🚀 Fly Eth the Moon

Stocks and Bitcoin Sit Out, Larva Labs Returns, Diamond Labs Are Forever

May 5th, 2021 | Sign Up

Good Morning. Missed us Monday? We were just keeping you on your toes while we planned some new updates. 🚧 If you haven't already, join us in the Zoomer Money Discord server, our free full-featured investing and trading community. Happy Cinco De Mayo! 🍻

Markets

⬇️ Bitcoin: $53,198 ( -7%)

⬇️ Ethereum: $3,238 ( -5.62%)

🚀 Dogecoin: $0.538552 ( +21.74%)

⬆️ Chainlink: $45.53 ( +8.21%)

⬇️ Solana: $42.53 ( -7.44%)

Prices as of 11 PM EST 11/4, data from FTX.com

Today

🏃‍♀️💨 Ethereum continues its monster run, crossing $3K for the first time—but why?

👾 The team that brought CryptoPunks into the world is headed into a new dimension

💎 The world’s largest jeweler, Pandora, makes a tough decision for the common good


Small Bitez

  • California is on the fast track to returning to business as usual by June 15th, with 7 of 58 counties moving into the least restrictive tier. It’s a hopeful turnaround from the sunshine state starting as the nation’s epicenter of outbreak and ending up with the lowest infection rate in the country. Hope you missed the traffic ‘cause that’s also back to normal!

  • Sony announced a partnership with Discord, our favorite instant messaging and digital distribution platform designed for creating communities, and plans to integrate the chat platform into the Playstation Network by early 2022.

  • Dogecoin flips Nintendo’s market cap, joining Ethereum in reaching new all-time highs this week while stocks and Bitcoin lag.

  • The Winklevoss twin (is it wrong to think the Winklevoss twins are one person?) announced that their cryptocurrency exchange, Gemini, will start supporting Dogecoin trading, calling Dogecoin “The people’s money”. The people have chosen.

  • Latest Twitter drama: In a debate with Peter Mallouk, CEO of wealth management company Creative Co, Mark Cuban placed two $1M wagers. One on a 50/50 split of Amazon & Netflix beating the S&P 500 over the next 10 years, and the other on Bitcoin & Ethereum vs. the S&P500. Proceeds to the winner's charity of choice, of course.


CRYPTO

Ethereum Seems Unstoppable 🔥

Ethereum has made new all-time highs several times this week as it broke above three thousand dollars per one Ether for the first time ever, reaching a peak of $3,500. Here at Zoomer Money, we’re not breaking out the champagne just yet. We’ll be in the gym, call us at 10K (actually we’ll have our people email you).

Ethereum’s bullish momentum can be attributed in large part to institutional investors realizing the potential of the smart contract platform as inflows from institutions into Ethereum totaled $178 Million in April, bringing the yearly total to $824M.

Ethereum 🤝 DeFi

A research paper published by the Federal Reserve Bank of St. Louis, led by Dr. Fabian Schär, highlighted the potential future of decentralized finance, adding to the bullish momentum of Ethereum.

DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way, DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.

Data

  • The number of Ethereum addresses interacting with DeFi protocols has grown 10X since the beginning of 2020, at an all time high of 1.75 million according to ConsenSys

  • 9% of the entire ETH supply (10.5M ETH) is locked up in DeFi protocols according to DeFi Pulse

  • In the past year, the total value locked in the DeFi ecosystem has grown over 700% reaching a total number of $134 billion, according to DeFi Llama

  • Institutional investment managers now hold $13.9B worth of Ethereum according to CoinShares

  • The market cap of Ethereum is now larger than Bank of America’s

Where Do We Go From Here?

The road ahead looks paved for Ethereum in anticipation of the EIP-1559 update due in July (your questions answered about EIP-1559 here). Other factors that will impact Ethereum’s journey include government regulation, continued institutional adoption, lowered gas fees, and addressing the risks/security concerns of smart contracts.


NFTs

Larva Labs is Back With Another Hyped NFT Collection 🤖

Remember Crypto Punks? If not, Larva Labs, the company that produced the 8-bit pixel avatars that are currently worth hundreds of thousands of dollars are back at it with the next evolution of expressing yourself as an NFT, Meebits. Think of a video game character being a 1-of-1 3D avatar that has value, scarcity, and a liquid aftermarket to trade your characters. Some of the rarest Meebits sold for nearly a million dollars.

One of the Meebits was sold for $1.4M, the highest sale of a single item on NFT marketplace OpenSea, ever:

If the Cryptopunks are an ideal 2D avatar for Discord, Twitter, and other social media, then we hope that the Meebits will be the 3D avatar for virtual worlds, games, and VR. We are bullish about the Metaverse future, and we look forward to seeing how the Meebits are used in such environments

What is the Metaverse?

If you’ve been seeing this word everywhere lately and have no idea what it means, don’t worry—we got you.

The Metaverse can be confusing, but only because no one can quite agree on exactly what it should be or even what it should be called. That’s ok—that’s evolution, baby. Most people are calling it the Metaverse for now and, in a nutshell, it’s all the interconnected virtual spaces filled with virtual things.

“Meta” is a prefix meaning beyond, and “verse” is just a shortened form of universe. Easy, right? A place beyond our universe. A new virtual universe that contains and will contain all the experiences of the next iteration of the internet. Everything you do in a physical space will eventually be represented in this other reality, but thats not the magic of it. The magic is that anything you can dream up is possible there. Haven’t you always wanted to be a unicorn?

For a deeper dive, check out this Forbes article that gives 20 perspectives on what the Metaverse means to professionals today.


CLIMATE

Diamonds Are an Earth’s Best Friend 🔬

Another signal that Zoomers are taking over? Factors like the pandemic and sentiment from younger consumers have pushed the world’s largest jewelry maker to get with the times and permanently discontinue using mined diamonds.

The Copenhagen-based jeweler will exclusively produce human-made diamonds that can be created in a fraction of the time and cost, without any human rights abuse. CEO of Pandora, Alexander Lacik cited his children’s future as a driving concern for the business’ decision.

We want to become a low-carbon business. I have four children, I’m leaving this earth one day, I hope I can leave it in a better shape than maybe what we’ve kind of created in the last 50 years or so

Diamonds are literally made of compressed carbon, so in the interest of clarity, he probably doesn’t mean he wants to go out of business.

Unforgettable Moments

The retail diamond industry has historically pushed back against man-made diamonds, fearful of the threat that lab-made diamonds pose to the scarcity and value of real ones. Pandora’s move sets a precedent that shows this generation’s sentiment is the driving force for the direction of the jewelry industry and all industries in general.


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