GM. This is the Milk Road, and you’re going to like this email, I guarantee it *men’s warehouse voice*
Estimated read time: 3 minutes and 19 seconds
Here’s what we got to end the week:
- ❓ What if Twitter dropped a token?
- 💸 The Bored Ape land sale is tomorrow
- 👀 Another country looking to adopt crypto
- 😂 Memeof the Day
WHAT IF ELON CREATED A TWITTER TOKEN?
Do you know Balaji?
Here’s 3 things about him:
- He’s sold a startup for ~$300M+
- He was the CTO of Coinbase
- He doesn’t watch TV or movies, he works out and reads textbooks for fun
As a friend of the Milk Road, when Balaji writes a blog post, we drop everything and read it.
He wrote a post yesterday with a big idea for Elon Musk - airdrop a token to Twitter users.
Here’s my summary in 6 bullet points:
- Elon should promise a free airdrop to Twitter users
- Create a website where anyone can login with Twitter to vote YES for the airdrop
- The token includes your twitter @name rights. So you truly own your account
- The token would also be used for buying ads, sending money to others, and getting priority placement in someone’s DMs.
- Twitter has ~217M+ monthly users, so on Day 1 it would become the most widely held and used crypto token of all time.
- Plus it would drive growth. Many people would join Twitter to get the free airdrop.
Come for the free money, stay for the free speech.
This is brilliant for 2 reasons:
- If millions of people sign up for Elon’s airdrop, it proves he has the people’s support (in case politicians try to block the deal)
- It also becomes a solid Plan B if the deal falls thru (launch his own twitter competitor, and use the airdrop list as his waitlist)
If you want to read the whole thing, check it out here.
Elon, we know you’re reading this. Make Balaji the CEO of Twitter. He’s brilliant and aligned with your mission for creating the global free speech protocol.
THE BORED APE YACHT CLUB LAND SALE IS TOMORROW
Yuga Labs, the creators of Bored Ape Yacht Club, are releasing their highly anticipated metaverse land this weekend.
If they sell out (which they will), they're going to make $385 MILLION DOLLARS from this...
Now, the details:
- There will be a total of 55k available NFTs to mint (you needed to KYC on their website prior to April 1st)
- Each NFT will be minted for 305 $APE (~$6k)
- Each wallet will be limited to mint 2 NFTs during the first wave
- If the first wave doesn’t sell out, there will be additional waves where the wallet limit will increase
We have no idea if this is gonna be a good investment…but we do know what every other project the Yuga Labs team has released has turned into:
Bored Ape Yacht Club: 0.08ETH public sale price → 152 ETH now (up 1,900x)
Mutant Ape Yacht Club: 2.8ETH public sale price → 42 ETH now (up 15x)
Bored Ape Kennel Club: 0.6ETH OpenSea price on day 1 → 10 ETH now (up 17x)
Bored Ape Chemistry Club: 10 ETH OpenSea price on day 1 → 56 ETH (up 5.5x)
APE coin: Started trading around $7 → $23 now (up 3.3x)
AN NFT PROJECT BOUGHT A BIG3 BASKETBALL TEAM
DeGods, an NFT project, has purchased a professional basketball team in the BIG3 basketball league.
Here's what that means:
- The DeGods logo will be on the team's jerseys
- They have full ownership of the teams IP so they can create merch, collectibles, and more
- They’ll be able to decide who the coaches are, the CEO, president, and VP of the team
- They’ll be able to decide who the coaches are, the CEO, president, and VP of the team
The Milk Road's Take: Cool move, but this is one of those things that “sounds a lot cooler than it actually is”. I doubt 1% of DeGods holders have ever even seen this Big3 team play.
PANAMA IS ABOUT TO ADOPT CRYPTO
Panama is about to pass a bill that would make them the next country to adopt crypto.
First, El Salvador did it….Yesterday, the Central Republic of Africa….Today, Panama.
OK technically, this bill doesn’t make it “legal tender”, but here’s what it does say:
1/ Panamanians will now be able to go to the grocery store and buy their daily dose of leche (Spanish for milk) using crypto like Bitcoin, Ethereum, XRP (wtf?), and Litecoin.
2/ Digital assets will be exempt from any capital gains tax (big)
3/ DAOs will be recognized as legal entities, just like any business
4/ The government will look to put core info on-chain - i.e. your passport and driver’s license on the blockchain, instead of in your wallet.
Panama still needs the final signature from El Presidente, but he should be signing it. This bill was passed by a unanimous 40-0 vote by the Panamanian government. The President can’t say no to that right? Nobody wants to be that guy.
FUNDING FRIDAY
Every Friday we recap all the web3 startups that got funding. This week we saw $900M invested in crypto. Who got the money?
Mad Realities got $6M for their interactive dating show where NFT holders can vote on who the contestants of the show are. It's crypto meets The Bachelor.
OurSong got $7M to build a music NFT marketplace where musicians can monetize their content. The company is owned by Our Happy Company, which was founded by John Legend.
CertiK got $60M to audit and help secure smart contracts and blockchains. With hacks happening every other day, we need more of these!
Mueshi got $3.3M to develop a fractionalized NFT marketplace for fine arts. We’re seeing more and more of this fractionalization of NFTs might be something we need to look into…
PROOF got $10M to grow their NFT media company. This is chump change compared to what they’ve made on their NFT collections, PROOF, and Moonbirds.
Rain got $6M to build the corporate credit card for web3.
Wanna see all the companies that have raised money this year?Check out our full database here.
MEME OF THE DAY
Web3 Devs Are Ruthless 🤯
— Drake Dukes (@DDukes12)8:59 PM • Apr 28, 2022
See ya Monday!
Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy
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DISCLAIMER:
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
