Hope everyone had a great Halloween and got all the (crypto) treats you were looking for.
November started with 75 bps interest rate hike, oof! Interest rates have gone up that much 4 times in a roll, fastest hiking pace over the last 40 years 😱. The stock market looks like red sea as a result. On the brighter side, the crypto market is still holding strong! And Rishi Sunak, a longtime crypto supporter, became UK Prime Minister. It’d be interesting to see how he plans to make the UK a more crypto friendly hub.
The macro conditions force everyone in web3 to get a clearer picture of what exactly they are betting on. When the hype is gone, we are left with real builders. We continue to be amazed by all the cool projects in web3 and our Roll ecosystem.
Lots to unfold, this is Social Token Times #34!
Who’s on a Roll 👀
1️⃣ Instagram adds NFT toolkit📱. By enabling NFTs on Instagram, we’d be looking at 1.4+ billion users into web3 potentially. Creators will have an end-to-end toolkit – from creation on Polygon and showcasing, to selling their NFTs. Creators’ fans can also directly purchase the NFTs on Instagram. It is somewhat promising to see Meta is not introducing a new closed ecosystem. All the NFTs created and minted can also be tradable outside of Instagram, on NFT marketplace OpenSea for example.
Also looks like Polygon is leading the way toward mainstream adoption. It has been striking major deals with Meta, Stripe, eBay and Robinhood as these giants’ entry point into web3.
2️⃣ Reddit saw $9m+ NFT sales in October, ~10x from September. Since the launch, 3m+ wallets have been created and Reddit users love NFTs now. Reddit isn’t the only web2 social platform that allows NFTs as PFPs, but it has been one of the more well-received launches. People are joking and saying the secret was just not to call it NFTs, but “digital collectibles”.
3️⃣ Twitter also joins the wave to let users buy, sell, and display NFTs directly through tweets in partnership with four marketplaces, Rarible, Magic Eden, Dapper Labs and Jump trade. The integration, called NFT Tweet Tiles, displays the artwork of an NFT in a dedicated panel within a tweet, and includes a button to let users click through to a marketplace listing 👀
4️⃣ WebSummit 2022 is happening now! WebSummit, one of the world’s leading tech conferences, with over 100,000 attendees is live and in-person in Lisbon, Portugal after two years! The summit is known to bring together some of the most prolific personalities from the tech world together. And in 2022, we are seeing more and more web3 presence at the conference.
Our co-founder & CEO, Bradley, presented at WebSummit to discuss DAOs, social tokens, infrastructure, and the creator economy.
The Roll Call
1️⃣ CryptoJeter did a deep dive in his newsletter on Tokens and the Future of the Creator Economy featuring Roll. In the article, he mentioned the current creator-to-fan relationship is broken and one-sided. Social tokens provide the opportunity for fans to be greatly invested in creators, incentivizing them to reciprocate by providing the best fan experiences.
Fan loyalty drives long-term benefits for both parties. Current creators in the Roll ecosystem create unique experiences for token holders, such as musicians sharing unreleased music. With tokens living on-chain, token holders can leverage decentralized exchanges like Uniswap to gain liquidity and a return on investment of their support. With these novel capabilities permitted by social tokens, Roll is revolutionizing the content-creation industry by paving a path for value to be earned by creators and their supporters.
👉 Read the full article on Crypto Jeter Substack
2️⃣ ETH Daily featured Roll on its list of monetization tools available for Web3 creators. One of the Web3 gives creators complete ownership. Creators no longer need to settle for censorship and third parties taking massive revenue cuts. The web3 creator economy enables efficient, composable, and seamless value transfer across applications and between users.
“Shared ownership, right from the start, binds together communities built on the foundation of tokens. Social tokens are centered on communities, not individuals, and are typically used to sign up to join, which governs access and participation in these communities.” 👏 Well said!
The $TIDE token is a social token that ultimately poses the question: “Can we create community governance over a stream & its treasury?”. It also asks: “How decentralized can we make the decision-making process over those funds?”. StreamTide, as the first stream-based DAO, is designed to be first and foremost governed by its community, and TIDE holders will be the ones deciding on the future of the platform.
Could social tokens be the answer for Music NFTs post-mint engagement?
We have been hosting Twitter Spaces regularly every Monday and Thursday.
New Tokens Monday (10-11am ET every Monday) will feature the latest creators joining our Roll fam
Memberships Thursday (1-3pm ET every Thursday) will feature web3 launches in the Roll ecosystem.
In this week’s Memberships Thursday, web3 music artists Harrison $First and $Kid Sound discussed the current state of music NFTs. Both have done multiple music NFT projects across platforms like Sound.xyz, Decent, Catelog, OpenSea and are constantly exploring new ways to launch their projects. They discussed a few pain points of the current music NFTs landscape:
- There’s still no automated way to share royalties with collectors post-mint.
- There’s no infrastructure set for artists to engage with holders post-mint. Artists know their biggest supporters by wallet addresses. The artists have to be super proactive to form a community around their collectors.
As someone who are both involved in music NFTs and have their own social tokens, Harrison and Kid see NFTs as ways to express their artistic expression with a fairer distribution and social tokens as a way to bring the community together. Artists’ social tokens can bring collectors across NFT projects into one community. Within the community, social tokens can be used to reward micro fan engagement. Artists can also engage with the community and keep everyone updated on future NFT drops and projects.
More potential use cases for post-mint engagement:
- Stake music NFTs and earn social tokens. Let your fans redeem perks like bonus soundtracks, exclusive greeting videos, (discounted) merch with social tokens. Decent has a smart contract that currently supports this.
- Create remixes of your music as NFTs on StemDAO and earn social tokens as rewards. The community is essentially co-creating something fun and valuable together!
Harrison and Kid also played some cool beats/songs for us. 👉 Listen to the Twitter Space recording, highly recommend!
The New Creator Economy 🌐
Web3 launches 🚀
LeftHouse launches an experimental play-to-earn cinematic membership for its upcoming feature film, Rabbit Hole. The movie will be available to watch in their experimental movie theatre on the WAX blockchain called the Movie City Cinema. People can watch, listen, play and earn action tokens and the tokens can unlock more cool experiences in the theatre. $LEFT Memberships will reward members exclusive NFT drops such as soundtrack of the movie and exclusive experience such as joining the film premiere.
Rabbit Hole is about a man delivering a mysterious and powerful hard-drive (hint: crypto wallet) which led the journey into Rabbit fueled madness Hole. 🐰
DAOs all the way down (🤝, 🏠)
KGroupDAO is tackling affordable housing as a DAO. The DAO’s mission is to help solve the affordable housing crisis by converting residential properties into shared living spaces. The DAO already owns a lightly furnished property in Texas housing 12 low-income Americans, as a pilot. The DAO is governed by the $KDAO token and they will be starting a staking program once the last fundraising phase concludes on Juicebox. It is certainly an innovative and cost-effective solution to America’s housing crisis.
Listen to the Twitter Space recording to learn more from the founder, Jermaine.
🔦 Happenings in the Roll Ecosystem 🔦
Kid Sound ($Kid) dropped a new song, “Get up” on OpenSea. There are 30 NFTs available for this song. Give it a listen 🎧, it’s dope!
Infinitri ($GRANI) presented at Innovators Buzz on October 29th, an event hosted by @RefiSpring focusing on climate action in Suriname and the Caribbean. As a Refi project, Infinitri aims to develop incentive structures and adaptation strategies via $GRANI for local communities as an active mechanism for combating changing climate, improving local livelihoods, and accelerating sustainable development. With the blockchain technology, Infinitri is innovating in layering the strength of communities with financial structures created for the regeneration of nature.
The founder, Timothy Goudzand said, “We ultimately want to make it more profitable to keep our forests and all other biodiverse public goods intact rather than having them destroyed. We envision Suriname being a world leader in community-based climate solutions and its intent to correctly handle its biodiversity.”
The accelerator program from Nigerian digital artist Osinachi ($OSINA) and MakersPlace officially kicks off on November 7, 2022. Osinachi selected which six would be included in the exhibit to premier at SCOPE Art Show during Art Week Miami. Before that, an online exhibit and sale featuring one artwork from each of 70+ participants (including the six winners) will open on MakersPlace on November 7 and run for one week. On November 10, MakersPlace will debut an exclusive drop from Osinachi himself.
It’s empowering to see successful NFT artists try to give back and incubate the next generation of artists 💪
Featured New Creators on Roll 🔥
$ZDM is a token for Youtuber Jaime Juez who provides free courses about cryptocurrencies. Community members will be able to earn ZDM tokens by participating in online streaming events, like video and comments also take part in ranking activities and eventually participate in the office which will be build in the metaverse. People can exchange $ZDM for courses, merch and consulting services.
$SCARY is a social token for the Scary Garys digital collectible project released February 2022. NFT collectors will get airdropped $SCARY tokens to get started and more perks to reveal soon 👻.
$BUP is a social token behind Buppy, an 18yo multi genre music artist. Using music production as an outlet for emotional relief, Buppy began composing and writing original songs at the young age of 12. After wrapping up his debut 4-show ‘Nights2Remember’ 2021 tour and the traction from his previous single, Buppy released his debut 6-song EP, ‘Cold Nights in Hollywood’.
You can learn more about new creators joining the Roll fam every Monday in our New Token Monday Twitter Space!
Read this 📖
Required Tweeting 📝
Don’t miss out this week’s Memberships Thursday episode on how music NFTs and social tokens can work hand in hand with each other to strengthen post mint relationships for artists!
We also hosted another Twitter Space with LeftHouse founder, Brian to celebrate the $LEFT Membership launch! LeftHosue sees the opportunity to revolutionize the entertainment industry through social tokens, NFTs and blockchain technology.