Crypto Fast Food 🍟
State of Crypto by A16Z
😂 Twitter Memes of the Week
Crypto Fast Fo🍟d
FTX-US JUST ANNOUNCED A NEW PRODUCT LAUNCH CALLED “FTX STOCKS”. The popular crypto exchange will now be expanding into stock trading and ETFs. This comes on the heels of FTX billionaire SBF buying a 7.6% stake in Robinhood, despite it now being their competitor 🧐
OpenSea is expanding into NFT trading with the release of a new product called Seaport Protocol. You can now trade NFTs like Baseball Cards…
ex, I’ll buy your Bored Ape 🦍 for… ☞ 30 ETH + 2 Puking Doodles 🤮
Gamestop just released a new Crypto Wallet product that will allow you to collect NFT. The idea is that you’ll be able to self-custody your own crypto & gaming NFTs securely.
eBay launching limited-edition NFT collectibles called “Genesis” NFT collection. The collection will feature some of the greatest athletes ever to walk the earth. The first NFT will feature a 3D rendering or animation of Wayne Gretzky making a signature move on the ice 🏒 🔥 ⛸
FRENCH LUXURY DESIGNER BRAND, BALENCIAGA, TO ACCEPT BITCOIN & ETHEREUM AS PAYMENT, according to The Wall Street Journal. The brand has been associated with dressing Grace Kelly, Jacqueline Kennedy, and The Kardashians. “We should be in sync with modern icons,” says CEO Cédric Charbit 👠 vs 🍟
ETHEREUM NAME SERVICE HAS RECORD-BREAKING $8M🔥 IN MONTHLY REVENUE. ENS is a popular name service that helps people link their crypto wallet to a “.eth” name, making sending crypto to an address as easy as sending junk mail thru the Postal Service. 💸
GRAYSCALE HAS BEEN NAGGING THE SEC TO APPROVE THEIR BITCOIN SPOT ETF. A decision is set to be made on July 6.
💸 An ETF is a publicly traded investment, like a stock, that tracks the performance of an underlying asset or index
🛢️ An ETF is a way for investors to get exposure to the value of an asset without actually having to own it — gold and oil
📈 A Bitcoin ETF has been denied several times by the SEC due to its volatility
STATE OF CRYPTO by A16Z
A16Z is a venture capital firm founded by two of the most influential Silicon Valley entrepreneurs ever, Marc Andreessen & Ben Horowitz.
Their CV includes: Facebook, Twitter, AirBnB and Roblex… not to mention that they have had EIGHT, MULTI-BILLION dollar Exits since 2011.
So, when they release a State of Crypto Report, we LISTEN. 👂
Takeaways:
We’re still ridiculously early. ~1995 “Internet” Era
Ethereum is winning 🏆
Web3 Gaming is 💣
1/ The “Internet” is Broken
💸 The Status Quo of the Internet is such that only a few tech oligopolies own the vast majority of the internet.
To give you an analogy… if we were playing Monopoly, Tech companies wouldn’t own just BoardWalk & Park Place, they’d own every square. 🧐
As such, we currently pay EVERY TIME we land on their digital real-estate. 💰
2/ Web3 Fixes This ☝🏾
Web3 offers us a digital exit.
We can now opt into a better version of the internet. A place where anyone can own a piece of the network.
To give you an analogy… think of Layer 1s like Apple’s iOS operating system. For every app that gets built and placed in the App Store, Apple gets a 30% cut of the profits.
Ethereum and Bitcoin are two of the most popular Base Layers (L1s).
3/ Ethereum Leading The Race 🏆: Most Developers & Most Value
Ethereum has 8x more monthly developers than Bitcoin and 4x more than their closest competitor Solana.
ETH = ~4,000 Devs
SOL = ~1,000 Devs
BTC = ~500 Devs
In terms of revenue, Ethereum is currently the only blockchain that has a sustainable ecosystem for the long-term. Their P&L runs like a Fortune 500 company.
4/ DeFi is Explosive 💣
In little more than 2 years, DeFi went from non-existent to $100B
Until 2022, nearly 100% of DeFi was done on Ethereum.
Copycat-Blockchains = ~30 DeFi Volume
ETH Blockchain = ~70% of DeFi Volume.
5/ NFT Creators make A LOT more than Other Creators
Last year, roughly 23k NFT Creators were able to generate more than ~$4B 🔥
Creator Economy breakdown:
Facebook: $0.10 per creator 😤
Spotify: $636 per creator 🤔
Youtube: $2.47 per channel 😤
🔥 OpenSea: $174,000 per creator 🤑
6/ Web3 Gaming has Explosive Potential
Web3 gaming has seen massive sales for things like Decentraland, Sandbox and Otherside with sales $1.4B 🔥
The Top 3 Metaverse Projects have produced ~80% of Web3 Gaming revenue.
7/ Still Early
In terms of adoption, A16Z believes we are still very, very early. How early? Roughly at the 1995 era of internet adoption early.
~1B Crypto Users by 2031 🤑
☞ Read The FULL REPORT HERE
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE. BLAH, BLAH, BLAH, BLAH…