Issue 5 🍵: Welcome to the "Store of Value" generation
Mark Cuban, Hashmasks, boxes, and so, so much more!
“What is something worth?”
That question is how Mark Cuban starts his essay, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it.”
For those who aren’t aware, Mark Cuban is a famous entrepreneur and majority owner of the NBA team, Dallas Mavericks. And in the essay above, he points out that this new generation is finding value in unconventional places, such as cryptocurrency and collectibles.
In his words:
What happens when everything is digital? What happens when literally anything digital can be a store of value? Including a share of stock?
We flipped out when we read it, because this is the exact same question we’ve been asking ourselves! And it feels like the entire world has started asking this question as well.
Sure, there’s this thesis, but the Gamestop and the WallStreetBets scenario happened this week too. There’s no clearer picture that people are disillusioned with The System, and this generation can and will find different stores of value.
Institutions are buying Bitcoin as a hedge against inflation. Pioneers are earning crazy yield on decentralized finance. Crypto and DeFi currently allow you to be your own bank. What’s going to happen when people realize that NFTs enable anyone to sell anything and be their own business?
🎭 One word: Hashmasks. The project blew up on Twitter the past week. The sale started on a curve, with the first batch of the 16,384 masks being sold for 0.1 ETH. The price increases as more are sold, with the last 3 going for a 100 ETH each. The Defiant wrote a good explanation on the masks and the yield aspect of it, but yeah, they all sold out in a week! Crazy.
📦 The NFT collector Pranksy can celebrate a new accomplishment: his venture, NFTBoxes, sold out their Genesis box in 6 minutes! There’s also been a lot of secondary volume, and it’s exciting to see demand for an art and NFT subscription!
✍️ In last week’s issue, we mentioned a concept of pre-selling essay NFTs. Well, this week, it fucking shipped! John Palmer crowdfunded 9.9 ETH for $ESSAY, the first ever community-owned essay. The final “Scissor Labels” NFT is currently available on Zora, with a bid of 300 DAI—if sold, 10% of those proceeds go to $ESSAY token holders. Chad.
NonFungible.com released a hell of a review of the 2020 art landscape on Ethereum. It’s a deep, data-filled dive into a few different marketplaces and some different independents artists and projects.
You’ve heard of user-generated content, but have you heard of user-generated capital? In this guest Messari post, Bradley Miles of social-money dapp Roll digs into how he thinks social capital and social money will grow. The focus is on social tokens, but the concepts are applicable to NFTs.
Found this from Forbes: “How Brands Can Thrive in the Direct to Avatar Economy.” Instead of NFTs selling physical items of clothing, how about just selling digital clothes? Pretty though-provoking, and “direct to avatar” is our new favorite term now.
Creative corner: sgtslaughtermelon x FiveTimesNo
The made-up rule for this section was to feature the crypto art that captivated us the most. For the first time ever, it’s a collab!
According to their bios, sgtslaughtermelon specializes in glitch art, pixelsorting, and geometry. FiveTimesNo, on the other hand, specializes in iridescent effects.
Put both of them together, and you get this magical collection, the_escapes.
Like, just look at the detail.
This legitimately took our breath away when we first spotted it on Twitter. The labyrinthine swirls and the beautiful colorscapes just pulls you in! And it’s still criminally available for sale on KnownOrigin (as of the time of this writing).
Take note: Axie launches their Ronin sidechain
If you follow Axie, you’re probably aware that the game has been suffering from the high gas costs of Ethereum mainnet. So, behold the Ronin sidechain, where $50 gas fees to buy an Axie shall be no more!
Anyway, if you have land or land items, you will get an exclusive land item if you migrate before February 25th!
Whew, it has been a week! If you liked today’s issue, share us with a friend?
See you next Wednesday! 🍵