WAGMI | Visa buys an expensive internet picture

What’s up humans! This is the first real life issue of We’re Gonna Make It (WAGMI), a Morning Brew like newsletter for the crypto and NFT curious. In WAGMI, you’ll find:

  • Irreverence for everything

  • Tweets and bullet point lists

  • Tiny recaps of what's gone on in the crypto/NFT space

  • All the culture to keep you young

  • Not financial advice

I know it’s only the first newsletter, but this penguin’s already got a bit of cool news. We’ve partnered with PRSPR, a financial literacy app that helps you start and make the journey to a kickass financial future. With PRSPR, you’ll watch videos that help you learn all the financial stuff you’ve always thought was too complicated.

Speaking of complicated, there is a glossary at the bottom of this newsletter for any acronyms, words, or other concepts that might need more explanation.

Alright, one day in the crypto/NFT markets is basically an entire month, so let’s get this mess started.


Crypto


Coinbase is gonna buy a f***kton of crypto

  • What does it mean? Coinbase is gonna buy $500 million in crypto. Notice they didn’t specify which one, which likely means they’ll be buying into solid projects and protocols. They’re also gonna keep buying.

  • Why do I care? Coinbase made $2.23 billion dollars in June with a profit of $129.04 million. Ten percent of $129.4 million is $12 million. $12 million dollars are gonna go back into crypto markets. Good news if you have literally any crypto, anywhere.

Bitcoin hits 50k

After a dive in May that would put Tom Daley in second place at the olympics, going from a high of $64k down to a low of 28k in a month, one single Bitcoin is now, again, worth $50,000 United States dollars.

Crypto exchange FTX buys naming rights to a second stadium

While everyone else is collecting llamacats, pokemon cards, and cute penguin pictures, FTX is collecting sports stadiums.

Really puts your rock collection in perspective.

Important technobabbly Ethereum things are happening

On August 5th, Ethereum added some new code will reduce transaction fees, as well as prep the infrastructure to be completely overhauled.

Ethereum is switching how it handles transactions, moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Yes, before you ask, seeing people use "PoS” and not mean piece of shit has always been funny.

PoW: Ethereum runs using other people’s computers. The people who do this are called miners.

PoS: Ethereum runs using other people’s Ethereum. The people who do this are called validators.

What does it mean? The switch will make Ethereum easier, greener and safer to use, as well as introduce a process that decreases the supply of Ethereum as the blockchain grows in users.


Why do I care?

  • Easier, safer, and cheaper to use = more people use it

  • Long-term, the price of ETH goes up. Not financial advice.


NFTs


Visa buys a very expensive internet picture

  • What does it mean? People have been throwing shade at NFTs for being stupid and a passing fad (sorta like they did with bitcoin when it came out), but Visa’s purchase solidifies that NFTs are a historical moment in art history.

  • Why do I care? If Visa thinks NFTs are significant, or, at the very least, then shouldn’t you?

Have a non-fungible date at the first NFT restaurant

Entrepreneur Gary Vaynerchuck is partnering with some restauranteurs to make even awkward dinner dates non-fungible with the first NFT restaurant.

To eat in the restaurant, people will need to buy an NFT membership

”The NFT will represent ownership of your membership which will provide access to the restaurant throughout the month, in addition to unlimited enjoyment of the cocktail lounge and access to private culinary experiences.”

Opensea, a NFT platform for selling/buying NFTs makes a lot of money

Meryl Streep, meet Punk #1, Punk #2, Punk #3…

Cryptopunks, one the earliest NFT projects, have signed with the United Talent Agency for “representation across film, TV, video games, publishing, and licensing.”

I can’t wait to hear an acceptance speech from Punk 3100.

Has anyone done fan casting for Cryptopunks? Please do and send it to me. I’ll go first.

Punk#380 | Malcom Gladwell.


What a time to be alive


  • If you’ve tried to trade NFTs and have failed, we see you.


Not financial advice


To buy, or not buy the dip

Legendary investor Warren Buffett said something like, “be fearful when others are greedy, and greedy when others are fearful.” Crypto traders took this very philosophical statement and turned it into “sell green days, and buy red days.” There’s even the more sophisticated “buy the dip” which you might see as BTD or BTFD.

How are trader emotions today?

What does it mean?

Sometimes greed means market is due for a correction, but humans can be greedy for a long time. The market could go down, the market could go up. Really helpful advice. You’re welcome.

SuperRare | $RARE

NFT platform SuperRare dropped what they “curation token” for users of their platform.

”SuperRare has done over $90 million in NFT art sales since 2018 and is backed by the likes of Mark Cuban, Velvet Sea Ventures, 1confirmation and others. The platform raised $9 million in a Series A in March. A portion of the governance token will be vested to investors over the next four years. “ - Coindesk


That’s all for this month, frens.

If you learned something, laughed, or enjoyed this newsletter, please subscribe and share. You subscribing and sharing will help everyone make it.


N00b glossary


${coinname} | This is a cashtag. Cashtags let you look up posts related to any particular coin on social media platforms like Twitter.

NFT | Non-fungible token. An item that is unique and can’t be replaced or switched out with something else, like a rare trading card or art piece.

Proof-of-stake (PoS): A blockchain runs using people’s crypto. The people who do this are called validators.

Proof-of-work (PoW): A blockchain runs using other people’s computers. The people who do this are called miners.


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