🥊 The love-hate relationship between Crypto and Rolexes

Namaste. This is Doodhwala. The crypto newsletter that’s like your hot morning chai. You love its taste, smell and the whole feel of it.

New month, new week, new me! Let’s get into it:

• NFTs got more cooler thanks to football (not soccer)

• Everybody is selling Rolexes….and crypto is to blame

• Tweetshot of the day

• Meme of the day

NFTs got way cooler thanks to football (not soccer)

Binance is one of the biggest crypto exchanges in the world and football is one of the biggest sports in the world.

What happens when they intersect?

It rains some motherlovin’ NFTs!

Binance recently announced they are teaming with Società Sportiva Lazio or S.S Lazio to launch NFT tickets.

S.S. Lazio is a team in the Italian Serie A league.

It’s the league that we watch when there are no Premier League games, no La Liga games, and no Bundesliga games.

Binance will create NFT tickets and season passes for fans from the beginning of the 2022/23 season.

With these NFTs, the fans can:

• Get discounts in merch stores

• Access exclusive content

• Receive special airdrops for loyalty

• Get unique club access

• Learn how to pronounce the club’s name

Kudos to Binance for adding some great utility to these NFTs! (we do not mean this ironically, really!)

For Binance, this helps them with more awareness of their product, much like their recent deal with Cristiano Ronaldo, and more adoption of crypto from the huge fanbase.

Crypto companies have been massively investing in football. Think Manchester United and Tezos. Inter Milan and Socios. FC Barcelona and Polygon.

These companies want the next billion users onboarded to crypto and eventually to their platforms.

And they know the next billion users are watching football.

I guess all we can say is, when will a crypto company sponsor an IPL team? 👀

Everybody is selling Rolexes….and crypto is to blame

“Screw you money” is a lot of money.

It’s that amount of money when you can go, “screw you man, I’ve got money. Like real money.”

It’s like the Kabhi Khushi Kabhie Gham house kinda money. I mean, look at this:

And when crypto bros make that kind of money, they do a few things with it:

• Buy IP rights to a movie

• Buy a Premier League football club

• Buy a sky-pad in New York City

The more sane crypto bro buys…you guessed it…fancy watches.

I’m talking Rolexes, not Fastrack watches (bear market 😭)

Speaking of bear markets, the downturn in crypto prices and fancy jewellery that tells the time, don’t exactly go hand to hand.

This is where the problem lies.

Crypto investors who were up-only last year bought a ton of fancy watches like Rolexes and Patek Philipps. Now, they’re returning them.

And it’s flooding the market.

The second-hand market for luxury watches has been flooded mostly from crypto investors, said resellers.

Well, crypto investors selling Rolexes for groceries and fuel is not all to blame,

It’s a watered-down effect of what’s happening with supply chains and inflation.

Doodhwala’s take: Inflation (that thing that makes us pay more for things) is making everything more expensive, which is resulting in people selling their stuff and cutting back spending on things they don’t need (like helipads, but not doodh packets, PHEW!).

So, yeah, crypto bros will continue to sell their Rolexes, Lambos, helipads, and 1999 Pokemon Base Set Charizard PSA 10.

Can you blame them?

Tweetshot of the day

Meme of the day

Is this how we look like? 😅

That’s all for today degens! 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 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.