The Crypto Times 0033 - Here's the PROOF

No. 0033 February 24, 2024 : The Thirty Third issue of The Crypto Times .... and we're late again. To the Bailout Party that is. Damn, the news of YUGA Labs acquiring Proof XYZ is huge. I think. Nothing says Decentralization like blatant Corporate Consolidation. YUGA keeps acquiring NFT IP, but what's the end game? Is there one? Doesn't seem like there is, this smells more like a good old fashioned insider trading scheme. Buying up a company that was invested in by your investors . . . A16z invested in YUGA with $450 million. A16z invested in Proof. YUGA bought Proof XYZ for $50 million. Founders get paid, VC's get paid. Only time will tell if YUGA can monetize these assets or if it was simply a blatant cash grab. This is giving us big Silicon Valley Bank vibes, and it is almost the one year anniversary of their downfall. YUGA, One of the more upfront leadership teams has now devolved into shrouds of secrecy with their corporate dealings and continues to accrue properties while not delivering on their original visions. Kevin Rose gets paid, you get nothing. YUGA gets Proof, Moonbirds and Grails to add to their list of properties. And you got a Fanny Pack. Sweet deal bro. Speaking of sweet deals Ethereum broke $3,000 and Sotheby's is now auctioning off some Ether Rocks. Off-chain and at an undisclosed price. Peak Web3 for sure. At least their marketplace is sound, OpenSea is under fire from Blur and Magic Eden. Both of these platforms have been quickly snatching up a good deal of the NFT activity out there. It seems releasing a token and rewarding / incentivizing traders is a good thing for your marketplace. OpenSea, are you listening, drop a token and reward your community. Till then, BrokenSea, your ship is sinking. . . 1600 x 1300 pixel png file. Created by Nite Owl