Marc ◱ ◱ (@marcphil) • Hey
Building #Bitcoin & Web3🦄 🌘🇨🇭 . Founder FiftyOne Ventures. 6+ years on the space.
Subscribe to my Web3 field notes 👉 http://dematerialzd.xyz
Publications
- Everyone is talking about AI x Web3
Here’s a list of top reads about AI x Web3 (with links)
– The Convergence of Crypto and AI: Four Key Intersections, Multicoin Capital https://rb.gy/3pfkt
– Where Artificial Intelligence and Crypto Meet, Metropolis https://rb.gy/itupd
– Crypto x AI, Serotonin https://rb.gy/qh88r
– Growing Synergies in AI and Crypto, Messari https://rb.gy/fe1yt
– The Convergence of AI and Web 3: Opportunities and Challenges, Mohamed Fouda https://rb.gy/vedp4
– Digital Identity in the Advent of AI, Messari https://rb.gy/8mbsv
– Blockchain in the age of LLMs, Yellow Propeller. https://rb.gy/xr80b
– AI as a catalyst for crypto, Hunter Horsley https://rb.gy/q2edj
– How AI Can Help Build Web3 https://rb.gy/at28l
– Checks and balances: Machine learning and zero-knowledge proofs, a16z https://rb.gy/aq198
– Why AI Needs Zero-Knowledge Proofs, Dylan Amadán https://rb.gy/1rrwq
– The convergence of AI and Blockchain: what’s the deal? Francesco Corea. https://rb.gy/inefd
– Why Web3 and the AI-Internet Belong Together. CoinDesk. https://rb.gy/zpdnf
– Cutting Through The Web3 Hype: AI In The Decentralized Web, Forbes https://rb.gy/ub5zo
– How AI Can Help Build Web3. Crypto.com https://rb.gy/3vqwl
– Convergence of Blockchain, IoT, and AI. Philipp Sander et al.. https://rb.gy/pq3cr
– Blockchain for AI: Review and Open Research Challenge. https://rb.gy/ze9j2
– Fusing Blockchain and AI With Metaverse: A Survey. https://rb.gy/kfwrm
– Blockchain and AI Meet in the Metaverse. https://rb.gy/mp8e6
– AI and Blockchain: A Disruptive Integration. https://rb.gy/whxqj
– The Applications of Blockchain in Artificial Intelligence https://rb.gy/2pwf0
⭐️ Subscribe for a takeaway/synthesis of all those reads in your inbox 👉 https://dematerialzd.substack.com/
- Realize deeply that the present moment is all you ever have
- To my Web3 friends: A lighthouse report on brands in Web3 & the metaverse – fresh off the press by NFT Tech👇
Take-aways⚡️:
– Real-world adoption is being driven by large corporations
– Unique brand experiences & customer engagement were primary reasons for Web3 moves
– NFTs are still the most common choice of web3 technology so far this year, outperforming Metaverse applications
– Ethereum and Polygon were the most used blockchains for Web3 brand applications
– The number of brands to launch web3 projects in Q1 2023 is up 1.1% year-on-year. Other key metrics are down -50%
– The fashion industry is driving metaverse adoption; 54% of fashion brands launched metaverse projects; 68% released branded wearables for avatars; 34% released NFTs which could be redeemed for physical products
– LVMH was the most active brand in 2022, launching 17 web3 projects across nine subsidiary companies
– Nike chosen as the most creative Web3 brand (and rightfully so!)
I’ll publish a detailed case study on Nike soon. 👀
👉 Subscribe to receive it in your inbox: https://dematerialzd.substack.com/
Amazing work by the NFT Tech team!
Download the report here: https://nfttech.docsend.com/view/2fv33uyun4vazdur
#Web3 #branding #marketing
- Money crypto vs tech crypto*
After FTX, I’ve been thinking about how we could call the “other” parts of crypto
… that have become independent communities from "investment focused” crypto, or “money crypto”
… that didn’t care much about FTX except to feel ashamed or/and angry about the greed and ignorance that has has smudged the reputation of “crypto” as a whole.
Bill Hughes shared a valuable perspective on that:
“Money crypto has been driving the regulatory discussion, which has led many regulators to overemphasize the investment aspect of crypto. Digital assets are just things you buy low and sell high, they think.
Tech crypto has been in the backseat. Having less capital to throw at lobbying and policymaking, being less sophisticated with the ways of Washington, D.C., and not having as many existential regulatory questions pending, tech crypto has a much lower profile. Most legislators have heard of ether and its meteoric price rise. Few understand that Ethereum is a computing platform. Almost no one understands the protocols being built on it.”
Amidst the regulatory debates, let’s not forget on what this space was built upon: tech crypto.
Link to the article:
https://www.coindesk.com/layer2/2022/11/07/money-crypto-versus-tech-crypto/
*tech crypto is in my view in large parts overlapping with what I call “Web3”, except that Web3 spans liberal arts, and socio-cultural aspects as well.
- The Bitcoin whitepaper on ~200 million Macs.
OpenSea Pro launches. And “1000 true fans” becomes reality with ticketmaster.🔥
My most recent obsessively curated field notes👇
**📚 Key Reads**
– Building psychological attachment — not Just ownership — into Web3. shorturl.at/txGL5
– NFTs, music, and ownership. Some key perspectives on ownership, which also apply to other verticals. It’s all a bit more complicated. shorturl.at/bno58
– NFT regulatory issues - a 2022 review and 2023 preview. Again, it’s all a bit more complicated. shorturl.at/cmrC1
– Go-to-market in Web3: new mindsets, tactics, metrics. shorturl.at/ipLW3
– Difficulty of user acquisition in Web3. shorturl.at/aiyU5
– The dark matter of finance: trust. shorturl.at/tFKMZ
– ARK's The Bitcoin Monthly shorturl.at/fDSY2
**🚨 What caught my eyes**
✨ Web3 + NFTs
– OpenSea, now the 2nd biggest NFT marketplace behind Blur (according to volume), launched OpenSea Pro. Boom. After losing ground to Blur in recent months, which lured in users with lower fees and BLUR airdrops, OpenSea now strikes back. Similar to Blur, OpenSea Pro focuses on NFT traders. Meanwhile, fees are in a race to the bottom, and marketplaces compete for market share and volume (which comes from traders), because that’s where they make money.
David Phelps called it the paradox of exchanges: a) go after the 1% of users who represent 99% of transaction volume. b) or go after the 99% of users who represent the 1% of transaction volume. Some argue that the focus on traders and lower (royalty) fees destroys NFTs' artistic and cultural esteem and crowds out creators - the ones who’ve built all this.
– Ticketmaster, the largest ticketing company globally, introduced “token-gated ticket sales”, allowing artists to offer exclusive access to concert and event tickets to eligible NFT owners. This will be a no-brainer for superfans (they receive priority access, seat selection and the best prices, with no bots and no waiting) and artists alike (they can price discriminate). Here we go: The “thousand true fans” theory is at play.
**🌎 Crypto & Macro**
– Renowned law firm Cooper & Kirk PLLC issued a paper on Operation Chokepoint 2.0, describing how federal regulators are acting “arbitrarily and in capricious fashion” against the crypto industry. This is the first time that this claim, initially brought forward by Nic Carter, is taken up outside of crypto.
– Apparently, the Bitcoin whitepaper is hidden on every Apple Mac computer manufactured since 2014 (~200 million). To find it, open Terminal on your Mac and type: 𝙤𝙥𝙚𝙣 /𝙎𝙮𝙨𝙩𝙚𝙢/𝙇𝙞𝙗𝙧𝙖𝙧𝙮/𝙄𝙢𝙖𝙜𝙚\ 𝘾𝙖𝙥𝙩𝙪𝙧𝙚/𝘿𝙚𝙫𝙞𝙘𝙚𝙨/𝙑𝙞𝙧𝙩𝙪𝙖𝙡𝙎𝙘𝙖𝙣𝙣𝙚𝙧.𝙖𝙥𝙥/𝘾𝙤𝙣𝙩𝙚𝙣𝙩𝙨/𝙍𝙚𝙨𝙤𝙪𝙧𝙘𝙚𝙨/𝙨𝙞𝙢𝙥𝙡𝙚𝙙𝙤𝙘.𝙥𝙙𝙛
Why? 🤯
That’s all for now, folks.
Back to building! 🚀
– Marc
_________
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#web3
- The biggest Bitcoin conference is around the corner.
And I got some discounts! 🎁👇
Bitcoin 2023 will once again take place in Miami Beach 🏝️ from May 18-20.
I still remember when I arrived back in Switzerland last year, dazzled by the energy of the over 20’000 fellow Bitcoiners, builders, and big names of the space.
Nick Szabo, Adam Back, Lyn Alden, Alex Gladstein, Michael Saylor, Jack Mallers, Catherine Wood, Arthur Hayes - they’ve got them all.
If there’s one Bitcoin conference of the year you should go to – it’s this one.
I will be there too!
🎉Here’s a link for 10% off all tickets👇
https://bm.b.tc/marcb2023
See you in Miami! 🇺🇸🌎✨
#bitcoin2023
- We are experiencing a new super-cycle that is user-powered and community-centric. Here’s what it means for brands. 👇
💬 “It’s the first time in my life I’ve seen Hollywood to be more excited about a technology than Silicon Valley.”
This statement from Benjamin Bouygues, Ventures & Innovation Director at Kering, stuck with me. Why?
It implies that Web3 is not only a new technology paradigm for the next Silicon Valley unicorns, but also a cultural phenomenon.
Web3, the first digital layer of trust for the internet, is sparking a cultural revolution and transforms the relationship amongst users, assets, and businesses.
“Not so fast!”, you say.🤔
Let’s start again with technology.
Blockchain enabled digital ownership. And we are just starting to understand the implications of this.🤯
What does “owning” something actually mean?
To “own” something means I posses it, and someone else doesn’t. It’s exclusive. It makes me stand out and unique. It also gives me more agency in the projects, communities and ecosystems we participate in. Ownership turns into a tool of self-expression, the basis of identity.
Identities build and form communities. Communities create culture, culture reinforces communities.
🚨 For the first time, community and culture can be built on a digital, decentralized layer of trust and owned by the users.
💡So, what does this mean for brands?
Future brands will be built around the purpose, utility and cult around them, with ownership built in. Brands and communities will collaborate for shared growth and value creation.
I’ve built a Web3 community formula for brands with all I know so far.
More in the full article (linked in the comments).
I’m still figuring it out & would love your feedback!🙌
__
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#web3 #Community #Culture #branding
- Blockchain's $4tn opportunity. Adidas launches ALTS. 🔥
Web3's AI moment. Disney cancels the metaverse. 🤯
My most recent obsessively curated field notes👇
📚 Key Reads👇
– Money, tokens, and games. This is a must read folks. shorturl.at/bqyK3
– “The meme-utility spectrum.” The dichotomy between the tangible and intangible value of tokens. shorturl.at/wAKUW
– “Revenue? In this economy?” A closer look at Web3 business models. shorturl.at/oAES2
– What’s going on with Web3 NFT tech. shorturl.at/gpyzK
🚨 What caught my eyes👇
✨ Web3 + NFTs
– Gucci announced a partnership with Yuga Labs, the company behind CryptoPunks. As funding and royalty fees decrease (cf. royalty fee wars between NFT exchanges), IP owners & NFT communities are looking for new revenue streams by growing beyond their Web3 communities into mass media brands. Yuga Labs is doing exactly that.
– adidas launched “ALTS by Adidas”, its third and final phase of “Into The Metaverse.”, which focuses on identity and PFP. Chapter 1 of this new phase begins in April 2023 at NFT.NYC token-gated launch event.
– Bored Ape Yacht Club owner Yuga Labs' Otherside Second Trip metaverse demo with 7k+ players. This was a rare glimpse of how future “metaverse experiences” could look and feel like.
– Disney eliminates its metaverse division as part of a broader restructuring to reduce head count by 7'000. The unit, once seen as developing a new form of storytelling, had about 50 employees. Disney still has a metaverse team within ILMxLAB, Lucasfilm's immersive entertainment studio. I wouldn’t take this as a directional decision (similar to Meta or Microsoft).
🌎 Crypto & Macro
– The Bitcoin hash rate reached an all-time high last week. BUT: Miner revenue decreased YoY. Neither of this is a direct function of the overall network’s security, but it’s an indication among a set of many variables (e.g. amount of miners, mining efficiency, and the distribution of mining power).
– CFTC charges Binance and its founder, CZ, with willful evasion of federal law and operating an illegal digital asset derivatives exchange. Wow. First Coinbase, now Binance. This is a potential fatal blow to Binance.
💡Word on the street: 👇
Back to reality.
While we’re celebrating the small wins within our space, fighting regulatory battles on the merit of building a “fairer” system, let’s remember:
95% of people still don’t know what a wallet is, how an NFT works and why this all matters.
AI (and ChatGPT) took the world by storm and became the fastest-adopted tech product of all time. Why? Because it’s easy and accessible.
Let’s not forget to step out of our bubble once in a while.
What Web3 needs is an AI moment.
That’s all for now, folks.
Back to building! 🚀
– Marc
_________
💥 Subscribe for the full notes (it's free): shorturl.at/dfgAU
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- "It is the job of the creator to explode. It is the task of the academic to walk around the bomb site, gathering up the shrapnel, to figure out what kind of an explosion it was, who was killed, how much damage it was meant to do and how close it came to actually achieving that."
- The Bitcoin ecosystem: It's getting bigger day by day!
- A list of Web3 jargon and its Web2 counterparts:
Blockchain = Servers
Node = Individual servers
Wallet = Account
NFT = Media assets
Token = Platform assets
Smart contract = Apps
dApp = More powerful apps
Minting = Publishing
Private Key = Passwords
Public Key = User names
Seed phrase = Simplified password
Airdrop = Rewards
Degen = Nerd
DAOs = Communities
Tokenization = Digitalization
DEX = Marketplace
Miners & Stakers = People running servers
Gas = Costs of running servers
Layer 1 = Internet protocol
Oracle = Data provider
Mainnet = Production environment
Testnet = Test environment
Sharding = Scaling
Interoperability = Standards
51% attack = Hack
Ownership = ❌
**The endgame:** a decentralized, open-source, and interoperable Internet that runs on dApps, smart contracts and blockchain, requires gas to interact with, and is owned and secured by the users with tokens and NFTs. Got it?
Education is key for mass adoption. Use this when talking to your frens.. I mean friends.
- **The definite Web3 reading list**
(with links)
Bitcoin whitepaper, Satoshi Nakamoto: https://nakamotoinstitute.org/bitcoin/
Ethereum whitepaper, Vitalik Buterin: https://ethereum.org/en/whitepaper/
The Meaning of Decentralization, Vitalik Butterin: https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274
Why Decentralization Matters, Chris Dixon: https://onezero.medium.com/why-decentralization-matters-5e3f79f7638e
The Sovereign Individual, Davidson & Rees-Mogg: https://www.amazon.com/The-Sovereign-Individual-audiobook/dp/B07TWNP9NB/ref=sr_1_1?
1984, George Orwell: https://www.amazon.com/1984-Signet-Classics-George-Orwell/dp/0451524934/ref=sr_1_1?
Blockchains as a Foundation for a New Social Order, Multicoin Capital: https://multicoin.capital/2017/10/06/blockchains-new-social-order/
Len Sassaman and Satoshi: a Cypherpunk History: https://evanhatch.medium.com/len-sassaman-and-satoshi-e483c85c2b10
Models for Scaling Trustless Computation, Multicoin Capital: https://multicoin.capital/2018/02/23/models-scaling-trustless-computation/
An Intro to Crypto: Building Blocks, Linda Xie: https://a16z.com/2018/05/04/intro-to-crypto/
The Crypto Story, Bloomberg: https://www.bloomberg.com/features/2022-the-crypto-story/
Chris Dixon and Packy McCormick on the future of crypto, The Economist: https://www.economist.com/the-world-ahead/2021/11/08/chris-dixon-and-packy-mccormick-on-the-future-of-crypto
Crypto Mega Thesis, Multicoin Capital: https://multicoin.capital/2019/04/24/multicoin-investment-thesis/
But how does Bitcoin actually work?, 3blue1brown: https://www.youtube.com/watch?v=bBC-nXj3Ng4
Digital Gold, Nathaniel Popper:https://www.amazon.com/Digital-Gold-Bitcoin-Millionaires-Reinvent/dp/0062362496?
The Bitcoin Standard, Saifedean Ammous: https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861
Mastering Bitcoin, Andreas Antonopoulos: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388?
What is bitcoin and why does it matter?, Andreas Antonopoulos: https://www.youtube.com/watch?v=l1si5ZWLgy0
A letter to Jamie Dimon: https://www.ceresaig.com/wp-content/uploads/2017/11/A-Letter-to-JP-Morgan-Jamie-Dimon-%E2%80%93-Block-Chain-Crypto-FX.pdf
Why Bitcoin Matters, Marc Andreessen: https://archive.nytimes.com/dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/
Beyond the Bitcoin bubble, NYT: https://www.nytimes.com/2018/01/16/magazine/beyond-the-bitcoin-bubble.html
Bitcoin's Academic Pedigree, Narayanan & Clark: https://queue.acm.org/detail.cfm?id=3136559
Programming Bitcoin, Jimmy Song: https://www.amazon.com/Programming-Bitcoin-Learn-Program-Scratch/dp/1492031496/ref=sr_1_fkmr0_1
Bitcoin for the open minded sceptic, Matt Huang: https://www.matthuang.com/static/Bitcoin_For_The_Open_Minded_Skeptic.pdf
Bitcoin Macro Strategy, Michael Saylor: https://youtu.be/NoobUKNttmw
Bitcoin first, Fidelity: https://www.fidelitydigitalassets.com/sites/default/files/documents/bitcoin-first.pdf
End the FUD: https://endthefud.org/
7 Misconceptions About Bitcoin, Lyn Alden: https://www.lynalden.com/misconceptions-about-bitcoin/
A Closer Look at the Environmental Impact of Bitcoin Mining, Christopher Bendiksen: https://cryptonews.com/exclusives/a-closer-look-at-the-environmental-impact-of-bitcoin-mining-9869.htm
Bitcoin is Key to an Abundant, Clean Energy Future, Square: https://assets.ctfassets.net/2d5q1td6cyxq/5mRjc9X5LTXFFihIlTt7QK/e7bcba47217b60423a01a357e036105e/BCEI_White_Paper.pdf
Peter Van Valkenburgh explains Bitcoin to the Senate https://www.banking.senate.gov/hearings/exploring-the-cryptocurrency-and-blockchain-ecosystem
Mastering Ethereum, Andreas Antonopoulos: https://www.amazon.com/Mastering-Ethereum-Building-Smart-Contracts/dp/1491971940?
How does Ethereum work anyway?, Preethi Kasireddy: https://preethikasireddy.medium.com/how-does-ethereum-work-anyway-22d1df506369
What is Ethereum, Ethereum Foundation: https://ethereum.org/en/what-is-ethereum/
The Infinite Machine, Camilla Russo: https://www.amazon.com/Infinite-Machine-Crypto-Hackers-Building-Internet/dp/B07XJ7WKXL/ref=sr_1_1
Making Sense of “Cryptoeconomics”, Josh Stark: https://hackernoon.com/making-sense-of-cryptoeconomics-5edea77e4e8d
Digital Assets Primer: Only the first inning, BofA: https://business.bofa.com/content/dam/flagship/global-research/crypto-based-digital-assets-new-asset-class/Digital_Assets_Primer_Redaction.pdf
Overview of Digital Assets and Blockchain, Goldman Sachs: https://1e9.community/uploads/short-url/yK2ONzAH0NdeYL8lyFJN7QfKYte.pdf
An (Institutional) Investor’s Take on Cryptoassets, John Pfeffer: https://medium.com/john-pfeffer/an-institutional-investors-take-on-cryptoassets-690421158904
New Internet Logic, John Palmer: https://j.mirror.xyz/k0yCgq0bjgn2X0AujhwjKIYk4SDBpdNayjU5_E8Wm4I
Making Sense of Web3, LifeItself: https://web3.lifeitself.org/about
Making Sense of Web3, Josh Stark: https://medium.com/l4-media/making-sense-of-web-3-c1a9e74dcae
What is Web3?, Gavin Wood: http://gavwood.com/web3lt.html
What dApps look like, Gavin Wood: https://gavwood.com/dappsweb3.html
What is Web3?, Ethereum Foundation: https://ethereum.org/en/web3/
What is web3?, HBR: https://hbr.org/2022/05/what-is-web3?ab=seriesnav-bigidea
Wtf is web3?, Cobie: https://cobie.substack.com/p/wtf-is-web3
The Third Web, Tante: https://tante.cc/2021/12/17/the-third-web/
A History of Cryptoart and NFTs: https://www.scaruffi.com/memejam/cryptoar.html
NFTs and A Thousand True Fans, Chris Dixon: https://cdixon.org/2021/02/27/NFTs-and-a-thousand-true-fans
Crypto's Consumer Era, Kinjal Shah: https://kinjal.mirror.xyz/UpJ_v1fDH_gwNcC3ebSB3rXn544G77MlbbV5rJJF-u8
Headless Brands, Hart, Lotti & Shorin: https://otherinter.net/research/headless-brands/
The Ownership Economy, Variant Fund: https://variant.fund/articles/the-ownership-economy-crypto-and-consumer-software/
The Ownership Economy 2022, Variant Fund: https://variant.fund/articles/the-ownership-economy-2022/
Power to the Person, Packy McCormick: https://www.notboring.co/p/power-to-the-person
Storing Value in Digital Objects, Derek Edws: https://medium.com/collab-currency/storing-value-in-digital-objects-a92f54fa98cc
The Metaverse, Matthew Ball: https://www.amazon.com/Metaverse-How-Will-Revolutionize-Everything/dp/B09T793GV9/ref=sr_1_1
Value Creation in the Metaverse, McKinsey: https://www.mckinsey.com/~/media/mckinsey/business%20functions/marketing%20and%20sales/our%20insights/value%20creation%20in%20the%20metaverse/Value-creation-in-the-metaverse.pdf
Reviving Trust in Crypto, Ria Bhutoria: https://ria.mirror.xyz/zOHZ3iMU9WmK3eZ7J9HEM_4RKoqADRJ6gCWg0dHEI8$
How Not to Play the Game, Matt Levine: https://www.bloomberg.com/features/2022-the-crypto-story-FTX-collapse-matt-levine/
Reflections On Contagion & The Rebirth Of Crypto Infrastructure, Edessa: https://static1.squarespace.com/static/63005a0edeceb945f6d8904b/t/63d107e7f4e51f40721043f1/1674643457848/Reflections+On+Contagion+%26+The+Rebirth+Of+Crypto+Infrastructure.pdf
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- Chat GTP or real?
Green, blue, yellow, and red –
God is down in the swamps and marshes
Sensational as April and almost incredible
the flowering of our catharsis.
A humble scene in a backward place
Where no one important ever looked
The raving flowers looked up in the face
Of the One and the Endless, the Mind that has baulked
The profoundest of mortals. A primrose, a violet,
A violent wild iris – but mostly anonymous performers
Yet an important occasion as the Muse at her toilet
Prepared to inform the local farmers
That beautiful, beautiful, beautiful God
Was breathing His love by a cut-away bog.
- 🏊 **Deep Dive: Salesforce enters Web3🚀**
On Wednesday, Salesforce launched it’s limited release of “Salesforce Web3”.
Salesforce clients can now connect Web3 data with the existing Salesforce CRM to create personalized, omnichannel experiences across Web2 and Web3.
Ugh.. . What does that mean?🤔
– Integrate Web3 data into your CRM to identify customers
– Create and manage NFT collections directly through Salesforce, view real-time customer insights, blockchain activity monitoring, and process automation.
– Manage Web3 engagement by connecting Web2 and Web3 channels, powered by Salesforce Customer 360.
**Two products:**
1. Web3 connect: Connect blockchain data to your CRM.
2. NFT Management: Create and deploy NFT collections from Salesforce.
**Why is this interesting?💡**
Web3 analytics & CRM are big opportunities for marketers to engage with their audience in new ways.
In Web3, your identity is defined by the NFTs you possess and the dApps you connect with — consider it the next evolution of cookies.
Let’s make an example:
POAPs (= Proof of attendance protocol).
With POAPs, brands are issuing tokens at live events to wallet holders, e.g. a Louis Vuitton (LV) fashion show. Later, these wallet holders can then access token-gated experiences from LV based on their affiliation for LV.
With a Web3 CRM, LV can see other tokens these wallets holders have, giving them information on their interests and the communities they engage with.
Meanwhile, other brands interested in LV customers can engage with wallets containing LV POAPs as well. A lot of start-ups are already working on such solutions:
Addressable:
Kazm
3RM
Absolute Labs
… and now, Salesforce.
**What about privacy?**
The vision of Web3 is that users can control what data they'd like to share or not. This would be possible with zero-knowledge proofs (ZKP).
It allows a prover to demonstrate the validity of a statement without revealing any additional information about the underlying data. e.g. you can prove that you own a specific NFT without revealing which one it is or linking it to your public wallet address.
StarkWare, for example, is actively building on that.
We’re still at the very beginning of leveraging NFTs to provide meaningful, branded experiences.
- Joe Lubin, co-founder of Ethereum, once said:
*“We are building a new organising principle for the planet and a new foundation of trust. Don’t you think it would be a good thing for humanity?”*
Bitcoin (and crypto) have been conceived to become this new foundation of trust through decentralization. This is an anti-thesis to the traditional financial system, built solely on centralized players of trust.
These two worlds couldn’t be farther apart. However, recent events reveal an increasingly intertwined relationship between them: the FED raising rates, the crypto crash, Alameda, FTX, Silvergate, SVB. All of these occurrences highlight the fragile nature of trust.
We find ourselves in truly unparalleled times.
What’s next for trust? How much decentralization is needed? Can we build a trustless financial system?
- The Silicon Valley Bank crisis explained
- Maybe there wouldn’t have been a run on SVB if they had had a ChatGPT integration.
- Bitcoin NFTs (aka Ordinals) just became much bigger bigger.
Last week I wrote about Bitcoin ordinals and why they are likely more than just a fad. Why?
1️⃣ Because it’s the first time Bitcoin could transition from a “currency-only” technology to something more. This narrative won't change Bitcoin, but it might mark a pivotal moment in its history.
2️⃣ Bitcoin is the oldest, most respected, most decentralized, most secure blockchain in the world. For artists who seek permanence, security, and decentralization, Ordinals might become the 1st choice.
A few days ago, Yuga Labs, the home to some of the biggest communities in the Web3 space (e.g. Crypto Punks, Bored Apes, Meebit, Otherside) announced TwelveFold, a limited edition art collection of 300 generative pieces, inscribed as ordinals on the Bitcoin blockchain.
https://twelvefold.io/
"All of these choices are a departure from what’s expected from Yuga. But, you know. Fuck doing expected things," says Greg Solano, Yuga Labs's founder
That the biggest player in the NFT space embraces Bitcoin ordinals is huge and could give Bitcoin ordinals another level of legitimacy.
We’re just getting started with experimenting with Bitcoin ordinals.
I can’t wait to see what comes next.
- CHANEL on Web3, live from#NFTParis2023 👇
“We want to connect, understand, and experiment”
“The notion of craftmanship is the most important thing. It’s something you cannot fake”
“Digital craftsmanship is being reinvented, we want to be part of it”
- Erika Wykes-Sneyd from Adidas /// Studio:
“Web3 is able to decentralize power into the hands of the creators that might not look like the creators in the history books”
“Now we need to find business models but not a lot of case studies and playbooks exist”
#NFTparis2023
- **Bitcoin NFTs are exploding.**
As of now, more than 160’000 Bitcoin NFTs, named “ordinals”, have been “inscribed” on the Bitcoin blockchain.
Just think about it: Has there ever been a more secure and affordable way of transporting a digital file through time and space than as an ordinal?
I don’t think so.
So, what's the fuzz all about? How does it work? And will it change Bitcoin forever?
In this primer, I cover:
💥What are ordinals & how they work, technically
💥Why are ordinals regarded as “better” NFTs
💥Why ordinals divide the Bitcoin community
💥**How to find, buy, create, and receive ordinals**
💥The difference between “Ordinal Punks” and “Bitcoin Punks”
💥Impact of ordinals on NFTs as we know them
💥Impact of ordinals on miners
💥**What this means for Bitcoin**
One thing is clear: It's certainly one of the most exciting developments in crypto recently – and a pivotal moment for Bitcoin.
So, if you want to learn all about Bitcoin NFTs, read on here: https://dematerialzd.substack.com/p/bitcoin-ordinals-from-magic-internet
And make sure to subscribe to not miss future updates! ✨
happy reading!
- A “Bitcoin” Punk NFT recently sold for 9.5 BTC, roughly $214,000.
Bitcoin NFTs are exploding exponentially. 📈🚀🤯
The “Ordinal Punk” NFT collection, minted on the Bitcoin-native Ordinals Protocol, sold out its mint earlier this month and features 100 NFTs in the style of the famous CryptoPunks collection, built on Ethereum.
Wait what? NFTs on Bitcoin? Yes.
Already heard from Bitcoin NFTs, so called “ordinals”?
“Ordinals” allow users to mint – for the first time – NFTs onto Bitcoin's blockchain, image and all, without a separate token, side chain, or change to Bitcoin’s underlying code.
This is big.💥
At the moment, more than 140’000 ordinals, or “Bitcoin NFTs” have been minted.
Ordinals allow users to inscribe data into a Bitcoin transaction (i.e. the witness section of the transaction), making them *almost* like NFTs.
Or even better, some say. Why?
Compared to NFTs on Ethereum, ordinals don’t require “off-chain” data, meaning that the jpeg is stored on-chain, and not on a separate decentralized server (e.g. on the interplanetary file system, or “IPSF”).
This is why the creator of ordinals, software engineer Casey Rodarmo, refers to them as “digital artefacts”.
This makes Bitcoin ordinals the first “true” NFTs, according to some, and questions the value of NFTs for which the file is not stored on-chain, like on Ethereum or Polygon.
e.g. What does this mean for digital art in need of permanence and immutability?
I expect that the ramifications of this will be huge and are yet to unfold.
🚨 👉 Subscribe to receive the full analysis in your inbox this Wednesday: https://dematerialzd.substack.com/publish
+ many more insights!
#bitcoin #ordinals #NFTs #web3
- gm ✨
- It's great to see Web3, metaverse, blockchain, decentralized identity, and tokenization on the recently released Gartner impact radar.
"Blockchains are the hit product of a new computing wave, just as PCs and broadband were in the ‘90s and 2000s, and as mobile phones were in the last decade." - a16z crypto
Web3 is still a promise. We are far from realizing a user-owned, “open, equitable” web or immersive, mixed-reality worlds. Regulation is vague. The interfaces are still complex and clumsy.
After a generation of Web2, users will need to learn the concept of “ownership” of their data and the utility of a “wallet” as a tool to unlock Web3 beyond payments.
Brands are still experimenting, finding out what works and what doesn’t.
But the promise stands. And it’s a big one.
And the time to engage is now. 🚀
#web3 #crypto
- LENS 🚀🚀🚀
- Finished all the quests for the #Yasai Lens Festival! 🥳
- All you have is now.
- Mad Dog Jones, *Forever*.
https://opensea.io/assets/ethereum/0xfce4bf28ab33a38bfb8bf3604ae6f09fa78ff6ce/302
- Never a boring day in crypto🌋🤯. Long-term views on web3; ChatGTP; Vogue NFT tracker; Porsche enters Web3; New start-ups & more. 👇
📚 Readings:
– Taking a long term view on Web3: Two veteran-VCs report. Markets are secondary, innovation continues: https://avc.com/2022/11/taking-a-long-term-view-of-web3/
– McKinsey & Company on Web3 beyond the hype: Regulatory oversight, user experience, and the underlying tech still missing: https://www.mckinsey.com/industries/financial-services/our-insights/web3-beyond-the-hype
– McKinsey & Company: The potential for value creation in the Metaverse is huge. Now we need products & content: shorturl.at/hnpI7
– With ChatGTP the world is waking up to AI. AI, AR, and decentralized computing will merge. Will that be the “metaverse”? Overview & consequences: https://open.substack.com/pub/dematerialzd/p/man-and-machine-a-new-era
– Brands are storming into web3. Vogue Business NFT tracker: https://www.voguebusiness.com/technology/the-vogue-business-nft-tracker plus a list of clothing brands that entered web3.
– The war on NFT creator royalties. Some want it, some not. NFTs might be locked in a platform. Isn’t that web2? https://www.theartnewspaper.com/2022/12/02/nft-artist-royalties-under-threat
– The Bitcoin bottom probabilities: https://iconicholding.com/dda-crypto-espresso-estimating-bitcoin-bottom-probabilities-with-on-chain-fundamentals/
🚨 What caught my eyes:
– Porsche AG enters web3: https://open.substack.com/pub/dematerialzd/p/porsche-enters-web3-with-its-first
– adidas virtual gear: You can now dress your bored ape with Adidas fashion: https://www.adidas.com/metaverse
– The EU spent €400k on a metaverse event. Almost no one showed up. We’re still early. https://www.devex.com/news/eu-aid-dept-s-387k-metaverse-meets-real-world-critique-104335#.Y2WV6XSaLEA.twitter
– Kraken Digital Asset Exchange lays off 1100 employees, 30% of its workforce, so does Dubai-based exchange Bybit. https://www.cnbc.com/2022/11/30/crypto-exchange-kraken-lays-off-1100-employees.html
– UniSwap launched their NFT marketplace. Competition is good.
https://app.uniswap.org/#/nfts
– Almeda VC portfolio revealed by FT: https://twitter.com/Blockworks_/status/1600147925304107008?s=20&t=3_M5gKgjImT8Y8rRPsfGgw
🚀 Interesting Web3 start-ups:
– Lens Protocol: composable and decentralized social graph. One wallet, one login, thousands of social applications. The future of web3 social? https://www.lens.xyz/
💡Ideas & Take-Aways:
What’s actually happening with Sam-Bankman Fried? He’s joining panels on Twitter and elsewhere, but who finally ensures accountability for this mess? While the crypto community struggles for a way forward, dreams and hopes of web3 are as alive as ever (at least at ArtBasel in Miami last week).
Subscribe for full notes & more updates on web3: https://dematerialzd.substack.com/
That’s all for now, folks. Back to building an learning.
Onwards! 🚀
– Marc
#bitcoin #web3 #nft #innovation #technology
- "Life is an unfoldment, and the further we travel the more truth we can comprehend. To understand the things that are at our door is the best preparation for understanding those that lie beyond."
― Hypati
- `Seems like Web3 Social is catching up on Web2 Social 👀`
Whatsapp & Orb have both introduced *"Communities"* last month 🔥
NFT-gated communities (like on Orb) will have many use cases and features that would not be possible in traditional Web2 social networks (like Whatsapp). Below I summarize some of these community-related advantages unique to Web3. If I missed any, please drop them in the comments.
**Core Web3 *Social* value-add**
1/ Can 'transport' your community across front-ends (and even protocols)
2/ Much more control & transparency over who can join the community
3/ NFT-gated content like Feed, Chat, Dashboard, Parties
4/ Can easily set up an entry price (bye bye bots!)
5/ Community-curated content
6/ Can contribute to the Community treasury (e.g., imagine being able to automatically allocate 10% of all your fee collects to your communities)
**Integrations enabled by Web3**
7/ Can use @tropee_nft.lens to distribute utilities/perks to your community
8/ Can integrate @guild.lens to give different roles
9/ Can set up a Gnosis Safe to collectively manage our treasury
10/ Can integrate Snapshot for community voting
**BONUS**
11/ It's still super early so you can join the very first OG communities on Lens and grow these communities together with other members. Anyone can join our Memester Community (you just need to collect this post: https://lenster.xyz/posts/0x5805-0x039f )!
`PS: 10% MIRROR FEE`
- hello world!