A Major SocialFi Airdrop Is Coming
A Major SocialFi Airdrop Is Coming
Plus crypto is falling off a cliff. Find out how bad the damage is.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors nose dive, BTC at $63k
Fidelity adds ETH staking to ETH ETF application
Solana outperforms all chains in active wallets
Stars Arena announces $ARENA airdrop
Forbes shares Legacy Pass, soulbound token
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🎁 Stars Arena To Launch $ARENA
SocialFi was the major craze of Q4 2023 and many believe an important sector for crypto for the years to come.
Well we are about to get our first real test of the market demand for a SocialFi token.
What Happened?
Yesterday, Avax-based Stars Arena announced its $ARENA airdrop.
Here's the TLDR:
$ARENA will be an ERC-20 governance token
69 $ARENA per point
37.1M points distributed so far to over 100k users (total of 2.56B $ARENA so far)
10% unlocked at TGE (so 256M), 90% over the coming year*
Up to 10M points coming for March Madness
Points can be earned via Buying volume, Portfolio value, and Referral activity
*The caveat is that those additional 90% of points/tokens will only go to active users. So those with huge point balance may not convert them all, if they don't come back to the Arena.
Also, a majority vote is required to launch the $ARENA token.
Why It Matters
This is an important ecosystem and airdrop to watch for a few reasons:
This will be the first true market test for a SocialFI token (important barometer for Friend Tech's token coming in April)
The tokenomics are smart and aimed to encourage ongoing use of the platform (will they work)
A massive bonus period is available to hungry users across the next few weeks
The other X factor here is the Avax Foundation.
Avax has rallied behind several of its ecosystem memecoins, publicly buying them and disclosing positions. If they buy into $ARENA and help market make the token, this could perform better than some may expect.
How To Participate
If you believe $ARENA will do well, then it makes sense to farm March Madness as hard as possible (10M points or 690M tokens up for grabs).
That means depositing to the Arena, buying and trading some tickets, actively posting and contributing to the community where possible.
We learned a lesson back in 2023 - it doesn't take a massive bankroll to succeed in SocialFi. Effort and consistency in content delivery can help anyone rise.
Additionally, if whales don’t come back to the Arena, they’ll forfeit 90% of their points / tokens - so a bigger share will be up for grabs.
There is a potential big opportunity here for those hungry enough to go after it.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $12.3M on the day (+14%); SOL was next with $9.5M (-4%) and then Bitcoin with $9.4M (-61%)
The ETH NFT leaders were mixed on the day; BAYC -2% at 13.3 ETH, Pudgy Penguins +1% to 10.4, Captainz +2% to 3.95
alignDRAW and Auntiverse were notable top winners again, jumping 80% and 35% respectively to 1.8 ETH and 1.34 ETH floors
OSF's "Professional Degen 5" is 80% minted and holding a 0.065 ETH floor on secondary (from free mint)
Runestones was the top Bitcoin mover on the day tallying 70 BTC while the floor held at 0.038
Other top BTC NFT floors dipped; NodeMonkes at 0.675, OMB at 0.38, Puppets at 0.218
Taproot Wizards team launched a new website and Op_Cat simulator along with the beginning of Quest #2
Solana NFTs were very red on the day; Mad Lads -4% at 167, Tensorians -18% at 39, Famous Fox -18% at 7, Frogana -12% at 2 SOL
nftperp shared that $PUNKS are now trading exclusively on its Blast protocol
NBA Top Shot introduced "Flash Leaderboards" allowing users to track the top point scorers in the NBA and submit Moments to earn prizes
Kettle Finance announced its genesis drop of 25 Luxury Watches on Blast (backed by their physical counterparts) coming next week
Beeple shared a new partnership with Stability AI to work on the future of AI, Art, media and GPU rendering
💰 Token, Airdrop & Points Tracker
Highlighting the major token or airdrop news from the day.
MetaStreet announced a gift (Ascend points) for Pudgy Penguin holders
Nut Market announced an airdrop for early users who signed up for their beta site, with over 2.5M requests coming in
Reddit's $MOON token soared to a new ATH over $0.60 on Sunday, after Celer's bridge announced it will support the token enabling it to be moved to Arbitrum Nova (March 20)
The $PUPS team announced its final Runes supply won't be 10M as believed but "much higher" (token at $4.48 and $45M mc)
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are down big this morning; BTC -8% $62,680; ETH -10% at $3,200; SOL -17% at $173
Solana outperformed every chain in daily active addresses on Monday
New presale token $SLERF saw $2B volume in its first 12 hours of trading
Fidelity has added ETH staking to its ETH ETF application ahead of an expected May decision
Forbes announced its Legacy Pass, a soul-bound token aimed to provide exclusive access and "benefits designed to foster personal and professional development"
Open Campus shared that more than 100,000 Open Campus IDs have been claimed since January for its decentralized education platform ($EDU up 26% on the month to $0.96)
🚀 NFT Total Volume
Runestones ($3.7M, 0.038 BTC Floor)
BAYC ($2.8M, 13.34 ETH floor)
Mad Lads ($1.55M, 167 SOL Floor)
Milady ($1.75M, 3.42 ETH Floor)
NodeMonkes ($1.4M, 0.675 BTC floor)
📈 NFT Floor Price Increase (ETH)
alignDRAW (89%, 1.8 ETH Floor)
Rug Radio (66%, 0.23 ETH)
Shrapnel Operators (44%, 0.11 ETH)
Auntieverse (35%, 1.34 ETH)
Nakamigos (27%, 0.13 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of drops after a fast start to the week.
With OSF's Professional Degen 5 floor at 0.065 ETH, it will clearly mint out in its public phase. The question the becomes - where it goes from there?
Otherwise expect a slower day in the NFT streets if the crypto volatility keeps up.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Counterfeit Cards - Misfit (10:00 a.m. ET)
Lil' Bits Ordinals (12:00 p.m. ET)
piter pasma x Highlight - Vareniyam (12:00 p.m. ET)
OSF Professional Degen 5 - public (2:00 p.m. ET)
Rune Rocks (3:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.