🥛The top 5 things from crypto this week👀
GM. This is the Milk Road, the daily newsletter that brings you the best of crypto Mon-Fri. And every once in a while we'll surprise you with a Saturday Special.
We're trying something new this week, summarizing the best of the best:
Crypto's Top Moments of the Week
Meme of the Week
CRYPTO'S TOP MOMENTS FOR THE WEEK
Another week in the books for crypto.
You know what they say, time flies! Unless you’re on a treadmill where running for 1 minute feels like 10.
Just in case you missed anything this week, we’re bringing you the Milk Road Top 5 Moments:
5/ Limit Break buys a Super Bowl ad
$6.5m… that’s how much Limit Break, a blockchain gaming company, paid for a 30-second Super Bowl commercial.
It’s the first blockchain gaming company that will have an ad during America's biggest sporting event. And they plan on showcasing their NFT project, DigiDaigaku.
That's right, viewers are getting a side of NFTs with their chicken wings.
The big question is whether it’s a good move or a waste of money. Check out our thoughts here.
4/ Google & Coinbase team up to let google users pay using crypto
When it comes to crypto, Google has flip-flopped its thoughts more than my girl when I ask her what she wants to eat for dinner…
But this week they made a big move by partnering with Coinbase. Here are all the details:
Select Google Cloud customers will be able to pay for services using crypto. Coinbase will get a cut from each transaction
Google will look into using Coinbase Prime for institutional crypto services, like secure custody and reporting
Web3 developers will have access to Google Cloud's blockchain data through BigQuery (powered by Coinbase)
It's a win-win for both sides. Coinbase gets a new revenue stream that isn't directly tied to trading volumes. And Google gets access to fast-growing Web3 companies.
Cheers to another Web2 🤝Web3 partnership
3/ ETH was deflationary all week
Since Monday, the ETH supply has decreased by ~4k. That’s ~$6m worth of ETH that was burned.
Poof. Gone from the supply forever.
Plus, ETH’s yearly issuance rate has gone from 3.66% → 0.07% since the Merge happened exactly one month ago today.
While the U.S government is running to its money printing machine, assets like Ethereum are becoming deflationary.
2/ The SEC is investigating Yuga Labs, the creators of Bored Ape Yacht Club
Gary Gensler, head of the SEC, has his eyes set on a new target – Yuga Labs. He wants to investigate whether Yuga broke any federal laws with their NFTs or token, ApeCoin.
This is big because Yuga is the top dog when it comes to NFTs. They have:
Done $5b+ in sales volume across all collections
Raised over $450m in VC money
5 of the top 8 NFT collections and accounts for more than 25% of the entire NFT market cap
We’re keeping our eyes on this because it could set a precedent on how NFTs & community tokens are viewed in the eyes of the U.S government.
Those SEC folks sure have been busy looking at crypto. Last week they fined Kim K $1.2m for promoting crypto. Now they’re looking into the top NFT project.
1/ U.S releases the CPI numbers
The latest CPI report came out this week. And man was it spooky. I guess Halloween came early this year?
The average price of goods & services is up 8.2% in September.
But the most alarming part was the Core CPI (excludes the price of food & energy) is up 6.6%. It hasn’t been that high since 1982. Your boy wasn’t even alive for that.
So, when's the next announcement? Now we wait for November 2nd when the Feds meet again to announce rate hikes.
Some are predicting that we could see a bigger hike (100bps or more) than what we’ve seen these last months.
Translation: Buckle up folks. It could get bumpy.
Alright, well that's a wrap for the top moments of the week. Reply with "More Weekend Specials" if you wanna get more content like this!
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MEME OF THE WEEK
That's a wrap, ladies & gents. Stay thirsty & see ya next week!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
A NEWSLETTER WE'RE READING THIS WEEKEND
You know that at The Milk Road we believe strongly in *working smart*.
Well, my friend Sahil Bloom is a writer, investor, and entrepreneur who is sharing frameworks and tools that will help you work smarter.
Check it out, it's called The Curiosity Chronicle. It has all of the insights you need to work as smart as the Milk Road boys.
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.
