- Exit Liquidity
- Posts
- $2.5 Million spent on Azuki gold skateboards
Welcome to the Exit Liquidity newsletter, the place to stay up to date on the ridiculous things that happen in the Crypto, NFTs & Web3. If you are looking to join the community check out the AlphaMint Discord where all the degens gather to chat in the dojo.
Having someone throw tomato soup or mash potatoes on any of your NFTs or any digital collectibles is one thing degens will never have to worry about. All those legacy pieces, especially this van Gogh or this Monet, hanging on the walls around the world cannot say the same. Museums are on watch, because they’re out here splashing away. Thankfully, our jpegs have nothing to worry about. Speaking of splashing, this was a weekend for the whales – Azuki whales to be specific. We also see the rise of Reddit NFTs. It's possible the platform brings in a new wave of investors and degens into the space.
Azuki recently announced their Physical Back Tokens (PBTs) and their first implementation of a PBT is a golden skateboard. They planned on making 9 of these 24K gold plated skateboards with 8 of them going up for public auction. These physical, gold skateboards also come with digital perks like custom dragon banners and emblems for their Azuki profiles as well as future digital experiences.
This auction awoke the whales. The first place winning bid was for a grand total of 309 ETH, just shy of half a million dollars, by the infamous whale, dingaling. The 8 gold skateboards ended up raising a cool $2.5M worth of ETH when the auction closed. That’s basically the same amount of volume that OpenSea did in the last week from one sale.
There are a few things that really stand out to us about the Azuki gold skateboard sale. First, there is a ton of money sitting on the sidelines. Either these whales are hesitant to deploy capital right now or there is nothing worth investing their ETH into. Maybe illiquid jpegs are not the best hedge against macro market factors?
Second, there is a hunger for physical collectibles in the NFT space. We have often talked about bridging the gap from digital to physical in the newsletter and on the Exit Liquidity show. Projects will most likely shift to some type of physical product outside of digital collectibles. As royalties die out, projects will need to get creative and look elsewhere for revenue streams. Obviously, we do not think that basic merch like stickers or hoodies are going to be enough. It needs to be something unique, exclusive and worth collecting kinda like a 24K, gold plated skateboard that weighs almost 45 lbs.
Third, Azuki holders are whales. There was only one winner that wasn’t holding a rare Azuki or at least displaying it as their PFP. With Azuki holders willing to degen on a gold skateboard, it makes the project an interesting future bet from an investment standpoint. It’s always hard not to take account of the whole Zagabond situation, but everyday it becomes a minor blip in the Azuki past and they are continuing to roll forward towards that blue chip status as if it never happened. The Azuki community definitely doesn’t care.
It feels like Reddit NFTs have swept the timeline over the last few days. If you didn’t know, Reddit has NFTs and they are ripping. Reddit users are hungry for NFTs, as we mentioned earlier this week, and the 3 million plus wallets that users have created back that claim. These NFTs utilize the Polygon network and the built-in communities, also known as subreddits, to bring these jpegs increasing value and demand.
The thread below has become one of the best threads on Reddit NFTs. It gives you all the info and more that you could ever want and more than we can realistically type without copy and pasting it all. This thread by RiceMaximalist is solid too. We will link the important things you need to know to get started immediately, but if you really want the full download read both of the threads we linked:
With the hype of Reddit NFTs and many bored degens desperately looking for something to do, it could be an opportunity to have some fun trading these. We have no skin in the game and don't see ourselves become Reddit NFT whales or maxi's, but don't let us get in your way. Make sure you do your research and be careful chasing that fomo! Don't become Exit Liquidity!
Crypto
FTX to reimburse hack victims to the tune of $6M
Chinese intelligence officers tried to bribe US officials with $61K in Bitcoin
MakerDAO approves holding $1.6B in USDC with Coinbase Prime
NFTs
Blur becomes the largest NFT aggregator by volume
OpenSea launches OpenSea Learn Center to help new users get started
NFTiff and CryptoPunk owners are getting jewelry previews
Doodles wins an award for their NYC NFT event
Tyler Hobbs' latest collection, QQL, will be featured in NYC based Pace Gallery
Apple publishes new rules for NFTs clarifying rules around cryptocurrency payments and crypto exchanges
LinkDAO teases a big announcement for their next community call. Are they finally going to announce the purchase of a golf course?
OpenSea insider trader, Nate Chastain, denied motion to dismiss
Rarible launches a new aggregated marketplace and drops the $RARI token
Web3
Web3 x Artificial Intelligence by Keegan Selby
Twitter is rumored to working on a crypto wallet
Telegram username auction marketplace almost ready
Disclaimer: The Exit Liquidity Newsletter is meant to be an informational and entertaining way to share interesting things found in and around the Crypto, NFT and Web3 space. Nothing in this newsletter should be taken as the contributor's, Exit Liquidity's or AlphaMint's personal opinion or views. Nothing in this newsletter constitutes as professional and/or financial advice. Cryptocurrencies and crypto-related assets can be extremely risky investments, invest at your own risk.
If you are interested in featuring your project or company or advertising with Exit Liquidity, let us know here.
Exit Liquidity is an AlphaMint project.