[Thoughts #159] Rektguy Tattoos

PLUS: 🪪 More POAP strategy, crypto as commodities?

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A lot going on this week, as always 😂

A founder’s commitment to the community: Rektguy

There’s a lot of ways web3 founders show commitment to their communities. They directly engage with them on social platforms, they are more transparent about roadmaps and progress, and they're more receptive to feedback.

What are some of the lengths they go to show that commitment though?

For Rektguy, it means getting a tattoo when the floor reaches 1 ETH.

Twitter avatar for @osf_nft

OSF @osf_nft

As promised. @rektguyNFT

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2:45 PM ∙ Dec 13, 2022


1,565Likes226Retweets

The founder, OSF, is a former Wall Street trader turned web3 founder, artist, and well-respected figure in the space.

Rektguy was born out of the bear market and launched in May as an extension of OSF’s Degenz community. Rektguy has focused on the concept of getting ‘rekt’ (wrecked) with anonymous anecdotes, memes, and art. When everyone’s down bad, sometimes the best way to cope is to make fun of the situation.

What initially was a joke eventually became a reality. If the floor of the Rektguy collection hit 1 ETH, OSF would get a Rektguy tattoo. And when that milestone was achieved, he followed through.

Source=

Thanks to OSF’s large following and his community, the tweet went viral. The secondary effects of this action were interesting to observe as a non-holder.

  1. Community members shared their commitment to the milestone as well. I assume this type of commitment means they are never selling their Rektguy NFT.

Twitter avatar for @SavageHeart666

CLARE⚡️VON⚡️SAVAGE @SavageHeart666

GM😎 I just tattooed this @rektguyNFT on my leg 🤝( as promised) 🤝 My legs are full of old tattoos from wen I was learning- and I am a actually super happy this one turned out dope af😁👌 @osf_nft 🔥For the culture🔥 #KatoKrew #tattoo

ImageImageImage

12:14 PM ∙ Dec 14, 2022


196Likes44Retweets

Twitter avatar for @KntorZoltn3

hound @KntorZoltn3

Okay, this is only half done! @osf_nft @rektguyNFT

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12:50 PM ∙ Dec 13, 2022


273Likes46Retweets

  1. This provided additional content for the community to build off of

Twitter avatar for @rektguyNFT

rektguy @rektguyNFT

s/o @grabachaire

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8:01 PM ∙ Dec 13, 2022


37Likes6Retweets

Twitter avatar for @rektguyNFT

rektguy @rektguyNFT

s/o @hmoore_eth

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12:00 PM ∙ Dec 14, 2022


41Likes3Retweets

BTW, the Rektguy Twitter account has funny content for any degens that are deep in the space.

  1. I’m not sure if this is just a joke that will turn into reality as well, but Mando (OSF’s cofounder) may be getting a tattoo as well. This further cements founder commitment to the project and community and provides a sequel of sorts.

Twitter avatar for @rektguyNFT

rektguy @rektguyNFT

s/o @hmoore_eth

Image

2:01 PM ∙ Dec 14, 2022


41Likes7Retweets

Tattoos aren’t new for web3 communities. In fact, tattoos have been an activation at certain IRL events, like Illuminati’s NFT NYC event I went to back in June.

Twitter avatar for @TPan_Web3

TPan 🦇🔊 @TPan_Web3

Alright I think @truth might have the lead on most unique NFT NYC event. They have live tattooing…

1:04 AM ∙ Jun 22, 2022


206Likes40Retweets

This does help provide an additional signal for community strength in a qualitatively Would your community members be willing to get tattoo of X?

Following the tattoo reveal, OSF also shared more details on his commitment to the project and his intentions.

Twitter avatar for @osf_nft

OSF @osf_nft

1. Announcement on @rektguyNFT Rektguy is a cc0 art project. As the rekt movement grows in various areas away from the NFT - we as founders will be using 20% of certain profits (listed below) to curate a rektguy vault for our personal collection.

3:31 PM ∙ Dec 13, 2022


516Likes131Retweets

Because this project is taking a different approach towards growth and is not looking to pursue VC funding, the team is able to focus solely on the community vs. balancing community with fiduciary duty to investors.

Getting tattoos of your company, product, or community are generally unrealistic. However, this should serve as inspiration to think outside of the box when going beyond the basics once those are in a good place. An example of this is Limit Break’s community royalty concept.

Twitter avatar for @gabrielleydon

Gabriel Leydon (FREE,OWN) @gabrielleydon

🚨🚨🚨🚨🚨🚨🚨 Coming January 2023 a new concept for NFTs from @limitbreak. While we are working on a royalty solution (among other features) for creators we are also creating a whole new concept for royalties: Community royalties!

5:47 PM ∙ Dec 14, 2022


457Likes234Retweets

More details will be released, and Gabriel Leydon knows how to position it well 🪄

Twitter avatar for @gabrielleydon

Gabriel Leydon (FREE,OWN) @gabrielleydon

BTW all of @limitbreak solutions around royalties will be open source and backwards compatible on day 1. Free for everyone to use! 🤗

8:13 PM ∙ Dec 14, 2022


208Likes131Retweets

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More details on Daily Dose POAPs

I recently shared some case studies around how projects are using POAPs or similar strategies to drive awareness, engagement, and community.

My primary concern around this strategy is the quality and sustainability of the audience.

Earlier today, Ryan Carson reiterated details around the purpose of the POAPs and what the team is doing to combat bad actors.

Twitter avatar for @ryancarson

Ryan Carson @ryancarson

We're blown away by the growth of the #DailyDose Community. Thousands of smart, kind, hardworking and friendly people are flooding into the community. In just 10 weeks we've gone from 861 listeners to 5,300. 🥰 Thank you! 🤗 I wanted to share some thoughts ...

5:58 PM ∙ Dec 14, 2022


1,095Likes262Retweets

TLDR

  • Top 799 POAP collectors will get an allowlist on the project minting in Q3 2023

  • Wallets farming the POAPs will be disqualified. The methodology for this is not shared (for obvious reasons)

  • POAPs transferred to other wallets are disqualified

  • Bonus POAPs may be awarded to contributing community members

  • There are still 200+ POAPs that will be dropped

Nothing groundbreaking, but it’s good to have a peek into Ryan’s brain to know that he’s aware of what’s going on and thinking through the various layers of engagement and how that can be rewarded (solely consuming content vs. contributing to the community).

I believe this strategy will continue to be emulated and will evolve to focus on quality of engagement vs. quantity. I bet there will be products and tools that will emerge to help for web3 use cases like these. Maybe they already exist?

Crypto Commodities vs. Securities

I imagine all of us are aware that SBF has been arrested earlier this week. As usual, I’ll let others share those details. Don’t want to beat a dead horse 🙂

What caught my eye in the sea of updates and hot takes was this tweet by a lawyer:

Twitter avatar for @lawtoshi

Lawtoshi @lawtoshi

Today in coordinated actions by the DOJ, SEC, and CFTC: –no one said digital assets are a security; –CFTC called BTC, ETH, and USDT digital commodities; –DOJ used crypto assets on FTX for its commodities fraud charge only; –SEC focused on fraud on investors in FTX entities.

7:30 PM ∙ Dec 13, 2022


647Likes104Retweets

Historically, crypto as a commodity vs. a security has been an area up for grabs between the CFTC (regulates commodities like oil ) and SEC (regulates securities like stocks). The topic is boring for most people, but will have monumental downstream effects regarding how heavily the space may be regulated.

Nothing was explicitly mentioned, but the fact that the CFTC regards BTC, ETH, and USDT as digital commodities is worth noting.

Are the various regulatory bodies calling a temporary truce in order to bring SBF and FTX to justice? Or is this a hint of what is to come? 🤷🏻‍♂️

Keep in mind, this doesn’t mean all crypto is considered a commodity.

See you tomorrow!

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