Disclaimer: This newsletter is not financial advice. Members of Cup also own Axie assets and tokens. We buy what we like, and you should buy what you like.
When you read Axie Infinity’s progress updates, it’s almost comical how little the blockchain game lets on about its progress. They always say they’re making progress, but they never really give away just how close something is to being shipped.
Basically: we’ll get things when the Axie team is ready. And well, this week, the Axie team was ready with a lot of things.
First, it started with an announcement, out of the blue: the long-awaited $AXS staking was here. It had always been mentioned in their roadmap that they intended to distribute more of their $AXS governance token to their holders, and they just launched it. Surprise!
They followed this up the day after by releasing the long-promised airdrop of tokens to early supporters. A snapshot of Axie players’ different NFT holdings (Axies, land, etc.) and their marketplace and game activity was taken on October 26, 2020.
Axie then distributed 800,000 AXS ($150M+) to over 10,000 wallets, which was a sweet, sweet reward for early believers. From 10,000 wallets in October 2020, Axie has grown to boast over 1.7M users in August of 2021, which is insane growth.
Of course, that growth isn’t very surprising considering Axie’s unique value proposition. COVID-19 and mass unemployment has led to never-ending demand to play-to-earn in Axie, where the rewards for playing daily can be comparable to a decent salary for people in third-world countries. No need to go for interviews, or to get hired—just log in and play a game.
Still, it was a bit astounding to hear that Axie had raised a $152M round at an eye-watering $300B valuation. There’s still more growth to be had for Axie, of course considering they are still in alpha.
And Axie has their eyes set on disrupting not just gaming, but work itself. As they said in their latest dev chat—their competitors aren't other games, they’re looking at companies like Netflix, Uber, or Airbnb.
It has been a jam-packed week for Axie, and let's see if this is the end of what they've prepared. For now, if you hold the $AXS token on the Ronin blockchain, you can stake it for 170% APR (as of the time of this writing) at https://stake.axieinfinity.com/.
🌱 Tiktok is dipping into NFTs. Very few details thus far, other than it will be drops of “culturally-significant TikTok videos from some of the most beloved creators on the platform.” That creator list includes names like Grimes, Bella Poarch, and Lil Nas X, so that would be interesting. It’s also launching on an Ethereum sidechain, Immutable X.
🌱 Dapper Labs, the creators of NBA Top Shot and the Flow blockchain, announced their acquisition of Brud. Brud is best known for creating the virtual Instagram influencer lilmiquela, but Dapper Labs intends to leverage Brud to make a move on DAOs.
🌱 The Sushi ecosystem continues to grow as they have announced their NFT platform, Shoyu. The platform lets artists pick from different types of auctions, and which tokens they would like to accept as payment. The platform has a 2.5% transaction fee which will be paid to xSUSHI holders.
🌱 Sudoswap has released V2 of their platform! Upgrades include automatic wallet reading, being able to see your swap history, and seeing all open swaps. The platform is still 100% FREE to use.
🌱 Dolce & Gabbana sold a collection of fashion NFTs for $6M. Gonna be interesting if this opens the floodgates for more brands to try and do the same.
🌲 Corrections: in Issue 34, we said that Artion was launching on Artion chain. That was a mistake, it was supposed to be Fantom!
Dror Poleg wrote this fantastic piece: Crypto Rorsharch Test. It’s a bit of a philosophical look at how different people are thinking about crypto and what it can facilitate.
Super-interesting: this Twitter thread breaks down how a fractionalized Artblocks collection was redeemed. Includes a rare blue Ringer, for those who follow the generative art scene. It was redeemed by the original creator, but still worth noting that it’s possible to “maliciously” buyout these collections for cheap, if improperly managed.
Typeflood is Jason Powers’ exploration in type. From making moving collages out of grungy letters, to adding destructive effects on three-letter words, it shows us what are the possibilities when we deconstruct our usual letterforms.
Stalk someone or a community’s NFT-minting activities with Context!
Context is a recently released service that allows you to follow any wallet, in a beautifully designed feed. You can bid and buy NFTs on the site too.
It’s also curated lists of different artists and communities, and it’s free, so it’s worth taking it for a spin!
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