A Surprise Airdrop for NFT Traders
A Surprise Airdrop for NFT Traders
NFT traders may get a bail-out in January, with a new NFT marketplace, airdrop and L2. Find out all the details plus how to claim your airdrop below.
TylerD's Market Summary
GM!
Today's top news includes:
Frame announces airdrop and new L2 coming Jan 31, 2024
$GRAPE token goes live for trading tomorrow
Web3 gaming NFTs lead, see big green
Solana's Flash Trade mint 4x's, sees 34k SOL volume ($2.6M)
WIF cools off while COQ soars as memecoin mania continues
🎁 Frame Announces New NFT-Centric L2 and Token
NFT traders got a welcome surprise on Tuesday morning!
A new airdrop is coming in $FRAME.
The amount each user is receiving is mostly tied to past trading activity.
And as it's backed by some big names, this one may have legs.
What Is Frame?
Yesterday the Frame team formally announced an initial fundraise led by Electric Capital and an initial airdrop of its native $FRAME token.
But what is Frame exactly?
Frame is an ETH L2 focused on enforcing royalties at the network level.
The team is tailoring to creators by enforcing royalties via its Palette Protocol, giving a portion of sequencer fees to its Frame Creator Fund, and by enabling any existing EVM smart contracts to be deployed as-is on Frame.
So for artists, launching on Frame will be a no-brainer. The question will be - will they launch elsewhere as well?
Security is also front-and-center with Frame, with the team touting "new standards, protocol-layer changes, and most custody options," including delegate cash built in.
Frame's angels and advisors is a "who's who" list of web3 founders and influencers, including 9gag (Memeland founder), Luca Netz (Pudgy Penguins), Zagabond (Azuki), Loopify (Treeverse), dingaling, 0xfoobar, 0xquit and more.
Its testnet is open for deposits and users can do quests for more points.
Speaking of points...
Frame Airdrop Details
Frame is kicking off its decentralization journey by rewarding active NFT community members.
The token will be used for governance of the network and is transfer-locked until mainnet goes live on Jan 31, 2024 (meaning the token is not live and can't be traded yet).
Interested users can claim their $FRAME tokens on Frame's governance page.
Points are distributed mostly based on historical trading and royalties paid on those trades.
They are seemingly maxed at 4,500 per wallet (with a few exceptions for the very top traders), and users who transacted at all can expect at least 50-150 points.
So check all your wallets (I personally had points on 5 wallets).
That max token allocation of just 4,500 should ensure a fairly distributed airdrop, and most Blur farmers and sybils won't benefit ($1M in activity with no royalties won't count at all for points).
Which leads to our last question...
Is Frame Going To Make It?
The NFT marketplace game is a competitive sector.
LooksRare and X2Y2 both came on the scene in 2022 with big airdrops but failed to ultimately capture market share.
Only Blur has been able to really do so, flipping OpenSea and taking 75% share.
Can Blur be displaced?
The key will be incentives.
The royalties carrot is a nice one, and founders and artists will be incentivized to list on Frame.
But what matters is if buyers will be incentivized to buy/trade/collect there.
That's a problem the Frame team will need to solve. And they're facing an uphill battle with users having to pay higher fees on Frame than other mp's.
And that's where incentives will need to kick in, related to the $FRAME token.
If the team can figure those incentives out, and can line up some market makers to make the token launch on Jan 31 successful - then they'll have a real shot.
Many in the market will be pulling for them to make it happen.
Read more with the team's docs found here.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
ETH trading volume held steady at $18.5M on Tuesday; NFT leaders saw mostly green
Web3 gaming NFTs led top movers on ETH, with Skyborne +77% to 1.28 ETH, The Grapes +49% to 2.48 and Overworld Incarna up 10% to 2.56
The $GRAPE token will go live for trading tomorrow morning at 6 am ET on Kucoin and Bybit, likely dictating the near-term fate of the web3 gaming sector
Flash Trade led volume on Solana after minting out at 3 SOL and running to a 12.7 SOL floor on 34,000 SOL volume ($2.6M); other SOL leaders chopped or dipped on the day
Solana Saga phone holders got a surprise airdrop on Tuesday, when Access Protocol airdropped everyone 100k ACS tokens worth $259; the phones have been selling for as much as $5,000 on Ebay
Richard Nadler's "Izanami Islands" minted out in its ranked Dutch auction at $3,222 (1.5 ETH) and are holding at a 1.55 ETH floor
Overworld outlined its points program and holder rewards ahead of its $MNCT drop in Q1 2024; points can be gained by holding and delisting Incarna NFTs and more
Magic Eden announced a new partnership with Taiyo Robotics to continue "putting creators first"
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors were mixed on the day; BTC even at $42,900; ETH -1.27% at $2,210; SOL +2.8% at $76.90
Other L1s rallied again with INJ +8.7% to $42.40 and NEAR +21% to $2.92
WIF fell 30% to a $140M marketcap while COQ ran to a $270M mc on AVAX (now $250M)
Gods Unchained is back in the Epic Games store after a policy change from Epic, marked as "Adults Only 18+" with blockchain and NFT tags
Privy introduced global embedded wallets, giving users access to multiple apps, ability to self-custody and more
🚀 NFT Total Volume (ETH)
Azuki (1,436 ETH, 5.68 ETH Floor)
DeGods (1,086 ETH, 2.66 ETH)
MAYC (966 ETH, 5.19 ETH)
Pudgy Penguins (942 ETH, 10.69 ETH)
Matr1x Kuku (836 ETH, 3.2 ETH)
📈 NFT Floor Price Increase (ETH)
Metal Core Infantry (100%, 0.17 ETH Floor)
Skyborne - Nexian Gems (77%, 1.28 ETH)
Library Onchain (68%, 2.85 ETH)
The Grapes (49%, 2.48 ETH)
Descendants of Smurfcat (28%, 0.17 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a much slower day of drops as the week begins to slow down ahead of the holiday.
Most ETH traders will likely be in a holding pattern until tomorrow's $GRAPE token launch which will likely dictate where other web3 gaming projects with tokens trade in the short term.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Memes by 6529 (11:00 a.m. ET)
Bard Ionson - Painting with Fire (12:00 p.m. ET)
Zokio (7:00 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.