🥛 Meme NFTs are selling for millions 💰

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GM. This is Milk Road, your daily dip into the crypto pool.

Here’s what we have for you today:

• Meme NFTs are selling for a lot of money 💰

• Could this be the end of the Bored Apes? ☠️

• Introducing… ‘Tamper-Proof’ NFTs 🧐

• Prices have fallen, here’s why… 🍪

Memes are the spice of the internet. They make everything tastier.

Well, there’s an interesting trend going on…

Famous memes are becoming NFTs and selling for A LOT of money.

The most recent sale? The nightclub meme.

It was sold by 15 ETH (worth ~$50,000) yesterday.

note: This meme is great. But the best part isn’t the photo itself, it’s the fact that it was taken in a Scottish nightclub called ‘Milk’. Iconic.

And this isn’t the first big NFT meme buy we’ve seen:

• The famous ‘Doge‘ meme (aka Dogecoin logo) sold by US$4 million

• O ‘Buy Bitcoin‘sign of the famous meme sold by US$1 million yesterday

• O ‘dancing coffin‘meme sold for more than US$1 million

• O ‘overly attached girlfriend‘meme sold by US$401 thousand (in fact, ‘overly attached girlfriend’ was also the nickname I gave my ex in 9th grade)

• O ‘disaster girl‘meme sold by US$417 thousand

(By the way, you can check out a list of other famous memes that were turned into NFTs and sold on the blockchain here.)

Milk Road: For one thing… why would anyone pay millions to own a meme? There are no royalties or cash flows, and you don’t need to be an owner to see this.

On the other hand…why do people pay $1.2 million for Babe Ruth’s first home run? Or $4.3 million for the original basketball rulebook?

People like to collect items that have cultural power. Memes are an essential part of Internet culture.

So even though it breaks my head to see people buying memes NFTsmakes sense when viewed as cultural collectibles.

PS – we want to know… what is it? your Favorite meme of all time? The one you would actually pay for?

Click ‘reply’ to this email and send it to us! We’ll share some of the best tomorrow.

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In 2022, the cheapest Bored Ape NFTs were available 120 ETH.

Today, they’re going about 14 ETH.

So yesterday we did a poll asking all of you one thing: Do you think Bored Apes will ever reach 100 ETH again?

We asked. You answered. The results are in…

74% of you voted ‘No, it’s the end of the Monkeys!’

Here are 5 of our favorite responses:

• Good: “Good evening, boys, no more milk for you”

• Andy: “There are many opportunities across the crypto ecosystem right now for Monkeys to reach those concentrated heights again. No, it’s not a rug – but if you consider ONLY Yuga assets, there is simply no way to reach a 100ETH floor.”

• Gaudin: “Like tulips, it came and then went away. Sometimes when something seems too stupid to be true, it is too stupid.”

• JHawkInAustin: “They’re old, what’s newer is better now.”

• Andrew: “It was a fad… and it disappeared” (*mic drop*)

But it wasn’t all doom and gloom among the Roaders, there was some hope…

• Chris: “Historical value in the long term. There may be a lot of shiny new objects floating around out there, but BAYC is the only NFT that normies would recognize.”

• Tim: “OG status and only 10,000 of them… call it Rise of the Planet of the Digital Apes.”

Only time will tell.

Speaking of NFTs, there’s a new type taking crypto by storm…

“Tamper-proof NFTs”.

Here’s everything you need to know:

• All NFT collection receives its own ERC-721 smart contract

• But there is a twist… Once an NFT is minted, the ETH paid for it is “locked” in the contract for a certain period of time (i.e. 30 days).

• Creators cannot touch locked fundsso there is no risk of them ‘getting in the way’ of the project.

• Instead, creators make money from the income generated by the Total Blocked Value (TVL) in the contract.

• NFT holders accumulate Blast points and Blast Gold from Blastr the longer they hold the NFTs.

• After the lock-in period ends, holders have the option to keep the NFT or get a full refund. If they choose the latter option, the NFT is burned and the ETH is returned to the buyer.

• There is a re-minting option, so if an NFT is refunded and burned, there is an option to somebody minting it again – keeping the collection alive.

These ‘unresistible’ NFTs are still in the experimental phase, but have recently been receiving a lot of traction from a handful of big-name creators.

Everyone should keep an eye on this!

There is finally a new regulated way to bet directly on major crypto events. Kalshi, founded by two MIT engineers, is the first legal exchange in the US where you can bet on any event, including when BTC will hit $100K, BTC daily highs, and hundreds of other events like how many cars Tesla will deliver , what inflation will be like, will GPT-5 be released, and more.*

More than US$200 million in ‘long positions’ were liquidated in the last day. The wave of liquidations pushed the price of BTC below $64,000.

US spot Bitcoin ETFs saw total outflows of $120 million yesterday. Most outflows came from Grayscale (-$130 million), while 8 ETFs had zero inflows. Anything. Zip. Anything.

Morgan Stanley is reportedly laying groundwork to allow its brokers to recommend clients invest in Bitcoin ETFs on a spot basis. “First they ignore you. Then they laugh at you. Then they fight you. Then you win.

The number of decentralized exchange (DEX) traders on Ethereum has dropped sharply. The number of DEX traders on Ethereum fell from more than 95,000 at the start of the month to just 63,000 last week – marking the lowest number of traders since February.

Want to join Milk Man? We currently have 6 open positions (2 new) – check them out and register here!

$9.4 Billion in Cryptocurrency Options Will Expire on Deribit Tomorrow. The majority of options about to expire are BTC options (worth approximately $6.35 billion) and ETH options (worth $3.08 billion).

Melania Trump is launching a new NFT collection. And it’s not her first rodeo… in 2022, she released an NFT that sold for $185,000. But there was a twist… the buyer of the NFT ended up being Melania herself! 😂

*This is sponsored content

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– Milk Road Images (@MilkRoadImages)
April 25, 2024

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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