Logan Paul's $623k NFT mistake

GM Baos,

I'm feeling great today because we have a bunch of new (shitposting) Baos on Twitter. If you haven't joined yet, what are you waiting for? 🧐

Ignoring the red...

We cover:

• Logan Paul’s beeg loss

• Google now shows how much ETH you have 🙈

• Portugal's proposed 28% tax

• Keane's alpha corner 👑

Logan Paul’s $623k NFT

2022 has been a rough year for everyone in the markets, but at least you can say you’ve outperformed Logan Paul 😆

On his podcast Impaulsive he’s been super open about how much money he’s lost in crypto since January 2022. Hint: it’s millions

Logan Paul went viral recently because of his Snapchat story saying the $623K 01N Force NFT he bought last year was now worth $10 (by the end of September).

It’s not clear how much the NFT is right now, but DappRadar estimates it’s worth ~$8,279.24. And the highest bid on OpenSea is 1.5 ETH.

To say the least, Logan Paul hasn’t had the best of luck with NFTs this year.

Remember that time he bought the top of Irene Dao… days before she was outted as a man. Yeah 🥴

It’s okay though, I know we’ve all had a few bad trades…

Google your ETH address…

If Google is bullish on ETH, that makes me even more bullish on ETH.

Yesterday was a big news day for Google. They partnered with Coinbase to accept cryptocurrency for cloud services AND made wallet addresses searchable on Google.

Han Hua (ex google engineer) was the first person to discover this new feature! I tried it with a few of my ETH address but it didn’t work for me ☹️

Google collects the data from the ETH block explorer Etherscan.

If you want to try it too, all you have to do is copy + paste + enter your ETH wallet address into Google’s search bar. Then it should show your ETH balance.

Not everyone knows how to use Etherscan so this is hugeee. Everyone knows how to use Google. We’re truly witnessing mainstream adoption 🥹 Searchable NFTs are next…right?

Portugal might start taxing crypto in 2023

Portugal has always been known as the place to be if you’re big into cryptocurrency. Their crypto friendly stance and 0% capital gains tax made it a dream. That’s all changing now.

On Monday, Portugal released a 400+ page budget proposal which included their plan to tax individuals’ crypto profits starting next year. Crypto has been considered non-taxable income in Portugal since 2018, mostly because they saw crypto as a form of payment—not an investment.

If the proposal is passed, all assets held for less than a year will be subjected to a 28% capital gains tax. But if you hodl your assets for over a year, nothing would really change. This mainly hurts those who like to day trade on the side!

What is considered taxable…

• investments held less than a year

• trading PnL

• mining cryptocurrencies

• airdrops/free transactions (4% tax rate)

A few months ago they warned everyone that this would happen eventually. So Baos, what are your thoughts? Would you still be drawn to Portugal if these laws are passed?

Keane’s Alpha Corner

This week, we’re seeing some very interesting activities in the NFT space. In the trenches of the bear, we’re seeing not one… not two… but THREE paid mint projects sell out!

All three projects managed to sell out under 10 minutes, an impressive feat considering the state of the markets.

The projects are as follows:

@DeepObjects:

• sold out in 9 minutes

• 0.05 ETH x 10,000 supply = 500 ETH raised

@TheLastAbyss_:

• sold out in 5 minutes

• 0.11 ETH x 1,111 supply = 122.21 ETH raised

@Amai_nft:

• sold out in 7 minutes

• 0.069 x 2,222 supply = 153.318 ETH raised

Deep Objects and The Last Abyss were both profitable flips in the initial few hours of the project before slumping back to their mint prices a day after while Amai followed a different trajectory and unfortunately went below mint within the first few minutes.

Deep Objects and The Last Abyss are sitting at their mint prices while Amai has dipped to a 50% deficit from their mint.

It is no surprise that in a tough market like this, traders look for quick ins and outs, explaining the very short lived profitability.

There is, however, a glimmer of hope seeing paid projects sell out! An encouraging sign that the space is not completely dead, instead that investors are conservative and smarter.

Bao-Sized News

• Formula One files 8 trademark applications to enter the NFT & Metaverse world 🏎

• Polygon’s zkEVM Testnet is live! We’re bullish on zk-rollups 📈

• DeGods, y00ts & t00bs switch to 0% royalties. Twitter is outraged

• The SEC is investigating BAYC’s Yuga Labs

Made us Kek

Have a killer week, Baos.

–Cassidy