables users to engage with other social media platforms like Mastodon, Bluesky, and others. However, despite this openness, the current sign-up process necessitates an existing Instagram account, presenting a challenge for Web3 artists and creators who value online anonymity. Furthermore, leaving the platform once you’ve joined is nearly impractical.
On the positive side, the platform has achieved rapid user growth by offering a streamlined and user-friendly onboarding experience. It allows cross-posting threads as Instagram stories, laying the groundwork for future interoperability. Nevertheless, early indications suggest that Threads users are spending significantly less time on the app, leading some to speculate it could be a fleeting trend – a phenomenon familiar to high-speed crypto traders.
The Entities Involved: VeVe and Kartoon Studios
VeVe, the NFT marketplace, recently launched a new series of chibi-style NFTs featuring the legendary Marvel icon Stan Lee. This collection consisted of four unique artworks, each with varying edition numbers and rarity ranks. Teaming up with Kartoon Studio, the release saw an astounding demand, resulting in a “near-instantaneous” sell-out of all 8,000 NFTs.
The NFTs were offered as “blind boxes,” only revealing their content after purchase, and were priced at $15 each. According to Bloomberg, this drop generated approximately $120,000 in sales and saw a remarkable value increase of over 500% by Monday morning. On the VeVe app, some collectors listed these NFTs for resale at prices reaching up to $749.
No entry cost: The British Museum, with its 270-year history, is venturing into the metaverse in collaboration with The Sandbox, making its collection available in the virtual realm and also introducing a set of NFTs.
Reduced scale of Star Atlas galaxy: Despite laying off more than 70% of its workforce this week, the company behind the Web3 game maintains that its long-term vision remains unchanged.
Twitter crypto transactions: Suku, a Web3 wallet, has launched an app enabling Twitter (X?) users to directly exchange digital currencies and NFTs with one another, a feature that Musk aims to incorporate into his social media platform.
Transitioning from Vintage to MNTGE: The digital fashion brand MNTGE has unveiled a fresh assortment of NFT patches, which come in conjunction with physical counterparts and are associated with real-world incentives.
Avid traveler’s delight: Etihad Airways, the United Arab Emirates’ carrier, intends to launch a Web3 loyalty program enabling participants to stake NFTs for mileage rewards and various travel benefits.
NFT Toolbox
Over the recent months, numerous Web3 initiatives have embraced the ERC-6551 standard, also known as token-bound account. This fresh standard brings forth a wide array of possibilities in various domains, including NFTs, gaming, DAOs, and the metaverse.
Conclusion
Web3 trends show NFTs’ impact on platforms like Reddit and VeVe, while Amazon and Etihad Airways explore blockchain integration. Meta’s Threads app draws mainstream users, but Web3 influencers call for greater innovation. The ERC-6551 standard demonstrates Web3’s versatility. Expect more groundbreaking developments in the decentralized landscape.
