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GM. This is the Milk Road, your daily dive into the pool of crypto.
Here’s what we got for you today:
- Meme NFTs are selling for big money 💰
- Is this the end of the Bored Apes? ☠️
- Introducing… ‘unruggable’ NFTs 🧐
- Prices are down, here’s why… 🍪
Prices as of 12:00 PM ET. Click here for our Fear & Greed Index
MEME NFTS ARE SELLING FOR BIG MONEY 💰
Memes are the seasoning of the internet. They make everything taste better.
Well, there’s an interesting trend happening…
Famous memes are becoming NFTs and selling for A LOT of money.
The most recent sale? The Nightclub Meme.
It sold for 15 ETH (worth ~$50,000) yesterday.
Side note: This meme is great. But the best part about it isn’t the picture itself, it’s the fact that it was taken in a Scottish nightclub called ‘Milk’. Iconic.
And this isn’t the first big meme NFT purchase we’ve seen:
- The famous ‘Doge’ meme (aka the logo for Dogecoin) sold for $4M
- The ‘Buy Bitcoin’ sign from the famous meme sold for $1M yesterday
- The ‘dancing coffin’ meme sold for over $1M
- The ‘overly attached girlfriend’ meme sold for $401K (btw, ‘overly attached girlfriend’ was also the nickname I gave my ex in 9th grade)
- The ‘disaster girl’ meme sold for $417K
(Btw, you can check out a list of other famous memes that have been turned into NFTs and sold on the blockchain here.)
Milk Road Take: On one hand… why would someone pay millions to own a meme? There are no royalties or cashflows, and you don’t need to own it to look at it.
On the other hand…why do people pay $1.2M for Babe Ruth’s first home run ball? Or $4.3M for the original basketball rule book?
People enjoy collecting items that have cultural power. Memes are a core part of internet culture.
So even though it breaks my brain to see people buying meme NFTs, it does make sense when looked at as cultural collectibles.
P.S. - we wanna know… what's your favorite meme of all time? The one you’d actually pay money to own?
Hit ‘reply’ to this email and send it our way! We’ll share some of the best ones tomorrow.
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IS THIS THE END OF THE BORED APES? ☠️
Back in 2022, the cheapest Bored Ape NFTs were going for 120 ETH.
Today, they’re going for about 14 ETH.
So yesterday we ran a poll asking you all one thing: Do you think Bored Apes will ever reach 100 ETH again?
We asked. You answered. The results are in…
74% of you voted for ‘Nope, it’s the end of the Apes!’
Here are 5 of our favorite responses:
- Ben: “Night night lads, no more milk for you”
- Andy: “There are too many opportunities throughout the crypto ecosystem now for Apes to ever reach those concentrated lofty heights again. No, it's not a rug - but if you consider ONLY Yuga assets, there's just no way you can arrive at a 100ETH floor.”
- Gaudinn: “Like tulips, it came and then it went. Sometimes when something looks too stupid to be true, it is too stupid.”
- JHawkInAustin: “They're old, whatever is newest is now greatest.”
- Andrew: “It was a fad… and it has faded” (*mic drop*)
But it wasn’t all doom and gloom amongst the Roaders, there was some hope…
- Chris: “Historical value over the long-term. There may be a lot of shiny new objects floating around, but BAYC is the only NFT normies would recognize.”
- Tim: “ OG status and only 10k of them… call it the Rise of Planet of the Digital Apes.”
Only time will tell.
INTRODUCING… ‘UNRUGGABLE’ NFTS 🧐
Speaking of NFTs, there’s a new type that’s taking crypto by storm…
Here’s everything you need to know:
- Every NFT collection gets its own ERC-721 smart contract
- But there’s a twist… once an NFT gets minted, the ETH paid for it gets ‘locked’ in the contract for a certain amount of time (i.e. 30 days).
- Creators can’t touch the locked funds, so there’s no risk of them ‘rugging’ the project.
- Instead, creators make money from the yield generated by the Total Value Locked (TVL) in the contract.
- The NFT holders accumulate Blast points and Blast Gold from Blastr the longer they hold the NFTs.
- After the lock-up period is done, holders have the option to keep the NFT or get a full refund. If they choose the latter, the NFT is burned and the ETH is returned to the buyer.
- There is a re-minting option, so if an NFT does get refunded and burned, there’s an option for someone else to mint it again - keeping the collection alive.
These ‘unruggable’ NFTs are still in the experiment stage, but they’ve recently been getting a lot of traction from a handful of big-name creators.
Everyone should be keeping a close eye on this one!
BITE-SIZED COOKIES FOR THE ROAD 🍪
There is finally a new regulated way to bet directly on major crypto events. Kalshi, founded by two MIT engineers, is the first legal exchange in the US where you can bet on any event, including when BTC will hit $100k, daily BTC highs, and hundreds of other events like how many cars Tesla will deliver, what inflation will be, will GPT-5 be released and more.*
Over $200M in ‘long positions’ have been liquidated over the last day. The wave of liquidations pushed BTC’s price below $64,000.
U.S. spot Bitcoin ETFs saw $120M in total outflows yesterday. The majority of outflows came from Grayscale (-$130M), while 8 ETFs saw zero flows. Nada. Zip. Nothing.
Morgan Stanley is reportedly establishing groundwork to allow its brokers to recommend that customers invest in spot Bitcoin ETFs. “First they ignore you. Then they laugh at you. Then they fight you. Then you win.”
The number of decentralized exchange (DEX) traders on Ethereum is down big time. The number of DEX traders on Ethereum has fallen from over 95,000 at the beginning of the month to just 63,000 last week - marking the lowest number of traders since February.
Wanna team up with the Milk Man? We currently have 6 positions open (2 new ones) – check ‘em out and apply here!
$9.4B in cryptocurrency options are set to expire on Deribit tomorrow. The majority of the options set to expire are BTC options (worth ~$6.35B) and ETH options (worth $3.08B).
Melania Trump is launching a new NFT collection. And it isn’t her first rodeo… back in 2022, she launched an NFT that sold for $185,000. But there was a twist… the buyer of the NFT ended up being Melania herself! 😂
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)1:49 PM • Apr 25, 2024
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.
