Web3 community shares tips for a successful GameFi project
As the GameFi space continues its journey to attract gamers to a new gaming paradigm, community members shared their takes on what they think a mature GameFi project needs to succeed. From creating e-sports competitions with huge prize pools to making the game tokens more relevant for the token holders, GameFi community members shared their takes on what the space needs. One Reddit user suggested that GameFi projects need to appeal to several target audiences. This includes whales who will provide funding, earners who are mostly kids and people from developing countries and those who play for fun that will leave good reviews for the game. Another community member pointed out the need to improve the reputation of the space. According to the Redditor, there are some that consider GameF...
Traders expect 200% upside from MATIC, but does Polygon network data support that?
In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value. Total value locked on Polygon rises above $1B Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking ...
Here are top tips by the crypto community to get through the bear market
The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion. At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money. As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event. One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations. “I igno...
Crypto Biz: Is Zuckerberg’s $100B metaverse experiment doomed to fail?
Not everyone is convinced that Mark Zuckerberg’s massive metaverse experiment is a good idea. Since Facebook rebranded to Meta in 2021, the social media giant’s focus has increasingly shifted to connecting the digital and physical worlds through augmented reality. However, a shareholder of the company recently issued a letter to the CEO calling the metaverse investment “super-sized and terrifying.” It didn’t take long for those concerns to be justified. Meta published its third-quarter financial results after the bell on Oct. 26 and, perhaps unsurprisingly, its metaverse division underperformed. Meta’s Reality Labs lost a whopping $3.672 billion during the quarter, mirroring a similar decline in Q1. That’s the risk you run when you venture into unchartered territory. For all the hype surro...
Is MATIC price about to double? Polygon’s Reddit hype pushes exchange balance to 9-month lows
A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally. MATIC exchange balance hits nine-month low Notably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows. MATIC balance on exchanges versus price. Source: Santiment A declining crypto balance across exchanges is perceived as bullish by the market since traders typically withdraw their funds from trading platforms when they want to hold the token...
Reddit NFT trading volume hits all-time high as wallet holders near 3 million
According to data provided by Polygon and Dune Analytics, the trading volume of Reddit nonfungible token (NFT) avatars has eclipsed $1.5 million in the past 24 hours. The increase represents over one-third of the collection’s cumulative trading volume of $4.1 million since launch. At the same time, the daily sales volume of Reddit NFTs also witnessed a new all-time high of 3,780 digital collectibles changing hands. Reddit avatars are created by independent artists and are minted as NFTs on the Polygon blockchain. Users can purchase such collectibles on Vault, Reddit’s cryptocurrency wallet. They can then be worn and displayed as profile pictures when users create content on the popular social media platform. After being purchased purchase, the NFTs can be bought and sold on secondary marke...
Users upset that Binance’s wrong crypto network retrieval fees have soared to 500 BUSD
On Oct. 18, the product team at cryptocurrency exchange Binance held an ask-me-anything session with users on Reddit. Of particular interest was a discussion that arose regarding retrieval fees for crypto sent on different networks than the recipient’s wallet address on Binance. According to user Maxx3141, who brought up the issue: “I accidentally send WETH [wrapped Ether] to my Polygon address two months ago. Your exchange supports Polygon, but just for MATIC. It was only like 100$ in value. I found out you previously could recover this for a 30$ fee, and I thought that was fine. But when I contacted you, I found out you just raised the fee to 500 BUSD.” Another user, Superb_Dragonfruit63, also raised the issue of having to pay 500 BUSD for crypto retrievals on unmatched...
A Burning Man Worker Who Cleaned Porta-Potties Has Gone Viral After Wild Reddit AMA
Zach saw some shit this past week. The Burning Man worker, who has decided not to reveal his last name for fear of reprisal from his employer, last week headed to Black Rock City, where he was tasked with keeping the portable toilets clean for the event’s long-awaited return. So what actually goes into such a task of keeping the playa’s dust storms from turning into a literal shitstorm? Zach took to Reddit for an honest AMA with curious Burners, offering a glimpse into his wild workweek deep in the Nevada desert. Burning Man attracts roughly 80,000 people to the metropolis of Black Rock City for a week of radical self-expression. That’s a lot of people, which in turn, is a lot of waste to deal with. “Deep playa in the am was an absolute nightmare,” Zach comment...
Over a Decade Later, Hudson Mohawke’s “Cbat” Tops Charts Following Bizarre Reddit Sex Confession
There’s no manual to achieving a chart topping hit—but having your music be the subject of an embarrassing sex confession may be one of the weirdest routes we’ve seen a song take. Taking to the TIFU subreddit, a Redditor confessed to the world that Hudson Mohawke’s track “Cbat” had been a staple of his love-making playlist for a number of years, and stood the test of time through multiple relationships. That was much to the chagrin of his current girlfriend, who unfortunately expressed her displeasure for the track after two years of their relationship. The author of the post elaborated that the song happens to be his favorite part of the playlist, and he enjoyed the fact that he could align his motions to the quirky rhythm of the track during intimacy. Howeve...
Reddit NFT avatars selling for a premium on OpenSea
Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store. Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists. Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs. Reddit Avatars are created by a number of independent artists that use the platform and are minted on purchase on the Polygon blockchain. Given that OpenSea features cro...
‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money
Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is looking to raise a crypto investment fund worth $177.6 million, while current and former executives from Galaxy Digital and Genesis are raising a $500 million fund of their own. 776’s crypto play According to an Aug. 29 report from The Information, 776’s fund “Kryptos” will launch in October to capitalize on the current bear market. It emphasized there are currently some bargain bin token discounts on the market that are ripe for the taking. “This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale,” said Katelin Holloway, Founding Partner at Seven Seven Six. The firm registered with the Securities and Exchange Commission (SEC) to become an investment advisor...
Electronic Artists Win Big In User-Generated “Reddit Grammy Awards”
The Grammy’s have had a tumultuous past, and many artists are turning away from them entirely. So one Redditor took matters into their own hands. The “Reddit Grammy Awards” was forged by a Reddit user who listened through 7,500 songs posted to platform by unheralded independent artists. Last year, they listened to more than 15,000 songs. Similar to the Grammys, these awards includes various genres, including electronic, classical, breakbeat and more. The electronic song of the year was “Burn” by mistral, an artist based in Glasgow. Other winners include Sonar Seven’s “Sunbird” for Bass House, Vrdnyn and Summer School’s “Hurt No More” for Disco House, and Latch’s “Wasteland” for House. Scroll to Co...
