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GM. This is Milk Road, your one-stop crypto shop for news, laughs, and everything in between.
Here’s what we got for you today:
- Disney is launching an NFT marketplace 🪄
- Bundling bridges with swaps 🧱*
- OKX is launching a new Layer 2 network ⚡️
- CPI is goin’ down 🍪
Prices as of 7:30 AM ET. Click here for our Fear & Greed Index
DISNEY IS LAUNCHING AN NFT MARKETPLACE 🪄
There’s a new NFT marketplace coming soon… Disney Pinnacles.
Here’s everything you need to know:
- Disney is partnering up with Dapper Labs (the creator of NBA Top Shot and CryptoKitties) to launch the NFT trading platform.
- It will be built on the Flow blockchain.
- Disney is creating “digital pins” that users can buy, sell, and trade (these are similar to the Disney’s OG physical pins).
- The digital pins will include famous Disney characters like Buzz Lightyear, Woody, Darth Vader, and other icons from Pixar and Star Wars.
- Disney Pinnacle will go live on the Apple App Store and the Google Play Store later this year.
So is this the next big thing or the next big failure? I’ll give you 3 reasons it could be successful.
1/ It’s mobile-friendly.
Unlike most other NFT marketplaces, Disney Pinnacle was built for mobile devices.
(And remember, the 3 most common words people say when leaving the house are: PHONE, keys, & wallet. No one says, “Oh, let me make sure I have my PC and monitor in my pocket…”).
A mobile-friendly NFT marketplace = more accessibility for everyday users.
2/ It doesn’t use any of the crypto-lingo-my-mom-wouldn’t-understand.
NFTs. Blockchains. Smart contracts. These are all common terms in the crypto world.
Well, they also common-ly leave my mom confused as f*ck whenever she hears them.
The good news? Disney’s new marketplace doesn’t use any of them.
No mention of NFTs. No mention of blockchains. Nada. Zip. Nothing.
All the user sees is a “digital pin”, inside an app on their phone. Super simple.
(Btw, this is something we call the “crypto mullet strategy” - it looks normal in the front and gets funky in the back).
3/ Disney “pin trading” has been around for decades.
Disney released its physical pins back in 1999. If you’ve ever been to one of their theme parks, you’ve probably seen ‘em.
They’re everywhere...
There are even a few online communities that have thousands of members in them. (For example, this “DisneyPin” subreddit group has 19.6K traders in it).
The crazy part? Some of these physical pins have sold for thousands of dollars.
Clearly, there’s a market for it.
We’ll have to wait and see if the same success translates over to these new digital pins.
BETTER BRIDGING: MORE TOKENS, LESS GAS
A lot of the brightest minds in crypto have been working towards one goal: interoperability.
That’s how blockchains communicate with one another, even though they speak different languages. And while bridges have helped to fix this problem, they carry limitations.
Well, MetaMask Portfolio just upgraded its bridge feature to solve one of these issues.
The upgrade? MetaMask users can now bundle bridging with swaps into one seamless transaction. That’s right, you can now bridge one asset to a new network while receiving another asset of your choice.
Here’s what you need to know:
- Up to three different transactions that could be required are bundled into one
- Users benefit by saving time and gas fees
- This feature significantly increases the number of tokens available to bridge through MetaMask Portfolio
And it’s all from the convenience of your MetaMask wallet.
Bridge with MetaMask Portfolio!
OKX IS LAUNCHING A NEW LAYER 2 ⚡️
There’s a new Layer 2 network hitting the block[chain].
It’s called X1. Here’s the 45-second rundown:
- It’s being launched by the OKX crypto exchange.
- X1 will be built using Polygon’s Chain Development Kit (CDK). This allows devs to easily create new Layer 2 networks.
- OKX’s native token (OKB) will be used for gas fees.
- It’s expected to go live in early 2024.
Why this matters: OKX is one of the most popular centralized exchanges (CEXs) out there. It has 50M+ users around the world.
This is OKX’s attempt to bring millions of users on-chain.
And it isn’t the first CEX to try it either. Coinbase launched BASE earlier this year, and it’s already the 3rd most active Layer 2 behind Arbitrum and Optimism.
We’ll see if OKX’s new Layer 2 can get similar results.
BITE-SIZED COOKIES 🍪
Register today for Bakkt’s exclusive webinar on crypto resiliency. Join Bakkt and their guest from Unchained tomorrow (11/16), at 1 pm for an insightful discussion on co-custody. Sign up here!*
Germany’s Commerzbank receives a crypto custody license. Making it the first German full service bank to receive regulatory approval for digital asset services.
The U.S. Consumer Price Index (CPI) remained flat in October. It beat economist forecasts for a rise of 0.1%. The core rate rose just 0.2%, beating expectations for 0.3%.
“Mutant Ape Planet” NFT developer has pleaded guilty to defrauding investors. The dev created a knock-off Mutant Ape Yacht Club NFT collection that netted $3M and then rug-pulled the entire project.
Circle’s Cross-Chain Transfer Protocol (CCTP) will go live at the end of the month. The new on-chain program will facilitate cross-chain transfers for the USDC stablecoin.
*This is sponsored content
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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.
