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January 9, 2023

🥛 The real reason DeGods moved to Polygon

GM. This is the Milk Road, your sidekick for everything crypto.

The Robin to your Batman. The milk to your Oreos. The Siri to your questions.

“Hey Siri, what’s going in crypto today?":

  • Polygon paid y00ts and DeGods millions to get off Solana

  • NFT collections that have made the most money this year

  • Quick Bites

  • Milky Meme

POLYGON PAID MILLIONS TO GET Y00TS AND DEGODS OFF THE SOLANA BLOCKCHAIN

A few weeks ago, a bomb dropped in NFT land. 

The top 2 NFT projects on Solana both announced they were leaving Solana and taking their talents to other blockchains. 

There was no ESPN press conference to reveal where they were going, but it still made headlines all over social media.

DeGods to Ethereum, y00ts to Polygon. 

We finally got word as to why…Polygon paid the creators $3m to leave Solana and change chains.

Here’s everything we know:

  • DeLabs (creators of y00ts and DeGods) received a $3m non-equity grant from Polygon

  • Frank (founder of DeLabs) says they had “much larger offers on the table from other blockchains,” but decided to go with Polygon

  • Funds will be used to expand the team (business developers, graphic designers, etc.) and help kickstart the NFT incubator they’re building. Frank says no lambos being bought here

Well, well, well… would you look at that. 

Tech companies poach engineers. 

Colleges poach 5-star level recruits.

My wife poaches my fries everytime we go to McDonalds.

Now, we’re seeing blockchains poach NFT projects from one another.

In the great words of the Wu-Tang Clan…

Cash rules everything around me

C.R.E.A.M., get the money

Dollar dollar bill, y'all

TODAY'S EDITION IS BROUGHT TO YOU BY ENKRYPT

I was teaching a friend about crypto last night. 

I taught them how a blockchain works. Why decentralization is important. The difference between layer 1 and layer 2 blockchains. 

Then they asked, “How do I buy crypto and hold onto it?” Things got awkward. I felt like I was at the middle school dance. 

The short answer to the question is “Self Custody.” 

The long answer? Centralized exchanges aren’t safe. Most web3 wallets have a bad user experience + track your data. Hardware wallets are good for putting your crypto away, but aren’t good for actively buying and selling crypto. 

This is why we are introducing a new wallet called Enkrypt. 

With Enkrypt: 

  • The UI looks like it was crafted from Aphrodite’s finger tips 

  • You can buy tokens, and NFTs, and perform swaps across multiple chains –  it’s available on all browsers, even Safari (seriously, what other wallet lets you use Safari?)

  • The Enkrypt team is the same team that brought you the MyEtherWallet from 2015. Aka these mfers know how to build a wallet

Start using a user-friendly wallet today and download Enkrypt.

Download Enkrypt Now

NFT COLLECTIONS THAT HAVE MADE THE MOST MONEY THIS YEAR 

NFTs are good for a lot of things…

  • Authenticating ownership of a digital asset

  • Giving creators a way to monetize their work

  • Making sure you stay single and lead candidate for the next 40-year-old virgin

But one of the biggest use cases is… royalties. AKA creators get a small percentage (anywhere from 2%-15%) of every sale. 

It gives creators the ability to make money on more than just the initial sale. 

So we got curious… What NFT collections have made the most money off royalties so far in 2023? 

Here’s how the leaderboard is shaping up:

  • New projects are comin’ in hot. The top 2 collections, Captains and Potatoz, are both projects that launched from Memeland – a Web3 venture studio. Kubz from Keungz is in the third spot.

  • Yuga Labs’ collections make up 40% of the Top 5. Bored Apes, Mutant Apes, and Otherdeeds are all sitting on the Mount Rushmore of NFT Royalties.

  • OG projects are still relevant. Art Blocks’ (Friendship Bracelets) and Azuki are both older projects that are still making noise, both making 6 figures on royalties so far. 

Insights provided by Definitive.

QUICK BITES

Cardano founder launches new hospital called “Hoskinson Health & Wellness Clinic." Patients will be able to pay using Cardano’s native token, ADA.

SuperRare cuts 30% of its staff. Another one bites the dust.

Hedge funds are being subpoenaed by U.S. prosecutors to investigate relationships they had with Binance. Binance is being investigated for alleged money-laundering violations, and things are heating up quicker than Uncle Ben's 90-second rice.

U.S. federal prosecutors have set up a website to talk with people that lost money with FTX. It’s kinda like the 1-800-I-GOT-FTXED hotline.

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.