Welcome to all of the new subscribers. Our last poll at this time just finished up and we voted Solana (SOL) into the portfolio and DASH out. If you want to participate in the next one, please follow us on Twitter!
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NFTs are going crazy! First it was crypto kitties, now its pudgy penguins. Who knows what’s next? Monkeys? Even meme pages are getting in on this and are trying to sell their shitty memes as NFTs. How long until the bubble pops though?
Anyway, one way to quantify how insane this market is getting is by looking at OpenSea, a marketplace to buy and sell digital items. They did over $1B in trading volume for the month of march. Ridiculous. What is even more crazy is the chart below showing just how fast they got there.
However, is it all in good faith that people are spending enormous amounts of money to “enjoy” the art? I mean a picture of a rock sold for 100s of thousands of dollars, so it seems more likely people are laundering money. According to Catherine Graffam, an adjunct faculty member in the Art & Design department at Lasell University:
“…[it’s] even easier to move dirty funds around because it is tied to a decentralized currency and the fact that there are no physical artworks to have to transport or store in off-shore tax haven warehouses.”
We polled followers on who owns NFTs and it seems only 10% do. Is this the early stages of crypto or just a fad? Even though people have been spending thousands of dollars over years on videogame skins/weapons/etc. it is hard to justify thousands of dollars on a jpeg of a pixelated cat.
There is money to be made here, but like with cryptocurrencies the best way seems to be the shotgun method. First, find a new artist drop. Second, buy as many as you can afford. Lastly, pray that at least one sells for a fortune.
If you have a method to buying NFTs or own NFTs message us!
What else:
Cardano’s ADA token is now world’s third-largest cryptocurrency (Bloomberg)
Retail Giant Walmart Seeking to Hire Digital, Cryptocurrency Lead (coindesk)
Microsoft wants to use Ethereum blockchain to fight piracy (cointelegraph)
Burry Makes $31 Million Bet Against Crypto-Friendly ARK Invest (decrypt)
Crypto Adoption Shifts to EM as China, US Drop in Chainalysis Rankings (coindesk)
Pumpers, Dumpers, and Shills: The Skycoin Saga (newyorker)
Diem is market ready (medium)
COIN is ready to purchase $500M of crypto on its balance sheet (theblockcrypto)
Coinbase Names Mitsubishi UFJ as Banking Partner in Japan (coinbase)
Italian feds say Mafia pays cartels for cocaine with Bitcoin and Monero (protos)
What do our followers think?
Given the decrease in participation we decided to take some time off. We will be back!
FMA People’s Crypto Portfolio:
Solana was voted in!
SOL has been on a tear this year, up over 7,000% this year alone. This begs the question, are we late to the game? We don’t believe so. There are a number of reasons the cryptocurrency is skyrocketing. It has over 400 projects on its network, it entered the NFT space, it’s fast, and it has a method to easily move between different networks. Also, people just want an alternative to Ethereum. It is hard to find “quality” cryptocurrencies because they all do similar things.
Moving on to our portfolio. Our positions and their performance are: Cardano (+140%), Ethereum (+55%), Bitcoin (-17%), Chainlink (-40%), and as of 8/31 Solana (+15%). Fingers are still crossed that BTC is going to the moon, but institutional investors are more enamored with the likes of ETH and SOL.
If you would like to see a live view of the portfolio, you can do that on CryptoCompare.
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We look forward to doing this all again next week, take care!