🥛An NFT house sold over the weekend 👀 Details inside…
GM. This is the Milk Road. We mix crypto news & humor together like a Twin Twist Cone from McDonald's.
Btw, if you ever want to know which ice cream machines aren't McBroken, check out the tracker here. You're welcome.
Here’s what we're serving you today:
Numbers of the Weekend: An NFT of a house got bought for $175k & the Coinbase CEO plans to sell millions in Coinbase stock
Blockchain Use Case of the Week
Quick Bites
Meme of the Day
NUMBERS OF THE WEEKEND
$175k – This NFT of a house sold for $175k.
It was the 3rd largest NFT sale over the weekend.
But here's the thing: it’s not just a JPEG of the house. It’s ownership of it.
That’s right. The holder of the NFT also holds the keys to the house at 149 Cottage Lake Way, Columbia, SC 29209 now.
The company behind it all is called Roofstock onChain – a marketplace that lets you buy single-family properties using NFTs. Here’s how it works:
They open an LLC for each property
The LLC takes ownership of the property
They tokenize the property & mint an NFT that represents ownership of the house
People can browse the NFTs on the marketplace & buy the homes in one-click
The traits of the house are written into the smart contract and you can even check out the full tour of the house on OpenSea. Its NFTs meet MTV cribs.
Real estate NFTs is a narrative we’ve been hearing a lot about recently and it looks like it's starting to happen. The jury is still out on whether this will catch on though.
I'm not sure if I'm cool with everyone in crypto knowing where I live and what my house looks like. We might go from "they stole the TV in my house" –> "they stole my house".
2% – Brian Armstrong (CEO of Coinbase) is selling ~2% of his total shares in Coinbase.
Side story: Every time I see 2% I think of the kid in 3rd grade that got a 2% on his math quiz. Everyone called him "Milk" for the rest of the year. His name was also Brian. Small world…
Anyways, back to Coinbase Brian. He owns ~39m shares, so 2% would = ~$50m.
Why's he selling? He wants to create & fund new scientific research companies. And he’s already started two:
NewLimit – developing medicines to extend the human lifespan
ResearchHub – a decentralized research protocol where researchers can earn tokens for contributing to projects
Now the big question is: Will he step down as Coinbase CEO? No. Brian says he plans on being the CEO of Coinbase for a “very very long time”.
But he also wants to put on the cape & help save the world. Step side, Elon.
BLOCKCHAIN USE CASE OF THE WEEK
“What’s the use case?”
That’s the million-dollar question. And the one that all skeptics ask whenever they hear the word “blockchain”.
So each week, we’re gonna give you ammo to fire back – by showing you specific examples of how blockchain tech is being tested in real-world problems today.
By the end of it, you’ll have enough ammo to fill up one of those big ass Nerf guns. Man, those were the days.
For today's use case, we’re taking you all the way to India. Where police in Firozabad just partnered with Polygon to launch a police complaint portal on the Polygon blockchain.
The problem: There have been instances where police refuse to register complaints, tamper with the info, or flat-out just intimidate citizens into changing their statements.
The solution: Build a portal where complaints are stored on the blockchain. Once the complaints are filed:
they can’t be erased or lost. Police can’t use the ole’ “my dog ate the report” excuse I was using for 6th Grade Biology reports
the information can’t be changed or tampered with
citizens can easily track the progress of their cases. They no longer need to go into the police station to get an update, and can even get direct alerts on the portal
Pretty interesting test to see how blockchain tech can solve a real-world problem.
Call it Law & Order on the Blockchain.
TODAY'S EDITION IS BROUGHT TO YOU BY INJECTIVE
DeFi is the future.
But there's one problem…it's damn near impossible to build a decentralized finance app. You gotta know somebody that knows somebody that knows somebody, to develop it for you.
That changes today. Introducing Injective – a smart contracts platform with custom modules that developers can plug and play to create highly advanced DeFi applications.
It comes with:
incredibly fast transaction and block times
zero gas fees
highly secure PoS consensus mechanism
robust interoperability (native Cosmos chain with Ethereum, Solana, and Avalanche compatibility)
Injective is the blockchain built for finance. And it's already powering a bunch of popular apps like Helix (a decentralized order book exchange), Frontrunner (sports betting app), and more.
Plus they're building it all in real-time on their Twitter. You know we love the good ole' Build-in-Public", so we're keeping track of the updates like it was our next Amazon package.
Do you really wanna be the one person to miss out on seeing the future of decentralized finance being built before your eyes? No. So smash the follow here!
QUICK BITES
Magic Eden has moved to optional royalties. Now the buyers get to decide what % royalties they want to give to NFT creator (if any).
Podcaster and author Tim Ferris launches NFT collection. All the proceeds will go to a foundation focused on psychedelic research, life preservation, and protecting indigenous communities.
Mastercard is launching a new program that will help banks offer crypto trading. Mastercard will take care of compliance & security while acting as a bridge between banks and Paxos, a crypto trading platform. The Institutions Are Coming 👀
WTF Moment of the Weekend: NFT project founder “dies” during mint, comes back to life, and dies again. Can’t make this sh*t up. It's no wonder people hate on NFTs…
MEME OF THE WEEK
That's a wrap for today, ladies & gents. See ya tomorrow!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
A ROADERS REVIEW
VITALIK PIC OF THE DAY
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.
