Reddit Avatar NFTs Soar

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

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• A Reddit Avatar NFT just sold for 18 ETH ($24,208) the other day. Check it out here.

• Apple has updated its App Store guidelines to prevent an NFT from offering in-app utility. (@rpnickson)

• We are getting closer to Terry Urban's Kooks drop on Oct. 27th. Check it out here.

• Azuki and Chiru Labs auctioned off 8 skateboards the other day, securing massive bids and sales on these one-of-a-kind decorative boards. (DC)

• SAW kicks off the annual Halloween survival game experience, with many digital prizes available including Blue-Chip NFTs. (@Autograph)

• UK financial minister Rishi Sunak is crypto-forward and has plans for massive onboarding. They will soon be stepping up as Prime Minister. (CD)

• German designer brand RIMOWA partners with Nike RTFKT to release NFT suitcases project alongside physicals. (@RIMOWA)

• Trading volume on Polygon does insane numbers virtually overnight. (dune)

• Stoned Ape Crew's PayLeaf goes public as the Beta phase is officially live. Merchants with a phantom wallet can sign up for the public beta phase and get their stores activated. (@Stonedapecrew)

• Twitter is working on a wallet prototype that supports crypto deposit and withdrawal, security researcher Jane Manchun Wong reports. (@wongmjane)

Reddit NFT Avatars Surge 📈

There’s a platform in town with more digital wallets than even OpenSea and its name is Reddit (millions of wallets in fact).

Backstory 💡

Reddit launched an Avatar Builder in 2020 that lets users customize their Snoo, the iconic Reddit alien creature that also stands in for users’ PFPs. Then in July, Reddit announced that it would start releasing limited edition PFPs created by notable Reddit community members. Reddit’s explicit mission has been to empower the communities that depend on their platform without making those communities overly dependent on the platform; indeed, a great deal of sales royalties went to the independent artists who illustrated the limited edition PFPs.

In other words, they’ve been conceptually interested in fostering decentralized communities and Reddit did so without using any niche Web3 terminology such as “NFTs.” Instead, they highlighted and pushed various value propositions to users that the new digital collectibles system would offer them. For example, Reddit made it clear that by owning a unique PFP, users would be entitled to a new system that would let them own the social credit they accrue on the platform alongside other Reddit digital items.

Conceptually this is a powerful idea, and it is at the heart of the concept of ownership underlying Web3, but Reddit was smart to demonstrate what that would mean for Reddit users rather than assuming that pushing the idea of ownership, in general, would mean anything to the community. There are many sensational reports trending at the moment about how Reddit stealthily onboarded people and that its a paradox that Reddit users are all of a sudden interested in NFTs or that they only purchased them because they were called something different, All of that really misses the point of what is exemplary about Reddit’s success. The platform is conceptually committed to the promises and attributes of decentralization and brought forth the systems that enable its possibilities to the users without overemphasizing the system.

To the people of Reddit, web3 twitter welcomes you with open arms 🖤

Artist Spotlight: Shelby Stardust 🎨

Today, we are going to feature not only a great artist in the space but also a dear friend of The Drop. Shelby Alexandra, aka Shelby Stardust, is a full-time oil painter and digital artist based in Seattle, WA. Before pursuing a career in art, she graduated Magna Cum Laude from Scripps College with a bachelor’s degree in Industrial Psychology. Upon graduating in 2019, she made the decision to fully devote herself to her art, which led her to create commissioned paintings for many prominent art collectors and businesses and be able to sell her pieces for upwards of $40,000. But in the spring of 2022, she wanted to make the leap into Web3. And leap she did. She took her total Twitter following count to well over 24,000 followers in less than 5 months by becoming a part of the NFT world: being present every single day.

Shelby is driven by the notion that art will be dominated by digital assets and ownership. She truly believes in the vision of Web3 in totality, and that’s why she is now releasing her own collection. Not only does she believe in art, but she believes in the vessel (NFTs) that will take art to the next level. Sunderlands Genesis, a collection made up of 27 unique NFTs, features 1/1 art, original music, and a 24” x 36” signed physical component, as well as a narrative tying into the fantasy universe she has been creating for years. All of her art, physical and digital, exists in Sunderlands. This collection will be released in pieces, with the first one coming out on October 27th, via SuperRare.

Sunderlands features a colorful mix of fantasy and abstract realism, with a splash of psychedelics. Taking her inspiration from nature, video-game and fantasy culture, and other scientific elements, Shelby created this collection to be unique and with a distinct color palette, theme, culture, and storyline. Along with that, her deep infatuation for world-building has also transcended into this project. Based on the year 5000 in a post-apocalyptic universe, the Sunderlands are defined as fragmented islands floating through space, which were caused by an unexplainable disaster on Earth. According to Shelby’s future vision, these islands of disaster will be used to provoke a fundamental perspective shift in Web3 and beyond, bringing attention to the profound need for climate conservation and awareness.

If you want to become a part of Shelby’s world and story, the collection will be available on her SuperRare profile (@shelbystardust) and will be auctioned for a period of 24 hours. All future auctions will be announced following the sale through her twitter (@shelbystardust) with details sent to the emails that have been submitted on her site. Welcome to the NFT world, Shelby, and congratulations. We’re very, very excited to have you, and we can’t wait to see what Sunderlands becomes.

🚨 Important Links: Shelby's Twitter, Project Website, Instagram, All Links

Metaplex Hopes To Solve Creator Royalties 💰

The search for a solution to reignite creators' monetization back in the Solana NFT space has been underway as protocols, projects and lone builders tasked themselves to develop alternative tools and concepts to make sure the one thing that incentives creators and projects have been reinforced. The one protocol that has joined the bandwagon to give creators a path to enforce royalties is Metaplex, the world's fastest-growing Web3 creator platform as it is known. Late last week the protocol announced it is developing a new standard that can enforce on-chain creator royalties. “Metaplex is building a new asset class that will enable creators to enforce royalties at the protocol level..”

In the thread, Metaplex also spelled out its aims to support multiple NFT asset standards within its framework and also that they're working with several players across the ecosystem and are eager to hear from more partners interested in shaping a new chapter of creator monetization. In other news, Metaplex also announced its creator studio over the weekend and it's open to accepting applications for early access.

Sponsored Content: The Drop is a partner of Terry Urban's Kook project.

• R Planet Genesis Breakdown

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• Nyolings Are On The Rise

• Spirit Gates Breakdown

• Wen Lamp Sells Out In 30 Seconds

Follow the team:

Gannon Breslin, Kayla Kilbride, CryptoVonDoom, Naveed Lalani, Alex Reed, Naman Patel, Big Tuna

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