🦊 THIS Social Media giant saved NFTs?

Namaste bhaiyo aur behno. We’re your desi Indian crypto newsletter and we won’t allow you to order no chai tea lattes. Stick to kadak chai G. ☕️

Before we dive in, we want to give a shout out to the GR8 degens we met at Decrypt 2022.

And how did they find out about such a BANGER web3 event?

👇

Alright let’s get into it:

• This social media platform is saving NFTs

• ETH will outperform Bitcoin: Derivatives Daddy

• Crypto Doodhshots

• Milky Meme Of The Day

This social media platform is saving NFTs

Most social media platforms have a love hate relationship with crypto.

Facebook 🤜 crypto ads

Apple 🤜 crypto apps

Twitter 🤜 Elon Musk

But one social media app is taking a liking to crypto, especially NFTs.

It’s Reddit, the so-called, “front page to the internet” which is reviving the NFT marketplace like a sportsperson’s biopic revives Akshay Kumar’s career.

Reddit launched its NFT product for the in-app avatars in July 2022.

This was an improvement over users’ ability to customize their in-app avatars.

Before the NFT launch users could already create cute custom avatars like these and do NOTHING.

After the NFT launch users could already create cute custom avatars and SELL THEM.

With the NFT launch, here’s what happened:

• Reddit gives artists licenses to style avatars

• Owners can buy these custom NFTs

• Artists get royalties

• Owners get benefits

All of this would be facilitated thru Reddit’s own:

🏪 NFT marketplace

👜 Crypto wallet

Sounds pretty good?

With all of these tools, artists started creating avatars and listing them on NFT marketplaces.

Check out this, this, and this NFT collection as part of Reddit’s creator avatars.

And since they started listing the Reddit NFTs in July, the — Total Users and Total Transactions — on NFT marketplace OpenSea has been 🚀🚀🚀

After two months of secondary trading on NFT marketplaces, it seems the BIG MONEY is finally pouring into Reddit NFTs.

These NFTs are going for BANK right now, just like Jaydev Unadkat during every IPL auction.

• Senses, a Reddit avatar collection, saw two sales for 4 ETH each of $5k (Rs 4.1 lakh) this weekend 💸

• And other Reddit NFT Foustlings is going HAAM (pardon the haram!) with the floor price 👆

Ya know what else?

The NFT market is reviving, just take a look at the rise in the floor price of Blue Chip NFTs:

Reddit’s NFT drop and the NFT market’s revival are too close to call coincidental.

But we’re still calling it that.

We’re stoked the NFT market is resurging.

At this point, the NFT market looks like every Bollywood hero.

It’s got a thousand bullets in its body, but it still manages to get up on its feet and fight the villain. We don’t really know how tf this is possible, but we’re excited anyway 🤷‍♂️

Fly MUSK - win $MATIC

You can win $MATIC by catching 🚬 and punching Tates

ETH will outperform Bitcoin: Derivatives Daddy

Arthur Hayes thinks ETH will “definitely” outperform Bitcoin but there’s a catch.

Wait, who is Arthur Hayes:

• a Bitcoin billionaire

• founder of BitMEX, an OG crypto derivatives exchange

• the second King Arthur

• a crypto keks connoisseur

And a very very dope long form writer.

Man wrote a few weeks ago that the Merge will be bullish for ETH. Since then, ETH is not only down, it’s down against BTC too.

Versus BTC, ETH is down 18% this month 😱

But big daddy Hayes is still taking the Hopium, or the Mergeuiana, or the m-ETH 🤣

He thinks the fundamental supply change in ETH will lead to:

ETH 🚀 BTC 💩

Here’s what he said

But there’s a villain on the corner.

The US Federal Reserve.

This villain’s got the most important superpower.

The control over money.

Hayes is pretty bullish on ETH.

Just how bullish?

Five Ducking Digits bullish ($10k)!

But if the US government continues to raise interest rates, Hayes expects ETH to stay below $10k.

Why?

Less liquidity → Less money to invest in assets → Less inflow into ETH → No $10k 🙈

Man’s still loading up on ETH and ERC-20 tokens despite the FED raising interest rates by 0.75% last week.

So, what do you think?

Can ETH > BTC for the rest of 2022?

Crypto Doodhshots

💰 Crypto billionaire Changepeng Zhao implements a 1.2% trading tax for Binance users trading Luna Classic $LUNC

🧑‍⚖️ Get this? A company from the days of the ICO mania is suing Coinbase for $350 million for tech infringement!

📉 America’s commodities regulator is suing a DAO for allegedly allowing retail users access to leveraged trading

🤬 WinterMute will continue trading even after the whoopsie of a $160 million hack due to a “human error”

🔥 Netcoin? The next hottest cryptocurrency? Nope. The possible other name for Bitcoin considered by Satoshi Nakamoto

Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.