🥛 Ethereum up in flames

  • January 23, 2023
  • 4 Min Read

GM. This is the Milk Road. The crypto newsletter throwing you the perfect alley-oop. We’ll be the D-Wade to your Lebron.

Here’s what we got for ya today:

  • License to NFT
  • Setting $4.6 billion on fire
  • NFT Whale Watch - what are the whales buying & selling?
  • Assault by Twitter!

SETTING $4.6B ON FIRE

2,846,703 ETH has been burned over the last 18 months. That’s ~$4.6B worth of ETH gone from the supply. Forever. 

And don’t worry, Vitalik Buterin didn’t become the Joker. 

Billions have been burned all thanks to EIP-1559. No, that’s not the name of R2D2’s cousin. An EIP is an Ethereum Improvement Proposal. 

EIP-1559 made changes to how gas fees are structured and how miners are rewarded. It went into effect back in August 2021. 

You see, before EIP -1559 happened, Ethereum users would get into bidding wars with each other in order to get miners to complete their transactions. The highest bidder would get picked first, everyone else would have to wait. 

EIP-1599 changed this by implementing a base fee. It’s a standard price users pay to get their transactions completed at that time. The goal? Get rid of the big bidding wars. 

It also introduced a new burning mechanism. The base fee is burned and is taken out from the total ETH supply. (i.e. it's sent to a wallet that no one can access)

So whenever there’s any Ethereum transaction (buying/selling NFTs, sending ETH to a friend, etc.) a portion of it gets thrown into the EIP-1559 bonfire. 

The craziest part? A little less than 4 ETH has been burned every single minute for the last 536 days. 

Burn, baby burn!

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A LICENSE TO NFT

Licenses are needed for a bunch of stuff. 

Drivers need a license to drive. (And the dude in the Nissan Altima I was driving behind this morning needs his taken away)

00 agents need a license to kill.

Now, some people might need a license to buy & sell NFTs. That’s right, New Jersey regulators are looking to pass a bill that would make it illegal for residents to buy or sell an NFT without a license.

Here’s everything you need to know about the new Digital Asset and Blockchain Technology Act:

  • Residents will need to submit an application for an NFT license through the Nationwide Multistate Licensing System. They’ll hear back within 120 days whether Nationwide (not to be confused with the insurer) is on their side or not.
  • An application fee will need to be paid. It’s still tbd how much that fee will be. Oh, and of course there’s an Annual Renewal Fee and a Breathing-Our-Oxygen Fee too. (jk on the last one)
  • There’d be hefty fine for violations. $500 fine per day until a license application is filed

Why this matters: It’ll be a big deal if this bill actually passes. Creators, artists, and collectors in New Jersey will all need to file paperwork & apply for a license in order to get a piece of the NFT action. 

“But Milk Man I don’t live in New Jersey, why should I care?” Well, states are a lot like kids on TikTok. When they see someone else do something f*cking crazy, they wanna try it out too. 

So if the Digital Asset and Blockchain Technology Act gets passed in New Jersey, it could set a precedent for other states to pass something similar.

PSA to the State of New Jersey — you’re on thin ice. We let the fist pumps, spray tan, and hair spray slide. Don’t get up in our NFTs.

The third strike would be making NFT licenses a new trend. As the saying goes, “three strikes and you’re out”. If this bill passes, we may need to strip New Jersey of its Statehood.

NFT WHALE ALERT

The Milk Man tried something new this weekend… whale watching. Lucky for him, no sign of Moby Dick. *Phew*... that mfer crazy.

He was searching for NFT Whales - the wallets that hold the most NFTs. La crème de la crème. 

Some traders watch these whales closely to see what they’re buying and selling. Oftentimes, they’ll copycat trade the smart ones. (Kinda like me in 7th grade Biology)

Here are the top collections that crypto whales have bought & sold over the last 30 days:

Here are the top takeaways:

  • Wolf Game makes a comeback. Wolf Game is a play-to-earn NFT game that lets players generate $WOOL. It had a ton of hype back in 2021 and NFT whales like Gary Vee were all playing. The game’s been revamped and it has people back on the hype train. Comeback Player of the Year?
  • Feetpix continues its momentum. It’s an NFT collection of …*checks notes*... digital feet pics. Guess some crypto whales got that weird foot fetish.

Leaderboard dominated by familiar faces. Moonbirds, BAYC, Otherdeeds, CloneX, Cyberkongz - all included in the top collections bought by NFT whales.

Insights provided by Definitive.

MILK AND COOKIES

On todays episode of the FTX sh*tshow: The U.S. government has seized ~$700m from Samuel and FTXs’ lawyers are claiming Samuel is committing “assault by Twitter”. 

New luxury NFTs coming this week. Porsche announced new NFTs based on the Porsche 911 model. Each Porsche NFT begins as a blank slate and over the course of several months, holders will be able to tailor their NFT by choosing between three possible “roads:” performance, heritage, or lifestyle. 

Crypto ban! Signature Bank will no longer support any of its crypto exchange partners with buying/selling crypto worth less than $100k. Crypto exchanges like Binance are all looking for new partners.

MILKY MEME

🤣🤣

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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  • Avatar of Milk Man

    Milk ManWriter

    This dashing dairy expert is not just your average milkman. He's a tri-athlete, a former classmate of Satoshi Nakamoto, and a crypto enthusiast who loves nothing more than delivering the freshest news and insights straight to your inbox.