GM, this is the Milk Road. The email that tells you what's going on in crypto, in plain jane english.
In Today's Email:
🎙️ Snoop Dogg sells $45M worth of NFTs
🤑 The Guest Degen Post
🥛 The Milk Road's Greatest Hits
📪 Marc Andreesen on Crypto
Snoop Dogg Sells $45M worth of NFTs
Snoop Dogg’s week:
Performed in front of 100M+ people at the Super Bowl
Bought the record label that first signed him (Death Row Records)
Sold $45M worth of NFTs
One, Two, Three and to the Four… $45M?!
Yep, $45M worth of NFTs – these Stash boxes to be exact:
Each NFT represents 1 track and if you collect 17 ($85,000), you get invited to private concerts and private parties, and they even hinted at a BBQ at Snoop's house.
Okay, that sounds pretty cool. I'd be down to eat hamburgers with Snoop.
Snoop also claims to be Cozomo De Medici, a famous twitter account with a ~$17M NFT artwork portfolio.
And he’s not the only music star getting in on the action.
Steve Aoki just said that he’s made more off NFTs than he made his entire career off of music royalty advances.
Artists like Snoop and Steve Aoki have diehard fans. One of my core beliefs is that NFTs are one of the best new ways to give your top 1% of fans a way to buy access & status as a fan.
There's a few interesting startups we're watching closely in the music x NFT space that'll help turn this into a reality:
DoomsdayX – Lets fans become producers of everything their favorite artists do
Royal – Lets artists sell royalties, Nas just did a drop
Sound – Lets you support and show how early you were to discovering an artist
Decent – A startup going through YC that lets artists sell a % of royalties
Metalabel – I imagine we'll see some record labels set up using Metalabel, a new way to form "collectives"
Glass.xyz – a new marketplace for video NFTs, I bet we'll see artists sell music videos through glass
The Guest Degen Post
I recently met someone who goes by the name Gojo.
He looks for high upside bets that are less well known than your typical Bitcoin, ETH style coins.
I asked him to show me some of the data he’s tracking, how he thinks about the bets he makes, and what bets he likes.
Here’s what he sent me:
Let’s start with “transaction volume” trends. ETH is flat, but Avalanche (AVAX) is coming on strong.
Gojo – why is AVAX growing?
Main reason = ETH Gas fees.
Eth transactions are expensive, so people have shifted to cheaper/faster chains (AVAX, FTM, Solana, etc.).
Gojo…do you really think AVAX is going to displace ETH?
No, but I don’t think it needs to.
ETH market cap is ~$365B, Avalanche is $22B. So it doesn’t need to displace ETH to outperform over the next 12-18 months as an investment.
I want to see growth, so transaction volume and TVL are helpful metrics.
Don’t get me wrong, you can’t invest just based on this chart.
For example, Binance chain has more transaction volume than ETH, but that doesn’t make it better or priced higher.
But I will say this – I would not invest in any chain that does NOT have growth like this.
So it’s a deal breaker more than a deal maker.
All the chains have different pro's and con's.
ETH has the strongest network effect, so it’s in good shape. Compared to the others it’s stronger for security and decentralization, so it’s great for large transactions and is being branded as a “settlement layer”.
Gojo..who’s using AVAX? What are all these transactions for?
You can see the top avax gas users here: https://snowtrace.io/gastracker
So.. this is great.. But to be clear.. Is this investment advice?
No… sorry, hell no.
These are just interesting charts to help us look at the traction different chains are getting. Do your own research.
If you liked this, Gojo will be back for more!
The Milk Road's Greatest Hits
If you've just joined us on the Milk Road, you've missed some straight 🔥.
If this was 2001, we'd turn this into a mixtape for you, instead, you get this:
Marc Andreesen on Crypto
For those who don’t know, Marc is known for creating Netscape (the first popular browser), and created A16Z, a venture capital fund that has $22.6B assets under management.
Basically, he’s got Scrooge Mcduck money.
His fund has invested into a ton of prolific crypto startups, including Opensea, Coinbase, and Uniswap.
So I was reading his open Q&A for the latest in his crypto advice.
Here’s four of his best answers about crypto:
#1 – If he were starting from scratch, he’d be working in web3/crypto.
#2 – What he thinks most people are missing
#3 – His biggest fear
#4 – The type of duck he'd rather fight 😂
Odell Strikes Back
A few weeks ago we shared this story that Odell Beckham reportedly took his salary in Bitcoin…well, looks like he got the last laugh with a Super Bowl win, a fat bonus, and his Punk tee in the locker room
That's all for today, see ya at the same time tomorrow!
– Shaan “Chocolate Milk” Puri + Ben "2% Milk" Levy
What'd you think of today's email?
We don't talk enough about Vitalik, the drip God… (Yeah, recycling this from yesterday 😂)