CryptoPunks

It's like you launch a Solana news coin that rips and then all of a sudden there's three vamps.

I feel like it puts a serious premium on verifiable ownership assets, i.e. CryptoPunks.

All of this is just an elaborate Zcash shill.

No, I'm kidding.

And this came out before they launched V2, and we saw an increase in spins because of it.

They would buy a CryptoPunk from Punk Strategy, which is a previous project that, um, the founder of, of FWA worked on, where it was basically like micro strategy for CryptoPunks and then did it for a bunch of NFT collections.

And so what they'll do is they'll take some of the fees, buy a CryptoPunk, back it with like half the amount of Eth of that CryptoPunk, so your odds of pulling it are higher, and then every 12 hours, I think drop the backing by one Eth, right? And so then as the backing drops, that means your chances of winning it ha- become higher.

And so because a CryptoPunk is worth, uh, I think at this point $90,000 at one Eth, it's backed by 2,500, so your odds are like so high, uh, in terms of like expected EV that it's been leading to like spikes in spins because you can spend 100, 200 bucks and win $100,000.

Almost.

Right now, yeah, 2, 2, 2 and a half X off the lows right now.

Yeah, so like, but, like, the flywheel of FWA is feeding the flywheel of Punk Strategy because it's buying those tokens, or, or buying those CryptoPunks, putting it in, then buy- using those fees to buy more of those CryptoPunks, and that's...

Uh, I think also Punk Strategy bought, like, its first CryptoPunk in a while, um, which is great, and, like, the CryptoPunk market has been, like, getting reignited.

Like I remember the first time I farmed during DeFi Summer, I was on Compound, right? It was just kind of a new concept.

And then everyone takes that and there's like this Cambrian explosion of either farming or NFTs or memes and the capital just starts to get spread thinner and thinner, right? So there are like core winners that come out of these cycles, like for example, CryptoPunks, you know, and the NFT craze, you know, there's obviously CryptoPunks core DeFi protocols still around doing very well.

Like Aave and Uniswap and others.

You know, there's been big meme coin winners that have gone to billions of dollars and more.

So get ready for that one.

You know that the market is back when you start to see this CryptoPunks.

Google snarks all starting to record trading volume as the NFT market is now reawoken.

So are you guys trading NFTs? If you are, let me know.