🐵 NFTs take NYC

…and Daily Harvest’s influencer lentil scandal [Disclosures](   NFTs take the Big Ape-le (Noam Galai/Getty Images)   Yesterday’s Market Moves   Dow Jones 30,677 (+0.64%) S&P 500 3,796 (+0.95%) Nasdaq 11,232 (+1.62%) Bitcoin $20,672 (+3.51%) Dow Jones 30,677 (+0.64%) S&P 500 3,796 (+0.95%) Nasdaq 11,232 (+1.62%) Bitcoin $20,672 (+3.51%) Hey Snackers, [Kraft]( is doing the marketing equivalent of changing your legal name from “Nicholas” to “Nick.” Kraft’s Macaroni and Cheese is now [officially]( “Mac & Cheese.” As if we’d ever say ’roni. Tech stocks rallied yesterday even as rate-driven recession fears [intensified](. Meanwhile, the Department of Education [agreed]( to cancel $6B in student loans for 200K people who said their schools defrauded them. APED ApeFest tosses NFTs into the real world as digital tokens come for brick-and-mortar events 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. THE TAKEAWAY Real-world uses ≠users… While NFT event tickets show digital assets aren’t limited to blockchain transactions, they haven’t created mainstream appeal. Thousands of token fans rocked out at ApeFest, but as of January most NFTs were owned by just a few hundred thousand people. Perhaps efforts like Shopify's to make tokens part of daily life could change that. Crumble Viral meal-delivery service Daily Harvest is taking heat after some of its lentil influencers and customers said they got sick 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. THE TAKEAWAY Viral marketing can be a double-edged sword… Social media can help startups blow up quickly and cause them to blow up (in a bad way) just as fast. Some Daily Harvest influencers who said they got sick from free meal kits are bashing the biz on social (see: this [Tok]( with 100K+ likes). Daily Harvest’s crisis is a reminder that the influencer strategy can backfire. What else we're Snackin' - [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. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Fourth of July BBQs are going to cost 21% more this year because of inflation [Read more]( Friday - National Food Truck Day Authors of this Snacks own: shares of Google, Netflix, Comcast, and Shopify ID: 2259466 Robinhood Snacks newsletters reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. 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