👀 This L2 is going crazy! Wen Token?

Gm, this is the doodhwala, the only crypto newsletter that’s as good as licking your fingertips after DEMOLISHING a pack of Kurkure Masala Munch!

Here’s what we got for you today:

• What everyone is missing about Reddit NFTs

• Apple wants to take over the NFT market

• Chaach and charts: Arbitrum goes 🚀

• Milky Meme of the day

LFG 🔥

And if ya don’t know, we’re dropping daily podcasts on the Doodhwala Daily Show (it’s in the name) 👇 👇 👇

3️⃣ Reasons why Reddit NFTs are going UP and UP

Reddit, the social media platform you barely use but have been meaning to, is going HAM (pardon my haram) on the NFT game.

Quick back story:

Back in August 2022, Reddit airdropped NFTs to its active users.

How did they do this?

→ They measured activity based on Karma points

→ Set up Polygon wallets

→ Airdropped NFTs

And in less than 2 months, they’ve already notched up:

• 90k+ NFTs sold

• 3 million wallets created

• Market cap of $100 million

• Sales volume of $7 million +

• Top floor price of 7ETH ($10k

🤯

Just look at THAT massive jump in the holder numbers over time.

That’s more than the number of people who give gyaan to KL Rahul every time he plays for India.

🤯 🤯

Now, Reddit NFTs’ floor prices are going 🚀🚀🚀

Collection: The Hands

Floor price: 14.3ETH

🔺 460%

Collection: Diamond Diablo

Floor price: 4.5ETH

🔺 300%

Collection: Golden Hands

Floor price: 8ETH

🔺 200%

Live scenes from Reddit NFT Holders HQ:

We think, this is a BIG DEAL for the NFT ecosystem.

Here are 3 reasons why:

1️⃣ Quiet:

Reddit notched up $7 million in NFT sales in two months with little to now marketing.

No massive social media campaign

No celebrity endorsement

No paid giveaways

2️⃣ Community:

The first people to access these NFTs were the Reddit community members.

Even outsiders with a load of capital couldn’t get early bird access

3️⃣ Creators:

Reddit allowed creators to create their own NFTs and collections.

Then the collections were put on secondary marketplaces like Opensea, where creators could earn royalty fees

Doodhwala’s take: Social media 🤝 NFTs are gonna kick off soon, and Reddit is paving the way to launch NFTs with no hype, just value and utility.

Brb, gonna start shitposting a lot more on Twitter so that if Elon drops an NFT, I’m whitelisted. 🤣

Apple is innovating…in the wrong direction

Apple is like that one relative we all have who we think is absolutely cool and awesome but as we find out more about them…they absolutely become 🤮

We all know Apple for its:

• Best iPhone yet

• Rs 2000 “polishing” cloth (not even kidding)

• Different sizes of iPads

But what most people don’t know about Apple is the crazy “Apple Tax” they charge for all the apps and games on their App Store.

So for every in-app/game purchase, Apple takes a 30% cut of that.

30%! 🤬

Most of the freemium-based applications make most of their revenue through these in-app purchases and Apple taking away 30% of it is HUGE.

A lot of the companies including Epic Games, the creator of my 12-year-old cousin’s favourite game, Fortnite, tried to fight this but it did nothing because Apple has A LOT of power.

Now, Apple is coming after Web3 and NFTs. 🤡

How, you ask? 🤨

In their recent App Store guidelines update for developers, they dropped a Laxmi bomb to end most web3 games and apps on the AppStore.

Here’s the gist of it all:

🔴 ”Apps may not use their own mechanisms to unlock content or functionality”

This means that if any apps are using NFTs to unlock any gated content or additional use-case, they can forget about continuing it from now on.

It also doesn't matter if the NFT was bought on an external site. So any token or NFT gated communities are now dead.

🔴 ”Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs)”

So you can sell NFTs as in-app purchases but the catch is…not at the price you want to set like, let’s say $69.69.

You can only use pre-set prices such as .99 or 14.99. This tech cannot work for exchanges or marketplaces where people set their own prices for their assets. 🤷‍♂️

🔴 ”Apps cannot allow external web links to facilitate the purchases”

This is how Apple will get its 30% cut from NFTs sales.

So one way that apps could circumvent the tax is by allowing external web links on which purchases could happen and then you could view the purchased NFTs in the app.

Apple said “F%#$ you” to that.

Honestly…this tweet sums up the Apple mentality.

Taxing a huge amount for using their platform is big Web2 energy.

Apple needs to get woke and embrace the Web3 ethos.

The reason Apple is doing this is because 60-70% of AppStore revenue comes from in-game purchases from all the games on the AppStore.

Web3 will directly affect that revenue.

If Apple doesn't think long and hard about this decision then all their innovation over the years will be for nothing and they’ll only be remembered for this: 😂

Chaach and charts: Arbitrum goes 🚀

Arbitrum is a layer 2 scaling solution thingy for Ethereum

And it’s going off the charts

But we’ve got a chart for it

It’s prolly the most important chart to measure a blockchain’s activity → the number of transactions

The number of daily TXNs on Arbitrum:

October 25: 350k

October average: 100k

Idk about you, but I think that’s a 3.5x growth

🔥 Hot damn 🔥

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.