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The Culture Landgrab | Weekly Recap

Visa & Budweiser buying up crypto culture like degens...what's that mean for us?
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Aug 28, 2021 • 2 min read

Dear Bankless Nation,

I want to draw your attention to three things this week:

  1. Visa bought a CryptoPunk ($150k)
  2. Budweiser bought beer.eth ($100k)
  3. YouTube’s gaming lead says NFTs are “self-evident”

This isn’t how I thought Fortune 500 companies would come to crypto but I’ll take it.

NFTs are the Trojan Horse for Crypto

We all thought these companies would come to crypto because our stablecoins are awesome or because DeFi yield is so good or because they needed digital gold for their balance sheets.

You know…serious stuff.

Turns out they’re coming for our jpegs.

But this actually makes sense.

NFTs are fun. They’re non-threatening. They’re not coming to disrupt bankers. They’re not promising a reasonable expectation of profits from the efforts of others.

How can a regulator get mad at a Cool Cat?

And culture as an investment isn’t new for companies like Visa—they own many vintage pieces from the early days of finance like paper credit cards and those manual credit card Point of Sale things.

The manual credit card imprinter aka knuckle buster: nostalgia
Which would you rather own? A punk or this bad boy?
I think I’d take the CryptoPunk

Budweiser too. They were known for being an earlier purchaser of website domains amid the .com bubble. Now they’re doing .eth NFTs. They purchased a Rocket Factory NFT to go along with it.

This won’t stop here.

Every brand, every community, every influencer is going to have an NFT strategy. They’ll buy NFTs for legitimacy. They mint them to supercharge their growth.

“NFTs are self-evident” says the head of gaming at YouTube.

(Btw if you think NFTs are crazy now just wait until the gaming industry shows up.)

This is the early stages of a land grab for crypto culture.

And what’s the epicenter asset of all this?

ETH.

So much ETH was burnt last week on NFT transactions.

So much ETH was used as money.

No wonder Raoul Pal called Ethereum “the greatest trade in the world” when we recorded our Bankless episode with him—btw that podcast will be available for Premium members early… sometime this weekend. 🔥

I can’t wait for next week…

  • Podcast with Raoul Paul who turned into a full ETH bull since we last spoke
  • We show you how to connect your ENS name to a .com (new functionality!)
  • Ben’s doing a guide to multi-chain yield farming

Enjoy the weekend.

- RSA

ACTION RECAP 📚

  1. Execute any good market opportunities you saw in Market Monday
  2. Learn how to fractionalize NFTs 🔥
  3. Read The Holy Trinity for Adoption
  4. Research The Liquidity Singularity
  5. Predict whether NFTs will flip DeFi

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

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