GM - this is The Snapshot, edition #114.
This is what I’ve got for you this week:
This Week In NFT World - $16.4M CryptoPunk Alien
Sponsored Post - Lil Nouns fund 7 ETH proposal to onboard devs
Notable Sales - Alien Punk, Gold Monke, Dog Wif Hat, Quantum Cat
Investor Focus - $35,000 Etherfi Airdrop: The Lowdown
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - CryptoPunk Alien sells for 4,850 ETH ($16.4M)
There are only 9 Aliens in the CryptoPunk collection. This is a real grail.
It was bought for 4.2KΞ ($7.57M) and sold for 4,850 ETH ($16.4M): a 650 ETH profit, but a larger profit in dollars at almost $9M. The second Alien sale in just a couple of weeks. Love to see it.
"End of an era. I've long since felt like an imposter. Holding punks, and potentially NFTs a whole hostage by not elevating 7804 in the way he deserves. After over a year of looking around I feel I've found the right buyer with the right vision to appropriately elevate this asset "
@peruggia_v - the seller
Blackrock launches USD coin with opportunity for U.S. dollar yields
Blackrock, the $9T asset manager, is building on Ethereum. Pretty outrageously bullish news for crypto, ETH, and tokenisation. I can’t see why people want to fade Mr Fink going on about tokenizing everything in the future.
"BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors' wallets as new tokens each month. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. Investors can transfer their tokens 24/7/365 to other pre-approved investors. Fund participants will also have flexible custody options allowing them to choose how to hold their tokens."
$400k loan against cryptoart piece Crypto Is Bullshit by Beeple
Another huge NFT loan. I reported not long ago about how GMoney took a $1M loan out against his Ape CryptoPunk.
The trend is forming: premium NFTs are the best asset because of how they can be borrowed against with higher LTVs / better rates because of their transparent price history and low cost/ease of liquidation.
Expect much more of this in future.
"Embarking on a new milestone, I've taken out the largest ever loan against a single piece of digital art: 'Crypto is Bullshit' by @beeple with a groundbreaking $400,000 loan. This marks another pioneering moment in the journey of digital art and its evolution"
Thoughts from @pablorfraile
XCOPY Mutatio mint on base passes 1M mints earning more than $2M
CryptoArt King XCOPY returned this week with a very affordable mint on Base. At just a couple of dollars to mint, X raised more than $2.3M with more than 1M mints.
NFT market bounces back
After being down and out for some time, the ETH NFT market recovered a little this week. Pudgy Penguins were the big winners up almost 30% getting close to a 15 ETH floor again.
I would exercise some healthy caution here.
The ETH NFT floor prices are still largely controlled by airdrop farmers, so it’s not obvious to me that this move up will not be sold into by people who have no intention of holding the NFTs.
Meanwhile, Ordinals on BTC are still looking strong with Nodemonkes and Puppets holding a $46k and $17k floor, respectively.
$122.5M sent to memecoin presales in the last week
Outrageous gambling losses on presales
Degeneracy reached ATHs in the last week with many people sending SOL ($122.5M documented by Zach) to random people who said they would create a new coin.
The thought process: send SOL; pray they make the coin; pray it goes up.
Lol after a lot of rugs this week it seems like this trend has run out of steam for now.
Nevertheless, it does show how quickly funds can be raised via crypto AND how memecoins are clearly viewed as a favourite vehicle for financial speculation.
Will there be a memecoin season on Base?
Sponsored Post - Lil Nouns fund 7 ETH proposal to onboard devs
Lil Nouns DAO has passed a 7 ETH proposal to onboard developers to Lil Nouns through ETH Global London.
What are the details?
This initiative aimed to elevate Lil Nouns' brand presence by participating in Nouns Fair which is an irl activation + bounty program initiative run by Mono & Lex of Nouns Amigos.
It took place between March 15-17 at ETHGlobal London
The proposal also provided 5 ETH (10x 0.5 ETH) prizes for future Prop Houses.
In addition:
Lil Dev shirts to give out at ETHGlobal London (100)
Marketing materials with quick information on Lils & QR code to scan for more info
Daily posting on Lil Nouns Farcaster channel from start of ETHGlobal London until voting ends for the Prop House round.
Creation of Lil Devs landing page
Art for Lil Dev mint pass
30 day report with analytics from Lil Devs landing page
All in all, another fun example of how Lil Nouns DAO is willing to support builders from within the DAO to do great things!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - Alien Punk, Gold Monke, Dog Wif Hat, Quantum Cat
CryptoPunk, Alien - 4,850 ETH ($16.4M)
Node Monke, Gold - 2.4 BTC ($162,000)
Achi, Dog Wif Hat - 1.21K ETH ($4.3M)
Quantum Cats, Wizard - 1.9 BTC ($124,000)
Investor Focus - $35,000 Etherfi Airdrop: The Lowdown
This week I received $35,000 worth of Etherfi tokens ($ETHFI). Here is how.
First, in this article on January 5th I wrote about EtherFi and how they could do an airdrop. (When a protocol seeks to decentralise their governance, they drop governance tokens to their early users which often have some monetary value; I also explained the basics of restaking which is crucial to understand before you play around with these restaking protocols.)
You can stake ETH with EtherFi (by minting eETH) and automatically have your ETH restaked to Eigenlayer… Airdrop potential: eETH holders will earn EtherFI Loyalty Points + EigenLayer points (2 birds with one stone)…All things being equal it looks like @ether_fi is the only place you can get BOTH native loyalty points AS WELL AS Eigenlayer points right now.
Me, 2 months ago
Here is what I did:
I deposited 6 ETH, which was probably around $12k at the time but is now worth around $21,000.
I also minted one of the Ether Fan NFTs for around $200 (which appears to have specifically got me approximately a $2,000 worth allocation of $ETHFI).
I also shared my referral link. I think this gave me a bit more of a boost for my overall $ETHFI allocation.
And that was it.
I deposited my 6 ETH just under 4 months ago, so in 116 days my $12,000 deposit (or 6 ETH) turned into $54,000 (6 ETH initial which was $12,000 is now worth $21,000 + $33,000 worth of $ETHFI tokens = $54,000.)
A great return.
Nothing here suggests every single (restaking) protocol will do exactly the same - but it shows it is helpful to experiment with leading protocols before other people.
What am I most interested in next when it comes to restaking? I am looking at restaking with Swell. I will try to write something on that soon.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters