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Mason Nystrom Profile picture
@masonnystrom
Sep 9, 2020 • 7 tweets • 3 min read • Read on X
The evolution of crypto primitives is happening at breakneck speed. Primitives like liquidity mining & social tokens – representing individuals and human capital – are now converging.

One social token, WHALE now has a market cap of $16m backed by a $1m portfolio of NFTs.🧵 Image
Dive deeper into WHALE and NFT liquidity mining in the full piece! messari.io/article/whale-…
tokens are indirectly underpinned by all of @WhaleShark_Pro's NFT assets, held in an address known as “The Vault” and are actively managed by WhaleShark.

@TheSandboxGame NFTs account for about 50% of all assets in the Vault. Next, are SuperRare(15%) and Gods Unchained(9%) Image
More importantly, four NFT projects – SuperRare, Gods Unchained, CryptoVoxels, and The Sandbox – make up over 80% of the portfolio’s value. Image
NFT Liquidity Mining

In order to incentivize the growth of the Whale Vault, the WHALE community has launched an NFT liquidity mining program.

In the program, creators can stake NFTs that they create or whole portfolios in order to earn more WHALE.
NFT liquidity mining has the potential to be stickier than standard DeFi liquidity mining.

Rather than requiring mercenary capital which flows to the best APY, NFTs from creators will be exclusive and therefore unable to flow to other similar style NFT programs that arise.
NFT liquidity mining and social tokens are here to stay so check out the full analysis to stay up to date on this interesting trend.
messari.io/article/whale-…

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More from @masonnystrom

Mason Nystrom Profile picture
Jul 17
There are a few common crypto business models:
- Exchanges and marketplaces
- Transaction sequencing
- Asset managers

Let's dive into some examples 👇
Exchange Model
Subset 1) marketplace models – fee on transactions
- create a new asset and market (e.g. Polymarket, Perps)
- expand access to emerging asset (Coinbase and BTC)
- convenience fee (wallet swaps)
- SaaS enabled marketplaces – Proof marketplaces

Exchange subset 2): Liquidity servicing - build valuable pool of specialized liquidity and charge acces fee to end app (e.g. hooks) or match-maker fee (e.g. swaps)
- DEXs
- Lending
MEV / Transaction sequencing – own and monetize valuable order flow
- App PFOF (e.g. TG Bots)
- Sequencer model - own sequencer and MEV (e.g. L2)
- SaaS enabled tx sequencing and monitoring - RaaS, RPC providers, security providers, oracles etc.
Read 5 tweets
Mason Nystrom Profile picture
Jul 6
Lots of people on the timeline questioning token incentives and whether they're net-beneficial or net-negative.

Some thoughts 🧵
When combined with new products, tokens – or the promise of tokens – have proven effective at alleviating the cold start problem.

But, networks that launch with a token from the jump, must find PMF in a shortened window amidst inorganic activity or otherwise these networks are just spending tokens for limited upside.

My friend and fellow investor, @howdai27 calls this the “hot start problem” where the presence of a token limits the window of time a startup has to find PMF and gain enough organic traction such that the startup can retain users/liquidity as token rewards diminish.Image
The hot start problem – launching tokens early and dealing with finding PMF amidst inorganic activity – is favorable to the cold start problem in two scenarios:

1) Startups competing in red ocean markets (markets with a high degree of competition and known demand)
Examples: Second mover defi protocols, Blur vs OpenSea, LRTs, etc.

2) Products and networks with passive-supply side participation
Examples: passive jobs to be done – staking (L1s), providing liquidity, or set-it and forget-it hardware (e.g. DePIN).
masonnystrom.com/p/tokenized-ma…
Read 5 tweets
Mason Nystrom Profile picture
Apr 26, 2023
Over 2 million compressed NFTs have been minted in just a few weeks.

Enabled by @metaplex's new NFT compression standard (Bubblebum), Compressed NFTs offer greater scale to NFT minting and open up a new array of use cases for Solana NFTs. Image
But what are compressed NFTs?

Normal Solana NFTs have metadata stored in on-chain accounts

Compressed NFTs group the state of many NFTs into a merkle tree and hash the merkle root on-chain with each leaf of the tree (e.g. NFT) verifiable on-chain while the metadata is offchain
Compressed NFTs allow minting NFTs at scale while securing them cryptographically on-chain.

Importantly, compressed NFTs can be redeemed/decompressed in which case the NFT is removed from the offchain merkle tree and then exits on-chain as a normal Metaplex NFT.
Read 4 tweets
Mason Nystrom Profile picture
Apr 5, 2023
Some thoughts on NFT marketplace defensibility and value capture
nystrom.substack.com/p/defensible-n…
The magic of NFTs as an asset class is that the underlying assets are composable. But, this effortlessly destroys the moat of secondary trading liquidity that marketplaces have relied on to succeed.
NFT marketplaces must find proprietary liquidity that lives on their platforms, that drives users, and is unique.

Fluid secondary liquidity means marketplaces & NFT social networks must compete in the streets of the bazaar where trading occurs and not behind their castle moats.
Read 18 tweets
Mason Nystrom Profile picture
Mar 27, 2023
Artists have earned over $5m in earnings on Sound Protocol.

Let’s take a brief look at the state of @soundxyz_ Protocol & Marketplace 🎧 🧵
sound.xyz
Sound Protocol by the numbers:
•$10m in NFT volume (4.4m Primary and 5.7m Secondary)
• Minted over 80,000 music
• Over 400 talented artists
• Nearly 13,000 collectors

dune.com/nicoelzer/soun…
Music NFT mints continue to grow 📈

Feb 2023 was Sound’s best month ever in terms of music NFTs minted.

The record month was aided by the launch of Sound’s curator rewards which enabled fans to earn 5% on primary mints generated through their referral links and playlists. Image
Read 5 tweets
Mason Nystrom Profile picture
Feb 28, 2023
Today, the way in which protocols build demand is often dictated by two GTM approaches:
1) Network-driven Protocol GTM
2) Product-led Protocol GTM

Let's examine when each GTM strategy works best.
nystrom.substack.com/p/protocol-gtm…
1) Network-driven protocol GTM focuses on building a protocol with broad distribution and permissionless access, and then evangelizes others to build on top of the network.

Examples: Ethereum, Polygon, Livepeer, Metaplex, Lens, XMTP, Reservoir
This approach often encourages adoption through:
• Permissionless access (e.g. Ethereum)
• Strong BD/sales (e.g. Polygon)
• Integrations and Robust documentation (i.e., XMPT)
• Token standard or contract integrations (e.g., Metaplex)
• Resource marketplaces (e.g.Livepeer)
Read 9 tweets

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