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Never underestimate Reddit & their $100m market cap

Reddit Snoo takeover, Yuga Labs court docs, and $USN wind down

October 26, 2022

GM Baos,

It's a damn good day because you can now steam ("stake") your NFTs for $BAO.

Want to try it? Here you are... 😉

We cover:

  • Reddit's collectable avatars

  • Yuga Labs dox

  • $USN undercollateralization

Reddit NFTs take over Twitter

I know you’re proBAObly here for the Reddit NFTs. It's all everyone has been talking about the last few days. Their market capitalization surpassed $100m over the weekend...

The launch of their 2nd generation NFTs sparked a mini Reddit NFT bull run and lots of FOMO. I admit I was kicking myself for not buying any when they first launched. Because now all the normies are going to dump on us 😆

During a panel at TechCrunch Disrupt, it was revealed Reddit has onboard over 3 million Redditors to crypto/NFTs by creating a wallet through their vault. 2.5 million of those wallets were created specifically to purchase their Reddit NFTs.

What exactly are Reddit NFTs or "digital collectables"? They are Polygon based NFTs created by independent artists and sold through Reddit's vault (or OpenSea). At launch, they ranged anywhere in price from $9.99 to $99.99. And now some of them are priced well over $2,000 on OpenSea 😳

The bullish case for Reddit's Snoo NFTs is...

  • Reddit is a trusted company that has been around for years

  • The whole experience is made non-web3 friendly. Most people don't know they're using blockchain technology

  • They don't use web3 specific terms. Crypto wallet = vault and NFT= collectable avatar

  • Having cryptocurrency isn't required to buy one of the NFTs

A lot of people faded the Reddit NFTs because they're on Polygon. Now everyone has their eyes on them 👀 Are you long-term bullish on the cute Reddit PFPs?

Yuga Labs & Discord

This is scary 😦

Yuga Labs can now dox anyone who has ever entered their Discord…

This started when Yuga Labs sued Ryder Ripps (artist) in June over selling fake BAYC NFTs. It’s now revealed in the discovery proceedings, Yuga Labs can request personal information on their Discord users.

Something to keep in mind if you're in any one of these servers

  • Bored Ape Yacht Club (BAYC)

  • Mutant Ape Yacht Club (MAYC)

  • Crypto Punks

  • Otherdeed

  • Meebits

After Celsius doxxed thousands of its users and knowing now Yuga Labs can pull your private records, it's more important than ever to be careful. Are we actually anonymous on the internet?

NEAR Foundation's $40m fund to protect USN holders

We almost had a Luna/Terra 2.0 …

Near stablecoin, $USN, recently became undercollateralized.

USN was created in April 2022 by the issuer Decentral Bank (DCB). When DCB noticed similarities to Terra’s collapse, The NEAR Foundation recommended they shut down the stablecoin.

The NEAR Foundation also announced they set aside $40m for the USN Protection Programme grant. It's designed to protect users by ensuring eligible USN holders can redeem their USN on a 1:1 basis with USDT.

I’m happy this was caught early and everyone has a chance to cash out in USDT! This could have been a disaster 😬

Bao-Sized News

Made us Kek

❤️🥟

–Cassidy