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The Shopify of Web3 Sports Betting Introduces Points
Monaco Protocol is looking to transform the sports betting industry, and their most recent announcement is a major step towards that vision. Find out more + catch up on all the news.
TylerD's Market Summary
Today's top news includes:
NFT volume pops to $13M, PFPs back in green
$MEME futures trade at 110x
Snowpepen grinds up to 5.33 ETH overnight
Unibot exploited, funds stolen (developing situation)
Crypto sports betting protocol Monaco adds rewards points
🎁 Monaco Protocol Launches Rewards Points
Sports betting and web3 have a deep history and clear product market fit.
Thousands of NFT enthusiasts and participants got their start with NBA Top Shot back in 2020 / early 2021.
DraftKings Reignmakers and Sorare have had deep success with their web3 fantasy products.
And now Monaco is looking to make its mark to become "the Shopify for sports betting."
They just took the next step towards that goal with a major announcement - unveiling Season 1 of Monaco Protocol Points, a program to reward contributors to the Monaco ecosystem.
Here is a quick TLDR of the announcement:
Earn System: Monaco Protocol Points are awarded based on matched trading volume (accepted bets)
Roles & Eligibility: Makers, takers, and dApps in the Monaco ecosystem can earn points
Points Distribution: For every USDC dollar traded: makers get 6 points, takers 4 points, and dApps 2 points
Retroactive Points: Points are given retroactively for contributions since July 1st, 2023; viewable on their official site
For quick background, Monaco is an open-source decentralized betting platform. It enables builders to create betting apps (dApps) on its platform, including existing ones like BetDEX and Purebet.
Now, Monaco Protocol has rolled out the much-anticipated Season 1 of their Monaco Protocol Points.
The initiative is set to recognize and reward those who contribute to the thriving Monaco ecosystem, from makers (liquidity providers for bets), takers (bettors), to ecosystem builders (those building dApps on Monaco).
Earning these points is straightforward - they are awarded based on the matched trading volume (bets that are accepted).
And it's not just the new trades that are being recognized.
In a move that is sure to be applauded by the community, Monaco Protocol has retroactively awarded points to all contributors with past activities dating back to July 1st, 2023.
This generosity ensures that early adopters and contributors are not left out.
Everyone can view their points tally on the official Monaco Protocol site, and a leaderboard will provide a weekly update every Friday.
Why It Matters
For starters, points are hot right now.
Blur put points on the map ahead of their $BLUR token airdrop, and now most protocols and SocialFI apps are distributing points ahead of potential and/or known token airdrops.
So does this mean a Monaco token is coming?
We don't know for sure, but we can speculate.
Beyond that, gambling products with web3 components just make sense.
Gambling is a massive industry ($60.4B in gross revenue just in the U.S. in 2022), and crypto natives anecdotally seem to have gambling biases (shown very clearly in memecoin season).
Having native ways to bet using crypto is welcome for many in the space. And the decentralized nature of Monaco and its dApps (there is no house, just market makers and bettors; and anyone can build betting dApps on the protocol) aligns with web3 ethos.
And those dApp builders will have the chance to further distribute their points back to their users - a potential double dip!
The incentives are strong in this program.
For newcomers to the ecosystem, Monaco Protocol offers many ways to participate, including interacting with the protocol and engaging with live dApps like BetDEX and PureBet.
You can check points balances at www.monacoprotocol.xyz/monacopoints
Read the full announcement blog.
And head over to their main site to learn more, and start earning those points!
👥 Friend Tech Trend Tracker
The Friend Tech market mostly chopped on slightly higher daily volume, while Stars Arena experienced a full meltdown.
Here are some of the core Friend Tech metrics for 10/31 and their day-over-day change:
Return users: 16,274 -> 5,839 (-64%)
Daily Buy volume: $0.57M -> 0.73M (+28%)
Total Volume: $0.922 -> $1.48M (+60%)
TVL: $40.87 -> $40.57M (-1%)
Highest key: CBB 5.776 -> 5.93 (+3%)
*TVL in ETH terms 22,480 -> 22,530 ETH (+1%)
Returning users are starting to come back towards recent levels as the sybil farmers finish operations, and daily new users are approaching accurate levels (<500/day).
CBB introduced his new NFT collection for key holders, which went live on Base and airdropped to each CBB Bull key holders (one per key). The reveal happens today at 5 pm UTC and the NFTs are nontransferable until after the airdrop. Each NFT also provides a bonus of $CBB tokens generated for CBB key holders.
And Racer teased "Friend Tech 2" in a now-deleted post, leading to some too-early speculation on what that might mean.
In other SocialFI news:
Avalaunch severed tied with StarsArena after more issues arose, including a new scandal tied to how referral fees were taken; advisor Kook was let go, and it is now unclear who is left on the team; Stars Arena TVL is down at $175k
New Bitcoin City TVL held at $2.55M on the day, as did Tomo ($1.02M)
Machi is gearing up to launch his SocialFI app tag.tech
The appetite for new SocialFI right now does not seem super strong, but we will see if Machi and others can change that.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Trading volume jumped 30% to $12.9M (7,150 ETH) on Monday, with the PFP leaders mostly seeing green again
Rug Radio, Ether Avatars and Miladys led top movers, up 45%, 24% and 11% respectively
Snowpepens revealed early Monday evening and grinded up all night, settling at a 5.33 ETH floor this morning (7.69 ETH high sale)
$MEME futures have traded as high as 110x its opening price on Bitmex
ACK's X page has disappeared, leading to rumors of what the artist may be planning next
Phantom Wallet introduced Camera Mint, allowing users to transform photos and videos into Solana NFTs in seconds; snap a photo, add a name and description and then mint and store NFTs on Solana using the Phantom mobile app
Mocaverse introduced Realm Points (RP), a new system to gauge user activity and influence within its on-chain identity ecosystem.; Moca XP are earned via staking Moca NFTs and participating in Odyssey activations, while RP are earned from partner activations, social questions and referrals
Forgotten Runes Wizard's Cult is inviting all of web3 to its Halloween game and event, "Nightmare Run," which kicks off today at 4:00 p.m. ET.
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market saw mixed results on Monday; BTC -0.3% at $34,450; ETH -0.5% at $1,803; SOL +6% at $36.69
Unibot was exploited early Tuesday morning, with users encouraged to revoke approvals ASAP; the token fell 22% on the news to $44.58
Animoca Brands acquired blockchain game streaming platform, Azarus, boosting its web3 gaming portfolio
Animoca Brands also formed a strategic partnership with NEOM to bolster web3 initiatives in alignment with the Saudi Vision 2030 plan, including a $50M investment by NEOM in Animoca Brands
🚀 NFT Total Volume
BAYC (3,846 ETH, 30.55 ETH Floor)
MAYC (895 ETH, 5.76 ETH)
Azuki (405 ETH, 5.1 ETH)
Opepen (254 ETH, 0.43 ETH)
Captainz (235 ETH, 5.68 ETH)
📈 NFT Floor Price Increase
Rug Radio Genesis (45%, 0.15 ETH Floor)
AOI Engine (32%, 0.05 ETH)
Ether Avatar (24%, 0.11 ETH)
Valhalla (22%, 0.15 ETH)
CryptoDickButts S3 (18%, 0.65 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a busier day of drops with a bit of a spooky theme for Halloween.
Deadfellaz is doing a limited edition series celebrating the holiday, featuring artists like Joyce Liu, Hoshi Peach and Rensi.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Age of Dino (8:00 a.m. ET)
Tangled Tapestries (9:00 a.m. ET)
Death Ecstasy (12:00 p.m. ET)
Hannah Windrath - ACID (1:30 p.m. ET)
Deadfellaz - Infected S3 (6:30 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 email@example.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's NFT Calendar page.