🤩 FINALLY! A useful NFT token

Gm, this is the doodhwala. If you’re stuck in the BLR flood, you can always call us to give you a ride home in the milk-mobile 👀

Stuck in traffic between boats and cars, here’s how you can entertain yourself:

• AN NFT token that might be worth the hype

• Where did all the crypto ads go??

• Tweet Of The Day

• This MUCH BTC was moved yesterday

AN NFT token that might be worth the hype

NFTs and tokens are same-same-but=different.

NFTs are unique tokens that are used to — identify and denote ownership.

Tokens aren’t unique but can be used as — payment, exchange, and governance.

Think of NFTs as SRK, there can only be one SRK.

And think of tokens as celebrity kids’ actors in Karan Johar’s films. They’re a dime a dozen.

But a recent airdrop is bringing tokens to an NFT marketplace.

SudoSwap, an automated market maker (AMM) protocol for a decentralized NFT marketplace on Ethereum is launching a token — $SUDO.

Let’s explain this in English.

What’s an AMM:

What’s a decentralized NFT marketplace?

Think of SudoSwap as the Uniswap of NFT marketplaces.

SudoSwap just dropped 60 million $SUDO tokens.

Okay, we get it. This is an airdrop.

So, why is it so cool that THE DOODHWALA is talking bout SudoSwap?

NFT marketplaces have airdropped incentives too (LooksRare with the LOOKS token, and MagicEden with the Magic Ticket NFTs).

But these are centralised marketplaces.

SudoSwap is a liquidity aggregator for NFTs.

Doodhwala’s take: It’s a pivotal moment for the transition from the use of centralised NFT marketplaces to decentralized NFT marketplaces.

Tokens can be used for governance + incentivising liquidity + trading and not of other tokens, but of NFTs!

NFTs 🤝 Tokens = SUDO

Also, in 2020, decentralized exchanges started dropping a ton of tokens like Bollywood dropping movies during Diwali.

This led to — DeFi Summer, when airdropped tokens’ prices 🚀

SudoSwap could start an NFT Summer, first for marketplaces and then for projects 👀

Where did all the crypto ads go??

Remember all those crypto ads we saw around this time last year?

You know…the one with Ranveer Singh spittin’ a “Gully Boy” style verse on crypto.

And the one with Ayushmann Khurrana where the “Terms and Conditions” guy spits out a fast flow in the end.

So where did they all go now?

You don’t see any crypto ads on TV or during intense cricket matches.

This is because crypto companies have been actively reducing their marketing and ad spending.

Why?

They’re feeling the cold air of the crypto winter slapping them on the face. 🥶

Since the market crash earlier this year (because of you-kwon-who), users aren’t trading cryptos as heavily as they did.

And more than that, there’s hella drama 🤫

WazirX, one of the biggest crypto exchanges in the country and the exchange that was recently involved in a he-said-she-said battle with CZ from Binance, reported that trading volume fell by over 70% since the crash.

This along with the implementation of 1% TDS by the government, has resulted in a huge drop in traction for the exchanges.

Exchanges just can’t spend the big bucks like they could during the glory days.

In an interesting claim by India Today, it was revealed that CoinSwitch Kuber spent Rs 10 crores on a deal with Disney+Hotstar.

Not just that.

CoinDCX also spent around Rs 40 crores on a deal with Star Sports and an additional Rs 8-10 crores to sponsor Bigg Boss.

Yes. Bigg Boss, the one reality show we do…better…than the world.

No wonder all of these exchanges had to restructure their ad budgets.

But I’m sure things will return to normal once the bull run arrives.

You might even see exchanges sponsoring the next remake of Ramayan on TV…you never know. 🤷‍♂️

This MUCH BTC was moved yesterday

Someone cashed out 5k BTC on September 5.

What was the price they acquired it?

$3.5 million or Rs 28 crore

And what did they sell it for?

$100 million or Rs 800 crore

The difference?

🔼 2,800% 🔼

We’re guessing some TECH bro wanted to buy a yacht to travel in Bangalore.

Taaza Tweet Of The Day

Liz Truss, the next PM of the United Kingdom (that place where your uncle stays) is an OG believer in the potential of crypto:

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.