GM. This is the Milk Road, where we help you figure out the X’s and O’s of crypto.
Estimated read time: 3 minutes and 46 seconds
It was a busy weekend. Here’s what we got for you:
- 🤑 $320M of Metaverse Land was sold
- 👴 Warren Buffett reminds us why he isn't a fan of Bitcoin
- 🥛 The Milk Money Experiment
- 🔌 Down goes Solana
- 😂 Chart of the Day
$300M OF METAVERSE LAND WAS SOLD OVER THE WEEKEND
On Saturday, Yuga Labs and the Bored Ape Yacht Club had a metaverse land sale.
They sold $300M+ worth of land during their drop and here’s what you got if you bought a piece of land:
The craziest part was 55.6k ETH (~$150M) of ETH was burned because of transaction fees.
At its peak, ETH gas costs hit 2ETH ($6,000), which is what the french call le ridiculous.
Every single time a transaction happens on the Ethereum network there is a fee, some of it gets “burned” and taken out of the total supply of ETH. On a normal day, we burn ~$30M of supply. But for this drop, 5x that got burned.
What did Yuga Labs have to say?
Wow. They are trying to quadruple dip:
Dip 1: Sell an NFT (Bored Apes)
Dip 2: Create a coin (Apecoin)
Dip 3: Sell virtual land for a metaverse that doesn’t exist yet
Dip 4: Okay, you’ve run out of tokens to launch. So now launch your own blockchain
They have raised the stakes. Now, this can only go 2 ways:
- This becomes a generational company…they end up creating some mix between Pokemon and Fortnite
- Or (more likely) the whole Bored Apes craze comes crashing down in a few years and we look back at this moment as the peak of NFT project greed
WARREN BUFFETT SAYS HE WOULDN'T BUY ALL THE BITCOIN IN THE WORLD FOR $25
The annual Berkshire Hathaway summit is going on right now, and the “sociopathic grandpa from Omaha” is back at it again.
During the Q&A section, he said he would not buy all the bitcoin in the world for $25.
He said he’d pay $25B for a 1% interest in all the farmland in the U.S. He’d also put up $25B for 1% of all the apartments in the country.
But if someone came to him with an offer to buy all the Bitcoin in the world for $25, he wouldn’t do it.
Ironically, Buffet is making a mistake he always warns against. He preaches having a “circle of competence”. He says you should only judge investments inside it and know the boundaries of your circle of competence.
WINNERS OF THE MILK MONEY EXPERIMENT
2 weeks ago, we launched an experiment to give $25k+ money away to builders in web3.
- Companies like Thirdweb and Calm jumped in to double the grant money (!)
- Nearly~ 1,000 people applied
- 12 winners were selected for the Milk Money grant (~1% acceptance rate 🤯).
They each get 1 ETH (~$3,000) to build their project for 1 month.
Here’s who won:
Morgante Pell – Bringing social deduction games like Diplomacy to the blockchain
Max Georgopoulos – A more user-friendly way to interact with smart contracts (instead of using Etherscan)
Kevin Xu – Mint lifetime subscriptions as NFTs (Think: AppSumo for crypto)
Nima Pourjafar – A visual way to learn Solidity. (Think: Scratch for Solidity)
If you wanna follow along with their progress, follow The Milk Road on Twitter where we'll be posting updates.
DOWN GOES SOLANA
Solana crashed over the weekend and was down for ~7 hours, which means nobody could use the network at all.
It was as frozen as a cherry Icee from 7-eleven. Except, less sweet.
What happened? Bots attacked and caused too much traffic - 4 million transactions per second..shutting the network down.
So now what? The entire network needed an upgrade and had to be restarted. Sounds just like what I do with my computer when it starts acting up - the good ol’ restart.
FOUR QUICK NUGGETS
Wikipedia stops accepting cryptocurrency donations after 8 years. Community members voted to have crypto removed after they highlighted the “issues of environmental sustainability” that come with it.
PGA Tour, the pro golf league, is looking to create highlight NFTs to help golfers get more money.
Wouldn’t be a weekend in crypto without some hacks. This time? Fei Protocol got got for $80M. Now Fei is offering $10M to return the $80M they took, with “no questions asked”. Hmmm.
A crypto domain was sold for $435,000. The crazy part? It was originally bought for $16. That’s a 27,187x flip 🤯
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CHART OF THE DAY
A lot changes in a year…
MEME OF THE DAY
At Milk Road, we serve as your crypto analyst, researcher, and entertainment - so you can still work out and sleep 🤣
See ya tomorrow!
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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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