🐵 NFTs take NYC

Non-fungible fanny pack… Apes swung into the concrete jungle this week, and their bananas weren't just on the blockchain. The second annual ApeFest, an IRL music festival tied to the popular Bored Ape NFT collection, wrapped up yesterday in NYC (think: Coachella for crypto diehards). Token holders took over Times Square, suggesting that NFTs could survive crypto winter's chill by hitting the pavement.

• Non-fungible fun: Bored Ape Yacht Club NFTs served as event tickets — an IRL use for the sought-after tokens. Performers included LCD Soundsystem, Lil Baby, and Amy Schumer.
• Not as fun: The fest may not have helped Bored Ape prices, some of which have crashed 78% from their April highs. It’s a theme: top NFT collections like Doodles and Meebits are also down big-time.

Can’t funge this… The “right-click, save” crowd may be prevailing over NFT promoters. Despite contradicting reports over whether the NFT market collapsed earlier this year, the bear market hasn't done NFT collectors any favors. Trading volume has plummeted to its lowest point since June of last year. But that hasn't killed corporate token interest:

• Exclusive: On Wednesday, ecomm behemoth Shopify announced "token gating" as a way for merchants to give NFT holders access to exclusive IRL shopping events.

Bad aftertaste… Warning: this news may cause indigestion. You’ve probably heard of Daily Harvest, the plant-based meal-delivery service that seems to sponsor every other YouTuber and podcaster. Now some influencers are losing their appetites: Daily Harvest is embroiled in a scandal after several customers said they’d gotten sick after eating its lentils.

• Violently ill: On Reddit, TikTok, and Insta, customers said they got sick after eating DH’s Lentil + Leek Crumbles. Many reported liver damage and fevers, and some said they had their gallbladders removed.
• #LentilGate: According to Reddit users, DH first responded to customer concerns by asking if they’d cooked the lentils correctly. The company later issued a recall and said it was investigating the mysterious issue, along with the FDA. It’s also offering customers a $10 credit (womp).

Hungry for influence… Before this brand-crushing debacle, DH was thriving. It had sold $250M of meal subscriptions in 2020 and hit a $1.1B valuation thanks to its army of influencers and celeb investors (like: Serena Williams, Gwyneth Paltrow, and Bobby Flay). It’s not the only one relying on influencers:

• #SponsoredContent: Brands are expected to spend $16.4B on influencer marketing this year as consumers increasingly discover products on TikTok and Insta.
• #ZaraHaul: Last year, Insta influencers mentioned Zara 300K times, reaching 2M+ people. Smaller brands like Glossier and MVMT have also relied on influencers to boost awareness.

• Ad: Netflix is choosing partners to help it launch a cheaper ad-supported option, with Comcast and Google the rumored picks. As growth sags, the Flix is embracing ads and cracking down on password-mooching to capture new subs.
• Bills: Owning a home in the US is officially pricier than renting. On average, monthly mortgage payments are now 31% higher than rent. A pivot to leases could speed up the housing market’s cool-down.
• Rule: The US is banning imports from China’s Xinjiang region, where Uyghur Muslims are detained in labor camps. The ban could disrupt billions worth of US products, from solar panels to clothes.
• Exit: Nike is abandoning its Russia biz as the war in Ukraine enters its fourth month. But the corporate exodus hasn’t hurt Russia’s ruble, which has strengthened into this year’s best-performing currency.
• Carbs: Olive Garden parent Darden topped pre-pandemic sales last quarter and hiked its dividend as diners returned for unlimited breadsticks. But labor shortages and supply costs ate into garlic-y profits.

• National Food Truck Day

Authors of this Snacks own: shares of Google, Netflix, Comcast, and Shopify

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