🥛 The biggest battle in crypto
GM. This is the Milk Road, where we still crumple our trash and try to shoot it into the trash can from a few feet out. Trust us it never gets old!
It’s Monday, so let’s get into it:
🤑 FTX puts up a big May
📱 A big social media app is going into web3
🟩 Bitcoin sees green for the first time in 9 weeks
Estimated read time: 2 minutes & 39 seconds
FTX PUTS UP A BIG MAY
The Block just released Fiat exchange market share data from May and history has been made.
For the first time ever FTX captured more Fiat exchange market share than Coinbase:
In May, FTX was the second biggest centralized crypto exchange in terms of market share with ~11%. Wow.
This made me do a double-take because the growth for FTX has been so fast and furious that we’re hearing Sam Bankman-Fried (founder of FTX) will be taking Vin Diesel's spot in the next movie.
FTX was founded 3 years ago and is already valued at ~$32b (based on their January fundraise). While Coinbase has been around for a decade (their official 10-year bday is in two weeks) and is valued at ~$15b in the public markets right now.
The Milk Road's Take: We’re watching this battle closely! Not only is it a battle of crypto exchanges but more importantly, this is another battle in the great war of Bald vs a full head of hair.
We've seen those that have battled before like Stone Cold Steve Austin vs The Rock, Dr. Evil vs Austin Powers….and now it's Sam Bankman-Fried vs Brian Armstrong. All this battle needs is a presenting sponsorship from Hims.
It's also interesting to note that this is the battle for 2nd place. Binance still has a dominating lead with a whopping 64% of the market share.
BITCOIN FINALLY SEES A GREEN CLOSING FOR THE FIRST TIME IN 9 WEEKS
Folks, after nine straight weeks of red in the Bitcoin charts…we finally closed a week in the green.
This must be like what the Cleveland Browns felt like in 2016 when they were about to go 0-16 for the season and won in Week 16.
AN APP WITH 60M USERS IS DROPPING NFTS AND TOKENS
With over 60 million users, Yubo is probably the biggest social media app you’ve never heard of.
That’s mainly because it’s a social media app for kids (you only need to be 13yrs old to join). Yugo is like if Tinder, Twitch, and TikTok all had a baby aka you can match with people and watch their live streams.
And when I looked it up on Youtube all of the top videos were teenage YouTubers recording themselves opening the app to look for "hookups."
And they’re testing the waters with web3:
1/ They’re dropping an NFT collection
It’ll be a 10,000 NFT collection that lets people get perks on Yubo (I.E. a verified check, merch, etc). Yubo will also share revenue from VIP event ticket sales with NFT owners with more plans to share revenue in the future.
2/ In-App Currency
Yubo is creating a cryptocurrency that users can earn for doing different things in the app.
Think of it as "socialize to earn," the more you do on the platform, the more you'll earn.
The Milk Road’s Take: If Twitter offered 10,000 NFTs that let you get verified, those would sell out in a second.
If Facebook, offered an NFT that let you get a small piece of revenue each month, those would sell out in a second.
So, maybe, what Yubo's doing is actually a good idea here and might just work.
TODAY'S NEWSLETTER IS BROUGHT TO YOU BY FRANSHARES
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Some of the highpoints:
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As stocks are bouncing like a EKG after 9 cups of coffee, franchises are the new frontier.
BITE-SIZED TREATS
The Central African Republic is looking to tokenize its natural resources. A few weeks after making bitcoin legal, CAF is looking to up the game!
Snoop Dogg is opening up a Bored Ape-themed restaurant, Dr. Bombay’s Sweet Exploration. No burgers & friends, instead t’s gonna be an immersive dessert experience.
Warner Bros is releasing a new NFT collection, “Looney Tunes: What’s Up Block?”. Nice lil' wordplay there using "block" instead of "doc".
Epic Games (creators of Fortnite) announced their first NFT-powered game, GRIT, is coming soon.
Octagon Networks, a cybersecurity company, has converted its entire balance sheet into Bitcoin. The company will also start using BTC as payment for services and will offer a 50% discount to customers using BTC.
EVENTS HAPPENING THIS WEEK
There’s never a dull moment in the crypto world, and this week is packed with three things we’ll be watching closely:
1) The Apple Worldwide Developer Conference: there are rumors going around that NFTs might be a topic of discussion
2) Consensus 2022: one of the biggest crypto conferences out there, with over 20k people expected to attend
3) New legislation introduced: On Tuesday, Senator Cynthia Lummis (R) from Wyoming is introducing legislation about integrating crypto into the financial system
That's all for today folks, see ya tomorrow!
Shaan aka “Elon’s chocolate milk” & Ben "2% Milk" Levy
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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.
