The Summer of NFTs
31.0 - Cryptopunks, Bored Apes, Cool Cats, Mooncats, Elephants + Crypto Top 7
NFT Summer is Heating Up 🔥
Investing News Worth Reading 📰
Top 7 Crypto All-Star Team
The Week Ahead
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Weekly Recap
It’s officially “NFT Summer” as the market for digital art and, as some say, “jpegs,” has exploded upwards over the past month.
There are CryptoPunks, Bored Apes, Art Blocks, Cool Cats, MoonCats, Goatz, Untamed Elephants, and that’s really only the starting point. The rapidly evolving and growing list of NFT “communities” are multiplying every week.
We wrote about and broke down NFTs in volume 11 with the following statement:
If you already know about NFTs, you’re way ahead of the curve.
Today, we write about NFTs, but no longer say “way ahead,'‘ and instead offer a refresh around Non-Fungible Tokens…since they are not going away.
What is it?
Before we go any further, let’s explain this still very new asset class: Non-fungible tokens, or NFTs, are cryptographic assets on blockchain with unique identification codes distinguishing them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.
NFTs are now used to represent items such as photos, videos, audio, and other types of digital files. Once an NFT is created and minted, it’s certified as a unique digital asset on the blockchain, and can be traded, purchased, and sold online. For example, Jack Dorsey, CEO of Twitter, tokenized his first-ever tweet into an NFT, which he sold for $2.9 million and donated to charity.
A rare CryptoPunk is being listed for $90.5 million as NFT mania takes flight
Gary Vaynerchuk just paid $3.7 million in ethereum for a CryptoPunk NFT
CryptoPunk prices rise 53% in week after ethereum whales' feeding frenzy
Based on what we’ve written about and witnessed during 2021, we find it incredibly hard to not be bullish long-term on NFTs as an eventual societal norm. This does not mean you simply invest and make money. Many projects will go up and even more projects will go down and end up valueless. There is a clear mania currently taking hold in the marketplace. However, this is an asset class that can no longer simply be ignored and ridiculed because one does not understand it. The time to invest early in understanding it is very clearly here so you can act and invest accordingly at the next opportunity presented.
At the beginning of last month, we invested early in the Cool Cats Community:
It’s been an eye-opening experience to see how the community truly drives growth and excitement around NFTs. We’ve been given a Cool Cat for free, we’ve given away a Cool Cat for free, and come to understand it’s a lot more than just the art.
Ready to explore and learn more? OpenSea is the largest NFT marketplace…think eBay for the blockchain. Click here to buy, sell and discover your first NFT.
🟣 NFTs are a game-changer for independent artists & musicians.
🟠 A comprehensive guide to the top NFT avatars.
🟣 PayPal’s crypto ‘super app’ set to roll out in next few months.
🟠 “We have to be in the crypto space,” Mastercard CEO says.
investrly Crypto All-Star Team
This is our Dream Team. Our starting line up. The investrly Top 7 All-Star Team lists our top 7 overall cryptocurrencies. These are long-term investment ideas with strong performance to date since inception.
Community tweet of the week
The Week Ahead
🟣 Smart Contract Summit #1 - Biggest smart contract event of the year from Chainlink. Sign up today to watch and participate for free.
🟠 2020 Olympics closing ceremony
🟣 Earnings season continues: $SKLZ, $ROKU, $MRNA, $SQ
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Swati from the Substack grow session! Learned so much just from one newsletter, thanks for doing this!