🍆 Meme Turned into Million-Dollar NFT Project

GM 👨‍👩‍👧‍👦

Seedphrase Daily 👋 The crypto newsletter that takes your mind off the bear market.

Fun Fact: the first commercial Bitcoin transaction was 10,000BTC for two pizzas.

Today’s Agenda 📓:

• 🍆 CryptoDickButts Surges to 3.4Ξ Floor Price!

• 📚 Textbooks will now be NFTs.

• 📵 Why Tornado Cash got Blacklisted by the US treasury.

🍆 CryptoDickButts Surges to 3.4Ξ Floor Price!

What started as a comedic design by illustrator K.C. Green in 2006, DickButt became a recognizable figure in internet culture and is now a million-dollar NFT project. Seriously?

Yes. CryptoDickButts Series 3 surged 210% in the past 24 hours and is the #1 trending project on OpenSea. It’s a supply of 5,200 NFTs that was released in August 2021, following a collection of 161 NFTs called The O.G. Collection.

Why did the price explode? 💣

The reason for the pump is still unclear.

The project has no set roadmap, but a factor could be Meltem Demirors, the chief strategy officer of CoinShares, tweeting about the project.

Our Take 🗣

People needed some fun to take their mind off things.

This project was so absurd that it worked. Memes are currency.

We've seen this before. Memes have the power to connect communities and shift culture. Take notes so you can make some money next time.

📚 Pearson Planning on Selling Textbooks as NFTs

Everyone has spent hundreds, maybe thousands, of dollars on textbooks and in the end, you never see that money back. Pearson has announced that they plan to profit from web3 technology by releasing textbooks as NFTs.

Here are the benefits: 👇

1. Re-selling your textbooks just got a lot easier.

2. No printing = Lower textbook prices

3. Publishers incentivized by collecting royalties on secondary sales.

If their efforts to use NFTs are successful, it could influence mainstream publishing houses to sell digital copies of books and become a mainstream method.

This is utility taken to a whole new level.

Original Article

📵 Why Tornado Cash got Blacklisted by the US treasury.

Tornado Cash gives users non-custodial, trustless, serverless, private transactions on the Ethereum network. Let's break that down.

This is how it works. 🔬

Depositing funds into Tornado Cash places them into a “pool” of other users’ tokens. Users can withdraw their funds to another address while Tornado conceals where they came from.

That's too much privacy for Uncle Sam.

The US Treasury banned Tornado Cash because:

1. It's a popular tool to launder money.

2. It had multiple connections with North Korean hackers responsible for the $625M stolen from Axie.

3. The protocol was specifically designed to be unstoppable, so the only option was to restrict use.

How to use it now? 🙈

Tornado Cash is inaccessible in the U.S., but you can still access it if you have a VPN... Though you run the risk of getting caught by authorities, so it's not recommended.

🌱 NewSeeds

Vitalik Buterin Plays Down Impact of Ethereum Forks After Merge. My net worth rests in this man's hands. 🙏

Hodlnaut Joins Long list of Crypto Firms Freezing Withdrawals. Please be careful! 🥶

Crypto.com Expands into South Korea Via Two New Acquisitions. LFG 🚀

Meme of the Day

Just another day in the office 💼

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See you tomorrow!

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research!