Zee West: Crypto round up: Pudgy penguins

Updated: Sep 2

This week has all been about Pudgy penguin NFT's which have arrived and gone wild with The New York Times featuring them. #FOMO has hit crypto lovers hard as they reel from the success of the Bored Yacht Ape Club NFT's. As one trader put it "I don't have any money left to buy any." However the secondary market of trading these NFT's has shown that buying popular NFT's and selling them again is making more money than trading crypto coins. The reason for the runaway success is, in my POV, supported by a pent up demand to spend ETH /altcoins gained from successful trading or historic purchases of large amounts of coins at low prices and capitalising on the growth in price, creating crypto wealth. Unable to spend it IRL (in the real world), it is flowing towards NFT art and other staking and lending products which are some of the few outlets for this incredible amount of "new crypto money". Whilst everyone in trad wealth would say "its not money", I say "what is it then?" I have used some of my bitcoin to buy ethereum and with that NFT's so my crypto money is now circulating solely in this world but people I don't know happily take my crypto money for their goods. Bloomberg says the total market value of cryptocurrencies is $2.48 trillion. Imagine a world as Tesla does where you just accept bitcoin at the market FX style rate and hold obuy products and services yourself or convert it back to fiat?

13th August 2021

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