Today’s edition is brought to you by Bakkt — Looking for a sign to switch vendors? Look no further. There’s no gray area when it comes to custody.
GM. This is Milk Road, where we serve the crypto news sunny side up, every time.
Here’s what we got for you today:
The Simpsons dropped a new episode about crypto 😂
Crypto concept: Tesla cars and dynamic NFTs 🧐
Bakkt custody: compromise nothing 🔒
Use case of the day: Boba tea and Solana 👀
Nike’s RTFKT collections have done $1.4B in trading volume 🍪
THE SIMPSONS DROPPED A NEW EPISODE ABOUT CRYPTO😂
It’s Monday. The most hated day of the week…
(If Mondays had a face, I’d teach my dog to growl at it).
So instead of jumping right into the action, let’s start with something light and funny…The Simpsons.
The animated TV show just dropped a new episode, and it’s all about NFTs.
It was hilarious. 10/10.
If you wanna start the week with a good laugh, click the video below!
CRYPTO CONCEPT: TESLA CARS AND DYNAMIC NFTS 🧐
Check it out. One of the Roaders sent us a pretty cool concept.
(Shoutout to Ian. You’ve earned yourself Milk Road Knighthood status and been nicknamed “Ian the Insightful”).
The concept includes Tesla cars and dNFTs.
Now, some of you might be seeing that funny-looking word (“dNFTs”) for the first time so allow me to briefly explain…
You see, NFTs are normally static. They don’t change.
Take this Bored Ape NFT, for example.
It has Cheetah fur, a “pimp coat”, and is smoking a cigar. (Side note: Snoop Dogg also owns it. #Mr.BigPimpin’).
Here’s the thing: this Bored Ape NFT will never change.
It’s always gonna have the same coat, the same fur, the same cigar. Etc.
Well, dNFTs = dynamic NFTs. They’re dynamic (duh) and they do change over time.
There are a bunch of cool new ideas for how they can be used.
For example, imagine if Tesla cars had a digital twin – a dNFT. It could get real-time updates for stuff like the cars:
Here’s a quick mock-up:
Think of it as a CarFax report – except it’s on a blockchain and the data can be verified by anyone, at any time – via a dynamic NFT.
Pretty cool idea.
Everyone loves a good award.
The Milk Man constantly boasts about winning the “Best Smile” superlative in high school (it was a good year for the crypto markets).
But jokes aside, awards bring credibility. And when someone wins a big award, you should probably pay attention.
Well, that’s why we partnered up with Bakkt. They build top-tier solutions for businesses looking to grow with the crypto economy–Bakkt® Custody.
Bakkt® Custody operates under Bakkt Trust Company LLC, an NYDFS Qualified Custodian, and is backed by multi-layer security and a seasoned team dedicated to continuous improvements. Importantly, they never lend or rehypothecate clients’ assets. What’s yours is yours, no strings attached.
Founded back in 2018, so you know Bakkt has you covered for the long haul.
USE CASE OF THE DAY: BOBA TEA AND SOLANA 👀
“How’s the blockchain being used in the real world?”
This is a question most people fear. It kicks ass and takes names.
And since holiday dinners are coming up, we’re gonna give you some real-world use cases for when your Uncle-Who-Hates-Crypto asks you about them.
Today’s use case: Boba Guys (a popular bubble tea brand) is using an on-chain loyalty program to boost customer engagement.
For every dollar spent at Boba Guys, customers earn 5 points.
Once you have enough points, you can buy a “Mystery Box”. It has prizes like discounts, free drinks, gift cards, and a free vacation.
There are also additional Quests that unlock secret menu items, exclusive merchandise, and more.
It’s built on the Solana blockchain and there are plans to integrate NFT and token-gated experiences.
Here’s what it looks like:
Now, I know what you’re thinking. This looks just like every other reward program app out there.
So, what’s the big difference? The cost.
Boba Guys always wanted to launch a loyalty app, but it was way too expensive. The founders said they were quoted $1M just to build an iOS app.
The Solana ecosystem provides cheap, cost-effective solutions. (Plus, the Solana Foundation invested $100K into Boba Guys, so that helps).
How’s the new app been performing? According to the founders…
3 in 10 customers have signed up for it.
31% of all orders are coming from within the new app.
There’s been a 65% increase in spending (people are incentivized to spend more so they can get more points and unlock more rewards).
And because of the early success, Boba Guys plans to roll out the on-chain loyalty program to all 25 locations in the U.S. later this month.
BITE-SIZED COOKIES 🍪
Nike’s RTFKT NFT collections have generated nearly $1.4B in trading volume. It’s been 2 years since Nike acquired RTFKT and the sneaker giant has already made $170M in earnings. Wowza.
Crypto funds saw ~$260M of inflows last week. Marking the sixth straight week of positive inflows.
A fake Ledger Live app on Microsoft’s app store stole $588K of crypto from users. Remember to double-check any apps you download on your devices! (Milk Road Rule #2: Check yourself before you wreck yourself).
Arbitrum DAO has approved a proposal to activate token staking. Token holders can now stake their ARB in exchange for a yield.
Yuga Labs and Magic Eden are teaming up to launch a new NFT marketplace. And there’s a twist: the NFT marketplace will enforce royalties on all secondary sales.
Hong Kong is considering allowing retail access to invest in spot exchange-traded funds (ETFs) related to crypto. “First they ignore you. Then they laugh at you. Then they fight you. Then you win.”
MILKY MEMES 🤣
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Nov 6, 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.