BREAKDOWN: Culture vs. Commerce? The Upheaval of Apes Buying Punks

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Business News, News, Daily News, Tech News

4.7 • 698 Ratings

🗓️ 18 March 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Yuga Labs power move could reshape the NFT space forever. This episode is sponsored by Nexo.io, Arculus and FTX US. On today’s episode, NLW goes deep on the implications of Bored Ape Yacht Club’s parent company Yuga Labs buying CryptoPunks IP. Specifically, he focuses on the community’s questions of commerce versus culture. Will the new commercial freedom Punks’ owners have been bestowed lead to cringe commercialism or new types of creative expression? NLW also covers the launch of ApeCoin. Read Punk 6529’s thread: twitter.com/punk6529/status/1502595586960367617 Cozomo’s thread: twitter.com/CozomoMedici/status/1503494796509257728 - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Paul Yeung/Bloomberg via Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, March 18th, and today we are talking about the upheaval of
0:28.6	apes buying punks. Culture versus commerce. It's a major, major moment, I think. Before that,
0:34.9	however, if you are enjoying the breakdown, please go subscribe to it,
0:38.1	give it a rating, give it a review, or if you want to join the conversation, come join us on
0:42.7	the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:48.7	Also, a disclosure as always, in addition to them being a sponsor of the show, I also work with FTX. So this show,
0:56.8	I kind of teased a couple days ago. Last weekend, one of the big pieces of news was that Yuga Labs,
1:03.0	the parent company of the Board Ape Yacht Club, had bought the rights to the Cryptopunks.
1:08.6	Mebits as well, but obviously the punks were the real landshaker here.
1:12.9	Their first act was to give punk holders full commercial rights, same as the BortApe Yacht Club
1:19.2	holders. And of course, given how much these collections had vied for some sort of supremacy
1:25.9	and leadership in the NFT space, it was a really, really big deal
1:29.9	and fought her for a ton of conversation. I framed this when I mentioned it a couple days ago
1:35.2	with two separate quotes, one from Punk 6-529, who said today's news is immensely good for
1:40.7	punks, will unlock tons of activity that was sidelined due to lack of clarity
1:44.3	on rights, and one from DC investor who said, I don't expect everyone to understand, but it feels
1:49.3	like my favorite corner bar just got turned into an applebee's. Today's episode is about going a little
1:55.1	bit deeper in how the community is thinking about this, how they're processing this, and I want to
2:00.1	start actually with that
	...

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