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December 5, 2022

🥛Twitter Coin coming soon? 👀

GM. This is the Milk Road. The daily newsletter that helps you when you get lost in crypto.

We're the Find My iPhone to your crypto AirPods. 

Here's what we got today: 

  • Twitter Coin coming soon?

  • 3 numbers from the weekend: Reddit NFTs are back and the EU spent $400k on a Metaverse party

  • Milky Memes

TWITTER COIN COMING SOON?

Jane Wong is the Adam Schefter of social media apps. If there's a feature coming out, she’s always the first to know and the fastest to report it. 

Twitter's edit button. 

Twitter Spaces.

Hiding likes on Instagram. 

She dropped hints about each of these features months before they were released. 

Her newest leak? Twitter Coin.

According to Wong, there's new code that shows a potential ‘Twitter Coin’ and integration for crypto in Twitter’s tipping feature coming soon.

Here's a sneak peek of the Twitter Coin logo.

Elon may have spent $44b to buy Twitter, but damn, it looks like he hired someone from Fiverr to make the Twitter Coin logo. 

And here are some sneak peeks for the new Tips & Monetization features.

In a Twitter Spaces on Friday Elon said, “It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.”

Brace yourselves, ladies & gents, a new token is coming. 

3 NUMBERS FROM THE WEEKEND

255k – New Reddit Collectible Avatars were minted on Saturday. 

It's a new all-time high for Digital Collectible Avatars (*cough NFTs cough*) minted in a single day. 

Since they launched in July, Reddit Avatars have seen some big numbers. There are now a total of … *checks notes* …

  • 4.4m total Digital Collectible Avatars

  • 3.4m individual wallets that own a single Avatar

Pretty impressive, huh?

There's a catch… there have only been 94k recorded Reddit NFT sales for $11.65m. 

But, maybe that's the point.

People aren’t treating the avatars as tradable assets. Instead, they are just using them to update their profile pictures. 

Reddit needed NFT technology to represent digital ownership. 

If the avatars weren’t tied to a user's wallet on the blockchain, Redditors could just change their profile picture to any JPEG they’d like.

Because of the ERC-721 smart contract, each Avatar belongs to one person. Without the smart contract, Avatars would lose their scarcity, their special sauce. 

Collectible Avatars exist so Reddit users can flex their Reddit identity not so they can speculate on prices. 

$400k – How much the EU foreign aid department spent on a Metaverse party. 

The goal? Encourage 18-35-year-olds to learn more about the EU and engage with politics. 

The problem? Only 6 people showed up. That's right. Six.

There were more people in my Uber this weekend. My rating went down 10 points, but we got to the rave in time. 

There's no sugarcoating it… metaverses are down bad.

The two biggest Metaverses in web3, Sandbox and Decentraland, have also struggled recently.

According to Dapp Radar, the number of unique active wallets interacting with Decentraland's smart contracts are down >90% from earlier this year. 

Sandbox’s native token, $SAND is down 95% on the year.

$2500 – The price of the new Timex x Bored Ape watch.

That's right. Watchmaker Timex is partnering with Bored Ape Yacht Club to drop 500 custom watches.

Anyone can mint the NFT pass, but only Bored Ape and Mutant holders will be able to customize their watches. 

This isn’t the first time Timex has jumped into the Metaverse. 

Just last month, Timex declared itself "timekeepers of the Metaverse" with a release in the game Fortnite.

I don't know if I'm buying a Timex piece for $2.5k in the middle of a bear market. May just stick with my OG Mickey Mouse watch. 

TODAY'S EDITION IS BROUGHT TO YOU BY COINLEDGER

If your NFT portfolio looks anything like mine this year you’ve lost 90%+ of your money.

But what if I told you that’s good news. 

Whenever you lose money on assets you can do something called tax loss harvesting. This is why billion dollar portfolio managers will sell stocks for multi-million dollar losses. 

Tax loss harvesting lets you sell assets at a loss to lower your tax bill. Aka you receive free money from the government for being a bad investor.

Coinledger is helping depressed JPEG investors like you and me get free money from the government.

Their new feature, NFT Loss Harvestooor (the o’s are not an accident).

It’s a free service that purchases your NFT for 0.00000001 ETH so that you can claim the capital loss

One NFT investor has already reduced his tax bill by $7,400 by using the NFT Loss Harvestooor. 

Use the NFT Loss Harvestoor to start getting money from the government today.

MILKY MEMES

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.