Reddit is winning (3m wallets, 99% unique, $100m market cap)
A few things that set Reddit's web3 strategy apart from its peers, and some suggestions for moving forward:
Web3 Abstraction
There's little to no mention of crypto lingo in the Reddit UX
NFTs -> Collectibles
Wallets -> Vaults
Tokens -> Coins
this was smart and must be tied to the huge increase in new wallets from noobs
Friends are dead and kidnapped. Mom was supposed to be at that music festival volunteering but thankfully stayed stateside on a whim. Her friends are dead.
Family and friends were called for reserves.
This is personal and will take years to recover from
As of tomorrow, algorithmically managed DAOs can be registered as US corporations
Don’t sit on the sidelines as smart contracts become companies, it’s time for Hot DAO Summer
Tomorrow is DAO day. That's when Wyoming's DAO law comes into effect. And the venerable corporation will never be the same.
So it might be a good time to learn what a DAO actually is. This review by
@theomarcu
should get you up to speed on the basics.
EVM Composability
Instead of launching a protocol (Libra, Bluesky), Reddit ran several experiments and chose Polygon (EVM) instead. This has massively paid off:
- Instant secondary market via OpenSea
- Showcases well on other platforms
- web3 tool interoperability/exit
pretty soon twitter, facebook, reddit, instagram, etc will allow you to showcase the *same* NFTs, minted/bought completely outside of their apps.
do you get how rare it is for these platforms to share content this way?
if that's not a win for web3 composability idk what is
Native Integration
Unlike Twitter/TikTok, who released NFTs on separate platforms, Reddit launched wallets for users and facilitated minting/customizing directly in-app
BROAD Distribution
Forget 10k maximums, Reddit Avatars are currently ~3m pieces with more to come.
This ignores the floor framework, making some avatars worth almost nothing, while the super rare ones keep increasing in value.
Let everyone play, add rarity, get magic
🟣 Farcaster's community supercharged
🌱 Lens ecosystem exploding
☁️ Bluesky announcement
🐦 Elon to buy twitter
🔴 Ye to buy parler
📷 NFTs on Instagram
👽 Reddit opens millions of wallets
💰 SBF calls it a 'sleeping giant'
convince me it's not web3 social szn
before we commit to the name “soulbound NFTs” and confuse most of society as to what that means can I make some alternative suggestions?
Forever NFTs
Sticky NFTs
Static NFTs
couldn't be prouder of our team and the incredible partners we've brought on for this round. extremely excited to start this next chapter and revolutionize web3 social
history of decentralization thought leadership
2008: decentralization at all costs
@satoshi
2016: quantifying decentralization
@balajis
2020: progressive decentralization
@jessewldn
2022: sufficient decentralization
@dwr
the farcaster effect on growth is insane, has multiplied our total user base substantially.
THIS is the town square now. THIS is crypto twitter. THIS is consumer crypto
too many people see
@viamirror
as a publishing platform, missing the bigger picture.
to change that,
@yup_io
's offering access to anyone in the top 2,000 in WRITE race to , our experimental pub.
try the web3 tools for yourself, your mind will be blown
holy moly, i'm super mirror-pilled now
h/t
@Iiterature
you might know they're a web3-native publishing platform. but did you know they're also building a suite of sick tools for funding, collaboration, and nfts???
broke: new L1s will kill Ethereum
woke: all value will trickle down to ETH the asset
bespoke: EVM Network Effects are more important than Ethereum
What is the EVM, what makes it different than just Ethereum, and why might it be more important than the blockchain itself?
fafo
🥳 Yup is coming to Polygon 🥳
Today, we write the next chapter of the Yup story.
We have begun migrating $YUP and the Yup protocol to
@0xPolygon
.
This is BIG for the Yup and Polygon ecosystems 🧵
Projects like
@proofofhumanity
and
@gitcoin
have the potential to disrupt intergovernmental orgs like the UN.
Imagine a global institution with political power, directly governed 1:1 by real humans worldwide, passing resolutions that impact nations.
inspired by
@balajis
's work on pseudonymous economies, I wrote on the philosophical implications of the 'self' in a pseudonymous future.
Is each of our online identities its own self? Is it a part of us? What if it's shared or passed down? comments pls
/1 The internet deserves a trustless sentiment layer,
Web3 is well positioned to offer it.
“Influence Mining" refers to contributing online engagement with reputation at stake for tokens. Huge opp for financial inclusion / DeFi integration
@yup_io
@Sudonymously
web3 means satisfying ≥1 of these criteria:
- majority owned/controlled by users
- permissionlessly accessible/forkable
- censorship resistant
@rainbowdotme
is open source -> web3
Coinbase wallet is closed -> not web3
@ourZORA
open NFT auction standards -> web3
OpenSea? nope
@CryptoKrafter
one could hold enough USDC on cb to support their weekly/monthly/quarterly spending, replenish regularly, treat it as a checking acc and hold everything else on self-custodied wallets.
DAOs != democracy & people need to wake up to that
they're just frameworks of ownership:
sometimes 5 people w/ a multisig
sometimes millions of people w/ voting rights
sometimes they'll be reputation based
sometimes subDAOs w/ separate budgets
As minting scales and every meme is born as an NFT, the meme economy will expand, establish open standards, and emerge as one of the most important social graphs on the web.
The meme economy will become real.
- Meme creators will make NFTs
- Timestamps give proof-of-first
- Memegen partially goes on-chain
- Memetic spread is more traceable
- Memers become millionaires
- Risky art becomes uncensorable & monetizable
- Art moves outside regime control
The number of tech/crypto people who have reached out in support over the last couple of days has been truly heartwarming. Gives me hope. Thank you all for caring.
Besides learning, donating, speaking out, I’m exploring other ways people can help. Open to any good ideas.
Trying to reach your onchain friends, anon? You can now DM their wallet directly from their profile on
@yup_io
, using
@xmtp_
and
@converseapp_
, and reach them across the dozens of apps in the XMTP Network.
DM me a yup and maybe I'll send something in return :)
NEW DAY NEW FRAME -> 𝕤𝕙𝕒𝕣𝕖.𝕪𝕦𝕡.𝕚𝕠
@yup_io
's new share frame lets users share a cast to X, FC, Lens, and more with 𝑜𝓃𝑒 𝒸𝓁𝒾𝒸𝓀 🖱️
Drop the link in a reply to ANY cast so people can recast it across the universe, like a megasuperultra-recast
Use degenerously
All SaaS Should Be Tokenized, even centralized products and services.
@Joey_DeBruin
and I explore the arguments, experiments, and projections of businesses built on tokenized access
🧵🧵
💫 𝙁𝙁 𝘿𝙀𝙎𝙆
All SaaS Should Be Tokenized
@nir_III
&
@Joey_DeBruin
argue for subscription-based products/services to move to a token-based model. They highlight benefits in economic alignment, composability, & efficiency for creators of all sizes.
↓
I'm still amazed by the off-chain voting innovations around
@SnapshotLabs
by
@AragonProject
@BalancerLabs
Voting off-chain, with IPFS, for 'free', with on-chain consequences.
This is a 10x improvement to the issues plaguing governance
@antoniogm
It’s definitely a proper name. In Hebrew, Humans are named after Adam not the other way around. Human in Hebrew is actually Ben Adam which means son of Adam
Kind of sick of this “everything’s a memecoin” argument you’re using to justify your gambling.
It’s ok to gamble, but don’t dilute real value others have built over a decade to make yourselves feel better about it
@VitalikButerin
Interesting that the first justification for having a fee is that ENS DAO is leaving money on the table, kind of feels antithetical to
@js_horne
’s hyperstructure thesis