Crypto
- Celebrating life’s special times with POAPs: weddings, anniversaries, birthdays and birth days, graduations, family trips, and all the other moments that make life precious.
- You can see the early inventory trend drops quick which is a reflection of preorders that folk sent in.
- True North was the first scent to sell out and sold just as fast as Winter Wonderland until they were all gone.
- Just Crackle was popular with people buying many candles as gifts.
- Old Fashioned had more than other scents but still sold out quickly.
- Apple of My Eye underperformed and was the least popular scent until the end when there wasn’t as many options.
- Winter Wonderland seems to sell faster when it is on display and people can see there are so many of them. On Saturday we kept 5 of each candle on the table and added more as they were sold. The rate of sales were slower. On Sunday there were 30+ of them on the table. Do people buy more when they see there are so many?
- We sold out! Inventory went negative? Indeed we ran out of candles and I sent an email to let folks know if they were still planning to come. We did have a few people show up after we were out and I realized I had a couple dozen candles downstairs I had poured for myself. I brought them up and we kept raising more money for our causes!
- Revenue > Cash Burn, Runway: 140 months
- Revenue: $1.9M (vs. $2.4M last month)
- Cash Inflow: $1M (vs. $1M last month)
- Normalized Cash Burn: $0.8M
- Reserves: $113M (ETH: 101M, USDC: 12M)
- Total Endowment: $79.7M
- P&L: -$15.7M (ETH mark-to-market)
The 2024 Year in POAP is out and I was proud to again (see 2023) have one of my POAPs highlighted — our Thingelstad Ireland 2024 was the family trip mention.
There are so many cool things happening in the POAP world and this annual roundup is a great recap. I 💛 POAP!
Nice treasure when I opened my chests from last week’s missions on Famous Fox Federation. By far my favorite NFT project still thriving.
Bitcoin crossed $100,000 USD for the first time ever on December 4, 2024!
Alby is deprecating their shared Bitcoin Lightning wallet service. I don’t want to host my own node or use their cloud hub so I transferred the satoshis I had there via lightning to my Strike wallet. Still amazes me how fast and simple Lightning is. ⚡️
Things 4 Good 2024 Fall Fundraiser Insights
We had a great time hosting our 4th annual Things 4 Good Fall Fundraiser. We raised $7,010 in donations for our four non-profits. I also like to take a look at the data from the sale to learn more for next year.
We made 252 candles in preparation for the sale. We had 72 Winter Wonderland, 36 Old Fashioned, and 24 of the other six scents. We really had no idea what to do for inventory since this was the first year we sold to the public at the Mt. Olivet Holiday Boutique.
We had 78 candle purchases which is a huge 42% jump from last year. On average people purchased 3 candles, down from 4 last year. However averages don’t tell the story. Most people got one candle, and there are a smaller number of people that get a large number — usually as gifts for the holidays. We had 5 transactions for more than 8 candles, accounting for a whopping 76 candles, 30% of our inventory.
This year we had eight different scents, the exact same as last year. We renamed Plain Jane to Just Crackle, and it was similarly popular for folks wanting an unscented candle. We did fine tune the scents though and increased the scent load on some of them. Here is a look at rolling inventory as sales were happening.
Some observations:
We offer folks a number of ways to donate and again Venmo was by far the most popular method, 3.5 times more popular than cash. More people knew what Zelle was this year. I continue to be surprised at how few people have Apple Pay setup. Three checks! I did not offer a method to pay via crypto this year. We’ve only ever had one candle sale in all the years we’ve done it using Bitcoin Lightning.
We are already keeping notes for things we want to do to make next year’s Things 4 Good Fall Fundraiser even better. Send us an email if you have any suggestions!
Also see 2024 Fall Fundraiser Results.
I burned four of the runes I collected along with 75,000 FOXY to mint my Summoned Fox #9569! Famous Fox Federation is still a super fun NFT project.
The Things 4 Good 2024 Candle Fundraiser POAP is ready to share with folks at this weekends event! It is a good example of how I’m not a designer. 😬
Exploring FIFA Collect
I’ve been intrigued with FIFA Collect for a bit. My interest was piqued when I saw that they are dropping collectibles with “Right to Buy” for the 2026 World Cup and I am very hopeful to go to at least a match. I’m guessing tickets will not be easy to get so getting a “Right to Buy” collectible for the city that I want to go to might be really nice.
This morning I sat down with FIFA Collect and really figured out how it works. I was generally impressed. It is a full NFT solution built on the Algorand blockchain. I have used a ton of blockchains but hadn’t had a reason to use Algorand. Algorand is not a Ethereum ecosystem blockchain so I downloaded Pera wallet to get started. Then I bought $20 USD worth of ALGO on Coinbase, transferred to my wallet and swapped 100 ALGO for 12.232474 of USDC-a, which is the USDC stablecoin token for Algorand.
A few minutes later I purchased my first FIFA collectible on the marketplace, a World Cup 1994 USA #611 poster.
I can buy some drops and hope I get lucky to find a “right to buy” collectible. Alternatively, there are already collectibles on the marketplace that others are selling with those rights. Right now the cheapest “right to buy” collectibles are selling for around $300.
ENS Continued Progress
I continue to believe that despite the volume of scammers in crypto there is real value and important capability in this technology. Ethereum Name Service (ENS) is a key component of that and these three highlights stood out to me in ENS DAO Newsletter #70, Sept 24 2024
ENS Domains Now Supported on PayPal and Venmo…
ENS is now integrated with PayPal and Venmo, allowing users to simplify crypto transfers by entering their ENS name. This feature eliminates the need for copying long wallet addresses and enables secure, user-friendly transactions. An Address Book feature also allows users to save and recall frequently used ENS names and wallet addresses for faster transfers. This service is currently available in the U.S.
Eth.Link Operating Again…
The eth.link gateway is now officially powered by eth.limo, reviving its role as a key ENS gateway for decentralized websites.
POAP Providing Free ENS…
The latest release of the POAP Home app includes a feature allowing collectors to claim a free ENS subname.
And how about these incredible August 2024 DAO financials:
All powered as an operating DAO.
Soon we start our trip to Ireland and I thought it would be fun to make a POAP for it. DALL-E got me started and I finalized it. I think it would be fun to share this with people we meet on our trip. We’ll see if I actually do it but I’m ready when the opportunity arises!
See list of POAPs.
Awesome to see my Weekly Thing Seven Year Anniversary POAP highlighted in the most recent Week in POAP today. 🤩
I collected the ENS 7th Anniversary NFT! I continue to be a big fan of ENS and think it is one of the most important crypto projects.
Also see 6th Anniversary.
I’m looking forward to Minnesota Technology Association Tech Connect 2024 event on Wednesday. To have a little fun I created a You’ve met Jamie Thingelstad at Tech Connect 2024 POAP to share with folks that I see there. If you are at the event say Hi and I’ll give you a claim code! 🤝
We just passed the Bitcoin halving and are now in Epoch V! What an incredible journey so far. I found Bitcoin interesting in 2014. I ultimately experimented with it but didn’t see the utility. I ignored it for years. Then played with it from time to time. I think it is likely that Bitcoin is the foundation of an entire crypto ecosystem that will grow in importance over decades.
See my blog posts mentioning bitcoin. Screenshot is from Timechain Calendar.
Today Bitcoin finally broke through the $70,000 resistance it had been bouncing off of for days now and immediately jumped past setting a new all-time high. Ethereum had also been bouncing against $4,000 resistance and went through that. The run-up in price over recent weeks is wild.
Today Gnosis Chain activated the Dencun upgrade before Ethereum. I run a validator on Gnosis and POAP tokens are also issued on Gnosis. Gnosis vision of a multi-chain Ethereum ecosystem makes sense to me.
The Dencun upgrade has been activated on the @gnosischain mainnet!
— Gnosis Chain 🦉 (@gnosischain) March 11, 2024
🐡🦉🐡
Next ➡️ Ethereum Mainnet pic.twitter.com/S6GKhfe3TX
Bitcoin near or at new all-time highs today.
How I burned $10,000
Meme coins are one of the parts of the crypto ecosystem that I have no interest in. They are pure speculation. I’m fine if folks want to do that, but it’s not my thing. I’ve never owned any Dogecoin. A little over a year ago when BONK launched as a Solana version of Dogecoin I didn’t pay any attention. 🪙
I received alerts of incoming transfers of BONK tokens into my Solana wallet. It turns out as an owner of Famous Fox NFTs I received special airdrops of BONK tokens. A lot actually. I was annoyed by the clutter and without thinking much about it burned 394,305,096 Bonk tokens that were cluttering up my wallet. 🔥
Well, as it turns out BONK has traded actively. My nearly 400M burned tokens were worth as little as $70 at the 1-year low of $0.0000001763… and $10,000 at current price the current price of $0.00002536. 😳
I guess “easy come, easy go” as they say. On the bright side I don’t have to bother with the tax treatment of the air drop. 🤷♂️
Posting this on leap day means I’ll only revisit this mistake once every four years in my On This Day page.
ENS: Blockchain Native Organization
The section from the ENS DAO February 13th update impressed me.
In January 2024, the ENS Protocol registered 39.8k new .eth domains, bringing the total to 2.1 million. The protocol generated revenue of $1.3 million during this period, all of which was allocated to the ENS DAO. The number of Ethereum account holders with at least one ENS name increased by 33.9k, totaling 818k. There were 31.7k primary ENS names set, making the overall count 737k. Additionally, 8k new avatar records were created, reaching a cumulative total of 149k.
Ethereum Name Service is doing an amazing job showing how a crypto service can work. This is a $15.6M run rate driven completely off the protocol. That all goes into the DAO with a robust governance structure. As an ENS token holder I can vote in the DAO, or delegate to others.
They are creating the blueprint for how you can create a blockchain native organization.