1. Otherside Land NFT raked in $317 Million on NFT mint.

The Otherside Land NFT is the first NFT that came out of the APE coin ecosystem. APE coin is the token that was airdropped to all Bored Ape Yacht holders.

All 55,000 available pieces of digital land sold out near-instantly bringing in $317 Million for Yuga Labs, the company behind the Bored Apes. Each piece of land sold for 305 APE tokens which are currently worth around $4,500 USD. The activity this mint caused on the Ethereum blockchain led some users to pay up to $10,000 USD in fees just to be able to mint the NFT. In the wake of high ETH fees and a slow blockchain, Yuga Labs hinted that they would create their own blockchain in a Tweet thread.

You can currently buy Otherdeed’s on OpenSea for a price of 4 ETH, around $11,000. Otherdeeds will allow you to claim land in the upcoming “Otherside” metaverse.

2. Solana goes down for 7 hours due to bots

Ranked by market cap, Solana is the 7th largest cryptocurrency. On Saturday, the blockchain was down for 7 hours, due to being flooded by over 4 million transactions per second. An outage of this length is quite unprecedented as far as blockchains go. Bots that were trying to mint NFTs appear to be the main source of the problematic transactions.

3. Fidelity will allow clients to invest in Bitcoin through their 401K accounts

In the coming summer, Fidelity will allow clients to invest up to 20% of their portfolios into Bitcoin. A 401k is a retirement savings account where the employer matches employee contributions (similar to the MPF in Hong Kong). Fidelity manages over $4 Trillion USD. For reference, the entire market cap of all cryptocurrencies is $1.8 Trillion.

4. Warren Buffett bashes Bitcoin again

At the Berkshire Hathaway Annual Shareholder meeting on Saturday Buffett said “If you told me you own all of the Bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it?” and that it “doesn’t really produce anything”.

This is not the first time Buffet has shared his opinions on Bitcoin or cryptocurrencies in general. In 2018 he said it was a tool for Charlatans.

5. Three Arrows Capital is moving from Singapore to Dubai

Three Arrows Capital (3AC) is a quantitative crypto trading firm well known for its founders being active on Twitter and their large investments in the crypto space (for example owning 6% of the Grayscale Bitcoin Trust )

Last week they announced that they would be moving their headquarters from Singapore to Dubai. Singapore has historically been quite friendly to crypto firms, leading it to become the de-facto crypto hub in Asia. The Monetary Authority of Singapore (MAS) has recently made it clear that they do not want retail investors to get involved with crypto. In addition, DeFiance capital, another firm in Singapore recently got placed on an Investor alert list…and the fund is not sure why. Having not been given an explanation by the MAS. This is part of the reason for 3AC’s choice to move their HQ.

Others headlines

• Bored Apes Floor hits a record high of $430,000 Source

• The first NFT lending protocol launches Source

• Wikipedia has stopped accepting crypto donations, citing environmental concerns Source

• The Swiss National Bank is not keen on holding Bitcoin as a reserve asset Source

A Look at the Numbers

Source

A rather boring week for most of crypto, Layer 1’s took the brunt of the bearish price action.

What are we Reading?

• New Markets, Efficient Markets Source

  • Jump has taken a look at the efficiency of crypto markets and the returns of buying tokens versus just holding crypto.

  • “Average returns are close to zero, over various horizons and entry points.”

• Three counterintuitive lessons from a crypto investoooor Source

• Thread on how to use Discord to its full potential Source

  • Most of crypto lives on Discord, so if you’re in the trenches hunting for alpha, best to get the most out of Discord. This thread gives you some handy tips and tricks. Even as someone who spends a lot of time on Discord, I still learned something.

• Thread on Fantom liquidations Source