White Star Capital Digital Asset Fund - newsletter #107
Reddit Collectible Avatar, a great success for NFTs space!
Reddit Collectible Avatar, a great success for NFTs space!
White Star Capital Digital Asset Fund - newsletter #107
Rarible, the NFT Platform as a beginning
Reddit wanted to launch its own NFT platform, called Reddit Rarible, in order to allow users to create and trade unique digital assets called "avatar NFTs." Indeed, users are able to create their own avatar NFTs by uploading an image and setting a price for it. One of the key benefits of avatar NFTs is that they give users a sense of ownership and control over their online identity. In the past, users on Reddit were represented by a default avatar or by an image that they had uploaded themselves. Now, with avatar NFTs, users will be able to create a unique, collectible digital asset that represents their online presence.
What are Reddit Collectible Avatars?
Reddit introduced the “Reddit Collectible Avatar” in June 2022. The primary objective behind introducing the collectibles was to introduce blockchain to the masses. During the introduction of the project, Reddit tried to steer away their project from being labelled as a piece of NFT or crypto. They specifically wanted the avatars to be digital and therefore they termed them “collectibles.” Indeed, the company took pains to distance the offering from NFTs and crypto. The pieces sell for a fixed price rather than being auctioned and can only be paid for with fiat currencies. Its statement made no mention of NFTs.
A pretty good achievement
Almost 255,000 Reddit Collectible Avatars were minted on Saturday, a new record that surpassed the more than 200,000 mints on both Aug. 30 and Aug. 31.
After the milestone recorded on the platform, the total number of NFTs based on Polygon also known as Reddit Collectible Avatars which are in circulation is around 4.4 million. However, even after recording such high rates of minting the total number of recorded sales is around 40,000. An in-depth analysis of the data reveals the fact that around 3.4 million users possess a single collectible in their wallets. Some of the rarer Reddit NFTs have seen premium prices on secondary NFT marketplaces such as OpenSea, with some of the most expensive selling for over $300, while the platform’s own marketplace sees prices of around $50.
Reddit partners with independent artists to release each collection. Five sets were responsible for the record mints on Saturday: The Singularity (98,000), Aww Friends (57,000), Meme Team (39,000), Reddit Cup 2022 (34,000) and Drip Squad (28,000).
🔦 White Star & Portfolio Spotlight
Chris Anderson joins Exclusible as Chief Product Officer
Chris is a 25-year veteran product leader with a track record of building products with successful exits in excess of $700M.
Atlendis Labs announces the closure of the Auros USDC pool.
Auros was unfortunately directly impacted by the FTX collapse and was in turn downgraded from A to B and then from B to C by Credora over the week following FTX’s collapse.
🏦 Enterprises & Institutions
Binance Acquires Japanese Crypto Exchange Sakura
After landing regulatory approval in a host of European nations, Binance is now reentering the Japanese market via a new acquisition.
Aave Companies Acquires Social Metaverse Developer Sonar
The acquisition will see Sonar integrate Aave’s Lens protocol to introduce decentralized account profiles for its social mobile metaverse app.
Nexo leaving US, says country lacks clear regulations
The crypto borrowing and lending platform Nexo plans to gradually cease operations in the United States “over the coming months”.
Maple Finance cuts ties with Orthogonal Trading over alleged misrepresentation of finances
Maple’s decision comes after Orthogonal Trading admitted on Dec. 3 that it was unable to meet loan repayments following the collapse of FTX and its partner Alameda.
Uniswap ‘Fee Switch’ Finally Gets an On-chain Vote
Six months after the idea was first floated, the Uniswap DAO will finally get to decide on implementing a fee switch on select protocol pools.
⚖️ Government & Regulation
Pakistan launches new laws to expedite CBDC launch by 2025
Regulators worldwide see central bank digital currencies (CBDCs) as a way to enhance fiat capabilities by inheriting the financial prowess of technologies that power cryptocurrencies. Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025.
UK set to announce new crypto regulations
Regulators will have more power to police the sector, including a clampdown on crypto-related advertisements by companies based outside the UK.
Central bank plans to make CBDC 'only legal digital tender' in Indonesia, says gov
“Collaboration and synergy on national and international level is critical to the development of Digital Rupiah,” said Perry Warjiyo.
Malta prepares to revise regulatory treatment of NFTs
The Malta Financial Services Authority (MFSA) is currently reviewing requests to revise the “regulatory treatment” of nonfungible tokens within its Virtual Financial Assets framework.
Brazilian crypto industry gets regulatory clarity amid global uncertainty
The recent regulatory framework from the Brazilian Congress will benefit the country’s financial institutions and bridge local liquidity with global markets.
Ripple files final submission against SEC as landmark case nears end
The two-year-long battle between SEC and Ripple is approaching the end, with Ripple filing its final submission in its case against the U.S. regulator on Dec. 2.
💰 Funding & Exits
Framework Ventures and Chapter One back web3 software solution Daylight
Daylight has raised $3 million in a seed round to aggregate web3 perks through an API.
Polychain Capital leads web3 developer platform Fleek’s $25 million raise
Web3 developer platform Fleek closed a $25 million round in October, which included backing from Polychain Capital and DCG.
Binance Labs Invests up to $4.5 Million in Ambit Finance To Boost DeFi on BNB Chain
Ambit, representing a new breed of DeFi apps, will enhance the utility of BUSD and other assets across the BNB Chain ecosystem. The project is powered by an experienced team with a diverse background, which includes former Anchor Protocol leadership.
Cyvers raises $8 million to bring security solutions to web3 companies
Cybersecurity startup Cyvers raised $8 million in a seed round led by Elron Ventures.
🚀 Project Launches & Updates
Magic Eden Launches Solana NFT Tool to Enforce Creator Royalties
Magic Eden's Open Creator Protocol lets creators of new NFT projects block marketplaces that refuse to honor royalties on OCP-enabled assets.
Animoca’s New $2B Investment Fund Focuses on the Metaverse
Animoca Brands has over 340 investments and dozens of subsidiaries in the Web3 and metaverse space, including The Sandbox.
🔥 Other Bits We're Excited About
‘Father of the iPod’ helps Ledger create new cold crypto wallet
Tony Fadell, the man behind the iPod, iPhone and Nest Thermostat, collaborates with major crypto wallet firm Ledger to build a new cold wallet.
It’s a Bear Market, but Point72 Is Still Hiring Crypto Pros
The two latest hires, who report directly to Point72’s c-suite, are the latest indicator that Steve Cohen’s firm is continuing to branch out into digital assets.