| | GM, this is the Milk Road. The daily email that tells you what’s going on in crypto, in less than 5 minutes. |
Markets are turbulent. Stocks are down. Oil is up. Wheat & corn prices are going crazy. |
Bitcoin holding at $39K. Only 5 of the top 100 cryptocurrencies (by market cap) were in the green this weekend. |
What's In Today’s Milk Road: |
- 🤑 We called a crypto OG worth $100m+
- 📊 An interesting chart
- 🥛 Five Nuggets you'll wanna read
- 🧑⚖️ Coinbase and FTX talk about enforcing sanctions
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We talked to a Crypto OG worth $100m+ |
4 Baller Things About Ryan: |
- He recently bought a $30M Beeple NFT
- Early at Polychain, one of the first-ever crypto focused funds
- His net worth is $100M+
- Early investor in MakerDAO, Filecoin, Axie Infinity, dydx, etc.
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Highlights from the call: |
He bought Human One by Beeple (a 7-foot sculpture made of LED screens) for $29m in November because it's a living and evolving piece of art, it's funny, and he believes Metcalfe's Law applies to NFTs. |
(If you wanna see how it evolves, the sculpture just updated to support Ukraine). |
He's an avid NFT collector and sees something most people don't: these pieces of digital art can earn him yield. |
He borrows against the NFT in U.S. dollars, then uses the capital as a lender in a riskier, higher-interest DeFi transaction (I.E. the 20% UST yield we showed you on Friday). |
Here’s some other things he mentioned he’s bullish on right now: |
Axie Infinity was the first big breakout crypto game. It generated like $2B in less than a year, and thousands of people in emerging markets literally get paid to play the game as a job (“Play to Earn”). |
It runs on the Ronin blockchain, which has it’s own token $RON |
It's usage is so impressive, it's right up there with Ethereum's. Ronin has 410k daily users, while Ethereum has 480k. |
But Ronin has only a $2B market cap, while Ethereum is ~$300B. |
As Ryan put it: “Either this is all just one giant internet casino and fundamentals don’t matter…or fundamentals do matter and Ronin is grossly undervalued." |
He named a bunch, but one non-crypto asset that stood out was 1st edition Charizard cards that are in mint condition. |
Pokemon is the highest grossing franchise of all time globally, and has lasted for decades and the 1st edition cards have a capped supply. |
He has accumulated a large collection of premium Charizard cards in his portfolio. |
He and his team built a product to deliver consistent yield farming results (they call it Medici) in the 20-50% APR range. |
His advice for us: lean into what the nerds are doing |
Ryan got into some great early deals by hustling & spending time with builders before they even had a token. |
Joining discords, participating in DAOs, going to hackathons, conferences, brainstorming with devs etc. |
This is one way to get massive (1000x) types of returns. |
Andre Cronje is a famous crypto engineer. He helped build Fantom, Yearn Finance, and a bunch of other prominent DeFi projects. |
That’s why it was very surprising that he suddenly changed his LinkedIn and his partner tweeted they were done with building in crypto. |
This caused the price of Fantom to drop 20% fast |
While the price has started to recover, this brings up an interesting question. In a world of decentralization, how much should the founders involvement matter once there's real users and usage? |
Jake Paul, Soulja Boy, & Lil Yachty are getting sued for promoting Safemoon coin |
We bought a piece of a lamborghini that was blown up : the artist SHL0MS blew up a $250K lambo and auctioned off the fragments for ~$2M total. The auction lasted almost 30 hours and had 1784 total bidders with a top bid of 69 ETH (~$175k). Milk Road got in on the action & won CAR // 0883. See the top 50 bidders here. |
DeFi legends are leaving crypto and handing over ~25 apps and services: Andre Cronje and Anton Nell abruptly announce their decision to stop their work in the space. Tokens associated with the projects are all down big - Fantom, Yearn.Finance, Solidly to name a few. This is how they broke the news. |
I’ll take a side of Bitcoin with that burger please: Burger chain Shake Shack has announced that for every purchase made with a Cash App debit card through March, it will refund customers 15% of the equivalent total in Bitcoin. | Tai Lopez NFT chaos: Tai was the talk of NFT land with his recent drop where he was auctioned off activities to do with him. Some of our favorites include: game of HORSE with Tai (18.4ETH = ~$46,500 ), 1 on 1 Watch A Movie with Tai (12.27 ETH = ~$31,000) and 1 on 1 Shadow Tai At His Office (42.93 ETH = ~$108,400). Curious what else was for sale? check it out here. |
Terra on a roll: The latest rise in the price of LUNA, Terra's native token, has made Terra the second-largest home for all things DeFi, right behind Ethereum. Check out the charts here. |
How FTX & Coinbase Enforce US Sanctions |
Both FTX and Coinbase put out threads on how they're enforcing US sanctions in the past few days: |
Both are good reads to understand how centralized exchanges are following the laws and how it might not be a bad idea to hold your own keys from now on! |
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Alright, that's all we got for the start of the week! |
What'd you think of today's email? |
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