RCIF II - Five bullet Friday - Issue # 31

      In the past week, NFT market was growing very fast. OpenSea is a platform to buy and sell NFTs.They had $3 billion dollars worth of art changed hands in the month of August. Our fund made more NFT purchases this week.

1. NFT markets are attracting talent from writers, artists, graphic artists, gamers, musicians. I see the metaverse is more transformative to human civilization than the Internet itself. In ancient human history, 'writing' was invented when humans needed to record object-ownership of real-world objects on clay tablets. Now Ethereum is the universal ledger to track these NFTs and then we will build a digital civilization around that single source of truth, which we call metaverse. This universal ledger is the underlying skeleton of the metaverse.

2. Some of you are aware that our first purchase was YGG founder's coin. We bought at 8 ETH and it is now currently selling at 30 ETH. Loot(for Adventures) was dropped for free on August 28th, 2021 where 8000 'bags' were minted, each with 8 different items, each on a scale of rarity. This week I purchased Loot bag #3178 for 15 ETH.  

3. We have sold-out our entire position in Axie infinity this week. We originally purchased around $3 and subsequently added more. We have used the proceeds of this sale to add to our YGG position. I am certainly bullish on Axie Infinity, but I prefer to get exposure to Axie infinity indirectly from YGG. YGG can add many other gaming guilds like Axie infinity and make more money than Axie itself. We currently hold 534535.3690 YGG tokens. We continue to generate good income from staking, as seen in our retained earnings spreadsheet:https://docs.google.com/spreadsheets/d/1XNBr7MIlOZo27Wl1oHmDyFUQcMPm81EmzzdOAuB3rf0/edit#gid=604315129

4. We added a new position in AGLD this week. This can be seen in our Zapper portfolio. AGLD tokens were airdropped to the holders of the loot NFT Token. It is remarkable that they did an airdrop of 10,000 AGLD tokens for each NFT. The price of AGLD as of now is $5. So there are a number of people who received $50,000 worth of tokens as an airdrop! AGLD tokens are ERC20 tokens to be used in metaverse. They are strictly scarce. We currently hold 10,726 tokens of AGLD. It moved from $0.20 to $5 in just 2 days.

5. Loot (for adventures) is a major paradigm shift in our thinking itself. So far NFTs originated from the creators of that object. Then after the sale is done, the creator will do a lot of airdrops to benefit the owners of the NFT. But whereas, Loot approached the problem very differently.  They launched 8000 blank canvases with english words written in them. Now, all creators can create stories, games, novels, music around these creations and weave them into projects or protocols.  Even though it is only a 5-day old project, it is growing rapidly.

Last weekend, Ravi Avadhanam and I were traveling to Las Vegas and Los Angeles to meet a group of doctors. We thoroughly enjoyed the trip and getting to know some of the partners in the fund and meeting them in person for the first time.

 

Have a wonderful weekend!

Sam Ikkurty

Vegas trip: