Double Double Bitcoin & Trouble… happy almost Halloween! Remember, candy corn totally counts as a vegetable, at least for the rest of October. I'm Taylor, CEO of Hedgehog — and not to brag or anything, but I've been known to eat my vegetables.
Meanwhile, Hedgehog is your crypto portfolio's best friend for hassle-free investing. We can replace your gnarly spreadsheet and your headache. Here is a meme to make it crystal clear:
Back to Halloween (then we'll return to crypto in a moment). As you know, every week I ask a giveaway question at the end of the newsletter, and one lucky reader wins some sweet, sweet Hedgehog swag. Seriously, the water bottle is amazing, with insulation to keep your drinks cold and everything. We're fancy like that 💅
The other day I had to have a blood test and the lab ceiling was covered in bats. When I asked why, the lady said, "The kids love them and it is kind of what we do… you know, vampires."
Shoutout to her. If I were a phlebotomist, it would be tough to resist telling every patient, "I vant to suck your blood… into a vial for clinical testing." 🧛
New NFT introduction on the Hedgeblog: "SuperSisters blasting off into cyberspace." What's extra intriguing about this feminist superhero project is that each NFT is bespoke, created in partnership with the buyer:
Most NFT projects have pre-determined traits that create unique combinations during the mint process resulting in slight variations of the same art. With SuperSisters, we personally work with you to design and customize the art, background, and superpowers from the ground up by speaking face to face via Zoom.
We believe scaling effectively requires doing the "unscalable." One-on-one relationships, which we further develop using the "matchmaking" system within our community platform Heartbeat. This method inspires relationships and collaborations in a way that is difficult to do using the traditional "shotgun" method of most projects, where they dump a ton of information into a pool of community members and hope they figure it out.
Over the past couple of years we've seen NFTs evolve into a community formation mechanism, not unlike the communities that form around hyped streetwear brands. NFTs are often, though not exclusively, a form of digital fashion that gives you access to a group of people who share your taste and your vibe. But SuperSisters has added the ingredient of a personalized service. I haven't heard of another project doing this — if you know of one, please share!
Tldr: Next year, you'll be able to spot my personal bespoke NFTs in the major motion picture Dragonball-T Super: Super Taylor. Yes, my power level will be too high. No, there will not be any live action sequences. And there may or may not be a plot.
I have more to say about NFTs. Look, NFTs are one of the best examples right now of real-world crypto utility for normal people (versus finance professionals, which is a euphemism for day traders — not that I don't love you guys, but mass adoption and, like, tactical arbitrage are different conversations). There's action in the space, even during this bear market.
For one thing, Reddit NFTs — which can be used as profile pictures — are on fire. Reddit calls them Collective Avatars, and there are lots, including ones that were originally free (now available on the secondary market) that Reddit itself airdropped to many users, which got the party started.
"According to data from blockchain data platform Dune analytics, Reddit NFTs have grossed over $6.5 million in total sales volume to date," CoinDesk reported on the 25th. I'm sure it'll be more by the time you receive this email on the 27th.
I checked out OpenSea's 24-hour collection rankings, and currently six of the top 50 projects are Reddit avatars:
- Spooky Season: poieeeyee x Reddit Collectible Avatars
- Imagination Station x Reddit Collectible Avatars
- Spooky Season: Rojom x Reddit Collectible Avatars
- The Senses x Reddit Collectible Avatars
- Foustlings x Reddit Collectible Avatars
- Spooky Season: tfoust10 x Reddit Collectible Avatars
The last two seem to be part of the same series — Foustlings — but the Spooky Season version is Halloween-themed.
"Reddit Collectible Avatars are really interesting because they're one of the first big attempts in the mainstream to let users expand their ownership and identity both in and beyond a single social media platform," according to the Bankless newsletter, which focuses on DeFi and web3.
In the months ahead, look for Reddit to field new artist partnerships and to continue attracting millions of more holders from its massive user base. It also seems probable, and from what I can tell highly requested by early holders, that Reddit will launch a more expansive and standalone avatar marketplace to provide a bespoke experience for novices and power users alike.
Also, don't be surprised if other social media giants follow suit with their own NFT avatar pilots if Reddit's collectibles numbers continue to be strong!
Ethereum scaling solution Polygon is the platform that Reddit went with, so this development has also boosted MATIC, the Polygon token. Month-over-month the price is up from around $0.75 to around $0.93, an increase of roughly 24%.
Naturally the organization behind Polygon is pleased, tweeting on Wednesday, "Polygon is fast becoming the de facto platform for Web3, working with major brands and corporations" like Meta (the company formerly known as Facebook), Starbucks, Reddit, and Stripe, "among many others!"
Tldr: Reddit Collectible Avatars are like Halloween costumes for your account. If you have one on the 31st, instead of getting candy, you get cake. Disclosure: I have no idea if the statement I just made is true.
And now for the scariest story of the week, here's a headline to knock your socks off: "Crypto Echoes Risks of 2008 Financial Crisis, Says US CFTC Commissioner."
Christy Goldsmith Romero says CFTC oversight would be an answer to potential financial stability risks brewing in the industry.
First off, crypto currency was born as an answer to the lack of financial stability in the current system. When the first bitcoin block was mined, Satoshi included this news story: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
Second, the CFTC appears to be positioning itself as the "primary regulator for crypto trading" in the US. Okay. I’m all for additional protections for new investors, but undoubtedly this will result in financial exclusion for lower-income investors which again, defeats the entire point.
Tldr: Boo. Did that scare you?
Public Randomness and Randomness Beacons
Tldr: Randomness is important to crypto on a technical level. But where does it come from? Randomness is a resource — maybe it should be a public resource. On a related topic, did anyone see Bullet Train? That movie was awesome.
Fintech Giant Plaid Jumps into Web3
Tldr: Another entry in the "mainstream finance doing crypto stuff" series. Go us! Yay!
Inside a Social DAO: How an Online Community Becomes a Digital City
Tldr: Discord is a big part of it. Come hang out in Hedgehog's Discord, we're a chill bunch!
SBF Replies to 'Constructive Feedback' on His Regulatory Proposals
Tldr: Regulation (more regulation) is coming. But will it be the right kind? Debate rages on.
And now for the giveaway question of the week… I've been excited to ask this question all month. What's your best Halloween costume ever? And/or what are you gonna be this year?
For me, the greatest costume I ever wore was when I went out as Cowboy Ninja. Let me just say, there is nothing more badass than being stone-cold sober and walking through a hospital at 7pm on Halloween with cowboy spurs on.
A close second, however, is the rufferee costume I force my dog to wear every year. He hates it, but it makes me laugh every single time.
Don't be a scaredy cat. Be a scaredy dog.