This NFT project did $280M in 2 days
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
How TF does an NFT drop make $280M in two days?
A $50M Real Estate Portfolio was just 'Tokenized'...what does that mean?
RESOURCE: What actually is Dogecoin? Learn in 8:30
Bitcoin's average transaction fees are the lowest in 2 years. Why?
How TF does an NFT drop make $280M in two days?
Kevin Rose's Proof Collective just dropped their 'Moonbirds' NFT project and racked up $280M in sales in the first two days.
Phwoar!
But hold up. How does that work? Is this just a well-timed release that managed to leverage NFT mania?
Well...yes and no.
While there's no doubt a healthy dose of speculation is at play here, the driving force that sets Moonbirds apart is trust and utility.
Here's how that works...
Trust:
Kevin Rose is nothing short of a celebrity in Silicon Valley, with a list of winning investments in companies like Square, Twitter, Medium and Facebook.
His track record and public visibility make him 1000x more trustworthy than any pseudonymous Twitter personality or shadowy YouTube persona trying to launch an NFT project.
Utility:
This part is simple.
Want access to one of the most revered tech investors of the past decade?
2.5 ETH will gain you entry into a private community, with Kevin at the head.
PLUS (and this part also contributes to trust), all NFT sales and future royalties don't go to Kevin.
Instead, they're sent to the PROOF Collective treasury to fund premium content, exclusive experiences, a metaverse initiative and an NFT conference planned for 2023.
So if you've ever heard a crypto evangelist talk about how 'NFTS ARE THE FUTURE!'.
And found yourself wanting to respond:
'Chill dude. Drink your fireball shot and make room for someone else at the bar...also, how are NFTs anything more than overpriced .jpg's?'
Well, projects like Moonbirds is what that drunken evangelist is yelling about.
Online communities, that are member owned and funded, where the ticket to entry (the NFT) can become an appreciating asset.
A $50M Real Estate Portfolio was just 'Tokenized'...what does that mean?
This is a story of 'same, but easier'.
Same:
Take your company's portfolio of real estate and let investors share in the profit, by purchasing shares in your company.
You take the cash raised by share sales, buy more real estate and increase the value of your shares. Everyone is happy, there is peace on Earth.
But easier:
Instead of playing the paperwork heavy game of 'we'll have our lawyers talk to your lawyers', Yield Crowd are letting investors buy into their $50M US real estate portfolio with a few clicks, by purchasing their digital tokens (aka company shares that live on the blockchain).
Same, but easier.
Pretty neat :)
Resource of the day
What actually is Dogecoin?
Learn in 8:30
Bitcoin's average transaction fees are the lowest in 2 years. Why?
Yikes. This article is a minefield of crypto terminology.
We 'Clockwork Orange'd' ourselves and read through it a few times, so you don't have to.
Here're the key takeaways:
The more computers that work to process transactions on the Bitcoin network --> the less competitive transaction processing becomes --> the cheaper the fees become for the end user.
And vice versa:
Right now, lots of computers are ‘on’ which means transaction processing is the least competitive it’s been in the past 2 years. Hence, cheaper fees.
If anyone needs us we'll be doing cucumber eye masks at our local salon.
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Alright, that’s it for today!
Love to the family,