Thread by @The_ReadingApe

In this episode of @FloorisRising, the host @SabretoothSG interviewed @NinjaBoffin. This is an interesting episode because of his bull thesis on @Reddit NFTs. Read our summary highlights 👇

👉 Firstly, who is @NinjaBoffin?

• One of the writers of Page One, an NFT newsletter/community
• Wrote the Reddit NFT thesis (page1.substack.com/p/the-reddit-n…)
• Got into crypto in 2013
• Mined @dogecoin and exchanged it for @Steam games

• Invested in some coins during the 2017 ICO mania
• After #DeFi summer, he stumbled upon @AxieInfinity and went deep into it
• Have been involved with #NFT ever since then

👉His @Reddit NFTs Thesis

• Knew about the Reddit #NFT sale early on
• The 1st edition took months to sell out but the 2nd edition took only a day for it to sell out
• A massive increase in demand over a short period of time

• Saw @Reddit as a new ecosystem that can help onboard a lot of people
• Reddit was using blockchain tech in the backend seamlessly
• Customization of avatars with NFTs happens off-chain
• His massive buys got noticed
• Wanted to write a thesis to consolidate everything

👉 Is This One Of His Highest Conviction Bets?

• Percentage-wise, it is one of his largest bets
• It’s easier to convert users than to acquire new ones
• Reddit has integrated these NFTs in a manner that makes sense to people

👉 Behavioural Economics

• Boffin has a Masters in Behavioural Economics
• But normal people do not behave like what like how the economic models predict

An example:

A passenger has 2 options:
A: No stops, but costs a fraction more
B: Has 10 stops, but costs slightly less

Economics would suggest people use Option B to maximize money but this doesn't account for time value etc, which is how normal people behave

• Similarly, NFTs are an emotionally loaded term
• People immediately think of cryptos and scams
• Calling them digital collectibles make them relatable to people and avoid the negative perception associated with crypto

“We [Reddit] don't tell people that’s an NFT. We don't hide it, we just word it differently. And that makes all the difference.”

- 0xBoffin

👉Reddit Collectible Avatars Becoming Flex Items?

• Avatars are digital collectibles
• As more people get onboarded, the oldest collectibles will be worth the most

👉Personalization Aspect Of Reddit NFTs

• Currently for #NFTs, one is unable to change a particular trait of the NFT (e.g. Changing a Bored Ape with a suit to a t-shirt)
• Doing so requires the purchase of another NFT
• One can change particular traits with Reddit NFTs

👉Thesis Dependent On Continual Support By Reddit

• There’s a risk of Reddit stopping support for the avatars, which will invalidate his thesis
• Reddit has been adding layers of personalization over time

👉His Theses On Other Projects

• Good narrative + interesting technology backing it = probably worth investing
• One project that worked out for him was @RTFKT:
- Narrative: Relating to Hypebeast the brand, but for Web3
- Technology: Innovative forging technique

• Another successful project was Clone X
• For Bored Apes, he sold it too early
• @coolcats was supposed to have the narrative but it fizzled out
• @pudgypenguins turned out great, which he did not expect
• Expected Chromie Squiggles to take off, but they never did

👉His Favourite NFT

• His favourite NFTs are those that allow him to converse with the artist and learn more about their life, the process for doing what they are currently doing, etc.
• His Clone X because that’s his biggest win to date

• His Twitter profile picture which is a combination of Lone Wolf by @jaendotart and @hirst_official’s Currency

That's it! If you want to listen to the podcast in its entirety, here's the link:

https://twitter.com/FloorisRising/status/1593311812354572288

Here's the link to our Substack post:

thereadingape.substack.com/p/floor-is-ris…

I hope you've found this thread helpful.

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https://twitter.com/The_ReadingApe/status/1597983818836647936