i think it's time to buy ETH now

ETH 2.0, Reddit's tokenising subreddits, Magic Eden's ApeCoin NFT marketplace proposal

Author

Lili (QueenBao)
August 12, 2022

GM Baos.

Today we cover:

  • ETH is only going up from here

  • Reddit is going web3

  • Magic Eden’s ApeCoin marketplace proposal

ETH may merge 3 days earlier

IT’S HAPPENING. 15th/16th September, save the date 🗓

The long awaited merge is coming in hot. This is a massive day for us ETH dwellers as the merge is the biggest update in the history of Ethereum.

If you haven’t read our previous letters – here’s what will happen post-merge.

Ethereum is moving from proof-of-stake to proof-of-work resulting in:

  • Fast AF transaction speeds

  • Low gas

  • Better security & scalability

There are currently two steps left before the upgrade is complete – “Bellatrix” (September 6) and “Paris” (when ETH’s hash rate hits a certain level).

A hash rate is variable, as it measures a network’s computing power. This is why we haven’t got a hard date, but developers are expecting it’ll happen September 15.

This means ETH can only going up from here right? 🔥 NFA.

Reddit’s Community Points coming to ETH Mainnet

Reddit is going web3.

And what a perfect company to do so. With an in-built voting mechanism and epic algorithm to show whats most stimulating & relevant, Reddit is super subreddits with this thing called “Community Points”.

This will allow communities to add tokens to subreddits to “earn rewards, encourage quality content, and unlock special features”.

In a very DAO-esque manner, Reddit gathered crypto folks to create proposals on how best to bring Community Points to subreddits. After all of the proposals, Reddit made a decision.

Offchain Labs, the developer behind the Arbitrum (ETH L2), is going to help bring Reddit’s Community Points on chain!

How the Community Points program will work:

  • Add a custom branded token to your subreddit

  • Reward creators, developers, and contributors in your community

  • Unlock special features using Community Points

  • Empower community managers to incentivize and shape content

  • Buy Reddit Coins with Community Points 😮

  • Vote with Community Points

  • Tip anyone with Community Points

They also announced a partnership with FTX to power the payment and crypto exchange solution for Community Points!

I’m in awe that such a large company is able to pull this off. Think about how much Twitter has changed in the last five years? It hasn’t really 😅

Magic Eden’s ApeCoin NFT Marketplace Proposal

Magic Eden has been on FIRE this summer.

From their gaming expansion, through to their announcement of entering the ETH market – and now? They’re gunning for BAYC

TLDR to their proposal:

  • Hosted on ApeCoin website on top of ME's tech

  • Transact with $ETH and $APE

  • 0.75% fees for sellers (way lower than ME's marketplace fees of 2%)

  • 1.5% base fee for trades in $APE

  • Additional fee discounts of 0.25% for BAYC,MAYC and BAKC holders

  • Build the ApeCoin marketplace for free

This sounds like a great deal from a marketplace that has an incredible UX.

Feels like we’re cheating on ETH a bit with all this ME coverage but we can’t help noticing these hot drops while BrokenSea deals with a bunch of longstanding security issues 🥲

Bite-sized news

Things that made us laugh

The heat between the marketplaces are going off.

FFC Events

🎮 Blankos Game Night with KangarWu!

Want to join? Download Blankos now.

It’s going to be a fun: play, scream, die, all in good fun!

Blankos is a blockchain game where each Blankos is yours to own. And it’s free to play and get started.

⏰ Happening at 8PM PT / 11PM EST / 11AM SG on Fortune Friends Club Discord

An Incredible Asian Creator ✨

Web3 Jobs

Take a look at some new job listings available out in Web3! If you’re a bao holder, you’ll get access to more curated job listings FIRST and coaching during our office hours 😉

📓 Join our Job Office Hours! Every Wednesday 7PM PT 📓

This week was a fun session! We had a mix of different groups, and discussed about these topics:

  • Samples of GREAT portfolios and WHY (Pulling out the red strings that are agnostic to industry or profession)

  • Portfolio Builders you can use to get started

  • Effective Networking Strategies, how to leave a lasting impression

  • Online and Offline Presence, how to convey your energy regardless of medium

All the notes are posted up in the Fortune Friends Club Discord Server for Bao holders with materials and links covered.

Have an incredible weekend. Get outside and touch some grass please ✨

–Lili