Is NFT a bad word? Reddit's Incognito NFTs say so 👀

Learn About Web3 in 3 minutes

November 02, 2022

Is NFT a bad word? Reddit's Incognito NFTs say so 👀

Gm 👋 and welcome to Learn About Web3 where we keep up with Web3, so you don't have to. This is your 🏠 to learn about Web3 in 3 minutes or less.

Here's what we have today

  • Is "NFT" a bad word?

  • Web3 News rollup

  • VC funding

  • The reading list

Let's dive in.

Is NFT a bad word? 🤫

Web3 is a confusing topic for many to dive into, especially first-time users. With jargon, abbreviations, and slang, it can be even harder to learn. As controversy grows around the cryptocurrency space and NFTs, many try to avoid the topic in general.

Reddit noticed this and intentionally avoided crypto lingo to launch their NFT campaign. Reddit calls NFTs "Collectible Avatars" and cryptocurrency wallets "Vaults"

The platform's "incognito" NFT strategy paid off - since its launch in July, about 3 million wallets have been created to acquire Reddit's Collectible Avatars. Sales volumes have exceeded $6.7 million, according to Dune.

So what does this mean?

NFT isn't a bad word, but Reddit shows us how we position and present new technology matters. Intentionally avoiding crypto vocabulary helped Reddit's Web3 offering gain mainstream adoption. Reddit shows us the importance and impact of creating a beginner-friendly Web3 experience that Web2 companies can use as an example.

News Rollup 📰

🚨 The Police are coming to the Metaverse - The International Criminal Police Organization created a metaverse specifically designed for law enforcement worldwide.

💅 Get your virtual skincare routine ready - ULTA filed a trademark application with plans for NFTs, stores for virtual goods, and virtual reality game services.

🖊️ Would you pay for your Telegram username? Telegram thinks so and plans to launch a username auction platform. Telegram founder Pavel Durov cites inspiration from wallet usernames.

🧟 NFL Players turned Deadfellaz Zombies - DraftKings announced it's partnership with the NFT project Deadfellaz and the NFL Players Association to create zombified NFT versions of star players to use in their fantasy football games.

🛹 Azuki Auction draws in $2.5M NFT-Backed Skateboards - The auction for 8 skateboards, plated in 24 karat gold amassed $2.5 million in ETH.

VC Funding 💰

🦄 Uniswap, an Ethereum decentralized exchange, raises $165 million

🛠️ Celestia, a modular blockchain network that allows anyone to deploy their own blockchain, raises $55 million

💫 Stardust, a crypto gaming startup that allows developers to integrate NFTs into games, raises $30 million

🏈 Mercury, a Web3 College sports fan experience platform, raises $7.5 million

🧪Notebook Labs, a blockchain privacy startup, raises $3.3 million

The Reading List 📚

If you liked this newsletter, forward it to a friend and let me know how you liked it on Twitter.

Thanks for reading!