Reddit Returns With New NFTs and Crypto Twitter Leaves Threads on Read

Reddit has released its latest NFT avatar collection aimed at inspiring "warm, fuzzy feelings of nostalgia” among collectors, while Amazon added new blockchain tools to its Amazon Web Services cloud platform as it continues its Web3 expansion.

Also, we chatted with Web3 influencers to suss out if the crypto degens are ready to migrate from Twitter to Meta’s Threads or another decentralized social media platform.

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This Week's Alpha

Much ado about Snoo: Reddit released its Gen 4 Collectible Avatar series, bringing a new batch of colorful collectibles to its NFT shop reimagining the platform’s iconic "Snoo" character. Titled “Retro Reimagined,” the microblogging site says it is meant to inspire "warm, fuzzy feelings of nostalgia” and features designs from 100 independent artists and popular NFT collections like Cool Cats.

• Learning from the past: Previous releases have not been entirely smooth, so this time around, the Reddit team implemented anti-bot measures like CAPTCHA to create a better user experience. In addition, the platform introduced spend limits and launched an “initial access” period on the first day to limit the number of NFTs a user could sweep in one go. Still, it wasn’t a perfect launch.
• Soaring sales: According to data from Dune Analytics, there are now over 14.5 million avatar holders.

Amazon primed and ready: The e-commerce giant has added new blockchain tools to its Amazon Web Services cloud platform, expanding the capabilities of its Amazon Managed Blockchain service that provides manicured infrastructure for developers looking to build Web3 applications faster. The new tools, "Access" and "Query," allow developers to interact with public blockchains more seamlessly and expand node offerings with serverless, scalable access to blockchains.

• Add to cart: The new tools expand the platform’s already-growing Web3 ambitions, which reportedly include plans for an NFT marketplace.

Threadheads: While Meta’s new Threads social app recently onboarded millions of normies, the question remains: Will it be cool enough to lure the vibrant crypto community away from its native Twitter homebase? Some Web3 strategists and builders are skeptical of its pull. “I don't need a Twitter clone – I need Meta to think deeper about creating new ways to connect,” Riley Blackwell, Web3-focused community-building strategist, told us.

• Decentralized dreams: While the platform is compatible with decentralized social media protocol ActivityPub, which would allow users to interact with other social media platforms like Mastodon, Bluesky and others, signing up still requires an existing Instagram account. This makes it more difficult to maintain anonymity online, which is important to a number of Web3 artists and creators. It’s also virtually impossible to leave the platform once you join.
• Scoring on simplicity: The platform does offer a more simplified and seamless onboarding process that allowed it bring in new users so quickly. A thread can be cross-posted as an Instagram story, sowing early seeds of interoperability. Still, Threads users are already spending way less time on the app, which could make it a passing fad – a phenomenon high-speed crypto traders are all too familiar with.

Project in the news

Stan Lee Universe

Who: VeVe and Kartoon Studios

What: NFT marketplace VeVe has released a new series of chibi-style NFTs based on Marvel legend Stan Lee. Each of the four artworks had various edition numbers and rarity ranks. Kartoon Studio, which partnered with VeVe on the release, said that the collectibles experienced a “near-instantaneous” sell-out of its over 8,000 NFTs.

How: The collectibles, released as “blind boxes” that were only revealed after purchase, were priced at $15 each. According to Bloomberg, the drop brought in about $120,000 and rose in value by at least 500% by Monday morning. On the VeVe app, some collectibles were listed for resale for up to $749.

In Other News

No admission fee: The 270-year-old British Museum is entering the metaverse through a partnership with The Sandbox, bringing its collection to the virtual world as well as releasing a collection of NFTs.

Star Atlas shrinks its galaxy: The company behind the Web3 game laid off over 70% of its staff this week, but the CEO said that their vision hasn’t changed.

Twitter trading: Web3 wallet Suku has launched an app that allows Twitter (X?) users to directly send digital currencies and NFTs to each other, a feature Musk hopes to add to his social media platform.

From Vintage to MNTGE: Digital Fashion brand MNTGE released a new collection of NFT patches paired with physical twins and linked to real-world rewards.

Frequent flier: United Arab Emirates carrier Etihad Airways plans to introduce a Web3 loyalty program that will allow holders to stake NFTs for miles and travel perks.

Non-Fungible Toolkit

ERC-6551: Unpacking The ‘Backpack’ Wallet

In the past few months, several Web3 projects have adopted the ERC-6551 standard, or token-bound account. The new standard opens up a plethora of use cases across NFTs, gaming, DAOs and the metaverse.

For example, let’s say a PFP NFT collection implements an ERC-6551 token standard. If the collection has its own native cryptocurrency, the NFT could custody those tokens. It could also custody derivative NFTs such as digital wearables for the avatar, like socks or sneakers or hats. Here’s what you need to know about ERC-6551.