#131 Blackrock Wants Your Coins
Blackrock CEO admits he was wrong on BTC: must watch video
GM - this is The Snapshot, edition #131.
This is what I’ve got for you this week.
This Week In NFT World - Blackrock Wants Your Coins
Notable Sales - Fidenzas, Ringers, Azuki Spirit, Punks
Investor Focus - $125K Of Airdrops: Reflections
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World -
Blackrock CEO says he was wrong about BTC; good for when countries are debasing their currencies
"The largest asset manager in the world, Larry Fink, exhibits extraordinary humility by admitting that he was wrong about Bitcoin. He now believes that it is a "legitimate financial instrument" you invest in when "countries are debasing their currencies."
"Hard to overstate how big a deal it is for Larry Fink, who runs $10.6T, to keep giving these full throated endorsements of bitcoin as legit asset class for everyday portfolios. Buy in from BlackRock - as well as other legacy firms like Fidelity - gives boomer advisors comfort and cover to make the allocation. That's why betting against, or minimizing the clear-to-anyone-with-eyes-and-a-brain early success of, these ETFs has been and will be dumb IMO."
BTC ETF inflows hit $422M as exchanges receive $3.1B funds from Mt Gox trustees to distribute
"BlackRock and Fidelity now own a combined 495,683 #BTC worth $32 billion for their spot BTC ETFs"
"Kraken Says Sucessfully Received Funds From Mt. Gox Trustee, Will Work to Distribute Within 7 to 14 days: Email Sent to Affected Users"
10 ETH ETF details revealed: Grayscale fee 2.5% much higher than others
"10% of $ETHE will be automatically spun off and into $ETH. $ETHE currently has $10 billion in assets. So $ETH should essentially start it's life with $1 billion in assets"
Sam Altman's Wordlcoin surges 35% as unlock schedule for 80% of tokens held by team extended from 3-5 years
"Worldcoin, the human-verification crypto project co-founded by Open AI CEO Sam Altman, has announced that early contributors to its efforts will begin to see their WLD tokens unlock starting next week.
WLD tokens allocated to the investors and team members of Tools for Humanity (TFH), early contributors to the Worldcoin project, are scheduled to begin unlocking daily in a linear fashion," the project said in a blog post. "This week, TFH informed the Worldcoin Foundation that—in a move aligned with the long-term nature of Worldcoin’s mission— the unlock schedule for 80% of the WLD held by TFH’s team members and investors is being extended from 3 to 5 years."
Arthur Hayes' Maelstrom Fund seeks to accelerate BTC development
"Maelstrom Fund, the crypto investment fund led by BitMEX co-founder Arthur Hayes, has announced a new grant program aimed at supporting Bitcoin developers. The initiative, called the Bitcoin Grant Program, will offer funding ranging from $50,000 to $150,000 per developer annually, with a cap of $250,000 per year through grant stacking."
SkyTrade announces the first air rights marketplace on chain
"Ken Griffin recently paid $164m for the airspace above St. Patrick's Cathedral in Manhattan. Today the air rights market is private, opaque, and illiquid. That will change."
"Air rights. Probably the most untapped opportunity in real estate. Excited to back @SkyTradeNetwork creating a global marketplace to trade air rights increasing liquidity and price discovery to this rather illiquid market. Will only become more important as landowners seek to increase yield and with drone deliveries and other forms of last mile air transportation"
$168K sweet of 28 Doodles after 'Dullsville and the Doodleverse': 2 ETH floor
music by @pharrell directed by @burnttoast produced by @_Goldenwolf_ FEATURING @liltunechi as Captain Stoke @lilyachty as Breakfast Bot @coi_leray as Deysi @swaelee as Thirsty
Notable Sales - Fidenzas, Ringers, Azuki Spirit, Punks
Azuki, Spirit - 70 ETH
Tyler Hobbs, Fidenza - 30 ETH
Cherniak, Ringers - 20 ETH
Tyler Hobbs, Fidenza - 31.8 ETH
CryptoPunk, WildHair - 30 ETH
Investor Focus - $125K Of Airdrops: Reflections
after hitting 100k airdrop target for this cycle…
added another 26k with blast, zro and etherfi second instalment
thought we would go higher, and we have gone higher
key learnings:
- sometimes the most expected things come out so much higher than you think e.g JTO, DYM, EtherFi season 1
- sometimes super hot coins can become super not hot coins e.g DYM was trading at $8-9 at one point and now is down to $1.3 or something
- simple activities can win nicely e.g Wormhole simple txs bridging from ETH to SOL
- highly anticipated things e.g EtherFi season 2 have a hard time living up to expectations when season 1 was such a banger - doesn't necessarily mean it's not a good place to park capital
- naturally things get easier with higher amount of capital, but there are times when lower capital is rewarded disproportionately eg JTO, Etherfi Season 1 where NFT holders got great rewards
- as we progress through cycle, expectations seem to be growing as returns are actually decreasing - do not be flustered - imo this is a long game where you take what is on the table at a given time, rather than wishing that what is on the table is different to what it is
- viewing this stuff as a bonus rather than a way to "make it" makes it easier
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