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Porsche's fender bender, Robinhood moves on-chain

January 29, 2023

Friends,

  • The Boys Club event lineup for Feb/March/April is stacked. We’ll be hitting NYC, Nashville, Denver, Austin and LA. Members and NFT holders get first dibs on invites. Keep an eye on social for details.

  • If you’re looking for something both nourishing and chaotic to listen to today, consider this podcast with Pulitzer Prize winning art critic Jerry Saltz. They talk about NFTs, the vulnerability of creation, and gatekeeping in the art world.

  • If you’re looking to bend your brain around the idea of a decentralized server platform, listen to Urbit for Idiots with Galen Wolfe-Pauly.

The Boys

Writer: RachlolEditor: Deana 

Call 911. This week Porsche launched an NFT. The utility? It’s a soul-bound token that verifies that you’re a middle aged man in the midst of an identity crisis. JK!!!!! The reception has been brutal. Of the 7,500 NFT collection, only 1,500 were minted before Porsche cut the supply and ended the minting. Prices rose on the secondary market after the mint ended, but the brand damage had already been done. Our take? The mint started at .911ETH (around $1,500), which in a bear market, screams cash grab. The consensus: not every luxury brand needs to enter into web3, and if they do, make sure to hire a seasoned consultant (us, lol).

Single and not ready to co-mingle. Bloomberg reported this week that a Binance wallet balance suggested customer funds were mixed with B-Token reserves. Binance acknowledged that it had mistakenly stored customer funds in the same wallet that holds dozens of tokens issued on Binance Smart Chain. Binance told Bloomberg that these “historical operational oversights” are being resolved and “not to worry babe.”

Robinhood has entered the chat. While most of web3 was busy playing dookey dash, the retail trading Zaddy hard launched their self-custody wallet. The app is currently being rolled out to 1 million waitlisted users. We got a peek under the hood and TBH, very bullish. The new wally is a separate standalone app that allows you to swap and transfer crypto, connect to dApps, and access NFT marketplaces. Slay Robin, slay.