NFT Fund from Anonymous Account

Good morning. Today we've got the usual Weekend Update, NFTs that were actually received positively in the gaming community, an NFT fund run by a familiar twitter account, and more!

Bonus Content Coming Soon: I'm close to having my notes out from Messari's Crypto Theses for 2022. I'll include a link to my notes in this newsletter, however, the full report is definitely worth a read. The report is now in podcast form and can be found here.

Market Update (as of 6:48am ET):

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Top 5:

1. Weekend Update. Bitcoin and Ether both pushed slightly higher over the weekend after Friday jumps of more than 10%. Bitcoin trading on centralized exchanges over the weekend was down from Friday numbers, but on par with other weekday numbers from last week. Heading into the week, we have updates on previous stories and other headlines along with Pomp's weekly Bitcoin conversation with @DeylanLeClair_.

Updates and other stories:
- Texas power grid holds up in first freeze since 2021 collapse...Read More
- SEC requests comments on Grayscale's Spot Bitcoin ETF proposal...Read More
- Miami receives first payout from CityCoins protocol...Read More
- BuzzFeed outs Bored Ape Yacht Club founders' identities...Read More
- Merkle to get Bitmain’s newest liquid cooling mining rigs...Read More

Pomp and Dylan LeClair talk Bitcoin:

2. @punk6529 is launching an NFT fund. The anonymous twitter account has raised an undisclosed amount of capital to invest in NFTs for institutional investors. The venture was confirmed by @punk6529 as well as with anonymous sources according to Blockworks. Big questions remain for investors in the fund including lockup periods for capital and the identity @punk6529, but the hunger for exposure to the rapidly growing NFT market and an experienced investment manager appears to outweigh the risks for many investors. @punk6529 has over 245K follower on twitter, runs the 6529Museum on Opensea along with other galleries, and is believed to own thousands of NFTs.

SSS (sat-sized summary): @punk6529, a well-known (but anonymous) NFT collector and thought leader on web3/metaverse topics, has launched an NFT fund for institutional investors. It's not surprising to see an NFT fund launched to provide institutions with exposure to the new asset class, but it is a little surprising that investors are willing to hand over money to an anonymous twitter personality.

3. 300k free NFTs that aren't called NFTs. E-sports gaming organization 100 Thieves released 300K NFTs to fans celebrating the team's 2021 League Championship Series win. The twist in the story is that 100 Thieves made no mention that the "commemorative digital collectibles" are actually NFTs. The reason behind this omission is that NFTs have received very negative feedback from members of the gaming community who mainly view them as cash grabs by developers. It's clear in the announcement from 100 Thieves (see below tweet) that they were trying to get ahead of criticism from fans and it appears to have worked. Already, over 300K claims for the NFT version of the team's championship chain have been made. Hopefully this is a step in the right direction that enables further adoption of NFTs in the gaming community.

SSS: Gaming organization 100 Thieves has released an NFT version of their team's LCS Championship chain. The gaming community has been highly critical of NFTs recently, but the 100 Thieves chain appears to be popular, with already over 300K claims made for it on OpenSea. Personally, I think gaming and NFTs are a natural fit and that its a positive sign to see a gaming specific NFT collection in such high demand.

4. Get your tax refund in crypto. Users of TurboTax can now get their 2021 refunds "paid out in crypto", or at least sent to Coinbase where they can then use it to purchase any crypto that they'd like. The partnership puts Coinbase in front of TurboTax's millions of users and makes it easy for new users to set up an account on the exchange.

SSS: Coinbase makes a smart move to simplify their account setup process and get in front of millions of new potential customers by partnering with TurboTax to send refunds to the exchange.

5. DeFi infrastructure provider Qredo nabs $460M Valuation. The funding round which raised $80 million was led by 10T holdings. Qredo, a crypto infrastructure company, provides decentralized multi-party computation (MPC) for secure custody and settlement of crypto assets. The company is following in the footsteps of Fireblocks, another crypto infrastructure platform, that recently raised $550 million in a Series E round of funding.

SSS: Crypto infrastructure companies continue to be on the receiving end of huge investment rounds as the industry moves into a more mature stage. The presence of intuitional investors is driving this need with demands for more security, faster settlement times, and built-in compliance.

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.