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Bots vs Collectors: The Battle for Reddit Gen3 NFTs

Reddit Gen3, Sui Network, and Celcius refunds

April 18, 2023

GM Baos,

What type of violent Bao are you???

Today we cover:

  • Reddit NFTs 🚀

  • Sui Network = no airdrop 😐

  • Celsius refund 💰

Reddit NFTs 

Last week, Reddit released another set of their NFTs. The number of eyes on it was insane 🤯

It went to the point where the whole system was overloaded by the sheer amount of people and transactions flowing through at a time, that they had to reevaluate everything and temporarily pause the mint for around 3-4 hours before continuing. 

The whole process involved minting your NFT via Reddit. This meant people had to pay via card or a sudo e-wallet, no ETH or whatever digital coin we’re using. Initially, you could mint via the browser or through the mobile application — the mobile application being manually faster.

Since there were several eyes on this drop, bots were present during the earlier stages of the mint, which led to an extremely high surge of transactions.

Reddit did do a great remedy afterward, where they limited minting through the phone. It’s an interesting take on things and how to combat bots. Imagine what inspiration we could take to integrate from this moving forward.

With more famous influencers or artists, a lot of their NFTs went way above the floor price until they were traded down like the majority of NFT projects.

Regardless though it’s a recurring thing, so do be on the lookout for their next drop.

I know I would!

$SUI airdrop no more? 

After Blur and Arbitrum, everyone has had their eyes on multiple protocols with potential in the market. Sui Network is one of those projects, and their recent announcements made the communities head turn for the worse.

Instead of a confirmed airdrop, they’re going for a whitelist sale for their early supporters 😅

This is just the beginning of what it’s all about.

To further their announcement, some of their qualifications were to be in Discord before February 1, not be U.S. residents, comply with KYC, etc. This disheartened many people who spent multiple hours doing transactions on both the testnet and the mainnet.

The project particularly gained traction when they released their tokenomics, and they specifically said that some of it will be used to “support community members who have interacted”.  I mean I’d be angry or cry if I wasted that many hours on nothing just because I was supporting your application and not in Discord.

Although things can still change, the current community sentiment is clear. You could go to Twitter and #Suinetwork and #Suiscam is trending, HUGE! Despite all of this, we’ll see how everything unfolds in the incoming days as their token is released on CEXs such as Kucoin.

NovaWulf saves the day 

Celsius officially announced its bankruptcy a few months ago, but there’s good news for the people who had their assets frozen. The digital asset investment firm NovaWulf is taking over and working on giving back at least part of those assets to us, as they should.

The plan is to pay out all creditors and then relaunch as a new company with the goal of turning things around. They also plan to become a tokenized equity, and that token will be sold on the Provenance Blockchain.

The amount you’re entitled to claim as an earn account creditor depends on the total value. If your total claim is less than $5,000, you’re entitled to recover around 70% of that value in liquid assets such as ETH, USDC, or BTC. If your claim is greater than $5,000, you could receive up to 100% of your crypto assets back, whether it's via their token, a liquid crypto asset, or other means.

However, the key term “UP TO” means there is no full guarantee of this, and they’ll definitely prioritize giving 70% back to the other holders.

With all this happening, it’s good to know that Celsius isn’t entirely dead, and we didn’t take a total loss from the bankruptcy. Maybe crypto isn’t a scam after all. Hehe.

Bao-Sized News

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Until next time 🫡

–Bluejohn