Welcome to another edition of The Scoop. We’re that little bit of excitement you still feel for crypto and Web3 when prices are moving sideways and most people stop paying attention. ⚠

The Big Scoop

It’s that time again!⌚

Time to hit you with the big idea for the week. We can thank famous social media site Reddit for that. Reddit boasts itself as the front page of the Internet. Users on the platform get to join online communities known as subreddits and vote for stories and posts they like.

Even though it’s been around for a long time, the website routinely ranks among the top sites in the world as far as overall website traffic goes.

That’s why it makes sense that despite showing up to the NFT game late, Reddit users have now created more than 3 million NFT wallets, compared to OpenSea, which still has less than 2.5 million active wallets trading on its platform.

The cool thing about it is that Reddit calls them Collectible Avatars, not NFTs. The company also uses the Polygon blockchain for transactions, which means users aren’t paying any fees.

The big idea here is that no matter where crypto prices are going, blockchain and Web3 projects continue to be adopted by mass media, popular culture, in society at large (without people even realizing they’re doing it)

Making mass adoption seamless is the real key to changing the world.

Following up on stories from the last two editions of The Scoop, our second news post below features interesting information from a report on NFT royalties from Galaxy Digital Holdings, a publicly traded company focused on onboarding the world into blockchain and Web3.

The News

The Insane Stats Related to the Explosion of Reddit NFTs and What They Reveal About the Mass Adoption of Web3

The popularity of NFTs on the forum site has skyrocketed since the launch of its NFT marketplace in July.

Within the three short months since its launch, the Reddit NFT market already has three million wallets to its name, quickly overtaking other well-established in some metrics. For comparison's sake, OpenSea has around 2.3 million active users.

This is naturally excellent news for the crypto and Web3 space as a whole, as Reddit has around 1.7 billion monthly visitors, potentially introducing NFTs to more than an eighth of the world's population.

The enthusiasm on the platform is palpable, with more than 86,000 NFT launched on the platform in its short lifespan, a whopping 85% unique holder ratio (compared to Bored Ape Yacht Club's 64%), and an over $100 million market cap.

Due to the stigma around NFTs, Reddit cleverly labels them Collectible Avatars, connecting users with custody wallet, so there are no seed phrases, and conducting trades and sales on the Polygon blockchain, so there are no fees for users.

Users also pay with credit cards rather than crypto–making it all feel separate from the crypto space and providing users with a sense of security in the process.

With this in mind, Reddit has effectively onboarded millions into the NFT space, making this a massive event for the entire crypto and Web3 space, whether Reddit's 'Collectible Avatar' users know it or not.

The Top 482 NFT Projects Are Earning 80% of All Royalties, Says A Report from Galaxy Digital

A new research report from Galaxy Digital shows that Ethereum NFT creators have earned $1.8 billion in royalties from secondary sales on marketplaces like OpenSea.

Also, within the report, Galaxy Digital researchers Sal Qadir and Gabe Parker found that NFT creators’ royalty rates on OpenSea have doubled in the past year on average– jumping from a 3% cut of sales to 6%.

It was also discovered that there is a concentration of royalties among only 10 entities, which earn nearly half a billion dollars worth of royalties, amounting to 27% of all Ethereum NFT royalties earned.

The report, which acquires data from Flipside Crypto, shows that 482 NFT collections collectively earned 80% of all market royalties, indicating that the NFT economy may be more centralized than most initially thought.

Royalties are a significant part of the NFT ecosystem and provide creators with a steady income stream so they can continue developing various plans on their project roadmaps.

Qadir and Parker go so far as to call royalties a “core value proposition of NFTs.” However, they also admit that royalties aren’t enforceable on-chain without sacrificing some principles of decentralization and self-custody.

NFT royalties have become in the spotlight frequently this month. Solana blockchain’s Magic Eden NFT marketplace decided to temporarily allow buyers to choose how much royalties they want to pay creators.

Also, Solana NFT creator Frank stated that he eliminated royalties from his DeGods and y00ts profile picture NFT collections on October 9, calling the move an “experiment.”

While the debate around NFT royalties is still ongoing, it is clear that abandoning royalties could be detrimental to creators, depriving them of a substantial source of passive income and potentially leaving millions on the table.

Chart.

Check out this chart from LedgerInsights.com showing you which NFT projects are at the top of the charts in trading volume recently. Notice how my sports projects are ranking well 🏀🏈⚽

Fundraising In Web3.

Whether it’s paid out in fiat money or cryptocurrency, Money makes the world go around. In the last seven days, nearly $250 million worth of venture capital funding went into Web3 startups.

Here’s who’s getting the cheddar this time around🧀💸💰💲

• YoloYolo raised $3.5 million. It’s a platform that links the owners of NFT intellectual property seeking money-making opportunities with brands and influencers.

• Mercury raised $7.5 million. The company offers a digital asset marketplace for college sports programs. They are already working with Division I programs in Kansas and Kentucky.

• Web3Builders raised $7 million. They are building a Chrome extension meant to prevent phishing attacks, rug pulls, and wallet hacks.

Education.

Ready for your midterm exam?! 📝

Just kidding. This is the Study Space, where everything is open book and you’re not being graded at the end.

We talk about NFTs in one form or another here at The Scoop pretty much every week, but do you know how many different types of NFTs actually exist?

If not, you’re in luck because we’ve added a new bit of educational content to the Study Space. It breaks down all the different types. Here it is:

• The 10 Most Common Types of NFTs

Scoop Meme

It’s meme time! Here’s a reason to smile whether crypto prices are going up or down today😃:

The Final Scoop

🚨STAY ALERT AND LOOK ALIVE!🚨

That’s the message here today in The Final Scoop. The recent happenings with Reddit and the report from Galaxy Digital prove that builders are still BUIDLING and adoption is continuing to accelerate whether mainstream media is recognizing it every day or not!

That’s the way blockchain technology and digital ownership should be. It should just exist in the fabric of global society, without anybody having to think about how it came to be or how it functions in the background.

Your value was always meant to be yours. The world is just now getting around to it!

#Web34ever #Cirus

Share The Scoop

We would be SO GRATEFUL if you did us the favor of sharing The Scoop with everyone you know♥♥

Just share this link with them: https://cirusfoundation.com/thescoop/ 

Thanks again and have a safe Halloween!