The Daily Valet. - 1/26/22, Wednesday

✔️ Have We Reached the Peak

Wednesday, January 26th Edition

Cory Ohlendorf, Editor in Chief of Valet.

I’m not certain, but I think this newsletter *could* be an NFT.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

Have We Reached Peak NFT?

It’s building, sure … but is this really lasting art or merely a hype machine?

Are you sick of hearing about NFTs? Or curious about buying one yourself? Last year saw the meteoric rise of non-fungible tokens—so much so, Collins Dictionary named NFT its word of the year for 2021.

Did you think, perhaps, we hit Peak NFT when Pizza Hut released a digital slice of pizza or Charmin dropped some non-fungible toilet paper? Oh no. It feels like we’re just getting started. And joke all you want, but it’s suddenly gotten too big to ignore.

We’re talking about a more than $40 billion industry. Already! The growth of cryptocurrencies, together with the COVID-19 pandemic, paved the way for a surge in digital collecting. And nearly 90% of that growth was within the last four months.

According to Intelligencer, now insurance companies, tax professionals and museums that have decided the worth of art for hundreds of years now are hav to figure out what NFTs are worth. Unlike traditional works of art, NFT values are pegged to cryptocurrencies that often fluctuate in price—rapidly. Not to mention, the market has also been rife with fraud and stolen works.

But it’s certainly not stopping the interest in them. Just ask Jimmy Fallon and Paris Hilton (or maybe, don’t). And over at Artsy, from now until February 8th, Verisart is partnering with the site on “22 for 2022,” a sale of nearly two dozen NFTs by art-world and crypto-native artists.

Even YouTube is exploring features for your favorite video creators to capitalize on non-fungible tokens, its chief executive officer said on Tuesday, becoming the latest tech company to tap into this digital collectibles craze.

↦ DIY: Want to mint your own NFT? Here’s a handy beginner’s guide to creating one from scratch.

Everyone Is Shopping

And it’s being called the “ultimate act of optimism”

As shoppers continue a wave of returns and exchanges from the holidays or rush in to spend those gift cards, retailers appear to have reason to celebrate. “Millennials are blowing it out,” Amex CEO Steve Squeri told analysts at a press conference on Tuesday when announcing the company’s earnings for the fourth quarter, noting that spending by young adults in the millennial and Gen Z segments increased by 50% in the last year.

And as much as we're buying (and returning or reselling) online—and it's a lot—people have been eager to return to physical stores too. After all, e-commerce is simple but it lacks the spontaneity of seeing something, trying it on and walking out with it right then and there.

As the always-brilliant Max Berlinger points out in Town & Country, they don't call it retail therapy for nothing. Despite inflationary concerns, retail set records last fall, and the expectation of economists was that brisk consumer spending would continue ... “that's because the urge to experience the contact sport of shopping is as old as recorded history.”

As one vintage dealer explains, “The ideal shopping experience is one that teaches you something about yourself—even if you walk away with nothing,” she says. Then again that dopamine sure hits differently when you hit the buy button, right?

↦ Meanwhile: A toddler had a $1,700-furniture-shopping spree while playing with his mom’s phone.

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Humpback Whales Return From the Brink

There are reasons for hope amid environmental gloom

Commercial whaling nearly drove humpback whales into extinction, slashing their population from around 125,000 individuals to a mere 1,200 in 1966, according to the Endangered Species Coalition.

The whales were one of the first species to be federally protected under the Endangered Species Act and the Marine Mammal Protection Act in the 1970s.⠀⠀⠀⠀⠀⠀⠀⠀

And while there are still serious challenges facing marine animals due to climate change, humpback whales seem to be, uh, turning the tide. Thanks to sustained, global conservation efforts, the current global population has rebounded from that low point back in the '60s to an estimated 80,000 today.

Matt Slater, marine conservation officer for Cornwall Wildlife Trust, told The Telegraph: “Only a few years ago, it would have been extremely rare to see a humpback whale around the UK. It is magnificent to see these creatures around our shores.” And the Pacific Whale Watch Association reports that researchers counted 21 calves off the coasts of Washington and British Columbia—a record number for the region and double the calves spotted in 2020.

↦ FYI: A 2021 study discovered that whales eat about three times more than originally thought, at around 4.4 billion pounds of prey annually.

Be a Host

Step up, invite some friends over and cook them a meal.

Take the reins, invite some friends over and cook them a meal. If you ask me, being a gentleman is to be a consummate host. You don't have to call it a “dinner party.” But that's what we're talking about here.

According to Brendan Francis Newnam and Rico Gagliano, the authors of Brunch Is Hell (and hosts of the hit podcast The Dinner Party Download), dinner parties can serve as the very cornerstone of a healthy modern society.

Yes, you'll spring for the food and do the cooking (maybe you've got a willing partner who can help). But there will be numerous benefits for you too. You get to practice your cooking skills, while showing off your place and taste in music. For those of us who felt sequestered away during the height of the pandemic, this is a return to socializing and the art of conversation. Trust us, you shouldn't underestimate how good hosting can make you feel.

↦ Read: How to be a host

In Other News

↦ U.S. Warns Global Chip Shortage Will Likely Last Through 2022

↦ The Officer Who Was Hailed As a Hero for Defending the Capitol on Jan. 6 Has Spoken Out for the First Time

↦ Your Wordle Strategy Says a Lot About How You See the World

Other Things We’re Talking About Today

Being James Bond

Spot the mouse

The new Instax Mini Evo

Partner

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Stocks are a great way to grow your money, this much we know. But stocks are far from the only way to do it. In case you haven't realized, there are now all sorts of stuff to invest in—from wine and sneakers to music rights and NFTs. These “alternative assets” are a powerful way to grow your money compared to other investment classes.

The only trouble is knowing how to value them and which are the smartest investments to make right now. That's where the Alts newsletter comes in handy. Run and written by two self-proclaimed investing geeks, Stefan and Wyatt specialize in demystifying these burgeoning investment markets. They find interesting investments—options that don't get talked about as much—and research them inside and out, bringing you in-depth analysis and recommendations.

But this isn't just about information, it's about real results. They were among the first to track these new markets, and their recommendations are already crushing the benchmarks. These niche insights provide you under-the-radar opportunities that could be just the pep your portfolio needs to really grow.

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