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Hey everybody it’s TPan, friend of the Milk Man. Our carton-shaped friend is busy watching Saturday morning cartoons so I’m filling in.
Here’s what we got today:
- NFT’s top movers of the week 📊
- Louis Vuitton launches NFT collection 👀
- Snowfros path to minting out Squiggles 💰
- Metadata: What is it and why does it matter? 🤔
NFT’S TOP MOVERS OF THE WEEK 📊
Source: CryptoSlam
Here were this week’s top movers:
- Azuki (+66% sales): Volume increased for the anime-styled collection in anticipation of the Follow The Rabbit event later this month in Las Vegas.
- DeGods (+87% sales): The floor price rose to 9.7 ETH as Frank shared details around the de[id] identity platform.
- XTREME PIXELS ($1.9 million in sales): The new collection launched as a free mint by FAHQ (pronounced f*ck you), a new streetwear and skateboard brand.
LOUIS VUITTON LAUNCHES NFT COLLECTION 👀
Everyone was talking about one thing this week: Louis Vuitton’s new Treasure Trunks NFT collection.
What do we know about the collection so far?
- Each of these NFTs will be priced at €39,000, or around $42,000
- The supply will be ‘several hundred’
- The Treasure Trunks will be soul-bound tokens, meaning they will be tied to the wallet that acquires the NFT
- Each of these Treasure Trunks will come with a made-to-order physical twin
Phew, this isn’t just an expensive digital collectible.
What gets interesting is holders of the Treasure Trunks will periodically have the opportunity to purchase Keys. Each of these Keys provides access to never-before-seen Louis Vuitton designs as well as the physical counterparts for them.
The first release of the collection will come out later this month in collaboration with Pharrell, LV’s menswear creative director.
Why does this matter?
Fashion has been one of the more practical applications for NFTs, and many fashion brands are exploring how the digital can augment the physical. Louis Vuitton’s parent company, LVMH, has been exploring crypto and NFTs with its family of brands:
- Louis Vuitton launched a mobile game that rewarded players with NFTs
- Rimowa partnered with RTFKT for a custom luggage collection
- Tag Heuer accepts crypto
- Tiffany & Co. launched a limited collection of CryptoPunks pendants
The price tag might be high, but luxury brands understand how to combine exclusivity to make it worth the cost. Meanwhile, I’ll be looking for spare change under Milk Man’s couch cushions.
If you want to learn more about the partnership, I write about it in more detail here.
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SNOWFROS PATH TO MINTING OUT SQUIGGLES💰
Squiggles have been of the most popular generative art collections as NFTs took off. The collection of colorful lines was first minted in November 2020 with a total supply of 10,000, but the collection didn’t mint out.
Snowfro, founder of the generative art platform Art Blocks and Squiggles is on a mission to mint out the rest of the collection.
How will he do it?
- Last month, he auctioned off 10 unminted Squiggles for $333k in a charity auction for The ALS Association
- This week 17 Squiggles were minted to people that made meaningful contributions to digital art and the Art Blocks ecosystem
- Some Squiggles in each of the next few mints will be reserved for organizations and institutions
There are currently 9,791 Squiggles, meaning there are only 209 Squiggles left to be minted.
Why is this interesting?
Oftentimes, success for a NFT project means it needs to be minted out. However, Squiggles has taken a different approach with the art collection through building community and sharing the story behind the collection. Now, Snowfro and Squiggles are in a position to make an even larger impact with charity efforts and museum partnerships.
Oh, and I forgot to mention…if you want to grab one of these things it’ll only cost a cool 20 grand. That’s only half the cost of a Louis Vuitton Trunk, what a steal!
METADATA: WHAT IS IT AND WHY DOES IT MATTER? 🤔
Our friend 0xKofi shared a tweet the other day about metadata and why it matters.
What is metadata?
Metadata is the information associated with a NFT. Some examples of this are the name, description, transaction history, and traits. Prettyyy important.
How can metadata be stored?
- Centralized servers: AWS, for example
- IPFS: A decentralized media protocol that directs to a link that stores the data
- Arweave: A permanent and decentralized storage mechanism
- On-chain: Ol’ reliable
The risk of hosting metadata on centralized servers is obvious. If a project forgets to pay the bills, poof!
On the other hand, storing metadata on-chain is the most secure method of storing data, and the most expensive.
Kofi’s point is that you should be aware of how the metadata on JPEGs you own are stored. It’s unlikely, but no one wants to be in a situation like this:
MILK & COOKIES 🍪
Warner Bros. to Sell 1978 ‘Superman’ NFT Movie Bundles. Talk about a blast from the past.
RTFKT Signs With CAA. NFTs 🤝 Creative Agencies
Fidenza #545 Sells for 625 ETH ($1.2 million).Wowza…
MILKY MEMES 🤣
People with 0.2 ETH worrying about the SEC’s impact on the crypto market
— Alan Carroll (@alancarroII)3:00 PM • Jun 7, 2023
My trading strategy:
— MinisterOfNFTs 🔮 (@MinisterOfNFTs)5:42 PM • Jun 7, 2023
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)1:41 PM • Jun 4, 2023
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.Saturd
