🥛 The Air Force’s next target…
- Writer Milk Man
- February 13, 2023
- •3 Min Read
Gm, this is the Milk Road. We’re the Patrick Mahomes of crypto. We score touchdowns, we play through pain, and we always deliver the goods. And yes, we hate our family too.
Here’s what we got for ya today:
- Shopify drops some new [blockchain] tools
- The blockchain helps the U.S Air Force take down a new target
- NFT traders get their hands dirty
SHOPIFY 🤝THE BLOCKCHAIN
Last week, Shopify dropped some new blockchain tools. That’s right, the multi-billion dollar e-commerce giant 🤝 the blockchain.
Merchants can now easily build tokengated apps using NFTs to give exclusive discounts & benefits to customers.
Users can also verify themselves with new features like Sign-in With Ethereum, without having to give up any personal information to third-parties (i.e name, address, etc).
It’s a win-win for everyone. Here’s a sneak peek:
This is big because… Shopify is an-commerce giant. In 2021, it had…
- 450M buyers place an order on the platform
- $80B worth of orders processed
Now, millions could get exposure to the blockchain and NFTs. We might just find out what happens when an unstoppable force meets an immovable object…
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THE BLOCKCHAIN IS HELPING THE AIR FORCE TAKE DOWN A NEW TARGET
The U.S Air Force (USAF) has been shooting down a lot of problems recently… Spy balloons. UFOs. You name it.
It should be called the USFF (U.S Fuckaroundfindout Force) from now on.
But there’s one problem it hasn't been able to get rid of. And some say it’s scarier than any alien invasion or spying device...
Supply chain management. Well, USAF recently partnered with & invested $30M into SIMBA Chain to help shoot down its supply chain problems.
- SIMBA Chain helps builds blockchain solutions for gov’t agencies
- SIMBA Chain will build blockchain-based apps that make supply chain management more efficient
- The blockchain-based solution will also be used by other gov’t agencies like the Navy, Army and Defense Logistics Agency
It isn’t the first time SIMBA Chain and USAF are teaming up to take down a target either. They’ve worked on seven other projects, the most recent being a budgeting & accounting platform called DiBaT.
DiBaT is a blockchain solution that tokenized all dollars within the U.S Air Force supply chain budget and tracked those funds across multiple suppliers, purchasing teams, and billing centers. (It also kinda looks like my AIM username in middle school - DaBoSs)
Now USAF wants to build a similar blockchain solution to target supply chain management problems. We’ll have to wait & see if it’s a direct hit…
P.S - Unfortunately, it doesn’t look like the blockchain can save us from Independence Day happening IRL. The U.S Air Force will need to assemble Will Smith (aka Captain Hiller), Tom Cruise (aka Captain Maverick) and the Milk Man (aka Captain Calcium) for help on that one.
THE RISE OF NFT WASH TRADING
NFT traders are getting their hands dirty. And it’s all because a lot of them are spending time washing their trades instead of washing their hands.
Wash trading is when one or more traders artificially raise the price of an asset by buying & selling it multiple times.
The goal? To make it appear as if there was demand for that asset. If others see there’s demand, they’ll likely want to invest in that asset too (even at higher prices).
There are a few different ways wash trading happens, but this is the most common:
- Person(s) creates multiple wallets (wallet 1, wallet 2, etc)
- Wallet 1 buys NFT for $1000 on Monday morning
- Wallet 2 buys NFT from Wallet 1 for $1500 on Monday night
- Wallet 3 then buys NFT from Wallet 2 for $2000 on Tuesday morning
On the outside looking in, the NFT is boomin’. It’s been traded three times, doubled in price in 24 hours, and it looks like profits are🎵goin up on a Tuesday🎵
Another trader thinks it’s a hot investment, so they buy it. But they quickly learn the cold hard truth…it’s a hot
And turns out there’s a lot of this happening. According to our friends over at bitsCrunch, $340M+ was wash-traded over the last 30 days (!!).
Everyone knows the rules: don’t be the last one holding the hot potato. You will get burned. Be careful out there fam.
Check out Unleash NFTs, bitsCrunch's very own NFT analytics platform, to know more about it.
That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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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.
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