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Hey there 👋, |
In this week’s newsletter, I discuss: |
Expired ENS domains come at a $100M premium The #1 Website Broker on Flippa Newsletters becoming more of an asset class The rise (Opepen) and fall (Moonbirds) of PFPs
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Over the last week I’ve been working with a pixel artist to create a much better logo for this newsletter that can work on top quality merchandise I’ll be giving away soon as referral rewards (I love the pillow): |
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And I’ve been working on the Digital Asset Investor Manual, to make it the most comprehensive guide to investing in digital assets. It’s now at over 7,500 words (no fluff), plus screenshots and videos: |
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As such I’ve increased the price from $29 to now $47, or free if you refer 10 people to this newsletter (I’ve added a new referral reward). I’ve also increased the price of the Acquire The Web Manual for my other newsletter on beehiiv from $47 to $97. I kind of like this model of building value in public. |
Cheers! |
Richard Patey - @richardpatey |
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DOMAINS |
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In a previous newsletter I mentioned looking to pick up ENS (.eth) domains that were expiring 12 months on from the craze last year. |
Well that time is now, and some people who have been using their .eth for their twitter handle and let it unknowingly expire are not happy: |
 | anon.eth @player1_eth |  |
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Daily reminder to renew your ENS name If you let it expire it's no longer yours https://t.co/2gHusehAQE |  | | | Apr 17, 2023 | | |  | | | 103 Likes 15 Retweets 14 Replies |
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If you got to ENS.Tools you can find all kinds of names expiring or already expired. I wanted to see if I could pick up a 4 digit one, part of the 10K club whose floor has now dropped as low as 0.54ETH: |
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So I used this filter where you can see that 2021.eth is expiring in a few hours time: |
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The only issue is that there is a temporary $100M (!) premium attached to all newly expired names (I did not know this) and it’s currently priced at over $80M: |
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I’m not sure how you can snipe one of these without others knowing… |
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CONTENT SITES |
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Thanks to Just Website Brokerage for sponsoring this issue 🙏 |
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NEWSLETTERS |
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💰 Newsletters becoming an established asset class |
Over the last week there’s been a lot going in with newsletter investments. |
First up Anthony Castrio announced that he had sold 20% of his 3000 subscriber newsletter for $10K, valuing it at $50K: |
 | Anthony Castrio @AnthonyCastrio | |
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I sold 20% of the Bot Eat Brain newsletter to @DBogachek for $10,000. AMA. | | | Apr 13, 2023 | | | | | | 54 Likes 1 Retweets 25 Replies |
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| Anthony Castrio @AnthonyCastrio | |
| | Replying to@realbennyjamins | @realbennyjamins @DBogachek The newsletter is treated as an asset that we share. Future revenues will be split 80/20, but all decisions are still up to me including when/if we take money out. | | | Apr 13, 2023 | | | | | | 2 Likes 0 Retweets 0 Replies |
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He states that the valuation was closer to $30 per subscriber due to how fast the newsletter was growing (although that would have made the valuation $100K): |
| Anthony Castrio @AnthonyCastrio | |
| | Replying to@leventask | @leventask @DBogachek Started from a basis of $15/subscriber, and negotiated from there to more like $30/subscriber because of how fast the newsletter is growing. | | | Apr 13, 2023 | | | | | | 1 Likes 0 Retweets 1 Replies |
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This is very impressive seeing as when I’m valuing newsletters I’m looking to buy, I’m aiming for $2-3 per open (rather than per subscriber). |
Then Mike Cardona announced that he had done a similar deal: |
 | Mike Cardona {Automation Alchemist 🧪} @CSMikeCardona | |
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Pretty crazy considering just yesterday I sold 10% of the newsletter for the same amount to @gjsequeira what are the odds? 😳 This is going to be fun 😎 @AnthonyCastrio https://t.co/9AsvL9I7aQ |  | | | Apr 13, 2023 | | | | | | 33 Likes 3 Retweets 17 Replies |
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With someone asking if this is like fractional ownership of newsletters. |
I personally had an offer of investment for equity in my website investing newsletter back in 2020, but instead chose to sell 100% which all went in my pocket, which is my preference. |
And then just yesterday, Dan Kulkov, the co-founder of Makerbox announced that he had sold 100% of his Sponsor This Newsletter product:http: |
 | Dan Kulkov 🧲 @DanKulkov | |
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We sold our first product — Sponsor This Newsletter 🔥🎉 • Launched 6 months ago
• 100% No-code
• Sold for 5 figures 💪 Excited to see @scottoldford grow it to the next milestone. Special thanks to @acquiredotcom for being the best platform to sell indie startups ❤️ https://t.co/7ZycaRax10 |  | | | Apr 18, 2023 | | | | | | 75 Likes 11 Retweets 23 Replies |
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The buyer was Scott Oldford, serial entrepreneur and investor and now founder/CEO of The Wisdom Group, which has a portfolio of 30+ companies. |
Due to all of this, Paul Metcalfe has even added a new channel in his excellent Lettergrowth Lab community: |
 | Paul Metcalfe @pauldm | |
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Added a channel in the community for buying, selling and investing in newsletters. | | | Apr 17, 2023 | | | | | | 29 Likes 0 Retweets 7 Replies |
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Classifieds |
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Looking to sell your micro-startup or side project? Microns is a marketplace to buy the best micro-startups without commission. Join 4,000+ entrepreneurs and investors looking for their next deal in their weekly newsletter. Check them out. beehiiv was founded by some of the earliest employees of the Morning Brew, so they know what it takes to grow a newsletter from zero to millions. You get built-in referral functionality, customization, and analytics where you can see the results of paid acquisition. Check them out. |
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NFTS |
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💎 The rise and fall of PFPs |
It’s been an interesting week with Jack Butcher’s assets. |
Checks - VV Edition (the unmigrated version) is down to a 0.439ETH floor, the (migrated) Checks - VV Originals are down to 0.3ETH and Opepen was as high as 0.444ETH yesterday, potentially flipping Checks VV. It’s now consolidating at 0.4ETH. |
This is crazy to see, seeing as the bluechip Checks (VV) was as high as 2.8ETH floor back in February: |
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It all comes down to the fact that the market likes and understands PFP projects, which Opepen is about to become. Jack tweeted yesterday that he has now made the collection a round 16K, with the reason being something to do with packs: |
 | Jack Butcher @jackbutcher | |
| | Replying to@jackbutcher | @visualzare @iamng_eth @Lost4theCause first - the reason for getting to an even 16k, clean math 16,000/80 = 200 ✅ https://t.co/hA2PtfjtjF |  | | | Apr 18, 2023 | | | | | | 277 Likes 40 Retweets 23 Replies |
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This got the market excited, and some see this as being the CryptoPunks of AI generated PFPs: |
 | Bart @bart_hillerich | |
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CryptoPunks is the iconic PFP of generative traits-based NFTs. I think @jackbutcher's Opepen has a good chance of becoming the iconic PFP of AI. https://t.co/KimDgPIZzK |  | | | Apr 19, 2023 | | | | | | 122 Likes 29 Retweets 6 Replies |
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I’m certainly holding my one remaining (after farming a bunch on Blur). |
So that was the rise and here comes the fall. |
After spawning Mythics Eggs yesterday (which have a slight premium on Oddities), Moonbirds are almost back to their 2.5ETH mint price: |
 | patey.eth @RichardPatey | |
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Wow looks like the market priced in Mythics Eggs Moonbirds has now almost gone back to mint in ETH, 2.89 on opensea, 2.86 on blur (and obviously under in terms of USD) https://t.co/T1VrVDAWXK | bitfloorsghost @bitfloorsghost 8/ Truthfully I didn’t see much about it on Twitter, but it seems like the market was indifferent as the floor price of Moonbirds continues to trend down after a short spike of people trying to buy the news. https://t.co/smWCiRkj4M |
| | | Apr 19, 2023 | | | | | | 0 Likes 0 Retweets 0 Replies |
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It’s insane to see how such a well funded project with all the wind in its sails has round tripped. |
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📧 Other Investing Newsletters |
| Acquire The Web Content site deal flow from the main marketplaces every Monday. For website investors and builders - by Richard Patey | | Subscribe |
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| ENS HQ Newsletter The premier newsletter for the ENS domain name space! | | Subscribe |
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| Wealth² Newsletter Pay Less Tax • Build Passive Income • Reclaim Your Time | | Subscribe |
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Ok, that’s it from me, until next week, be well and share this newsletter to get my referral rewards: |
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Disclaimer: Nothing in this email is financial advice and I am not a professional investment adviser. I send weekly updates on digital asset news and what I'm doing personally - consider it informational and for entertainment purposes only. This newsletter is monetized through sponsorship, affiliate revenue and my own products. |
