🥛 Yuga Labs 🤝 Bitcoin
- Writer Milk Man
- March 1, 2023
- •4 Min Read
Gm. This is Milk Road, the air fryer of crypto newsletters. We’re the fool-proof way to serve up juicy crypto knowledge without any of the guesswork.
Here’s what we’ve got for you today:
- Everything you need to know about Yuga’s new collection
- Number of the day: A $400M ETH wallet
- Chart of the day: Sleeping Bitcoin
- Web3 Wednesday
YUGA LABS APES INTO ORDINALS FRENZY
It’s official, Yuga Labs is dropping a new NFT collection this week. That’s right, the creators of Bored Apes are back at it again with a new project called Twelvefold.
But there’s a twist: It’s gonna be on the Bitcoin blockchain. Here’s everything you need to know:
- The collection will be inscribed onto the Bitcoin blockchain using the Ordinals protocol. (If you aren’t familiar with Ordinals, we got ya covered here.)
- It will be a limited edition collection of 300 generative-art pieces. Each piece will be a 12x12 grid that combines hand-drawn features and 3D graphics.
- There will be a Bitcoin auction later this week for each piece. Yuga Labs said it will announce more details at least 24 hours before the auction starts.
Here’s a sneak peek at what the art looks like:
Crazy, I know. Back in 3rd grade, this would get you a C-. Now it’s called “art” and can sell for thousands.
But this is still a big deal.
Why this matters: Ordinals NFTs have been boomin’. As of today, there have been about 215,000 inscriptions on the Bitcoin blockchain.
Most of these are knock-offs from other Ethereum projects. But the hype has attracted some big names like DeGods and OnChain Monkeys to start building on Bitcoin.
And now, Yuga Labs has the Ordinals Fever. And they are by far the biggest player to enter the game.
Yuga Labs has eight other NFT collections that each have a larger market cap than the entire Ordinals market cap.
The bottom line is: There’s no one bigger than Yuga that could enter the Ordinals market. So even though the art is ugly, it’s gonna be one of those “historic” pieces.
We predict Yuga will go on to make millions from the new collection drop, and some early buyers will make some big profits.
If you’re crazy like us and take a chance at the auction, here are the things you’ll need:
- A non-custodial wallet that contains Bitcoin for the auction bids
- A separate, EMPTY Bitcoin address to receive the piece if you win the auction (Note: This is important. Bitcoin wallets currently don’t support the transfer of individual assets. So, you could accidentally transfer your NFT as part of another Bitcoin transaction.)
You’ll also need luck, skill, and a concentrated power of will to get in on the action. It’s Yuga’s first Bitcoin collection and there are only 300 pieces, so this is one is going to be pricey.
If you’re a Milk Roader going for the auction, may the odds be ever in your favor.
BRING NFTS TO YOUR BUSINESS WITH PAPER
If you’re thinking about selling NFTs, I have to tell you about Paper.
Paper makes buying NFTs as simple as shopping online.
And today, they just dropped their Embedded Wallet Service — AKA, they allow businesses to embed custom-branded crypto wallets in their apps.
The best part? It’s so simple, your grandma could use it. No seed phrases, no annoying pop-ups, and no crypto needed.
Businesses can spin up wallets, sign transactions, and pay for gas for their users. All users need to do is provide their email.
Here’s what customers are saying:
- “A full third of our sales came through Paper versus the traditional crypto mint. Paper is a simple yet powerful way to bridge the gap between web3 and mainstream customers.”
- "Paper is the perfect match for Fractal's players so they can spend more time playing the games they love instead of figuring out how to purchase an item."
Paper takes your security seriously. There’s no single point of failure, 100% chargeback protection, and automatic fraud detection.
In less than five minutes, you can give your users the simplest NFT experience. Just click the button below.
NUMBER OF THE DAY
$400M = the return that the unknown owner of one of the most mysterious crypto wallets has generated to date.
Conor Rogan (director over at Coinbase) tweeted the blockchain data associated with the address, which bought $75,000 in ETH during its initial coin offering (ICO) in 2014. And they haven’t moved anything in or out since. 👀
Those holdings are now worth more than $400M. That’s a 5,333X return.
The holder also swept up ~$6.5M in ETH classic tokens after the 2016 hard fork (that’s an 87X return right there).
- The owner is the best HODLer this side of the Mississippi OR
- They lost their private key. Womp womp
Really hoping it’s option A.
CHART OF THE DAY: SLEEPING BITCOIN
The amount of Bitcoin held in dormant wallets has surpassed the amount of Bitcoin held on centralized exchanges.
According to Glassnode, there’s currently ~2.2M Bitcoin held on centralized exchanges. “Ancient holders” (those who haven't moved their Bitcoin in 10+ years) are holding a total of ~2.6M Bitcoin.
Looking at just the last six months, almost 15M Bitcoin haven’t moved. That amounts to ~$370B worth of tokens. Reminder that only 21M BTC will ever exist…
All of this means a couple things:
- There are tons of people that believe strongly enough in Bitcoin’s future that they have held onto their holdings for at least a decade (or lost their private key, oops).
- Crypto investors are moving away from centralized exchanges towards non-custodial wallets where they don't have to worry about their holdings vanishing in a bankruptcy or hack.
Do these "Sleeping Bitcoins" make you more bullish on BTC? Hit reply to let us know your thoughts.
Get your resumes ready… the Milk Man’s back with a new round of job openings in the Web3 space. There's no FUD here… just dreams.
Here we go:
- Developer Advocate at 1inch Network
- Web3 Marketing Lead at prePO
- Web3 Gaming Researcher at Almanak Blockchain Labs
- Senior Backend Developer at DappRadar
- Product Manager at Gelato Network
- iOS Engineer at Trust Wallet
- Senior Product Marketing Manager at Solana (can be remote! score)
- Operation Analyst/Associate at Crypto.com
- Credit Risk Manager at OKX
- Senior Accountant (Financial Reporting) at Paxos
P.S. - Are you trying to hire in Web3? Hit reply to learn how to be featured in this section.
That's a wrap for today. Stay thirsty & see ya next time! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
A ROADER'S 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.
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