đď¸How Reddit Is Beating The NBA
A *new* section featuring weekly drops, the longest podcast yet, and an idea for how sports can meet fans where they are.
Whatâs up everybody, itâs LG Doucet here.
Todayâs pod is a long one, but towards the end I think we make a breakthrough.
Youâve heard this before: The problem with the NFT collectibles market is that its not growing, despite having the best IP in the world.
Yes, we all believe in the product (sort of), but itâs not getting in front of fans that would feel the same way. Hence, weâre left with very few engaged collectors.
But if you look across the NFT aisle, you might notice platforms like Reddit who have created over 8 million new NFT wallets without really ever asking anyone to buy something.
You could even argue that Reddit distributed more NFL-themed NFTs than ALL DAY or Draft Kings combined, and did it in just a few days time at the Super Bowl.
How?
By meeting fans where they are, digitally.
Reddit never asked fans to leave Reddit.
They didnât say âhey you love reddit, so go to this 3rd party site that we sold our license to and trust them with your fandom for OUR brand".
Nope.
They met people in Reddit. They gave them a FREE, easy, and simple experience, while launching millions of new people into crypto in the process.
So how could the NBA and NFL follow suite?
By meeting fans where they are, digitally.
Top Shot and other collectibles shouldnât be the product. They should be the reward.
Rather than asking people to pay money for YouTube videos, the Top Shots of the world should be rewards for fandom, not fandom itself.
People should get digital collectibles for doing things like:
Engaging on NBA.com and League Pass
Engaging on ESPN, TNT, and other media partners
Playing in NBA fantasy leagues and DFS
Shopping on NBA partner websites.
This is basically what Reddit did; they made NFTs a reward for fans, and made sure those people never had to leave the site.
And in just a few months, its done more to bring on newbies than the rest of the industry combined.
Now, they are launching a native marketplace directly in Reddit.
Take note.
đď¸205 - Drops This Week, First Mint Negativity, How Top Shot Can Save Itself, Phil's Celebrity 2
If you want the juicy NFT bits, skip to the 1:15 mark, because we spend the first 75 minutes getting updates on Phil's Celebrity Drama and Hockey Coaching (Playoffs!)
Following that, we dive into TFM's role in the influencer ecosystem, wether we are TOO negative at times (or not enough), and how these NFT projects could possibly hope to win Phil's attention in the future.
We then dovetail into business ideas for growing the NFT Sports market, which includes meetings fans where they are - and finish with quick hits on Pranksy, Sorare, Dapper Executives, F1 rumors, and a Hot Take of The Week for the ages.
Also, move fast because there is a POAP code in the first 10 minutes of this one!
In todayâs pod:
3:30 - Fathers Day
8:30 - Phil's Celebrity Drama continues
18:30 - Top Shot cuts Community Programs
24:30 - The Time Phil Beat Nick Nurse
33:30 - Philâs Coaching Glory in the Minor Hockey Playoffs
56:30 - March Madness Conspiracy
1:08:30 - Joe Biden Hates The Maple Leafs
1:18:30 - Is The First Mint too negative about Sports?
1:29:30 - What These Projects Get Wrong and Right
1:38:30 - The Bros Come Up With a Business Idea
1:53:30 - Bring Top Shot To Fans, Not Fans To Top Shot
2:11:30 - Hot Take Of The Week
đĽ Hot Take Of The Week
Every week, we post a HOT TAKE question on Twitter and ask YOU for a spicy one. Today, we look at Philâs affections, and what it would take to win him over.
If you skip to the 2:12 mark of the show, you will hear us countdown the best selections and Philâs thought process for his answer.
The Winner, who will get a $50 moment of their choice, courtesy of The First Mint:
And congrats to the runner up Jenn Sutto with this gem that Phil really enjoyed.
***NEW SECTION ALERT***
Each week, weâll try our best to feature upcoming drop. These are NOT endorsement or recommendations - they are just a listing of whatâs coming out in our world.
These are also NOT trading advice. We do not endorse these nor recommend spending money on any of them. Please make your own decisions.
âž March 29 | Candy Showstopper ICON
Cost: $43 per pack / 3 NFTs
Supply: 2,021
Time: March 29, 1pm ET
Comments: I like this one, mainly because the mint ends 24h after it begins. Candy packs often have some good secondary value, so I may go for one or two!
đĽ March 30 | UFC Strike Pride FC
Cost: $119 per pack / 5 NFTs
Supply: 1,360
Time: March 30, 10:30am PT
Comment: This league went defunct 16 years ago. MAYBE this would be a draw if there was a Ken Shamrock moments, but there is not. Come on man.
â˝ Ongoing | La Liga Golazos Jornadas
Cost: $5 per pack / 4 NFTs
Supply: 28,000
Time: Ongoing
Comment: Hard to say if La Liga will grow, but if you got $5 to spend and just need to feel something, this is the pack for you.
The broader sports market is down, and its not just sports - NFTs overall have seen some large dips in volume and blue chip floor prices the last few weeks.
However a few collections are holding a strong recurring user base.
Dream scenario: you got some cash to spend. Where is it going?
Iâm loving the video game throwbacks and the answers to em. Keep âem coming folks!
And from our friend Steve, a throwback to the early days of the boom!
Catchup on everything you might have missed in the world of sports x web3!
**This is not financial advice. Nothing in this newsletter, podcast, or publication should be considered financial or trading advice of any kind. Please do your own thorough research and make your own trading decisions. This is not advice.â
About The First Mint
A web3 sports community. Collectibles, NFTs, and Metaverse.
Tweets and Newsletters are not endorsements.