🪂 Two upcoming airdrops + the Bored Ape metaverse is leaked

  • March 16, 2022
  • 3 Min Read

GM, this is the Milk Road.  The place you go to read about what’s going down in cryptoland.

We saw some strong price movement last night with BTC and ETH up ~5% each.

Alright, let’s get into it!

In Today’s edition:

  • 🦊 Metamask is doing an airdrop
  • 🚜 The Bored Ape Metaverse is leaked
  • 🖼️ Zuck confirms NFTs are coming to lnstagram
  • 📊 Looking at the protocol revenue of Layer 1s

A METAMASK AIRDROP IS COMING AND CONSENSYS RAISES AT A $7B VALUATION

Everyone loves airdrops. They’re basically like free rewards for using someone’s product.

It’s like if Amazon, just said hey, now you own some of our stock because you spent $500 on cheetos in the past year.

So when Consensys confirmed that Metamask was doing an airdrop, naturally I went and did a few more swaps from USD → ETH (the rumor for how you become eligible).

Airdrops are so popular that there are underground spreadsheets of speculative bets, services on Fiverr to create multiple wallets to get more money, and Bankless articles speculating on the next big one.

So, what does this have to do with Consensys?

Metamask was incubated inside of Consensys.

Consensys is like Bain on steroids.

They consult for big brands about how to leverage web3 + have incubated two billion dollar companies inside their walls (Metamask and Infura).

And they just announced they raised a war chest with $450 million Series D round led by ParaFi Capital and other big names like Microsoft and Softbank.

THE BORED APE YACHT CLUB IS TRYING TO SELL $200M OF METAVERSE REAL ESTATE? WTF!

The Milk Road talks about Bored Apes more than E News talks about Khloe Kardashian. 

I thought I’d take a day off, but then news leaked of their expansion plans. So i had to dive in and investigate:

Here's the full thread of leaked images for you to see.

1/ It looks like they’re building a metaverse with a planned $200MM land sale 

2/ They’re launching a token that will be tied to utility in the metaverse

MIlk Road’s take: Virtual land only has value if two things happen:

A) A virtual place gets popular (eg. like the Fortnite map) 

B) Land there is scarce, and for sale 

Most “metaverse” projects want to SKIP the first one and just do the land-sale-get-rich part. When I see that, I hit them with the Dikembe Mutumbo finger wag. 

Until I see a project doing both, I will not be investing.

LEBRON JAMES FILES NFT TRADEMARKS

The King filed for virtual collectible trademarks this week: “LEBRON JAMES,” “LEBRON,” “CHOSEN1,” and “KING JAMES.” 

He's not alone...we've seen a rush of brands and celebrities filing for trademarks recently, including:

Brands: CVS, Walmart, Nike, McDonalds, Victoria Secret, Monster Energy, Puma, New Balance, L'Oreal, American Express, and Visa

Celebrities: Biggie Smalls' Estate, Lil' Wayne, Bob Marley's Estate, Muhammad Ali's Estate, Jerry Rice, Shaq, and Marilyn Monroe's Estate.

Fun fact: In 2022 alone, there have been 1,200 NFT trademark applications, while there were only 1,650 in all of 2021 and 18 in 2020. [Source]

ZUCK SAYS NFTS ARE COMING TO INSTAGRAM

Zuck was on a panel at SXSW yesterday with Daymond John, where he announced that NFTs are coming to Instagram.

"NFTs are coming to Instagram. You'll have the ability to bring some of your NFTs into your Instagram profile and hopefully mint them inside our social environment is gonna be big." [Full video]

I can't say for sure that he came up with this idea from my Metaverse take....but look at this.

QUICK NUGGETS FOR THE ROAD

The Creator of SushiSwap launches a new project, Layer Zero.  Layer Zero is a big ambitious project, the idea is that helps you go from chain to chain to swap your assets. Read more about it in their launch blog post + they're doing a token sale tomorrow.

Steph Curry celebrated his birthday with a special airdrop to his NFT holders.  Everyone got a free birthday NFT and 28 NFT holders won surprise trips to go meet him.  Cool execution by a celebrity to bring more utility to their NFT project.

a16z poaches government advisor to be their new Head of Regulatory. Michele Korver has spent the last 27 years helping policymakers understand crypto, and now she’s taking her talents to a16z.  More and more talent heading for the web2 exits towards web3.

Visa: We envision a future in which your crypto address becomes as important than your mailing address. - August 2021

Today's Milk Road is brought to you by Outer 🛋️

Working from home is great... I don’t miss the cubicle at all. But it does get pretty stuffy in my house all day.  That’s why I spend a ton of time in my backyard on my outdoor sofa by Outer. 

They have awesome styles, and it’s super durable & weather-proof.

They're selling like crazy, so check them out here before Spring arrives.

P.S. I can't get enough of this three-seater

CHART OF THE DAY - LAYER 1 PROTOCOL REVENUE

A few days ago we talked about the battle for Layer 1 supremacy, where we highlighted that we believe in a world where multiple Layer 1's exist and are used for different use cases.

Even though they might all have different uses, it's still interesting to see the revenue of each L1 today.

Check out this chart of the protocol revenue from each L1 over the past 90 days:

The Milk Road's take: Ethereum is far and away the leader here, but we didn't expect to see Helium ahead of Solana in terms of revenue.  Of course, revenue is only one metric!

THE MILK ROAD BRACKET CHALLENGE

At the Milk Road, we’re big basketball fans.  I went to Duke with the Plumlee Brothers and Ben was a ballboy for the Phoenix Suns.  Bball is in our blood.

We even have a slack channel dedicated exclusively to basketball:

So, naturally, we’re hosting a March Madness bracket challenge, sign up here:

The top 5 finishers win exclusive Milk Road NFTs (trust us, you’re gonna want these).  

Just make sure you make your bracket name your twitter handle, so we can find you, when you win!

Alright, that's all we got this hump day!

Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy

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    This dashing dairy expert is not just your average milkman. He's a tri-athlete, a former classmate of Satoshi Nakamoto, and a crypto enthusiast who loves nothing more than delivering the freshest news and insights straight to your inbox.