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  • 👀 One thing you can still be early to

👀 One thing you can still be early to

PLUS: Arthur Hayes on bitcoin

GM everyone. This is 2036. We scroll for gems all day so you don’t have to.

Here’s what we’re serving up today 🍲: We’re about to get more clarity on whether GBTC outflows will put downward pressure on Bitcoin. In the meantime, we’ve got our eyes on something much juicier…

Let’s dig in.

Pudgy Penguins are making the rounds on social media today.

They’re an NFT collection of pictures of penguins that look - well, pudgy.

In the last months, Pudgy Penguins have taken off. Since we first wrote about them in December, the price of a Penguin has gone from 9 ETH (∼$20,000) to 14 ETH (∼$35,700)

And if NFTs’ short history is any guide, there’s a lot more upside to come.

That’s because NFTs are one of crypto's most misunderstood and mispriced assets.

Their potential is constantly underestimated: NFTs have achieved product-market fit yet still haven’t taken off this cycle. Everyone still has PTSD from collections going down -99% in the previous cycle.

That means you can still be very early to NFTs.

Now, you could dive into the winners and look at NFTs on Ethereum. But transacting on Ethereum is both painfully expensive and slow.

Solana, on the other hand, is a much more user-friendly chain.

It’s hard to get back to paying $30 gas fees on Ethereum after paying $0.00002 on Solana.

So, I expect many new crypto entrants will either stick to Solana or never even trade on Ethereum.

That’s not to say Ethereum NFTs are dead. Pudgy Penguins is on Ethereum. Ethereum will likely remain the home for high-value transactions and NFTs that need security and decentralization.

But as the bull market evolves, I expect Solana to gain much more traction simply because it’s so easy to use.

So, while we wait for news of GBTC and the bitcoin selling pressure, get familiar with NFTs.

Follow Zeneca and Punk6529. Read some classics on NFTs and learn the language. Read the 2030 bull case and learn how to practice good security for beginners.

And then start buying and selling to get the hang of it.

Get a Phantom wallet, head over to Tensor, and play around.

You’ll even qualify for the Tensor airdrop if you do.

For Ethereum, you’ll want to get a Rabby wallet and browse OpenSea.

And if you’re feeling frisky, check out Bitcoin NFTs here. To trade them, you’ll need an Xverse wallet. They could be the most underexplored of them all.

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DISCLAIMER: None of this is financial 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. Please be careful and do your own research.