GM. This is the Milk Road, the crypto newsletter that's like slip-on Vans - we're stylish & save you time. Ain't nobody got time for laces.
Let’s get into the good stuff:
- Why a crypto VC bought a CryptoPunk for $3.3m
- A new crypto bill gets introduced
- Aptos: The next big layer 1?
- Meme of the day
A CRYPTO BIG SHOT BUYS A CRYPTOPUNK FOR $3.3M - HERE'S WHY
1confirmation is a well-known crypto VC firm. They've invested in companies like Coinbase, OpenSea, and SuperRare.
And they just bought a CryptoPunk for $3.31m.
Here’s the TLDR on why they’re betting big on Punk 4156:
1/ NFTs remove the gatekeepers and give true ownership to creators & consumers. This is the opposite of Web2, where the big companies are censoring creatives and regularly changing the rules and economics on them.
2/ NFTs are unlocking creativity. 910 artists have sold NFTs worth over $100K to date and thousands of new brands have been built around PFPs. 1confirmation thinks those numbers will grow exponentially in the coming years.
3/ Cryptopunks are the holy grail NFT PFP. The thousands of PFPs that came after (Nouns, BAYC, CloneX, Doodles, etc) are all derivatives of Punks.
4/ NFT collections are their own digital nation-states. When beliefs are strong and stand for something truly unique & more than money, the community is likely to grow. That is the case for Punks just like BTC & ETH
5/ Punk 4156 already has a strong brand thanks to @punk4156 (the founder of Nouns) and due to the fact that it’s one of the only “ape” Punks in the collection.. 1confirmation believes the 4156 brand will only grow more over time.
If you wanna hear more on why, check out this thread from Nick.
TODAY'S EDITION IS BROUGHT TO YOU BY PUBLIC
It’s been a tough few months for Crypto…
Kind of like the opening scene of one of those apocalypse movies (you know when the aliens turn up)
Well don’t worry, the reinforcements have arrived. Here is a pro tip from the brain boxes at the Milk Road:
Diversify, diversify, diversify.
With that welcome to the stage, Public.com - they’re an investing platform where you can invest in any fractional asset.
And not just stocks & crypto, members on Public will soon also be able to invest in alternative assets like blue chip NFTs, game-worn MJ sneakers & even Banksy paintings.
If you want to keep up to date with when alts drop on Public, download their app and get up to $300 worth of stock when you make that first deposit.
Disclosure:
Paid endorsement for Open to the Public Investing, member FINRA & SIPC. Not investment advice. Cryptocurrency trading is provided by Apex Crypto LLC (NMLS ID 1828849). Apex Crypto is licensed by the NY DFS. New customers receive free stock with a value of $3-300. 0.3% receive the max value.”
A NEW CRYPTO BILL GETS INTRODUCED INTO THE U.S SENATE
A new bill has been introduced to the U.S Senate - the Virtual Currency Tax Fairness Act.
The goal is to cut taxes on small crypto payments up to $50. It was introduced by Senators Patrick Toomey and Kyrsten Sinema (D-Ariz.).
This is big because right now the government treats crypto assets as property and crypto transactions as investments rather than payments. Aka we have to track and pay capital gains taxes every time we exchange or sell crypto. No bueno.
This has been a huge roadblock for crypto being an alternative to fiat money, so even if it’s only up to $50, it's still a move in the right direction.
Now I can buy my fire Chipotle order (double steak, double guac) in crypto without being taxed!
IS APTOS THE NEXT BIG LAYER 1?
There’s a “new” L1 on the block [chain] - Aptos. But to be honest, calling this “new” is like calling your ex-girlfriend that you date again your new girlfriend. It just isn’t.
Because it’s technically a revival of an old crypto project - Diem, the failed Facebook project.
Diem just raised a $150m Series A from some of the biggest investors in the game - FTX, Jump Capital and a16z. This brings their total raised to $350m.
Aptos claims to be the safest and most scalable layer 1 out there, capable of 160,000 tps (transactions per second). That would be the fastest of any layer 1 out there.
They’ve been launching a series of testnets before they launch their mainnet. And now with another round of funding, they’re starting to get some serious momentum...seriously, we saw more tweets about Aptos yesterday than we have all year.
The big question: is this just a move by some to rotate into a new L1 and cash out or is Aptos the next big thing?
QUESTION OF THE DAY: IS THE $3.31M PUNK A GOOD BUY?
Do you think the $3.31M Punk will be worth more or less in 2027?
A/ Way more
B/ Probably about the same
C/ Not a chance it's even close
Reply to this email below with your answer and we'll share the results! Whoever is closest is gonna win something dope in 2027 😎
MEME OF THE DAY
That's really how it be.. 😂😂
That's a wrap for today, ladies & gents. See ya tomorrow!
Ben "2% Milk" Levy & Diego "El Lechero" Salinas
A ROADERS REVIEW
VITALIK PIC OF THE DAY
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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.
