The Next NFT Airdrop
Plus Sony is launching an L2, Pump Fun is launching spaces and a certain stablecoin is no longer fully backed.
TylerD's Market Summary
GM!
Today's top news:
Magic Eden Foundation teases ME airdrop
Sony to launch an ETH L2 focused on gaming, entertainment
Pump Fun launching spaces in app
Phantom expands its offerings to Apple Pay, credit cards and more
Tron stablecoin USDD no longer backed by Bitcoin, now mostly TRX
🎁 Magic Eden Announces $ME Airdrop Details
It feels like airdrop SZN is long behind us.
Spring was great, with free money raining down seemingly every week.
Then it dried up.
Well, a major new airdrop may be around the corner.
What Happened?
Yesterday, the Magic Eden Foundation formally announced its $ME token, with a vision of "powering the #1 cross chain dApps ecosystem."
The $ME claim will happen within the Magic Eden wallet, now available on IOS and Android (similar to the Blast playbook).
And future $ME incentives will reside in the wallet.
Clearly Magic Eden is directing people to its cross-chain wallet, which enables trading of NFTs and tokens across all the major chains fairly seamlessly.
What They're Saying
Notably, this was a change from their prior plans of launching an $NFT token, so a branding change has taken place. Possibly because they have bigger plans than just NFTs?
Magic Eden Foundation Director Matt Szenics said as much to Decrypt:
"We want this to represent something greater than just NFTs, especially if down the line, we adopt protocols that represent fungible token standards."
"That doesn’t mean we’re not bullish on [NFTs]."
Makes sense (and nice clarification Matt).
Why It Matters
Magic Eden has been the dominant NFT marketplace this year.
They have a sizable lead on the 3-month and 6-month over rival Blur and all other competitors.
For comparison, Blur trades at a $550M FDV ($330M mc). And it traded over $1B at peak.
It's not crazy to think Magic Eden's token could open at Blur's current MC or higher.
And in that scenario - NFT traders likely have a sizable airdrop coming.
Interested farmers can prepare now, by downloading the ME wallet, and starting to bid and trade NFTs on Magic Eden (on any chain of your choosing).
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $4.2M on the day (-32%); Solana was next with $3.1M, and then BTC with $1.9M
ETH NFT leaders were mixed; Pudgy +1% at 10.48 ETH, BAYC +1% at 12.9 ETH, Azuki -1% at 4.6, Milady -4% at 3.9; Punks held at 27.5
CyberBrokers (+50%) and Checks (+33%) were other notable top movers
BTC NFT leaders were very green after the Magic Eden announcement; NodeMonkes +13% at 0.139 BTC, Puppets +9% at 0.09 BTC, OMB +8% at 0.166, Quantum Cats +3% at 0.276
The Runes leaders were red again; DOG -1% at $297M mc, RSIC -5% at $72M mc, PUPS -9% to $38M
Solana NFTs were mostly green; Mad Lads +3% at 56 SOL, SMB Gen 2 +3% at 24, DeGods -4% at 35
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
pump.fun introduced "stages", allowing multiple parties to live stream, stage participants to screen share, use voice chat, and more
Phantom expanded its onboarding options. allowing users to utilize Apple Pay, credit cards and more with live quotes
Arch Lending announced a $75M raise to build out crypto-backed lending, with backing from Morgan Creek, Galaxy, BitGo and more
Arcade announced its first gamified "Paradice" mint is going live on August 27
Sony is launching an ETH L2 called Soneium, planning to deliver web3 apps across entertainment, gaming and finance
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors mostly chopped on the day; BTC -1% at $60,800; ETH +1% at $2,660, SOL even at $144
Bitcoin fees briefly surged over $100 as Babylon Labs launched its Native Staking protocol
Memecoin majors also chopped with DOGE even, PEPE even, WIF -2%, BONK -1%, MOG -1%
Tron stablecoin USDD is no longer backed by BTC reserves after Tron DAO removed $750M worth, now mostly backed by Tron (TRX)
Donald Trump endorsed his sons' crypto project "DeFiant Ones" on Truth Social, though details and launch dates are still TBD
Binance founder CZ has been released from prison to a halfway house, with full release slated for September
Avax had a big day, as Grayscale announced a new Avalanche Trust and Franklin Templeton announced its US Government Money Fund FOBXX is now available on Avalanche
The US Dept of Justice charged former congressional candidate Michelle Bond (FTX exec Ryan Salame's partner) with violating campaign finance laws tied to a sham consulting arrangement for $400,000 from FTX
🚀 Memecoin Movers
$GINNAN (+59%, $26M market cap, SOL)
$FWOG (+54%, $22M market cap, SOL)
$SCF (+36%, $56M market cap, SOL)
$DADDY (+26%, $45M market cap, SOL)
$POPCAT (+16%, $575M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Ultiverse (56%, 0.39 ETH Floor)
CyberBrokers (53%, 0.14 ETH)
Checks - Edition (33%, 0.3 ETH)
Heurist Imaginaries (24%, 1.3 ETH)
The Currency (23%, 0.8 ETH)
🗓 Upcoming Mints and Events
Today is another slower day of mints to end the week.
A few PFP drops on Bitcoin, Ram Dezin as the meme card artist, and a Real Agency drop from Jonah Blake coming on Polygon.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Ordi Gotchis (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Jonah - Real Agecy (12:00 p.m. ET)
Schizordies (12:00 p.m. ET)
Scerbo x Nguyen Wahed x Verse (1:00 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 to tyler.warner@luckytrader.com.
Loving this daily, thanks