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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.
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.
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.
Community members shared their commitment to the milestone as well. I assume this type of commitment means they are never selling their Rektguy NFT.
CLARE⚡️VON⚡️SAVAGE @SavageHeart666
Okay, this is only half done! @osf_nft @rektguyNFT
This provided additional content for the community to build off of
BTW, the Rektguy Twitter account has funny content for any degens that are deep in the space.
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.
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.
Alright I think @truth might have the lead on most unique NFT NYC event. They have live tattooing…
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.
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.
Gabriel Leydon (FREE,OWN) @gabrielleydon
More details will be released, and Gabriel Leydon knows how to position it well 🪄
Gabriel Leydon (FREE,OWN) @gabrielleydon
Have you seen a tattoo before? If so, share or subscribe!
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.
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:
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!
