January 4, 2022

Gary Vee’s New NFT Restaurant 🎣

In Today's Email:

  • Polymarket pays a $1.4M legal settlement

  • Gary Vee unveils his NFT restaurant plans

Polymarket Fined 

Polymarket is a website that lets you bet on anything, from sports to “will Chris Cuomo launch a substack by January 10th (98% of people are betting “No”, sorry Chris).

And yesterday, they settled for $1.4m with the Commodity Futures Trading Commission (CFTC) for operating an “illegal unregistered or non-designated facility.”

On one hand, that’s a small fine. Good outcome for them.

On the other hand, this is a warning shot for any defi company operating outside the traditional rules.

Oh – and whoever snitched probably walked away with a few hundred K based on whistleblower payout rules:

Meme Of The Day

Gary Vee's NFT Restaurant 🎣

In August, Gary Vee announced that he was opening a restaurant – and the only way you could get in was by holding the NFT.

So, if you one of the NFT owners, you can “rent” out your NFT for the night, so someone else can eat out.

That’s a big idea when you sit back and think about it – by owning the NFT, you could effectively own a cash flowing asset (assuming people want to eat at the restaurant).  

And yesterday, Gary unveiled the restaurant name, Flyfish Club.

Seafood, eh? The NFTs are currently trading for 5.98 ETH (~$20k) on OpenSea (there's more going up for sale on Friday, if you're curious).

There’s more appetite for a restaurant membership than I would have guessed!

Just look at that watch 

The placement of his watch in this photo absolutely SLAYS me 🤣

GM, Say it back on Twitter!

– Ben aka Mr. Cold Storage

P.S. Hit reply and give us a score 1-5 (1 being this is trash 🤣 and 5 being 🔥)