👻 Snapchat for the NFT space and the end of crypto winter?

July 15, 2022

GM 👨‍👩‍👧‍👦

Seedphrase Daily👋 just like the summer weather, crypto is cooking up!

Today’s estimated research time is 4 hours and 61 minutes condensed into a read time of 3 minutes. Stay tuned to where we talk about:

  • 📸SnapChat joining NFT space. 

  • 👨‍💻Opensea major layoffs

  • ⏮Weekly Recap 

  • 🌱NewSeeds

📸SnapChat joining the NFT space.

Snapchat is on its way to becoming the third major social media platform to join NFTs. Following Meta, & Twitter's footsteps.

Snapchat has a unique approach.

NFT creators will be able to create and mint NFTs on a third-party platform and import them to Snapchat as AR filters/lenses.

This new addition to the app will virtually allow anyone to create filters and AR characters and get monetized for their creation. 

Snapchat is actively rolling out its NFT plans.

Many other social media platforms have teased their interest in joining the space. Social media platforms are taking different approaches to NFTs. Snapchat's approach, AR lenses for users while allowing creators to make 100% of the money. 

🤝Web2 and Web3 benefiting each other  

It's convincing to see major tech companies involved in the NFT space.

While this creates more competition between established Web2 and Web3 companies, it also allows for more mainstream integration. 

We see preset sounds and filters going viral on their respected platforms. If one of them can capitalize on it by onboarding them to NFTs, there could be massive growth for the average consumer. 

The comfort of mainstream media and the NFT space's innovation will create endless possibilities.🌎

👨‍💻Could crypto winter change the pace of the marketplace?

With slow times, slow builders come.

OpenSea, one of the biggest and most reliable NFT trading platforms, finds itself face to face with a new problem; sustainability. 

NFT volume and liquidity have decreased tremendously in the past few months, making it hard for some platforms to survive. 

How are they maintaining business?

To maintain a profitable business, OpenSea has had to implement a 5-year sustainability plan that forced 20% of its employees to get laid off.

Here's what we can take away from this:

  •  If the volume is down 80% then most likely the work is too so why keep spending the same amount on operations. Rather safe than sorry, save the cash and extend the company's run rate.

  • Firing professionally, employees were given week notices to help them transition out of their roles.

  • Laid-off employees will continue receiving company perks like extended health care, vesting shares, and more.

In short, it's a hard move to make but a smart one.

Despite the media's concerns surrounding the company's aggressive growth tactics, this doesn't seem like a drastic move but rather a preventative one that will allow them to stay relevant in the future. 

⏮Weekly Recap

Just in case you missed anything this week!

🌱 NewSeeds

Why former Google, Chanel, and PwC employees are building a crypto wallet. More and more people in the tech industry are making the switch.👨‍💻

Why former Google, Chanel, and PwC employees are building a crypto wallet. More and more people in the tech industry are making the switch.👨‍💻

3 Reasons Polygon (MATIC) is up 100% during a bear market. We will cover more things like this on Tuesday!👨‍🏫

Give us your thoughts on todays email 🤓

Login or Subscribe to participate in polls.

Meme of the Day 

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research! 

Reply

or to participate.