Revamping Set Rewards 💸
Featuring A New Reward Structure for S4, An Angry Office Hours, the End of S1 Reserve Packs, a Juiced Locker Room Packs & More
GM, B&B Friends — hope you all had an excellent week!
Summer is flying by, and the boring doldrums of late summer sports are almost over. Football season is around the corner, which will carry us nicely into the start of the 2022-23 NBA season!
Let’s get into all the action from the last few days:
Revamping Set Rewards 💸
Top Shot released a new blog on Friday, detailing a revised structure coming for set rewards in Series 4.
Full audio from Top Shot’s Office Hours, where Jacob answered questions on the changes, here.
After a lot of positive momentum, this update seemed to get the pitchforks out amongst the community — with many seemingly frustrated with the move away from airdrops and reduced rewards for non Team Set holders.
Not Subscribed to Basketball & Blockchain? Let’s change that:
It feels like Top Shot had been pretty transparent about this type of move for months now, so a bit surprised to see all the anger. But the Top Shot community has a short memory, and sometimes it feels a bit like this:
While some of the anger is a bit misplaced, there are a few good points to bring up on how some of this negativity could’ve been avoided.
One, eloquently tweeted by Team Hold’s Mike Zakarian:
While there is always the ‘DYOR’/think before you act caveat, it feels like rolling out this information PRIOR to the launch of locking could’ve saved a lot of grief.
Though Top Shot has strived to stop having users acting on 'breadcrumbs’ of info, those who excitedly locked up non Team Sets up before understanding the full reward structure probably are feeling a bit burned.
However, if as a community we want packs to be scarce and valuable, making airdrops rain every drop is just not sustainable. So hopefully this is a necessary bandaid rip for a healthier overall ecosystem.
A level-headed thread on the drama-filled day:
Also, this meme from @ActuallyJebBush came to fruition a LOT quicker than he anticipated:
And of course, it wouldn’t be a polarizing day without a #JayneTweet:
A live look at the Economist:
The Final Reserve ✌️
Top Shot held another Series 1 Reserve pack drop for 350 trade tickets on Friday, which will be the last ever following a community vote on the matter:
The vote, held in Discord, was… Not particularly close:
(Side note: 4,500 votes seems like a pretty small number of people given the user numbers Dapper was touting in the past… Just saying!)
As many have noted, the 350 trade ticket price point just didn’t align with current market prices for Series 1 — so Option B seems like the clear way.
August Locker Packs also just got a lot more interesting — potentially even more so than the previous recycling session we had with legendary & rare moments.
Me, looking at my Series 3 60k moments one last time before their journey to the Locker Room:
Flowty x TFM 🤝
The First Mint is excited to partner with Flowty, a peer-to-peer NFT loan and rental platform on the Flow Blockchain founded by Michael Levy (fondly known as MBL throughout the Top Shot community).
Are you an NBA Top Shot collector / investor? Did you know that you can do a LOT more with moments than just buy and sell them?
Need help completing a Top Shot challenge? Rent on Flowty.
Have extra moments for a challenge and want to generate income in a safe way? Rent out your moments on Flowty.
Need liquidity but don’t want to sell your moments? Use moments as collateral to take out a loan on Flowty.
Looking for an alternative way to invest in Top Shot? Generate passive income by lending (funding loans) on Flowty.
Flowty’s rental and loan marketplace allows renters, owners, borrowers and lenders to transact in a safe and easy way!
Around The First Mint 🗣
What drives NFT bull markets? And what will bring on the next one? We've got the co-founder of Dapper Labs, Mack Flavelle, on the show to tell us about how NFTs came about, and how their predecessors were emojis and GIFs. Oh, and he also thinks that Roadmaps are super dumb.
Thanks for reading! — Zach @ The First Mint
Follow Zach on Twitter at @GhostOfGregOden.
**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.”
About The First Mint
The First Mint is a web3 media company. We make. We write. We talk. We listen.