Rollup: Uniswap 0.15% fee, Reddit drops community points and Twitter $1 fee

Transcript

GM GM welcome to web three Academy your one trusted source to capitalize on the next big phase of the internet don't get caught in the hype cycle I'm jird joined by my co-host K reidhead and we believe that sustainable business models are going to change the world that's why we're carving a path for doers to confidently build and invest in web 3 feels like crypto is somewhat maturing although it's hard to say that to be honest especially if you're on crypto Twitter but you swap Labs has finally launched fees it's probably not what most of you were thinking but we're going to talk about that there's a lot of controversy there so we'll cover what's going on with that there's also some concerns around kyc stuff with Unis swap but we'll clear the air on that one

good things happening in the space in my opinion except for reddit reddit has dropped Community points we're going to cover all of that yugal laabs has been doing some pretty cool stuff and their CEO has given a nice like feedback and sort of like idea of everything that's going on in the ugal labs world so we're going to talk a little bit about that and then a bunch of other things Twitter is launching $1 fees to use the platform and so much more so we'll cover all these things plus the market watch stuff there are some craziness this week in markets so we'll cover that but before we do that as per usual Jay what are you grateful for yeah I am grateful for my coffee maker it's just a classic drip coffee maker I'm back at home well actually I'm in Toronto at the house

that Kyle and I first lived together in many memories here I haven't been here in a while probably like haven't been here in like nine months we usually just rent it out and we got this just a great drip coffee maker and it's just reliable you know it's just I love it it's reliable it's simple you know onof button let's go give me some caffeine grateful for that how about you Kai what are you grateful for today I am grateful for the Web Academy community and podcast listeners it's been a long long drawn out bare Market with a lot of crap that's happened and a lot of people have left this space I was talking to a few other web 3 crypto podcast the past couple weeks and a lot of people have

seen a big drop off in their audiences and Views in the last since summer basically and so those that are still here that are still listening that are still learning that are grinding building investing whatever you're doing you're the true people you're the True Believers and we appreciate you people that continue to stick around in this space that are going to help the space grow and make it out of the hole that we're currently in and so kudos to all of you that are still here still listening and grinding appreciate all you and so I'm grateful for all you grateful that for you as well I love you guys guys in girls love you all all right before we jump into some market watch we got some exciting news it was the end of the first week of the onchain gift shop ended yesterday and everybody

who entered the raffle won a prize we had 26 prizes and we had 23 winners so everybody won way to go if you enter the raffle you w a prize we'll be contacting you to let you know what prize you won so check out your email we gave away 20 mystery boxes we had t-shirts we had a one-on-one call with me we had a web three Academy Pro subscription so many cool things also we have one winner for the cash prize it's a wallet address so I don't know who it is but we'll be contacting you because you won $118 in the weekly cash prize and that's just week one so you can expect next week that cash prize to go up even

higher so make sure you're collecting the web3 academy newsletter you collect our newsletter and then you go to the onchain gift shop and you can enter into win the cash prize every week which is probably going to climb be well above $100 I would imagine very soon week two starts now and in week two not only do we have the cash prize we've got another raffle the week two raffle includes the main prize that you can win is a hash verse artifact this is a in-game item for hashers I'll tell you what the game is in a second but this in-game item is currently the floor is around $500 so a great ingame item regardless of whether

you play hash firste or not because it's an nft you could sell it if you don't want it we also have a web3 Academy eyes on chain hoodie to give away and a web3 Academy Pro membership so so many great things that you can win just want to tell you a little bit about hash first for those who haven't heard about it hash first is a trading game uh Team based trading game that brings communities together all around the hash flow ecosystem hash flow is a leading exchange but here's the cool thing about hashers is yes it's a game where you have characters and it's all set on this world I believe the world is called Renova if I'm correct and and you play

you it's like a typical battle game you're playing with your team but within this game you're also learning defi trading and technical analysis so it's like a fun way to teach you how to do some great skills that are going to help you level up your crypto trading and you get rewards if you complete quests that lead to your skills and your learning so it's a really cool game really fun and you can enter the game for free all you need to do is go to Hash verse their website we'll put the link in the show notes and you can set up a hash ver character it's free to set up a character you only have to pay the gas to Mint uh but otherwise it's free and

then once you have a hash first character you can start to play in the game H and anybody who has a hash burst character there's over 5,000 hash burst characters that have been mined anybody who has one you can enter the archain gift shop this week and get involved in the raffle to to win the hash verse nft it's a Hail Mary it's this machine gun that does amazing things in the game in battles and apparently will help your team win but will also as we said it's worth $500 so it's a great prize so make sure you guys get involved in the onchain gift shop this week check out the links in the show notes and yeah May uh best of luck to all of you I hope hope you win uh something cool in the onchain gift shop this week amazing so

make sure you go collect either if you're part of the hash first world or you want to collect one of our newsletters either one will get you in so all good things all right let's get into this but before we do we'll talk about some market watch and then we'll get into Unis Swap and Reddit before we get into that let's just take a quick second to hear from our sponsor modern newsletters are built on paragraph that's right paragraph is a brand new newsletter platform that combines the best parts of web 2 and web 3 to supercharge newsletters for both writers and readers build a community not just an audience paragraph uses blockchain Tech to allow readers to collect and own the words that matter to them this takes

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check out paragraph and capitalize on the opportunity of being early all all right welcome back as we always do let's start out with some market watch Kai what's going on in the markets this week well if you can see the screen if you're watching on YouTube this tweet is what controlled all the markets this week which was just wildness it was a tweet from coin Telegraph you probably heard about it it's no longer exist they deleted it but it said breaking SEC approves ey shares Bitcoin spot ETF this came at like I don't know some point in the morning uh Monday it was like 9:00 or 9:30 I think we were just going into a meeting with our whole team and we were in there sitting there and I was

like does everyone see this tweet I gotta say kudos to the web3 academy Twitter team because they were like ah that doesn't seem like it's legit let's hold off on Shar let's hold off on like reporting this and so we held off and the markets after this tweet markets went from about 27 27,500 Bitcoin up to 30,000 within 30 minutes and then in the middle of so we were like okay cool but let's just kind of sit on it and then all of a sudden in the middle of our meeting I looked and I can see it the prices starting to go back down I was like what's going on here A bunch of people started questioning this tweet turns out that this tweet was fake news it was based off no evidence there was not real the SEC did not approve any Bitcoin spot ETF they came out

afterwards and said that they thought this was true because of some Source in a telegram Group which is should never get your like sources from that but this tweet like made its waves and even Bloomberg put this in their terminal which Bloomberg is like the highest quality of market analysis and market news research and this tweet made it into Bloomberg which was kind of crazy but as a result of this so Bitcoin went up to 30,000 then back down to 28,000 within another half hour after that which is a pretty wild ride for anyone that was like watching just kind of going like what is happening right now in markets and yeah I mean here's the thing that I take from this first of all we need to be careful on what news we're

reading and what news were actually taking as a serious news uh because as a result of this a hundred million was liquidated in shorts so this is people that were short Bitcoin before the news came out then obviously it rocked it up all this bunch of people got liquidated but probably what happened is a bunch of people then went long thinking that this news is true and they got got liquidated again it's it's pretty brutal so we got to be careful of the news that we're taking two don't use leverage I think I say that every week or at least I need to say that every week but the third take from this is obviously there's some demand here right within 30 minutes bitcoin's price went from 275 to 30,000 right now how much of that is just Traders trying to like capitalize on

being first in this news I'm not sure um but ultimately I think it showed that there is demand and whenever this thing goes live like the fact that it made it to 30 grand and then went down because the the news was actually fake if this was real that demand would have continued I think and so I think this would have went much higher than 30k so shows like there's people waiting for this people are waiting for the legitimacy of Bitcoin to get approved here as a spot uh ETF and so I I think we got a glimpse of what's going to happen when this thing goes and we're pretty sure it's going to happen by now it still has a 90% chance of happening in 2023 it's interesting we talked about Eric balunas who gave it a 75% this year and then all of a sudden they were all

delayed and we were like God damn it the rest are now now the next time they have to give the answer is January 10th which is 2024 but actually after those all being delayed they've upped their chances to 90% now because they think it's going to get approved before the date that they have to and the reason they're saying this is the SEC is working with um a bunch of the those who filed the companies to like fix a few different things we talked about this I think maybe two weeks ago but since then Kathy Woods has updated hers so that's the arc The Arc 21 shares one I believe it is you have black rock has also updated theirs and then you also have Fidelity up dats I think five or six have plus we've had some e spot spot ETFs that have been filed this week as

well with Galaxy Invesco I think there's about four or five each ones and then there's like eight or 10 and most of those Bitcoin ones have been refiled to what the SEC has been working with them on and then grayscale also just this morning has resubmitted it's a different filing it's not like the others because they're trying to convert their trust but anyway all those things have now happened so we're kind of just now it's back on the SEC and we're waiting and so 90% chance of it happening this year so I don't know let's see what happens but that's basically the only thing that we're waiting on in markets at the moment now that said if you're a pro subscriber we just released a really really big report it's my longest Pro report I think I've ever written so sorry about that readers as I said last

week I was going to write something with about 30 40 charts and I did just that I have some of these in institutional grade research reports that I'm subscribed to and and involved in and I took a lot of charts and a lot of research from that and basically covered for those of you have taken our investing course when you're looking at markets you want to look from different angles you want to look at macro you want to look at TA you want to look at sentiment and then you also want to look at onchain and so basically I looked at all four of those and compiled it all together into one and to a point where I believe we're at a really good setup right now even though if you're on Twitter it looks like the world is ending and inflation is going to be here

forever and interest rates will be high for forever I'm not GNA get into it here on the podcast because it's just too much to explain but check out that Pro report that went live this morning it's basically everything that I'm thinking right now and be very useful for you to understand where markets are at Jay how's that for the market watch anything else you want solid market watch man no I I was just going to jump on the backs of that Pro report that you wrote today that came out today I really enjoyed it because yeah it made me very bullish and got me very excited about where we're at but it wasn't all from the perspective of onchain analysis it was from many different perspectives and I think that holistic perspective is what makes it very sound investor so it made me feel

very well informed not just about what's going on chain it is important to look on chain and that is one aspect but you also talked about other aspects technical analysis sentiment that are important macro conditions important viewpoints to consider that really make the best investors in the world able to do what they do so Kai thanks for putting that together excited for all of our readers to check that out and get involved and make sure you are feeling confident in your investing by the way I gave a little bit of predictions of what I thought's going to happen by the end of this year slash also into 2024 so do have a look at those but know that it doesn't mean that I'm 100% right I'm not always right and it's all about odds whenever you hear

numbers from people predictions these are about probabilities right so the analysis that I put out in today's pro report is high probability of what I'm saying is true but it doesn't mean it's going to so it could go complete opposite way who knows right no one knows no one has the magic crystal ball for Mark markets although we do wish we did that would be nice all right I said in the intro that I am believe in sustainable business models it's got to be one of the lamest things I've ever said in the intro it's not the most sexy thing but when we talk was reason why I said that is we have Unis swap launching a new fee this week which I believe is a great thing and a step towards them

ensuring that they have a sustainable business model Kai what's going on here yeah so this is really good timing actually it's very interesting timing so first we put out a report was it last week about Unis swap how they've generated billions of dollars to liquidity providers and billions of dollars of Val acral to protocols we talked about it on Mondays or Tuesday's podcast as well uh and then a couple days later all of a sudden Unis swap go and we said that uniswap makes no money though that was the kind of the we the odd thing from it all and then literally like a couple days later unisoft announces that they're turning on a fee switch for their frontend wallet and their application and so now they're going to earn 0.15% of all trading volume on just a couple different pairs

like eth I think usdc and a couple others so very interesting there's two reasons why I think this is really key one because we just put out and said that they didn't make any money two because we always talk about how companies in crypto need to have sustainable business models if they're not profitable they're not going to be around forever and then we have a big problem and unfortunately we have a problem in this space because most of our companies do not have sustainable business models including our number one application which is unis Swap and so interestingly Unis swap has now launched the amount actually in our newsletter is actually not correct I think they made $80,000 in their first day we were looking the chart that we have up on there that said 500k a day and they'll make way more than this eventually but

this is looking at all volume but there's only certain volume that this this accounts for but anyway regardless when Hayden Adams the the CEO and founder of Unis swap tweeted this out people lost their minds okay first the uni token tanked by I don't know like 10% or something at least and a bunch of people were so mad that they didn't turn on the fee switch for this to go to UNI holders so what this is is this is unis swap Labs that's going to make 0.15% not Unis swap Dow which is all the token holders this is the centralized company that built Unis Swap and continues to develop Unis swap the protocol but also develops uniswap the app that's in the Android and iOS store that's the front end that most of us use for uniswap so

it's that company and that company has hundreds of employees and they're a legit company in the US that needs to pay lawyers and pay for an office and blah blah blah so like they need money right obviously otherwise Unis swap Labs goes away if uniswap lab goes away it's one of the most Innovative companies we have in the space that'd be a very big problem Unis swap Dow on the other hand is just a governance token that governs the protocol of unop now let's be clear there's two different things here there's the decentralized protocol that lives on top of ethereum and other chains that's governed by a token okay that thing is permissionless it's decentralized it does its own thing unisoft Labs is just a company that works on the front ends that interact with that protocol okay so you could and Unis swap has an app and and a wallet

all that kind of stuff kind of like metamask and so this fee that Unis swap is now charging is kind of like the metamask swaps fee where if you swap within the metamask wallet they charge I think it's like I don't know 0.25% or whatever they charge I don't know Unis swap same idea so people are upset that this isn't going to the Unis swap Dow and the thing that is frustrating to me and I think that people just really need to wrap their head around uh in this space is people in Unis swap Dow that were aird dropped free Unis swap tokens or might have bought Unis swop tokens because maybe they want to govern it or they just want to speculate on it they have not done anything for UNIS swap right they don't build the unisoft protocol they don't build the front ends

for unisoft that's all unisoft Labs we need unisoft labs to exist and to keep building so that Unis swap continues to improve which it does they're now on V4 almost of Unis swap which is like and they're creating just an incredible application and so we need you to swap to make money and so I don't know why people are so up in arms that they're not the ones like that the reason they're mad is because it's not going to Unis swap holders they want the the token holders want to get the revenue which just doesn't really make sense like what are they doing to deserve Revenue why would a company just leak out value like that like people are just not super rational in this space and you got to give credit where credits do like unisol Labs should

make money off this it's their product that they created and here's why I think this makes sense and what people are mixing up the reason why it's okay for un Swap this is one it's 0.15% that's the lowest I think I've ever seen a tech company charged for like SAS or for a service right like that's so cheap compared to Norms like stri chares 3% Apple at the App Store chares 30% so like the numbers are just insanely insanely small but also because Unis swap protocol is a permissionless decentralized protocol which means anyone can build a front end on top of it that people can use where you no longer have a fee so no one is forced to pay this fee you only pay this fee if you want to use the front end that Unis

swap created there's thousands of other front ends for UNIS swap and there's also many aggregators like one inch that use Unis swap where if you use that you don't pay that fee it's only if you use the front end that Unis swap created and so you have a choice you can build your own front end right and compete with them you could charge your own fee if you wanted if other people use your front end you could make money off it right regardless though all those transactions still come through to un swap protocol so liquidity providers make money and more liquid liquidity s it goes to Unis swap so like this is just a very good thing and it also the one risk that Unis swap had when the SEC was like all over Unis swap I think it was last year they came in and the one

thing that they could do was tell Unis swap labs to you know block their front end right they could block certain addresses from using it Etc and they can do that the protocol can't so people could always go around and use it but that was sort of like a centralization risk and so the more front ends that we have the more decentralized the use of Unis swap becomes and so by charging a fee it's probably going to make more competition more people create more front ends which again makes it even more decentralized and is say so this is actually and and then would also make more people use Unis swap so like adding this fee just makes the protocol better it makes it more resistant to you know getting blocked or anything else and likely is going to drive more liquidity

into Unis swap as a result of this plus they can continue to build because they don't have to go to business because they make no money so like which ultimately would drive more value to Unis swap holders in the long run anyway I think that this industry needs to mature and hopefully this is going to help people understand that and it feels to me like Unis swop is sort of leading the way here hopefully other protocols will do the same I mean openc already does this although do they have platform fees turned on right now I never know they're back and forth openc does not but openc Pro does I can't remember which one of them does one doesn't anyway this is a great thing this is a bullish thing I think for this industry I mean there was a bunch of people on Twitter that supporting this but there

was a bunch of people that just weren't and I believe that those people are probably the same as the nft people that get mad when they don't make money off of things that are happening projects and again these are probably just young investors that just don't really get it but if we want this industry to continue forward then we need companies to make revenue and un swap is the best and they've created one of the best products that we have in this whole industry why would anyone get mad at this we're stuck in this sort of mindset that happened happened as a result of the early days of crypto this magic internet money remember when that was like a term everyone just kept talking about magic I still use that term I love that ter you know well I don't love it as much because to me it's the opposite of

sustainable business models it's the idea that like oh I buy this token this Unis swap token and I'm just going to get some sort of value coming back to me for no apparent reason just because it's magic internet money that's not sustainable business models I've seen so many people on Twitter recently talk about like when Mass adoption where's the mass adoption I was promised it's like well you know what's going to lead to mass adoption sustainable business models that's what leads to mass adoption not a whole bunch of us expecting to get payouts because we bought an nft or we bought a token you have to add value and then maybe you'll get a to you'll get a payout as a result of it so yeah I think that this

is all part of as these the word mature is a great word to use we are maturing it's a good thing we need to mature as investors and as users and participants in the space and we need our businesses to mature as well because everyone else you're not helping us move forward you're keeping us stuck in the past days of thinking that we're all just going to the moon for no reason no that's not the way this works and sure there was a period when that happened but that's type Cycles that's not sustainable so I think it's all a good thing I I love the fee as you said Kai the fee is low one other thing that came out sort of around the same time as this story was Chris B who is not my favorite influencer by any means made a tweet that said kyc is

coming to Unis Swap and basically he does not understand and a lot of people do not understand he has to understand though he's not I know I'm I think he just spreads I think he just likes to pump his like engagement I think I I get that a lot of people don't understand the difference between Unis swap the frontend app and Unis swap the backend protocol right and as Kai said explained the two and Unis swap the front app is run by Unis swap Labs backend protocol is run by Unis swap Dow there's a difference and this kyc is on the front end on Unis swap Labs on their app right not not even that it's so this is a hook so Unis swap V4 the new version that's

coming out has hooks where anyone can build any feature they want on top of Unis Swap and one of the hooks that people are experimenting with already is kyc so Unis swap Labs isn't even doing this it's not on Unis swap it's not on Unis swop protocol it's on nothing at the moment what it is is just the ability to add this on so does unisoft labs do this I don't know probably not to be fair what they'll probably do or another company will do is create a whole new front end that will be kyc and the reason it will be kyc is so that Banks and institutions can actually use this and fit within the regulatory environment so he's out here saying kyc is coming you to swap Unis slap's trash it's waste because it's all kyc what's the difference between Unis Swap and a

normal bank and again what people are just completely missing the fact is the permissionless protocol of Unis swap still exists anyone can use it anyone can build a front end that does not have kyc anyone can build a front end that does not have fees right but then also anyone can build a front end that does have fees or that does have kyc now why might we have both you might have someone build kyc so that our banks can use it right institutions can use it and this would allow access to people to use Unis swap to use and swap digital assets without ever having to leave their Bank it could go right inside of let's say whatever Bank you want right and so now all of a sudden institutional investors or Banks can offer services that utilize

Unis Swap and it still meets the regulations that are required that's amazing you know much liquidity that brings into our space like billions and billions and billions of dollars that cannot come in here unless kyc exists right but here's the thing that people are like yeah but there's kyc blah blah blah and it's like no no no no some of it can be kyc you can Branch it out and have kyc but there's always the option to do the non- kyc version and that's the whole point in this industry and that's the thing that most people are confusing with this industry is they think it it needs to be 100% all of it decentralized right and permissionless and like blah blah blah right and that's because that's how this space was

created right there was a bunch of contrarian people that really like saw that view and that's great that's a great View and we need that but it doesn't all have to be that there's still the rest of the normal World which is 99.9% of people who don't currently use crypto or onchain things and most of the world is going to need the kyc stuff the stuff that fits within regulation and so we need to build for both and our hope is that most people eventually come out of the regulatory stuff and we can all be you know use our own thing but that's not the reality of life right now and probably not for a long time and so what's going to happen is most people would use the kyc one and look if governments take over and Things become a problem they can always switch out and

just go to the non kyc one and have their own freedom and that's fine all that matters that the option is still there which it always is and I think that's the problem that a lot of people are are again spreading misinformation on on Twitter yes super well said couldn't have said it better myself Kai so important to understand the difference and that there is flexibility and adaptability with in the way these things are being built but they will never be 100% only in One Direction that's just not how you get to the whole world yeah you know if we want to stick around with a 100 million people and that's all we want sure let's just be decentralized M centralization Maxis let's make everything permissionless let's make everything open source let's

not kyc and we'll we won't go anywhere we'll just you'll move money around 20,000 other people right yeah great like the industry has some growing up to do some realizing about where this industry is going and like so one is these permissionless protocols that we'll have also kyc on one end of them and then two is companies making Revenue right like everyone they own some token and they want that to take all the revenue and it's like yeah guys that doesn't doing no work exactly it's just there's no free pass in life our industry goes nowhere if that's what we do if every single app just starts giving money to the Token holders then our industry is done so do you want this industry to last or not if you do then you got to stop complaining and you got

to get out of this old mindset and like come with us to the other side to the side that's going to make it anyway speaking of things that aren't gonna make it there's youron say yeah it's h something that we really thought was gonna make it and we're very excited about was was Reddit Community points on chain let me give you the breakdown of the news here and then Kai you can jump in so Reddit is shutting down their onchain Community points these were an erc20 token that was on arbitrum Nova and basically it allowed communities within Reddit specifically a few less than 10 were using this because it was in beta still and the two biggest ones were Moon and brick token which were the um subreddits for uh cryptocurrency and

fortnite and basically this allowed this was a way to reward your community members for their contribution for creating quality content for being great monitors for being involved in great conversations they could get token and the great thing is these tokens have value they can go trade them or they can use them within the communities like there was we talked about this a few months ago th this was incredibly exciting we saw this as the future of how you would manage communities really because you could use it for governance you could use it for financial gain like there's so many assets aspects of this and Reddit is shutting it down they announced four reasons for why they're

shutting it down one is scalability even though they were on a layer two arbitrum Nova they've said that the program still faced scalability issues and was not feasible to run I'm a little bit skeptical as to if that's actually true they said it was resource intensive this sort of goes with scalability issue that they had to involve a lot of resources both in their team obviously they involveed a lot of resources in their team this is something new but they also were covering gas and so they said that they had to spend too much money on gas but again they were on an L2 like how much could the gas have been and like way cheaper than the l2s that we use like it's true way cheaper than like your normal arbitrum or optimism so I don't know and this is I think the real

reason why they shut this down is regulatory challenges there's an uncertain regulatory landscape in the US right now R is obviously it's American public company and they were not willing to take that risk and I'll bet that's the main reason they shut it down and and then what doesn't help the situation at all and does not help the regulatory challenges is apparently there was insider trading that took place and it's pretty clear that maybe there was I don't know like basically go ahead here look so what happened was just to give the the story before we talk about this insider trading thing is they said they

were shutting it down so of course and basically any token that's in your wallet or the Vault the Reddit Vault would just be gone I mean the can't really do that because they just remove the functionality of points in your in your redol so unless you built your own thing it'd be tough to get those tokens out so obviously everyone just sold their tokens and so the basically Moon and whatever the other one is went to next to zero as a result of them shutting down so that makes complete sense but what happened is obviously people had to know that this was getting shut down because they had to tell everybody and so uh Reddit told the the moderators of the communities that they need to tell the communities that this is all getting shut down and so well the Reddit leaders I guess sold some of

their tokens either before or right after they told people so right before the market tanked so like we we don't know like did they write the comment and then they sold it and then everyone else saw the comment and then they sold as well like but I don't know I would have done the same thing what do you mean you're this company's about to run you of course you're going to sell it's not like you worked for the company you spend your time for free to help build this subreddit and Reddit is going hey all that value that you've created because they earned all these points the moderators earned points for moderating this thing and then all a sudden R goes hey by the way your points they going to zero I'd sell too what do you mean and so like and it's not like they worked

for the company so like I don't really buy these rumors of what else like I would like to ask anyone else what you would do in that situation you're just going to hold it and be like all right going down with the ship let everyone else sell then lose all your money well and and it's a good point this isn't really insider trading because they had to not ify as you said the communities about the feature being removed right so there has to be a communication plan with these communities and notified in the feature they're obviously aware that it's going to affect their token it's a tough position I mean I feel really bad for anybody who bought moon or there's a lot of Reddit people that are pissed off I was looking at some of the comments and people are not so rightfully so they are

not so happy I saw a tweet that came out from I think it was one of the guys from blockworks and he basically said his take on this was crypto is going to be built from the bottom up not the top down it's not going to be these big guy I mean we've already seen Instagram shut down what they were doing and meta shut down what they were doing now Reddit I mean Reddit still does the avatars like they're not gone by any means but my take on why Reddit doing this probably is just it's a tough environment out there right now in terms of macro interest rates are high a lot of companies still firing or very like if not firing are shutting down a lot of things I mean meta shut down the metaverse plans that they had again not because they don't believe in

it just because they need to save resources and so Reddit probably doing the same thing so like somewhat understandable in that regard but interesting take of it's going to be bottom up not top down because basically saying like these bigger companies they don't have the need right they don't have the like urgency to build this whereas the smaller guys the more Innovative stuff they they do and so I don't know how it's going to work we've never had companies so big before in our lives right social media like Facebook is the biggest most powerful company that exists and so like it's hard to say are we going to get social media companies that come from nothing and beat this I mean I guess Tik Tok did it like six years ago or whatever whenever they launched but that's not an easy thing to do so I don't know how

it's going to work we'll see I think the thing to remember is when you think about the start of the internet any existing corporations that became the big winners on the backs of the interet it was all new companies and it's like that with every Tech Innovation you go back to the start of the engine and cars you go back to the to the start of the telephone and communication it's always new companies that rise to the top because as you said it's bottom up with new tech because there's not the same motivation from a large company to figure out how to use new tech yeah except for like I mean Apple became a massive internet player and they were

not internet they were here previous to internets uh same with Microsoft now they missed the internet for the first 10 years or so they completely screwed that up but they came back and now are one of the biggest companies in the world so like there are some for sure but you're right it's definitely the bootstrapped like brand new ones that that kind of lead the way and then both Microsoft and Apple kind of followed many years later so I I think you're definitely right you need to be pushed by someone first speaking about pushing and being a leader we have Daniel Allegre the CEO of Yuga Labs who made a public address this week and shout out to him for making his public address on Twitter knowing where his audience is and basically this is sort of like a

state of the nation or a state of yugal laabs sort of announcement right he's Daniel AG took over CEO about six months ago so he's been there for six months about a month ago ugab did a bunch of layoffs and so he wanted to address that obviously the floor prices of all uab's assets along all n have been going down so he wanted to give some motivation and some inspiration to his community to show that like Hey we're still here we're still building for the long term I'm not going to read this whole thing it's a long tweet and there's some great stuff in it so you go ahead and read it on your own but I'm G to highlight a few things first thing I want to highlight is Danielle says that when he first started he was given some advice by one of the original Yuga Founders and here's

the advice said it will take you six months on the job to truly understand this space and the important importance of social communication and I think that that is something that is lost in our space because this doesn't really exist in other Industries the way you communicate in other Industries if you're a CEO is you communicate quarterly with quarterly reports and with annual General meetings it's much different communication Style with nft holders and token holders as we stated earlier who get upset when you make announcements like fees and they don't like what you did because they want value coming to them you have to communicate much more frequently and Daniel talks about how he might have

been a little bit naive in the beginning and even though he was aware of the importance of social communication he feels like he's now really seeing how much he needs to be a basically an active communicating leader he can't just work in silent and be heads down he needs to be constantly communicating constantly talking and you can see that from the best leaders in the space Luca Nets is a great example of that Frank de Gods yeah we de done to Gods last week a little bit so maybe their project isn't doing so great but as a leader he's very active and people like that and that gives you a people a lot of faith in the system next is he talks about okay what are the core priorities for yugul laabs

and he says there's three things support our existing communities focus on other side execution and leverage Partnerships to ensure seamless execution of our big bets three great initiatives now within those talks about Bard aat Club he talks about Crypt punks the crypto punks part was very interesting because he talked about the sort of Rift in the relationship between Crypt Punk holders and Yuga Crypt Punk holders feel like Yuga is not prioritizing them enough and have been doing enough with them since they bought Crypt punks and crypt Punk and you guys Daniel's basically saying like Hey we're really focused on crypto

punks we really believe in it and he says that they're doubling down or even tripling down on their Community effort and basically really focused on getting cryptopunks in more museums is the main thing he says that they're going to do in order to further the brand of Crypt punks as a leading art project he talks about me bits Kai you're a mi bits holder how do you feel about no I sold I thankfully sold Mi bits when the news dropped that Yuga was buying them I sold my Mii bit made like two eth on my Mi bit all the nft I've ever sold pretty much the only one I've ever bought except I have this random cyber Kong I bought for some reason too but yeah this is interesting I think I'm trying to think of yugul laabs like what are they doing you know they got these

random nft projects mut mutate y Club board B Club me bits like what are they trying to do and my take from what I read here and their main focus as you said was other side which is their like basically their immersive experience their metaverse and I think what they' want to do is make experiences in Worlds for meitz holders for Bard vub holders Etc and like bring digital communities together in a more immersive way which I think is huge and going to be really cool I think we're years years years out for this becoming a thing so they're very much on the Forefront but what they're trying to with me bits is kind of interesting they were calling it me tropolis I think it's called like a metropolis but with Mi bits and so they want to build a city inside of other

side for miit to go and interact and whe it's play games or like do whatever you do in there so I kind of see the vision that they're going you could think of it like a social network right like like Facebook where it has Facebook groups but instead of this screen where there's just text it's a world where you go in and you talk to people and then instead of like logging into a group your group is your nfts that you hold in your wallet kind of thing right and that's what allows you to access your groups rather than like subscribing to a Facebook group so like I think they're taking the Facebook experience this is my guess what they're doing and trying to move it into a digital world and then my assumption is they'll start that with their own communities like Bard Club me

Club me bits by creating experiences for them and then I think they're hoping with Partnerships that other communities will come in it seems like they're years away from this becoming even remotely close of a thing and maybe you're going to need some sort of AR VR before that this like becomes actually cool I'm not sure but yeah I mean luckily they have a ton of capital I think they rais hundreds of millions of dollars well probably billions I would think like from both raising and then from selling yeah they raised 500 million from a raise plus they have I don't know if they have 500 million from like with other side B well Bor didn't make a ton but actually they did on on royalties for the first like year or two so like they got so much money huge huge but I

don't know it's hard to see what they're going to create and it's I think like I think they're clearly focused on this like cultural movement right they always talk about this but the thing about culture is it's very it's not tangible right so it's difficult to be a business leading culture it's much easier to be a cool hip brand leading culture but not one that's making a ton of money right and I think that they're leaning into that by like they're doing cool events they have ape Fest in Hong Kong they're bringing their Community together they're doing all those things which like okay great you build a really strong Community does that build a strong business not so sure I'm still really believe in the gaming side for

them and like I thought they brought in Daniel L gr because he came from Activision where he was the COO so you're talking about like he was part of leading one of the largest gaming companies in the world and look gaming we all talk about gaming in web 3 and the crossover and the potential of it and who wouldn't want to play like dookie Dash on their phone and win some nfts as a result of that or win some rewards and be able to sell those like those are simple things that you could go to a mass market with the thing is I don't know I feel like yuga's a little bit in a tough position because they have such high expectations and expectations are the devil when you're

trying to experiment and trying to do your own thing because now Daniel EGR realizes he like he has to like tell the community what they're doing and please the community but then also take big bets and take big risks those are to do sucks about having the nfts and the communities that are expecting them to execute is like clearly their focus is other side they want to build a metaverse right but they can't just focus on that they also have to go and like create some events for Bard yach Club holders so that they're happy and like get crypto punks into a few museums that they're happy and like they have to do all these random things for these holders that just like to be quite Frank is probably wasting a lot of their time in resources whereas if they didn't have any of those they could just

go and focus on on other side now to they also wouldn't have 500 million or however much they got as a result of that so like I get the balance there but it definitely holds them back and the thing is that sucks is I would say other side is three to five years before that's the thing is it's far away legit and then like that's when the moment when me bits and B club and those like would really ACR value because they have probably something an exper an exclusive experience inside this thing it's a that's a long wait for holders so we'll see what happens in the meantime but here here's something I am very excited about out of the ape ecosystem but this came out of AP coin Dow so in a

partnership with another brand called Forge which is a subsidiary of Anoka Brands and Anoka owns a lot of AP coin they're not the largest AP coin holder but like top 10 AP coin holder in the millions they can really influence apoin Dow's votes right because in APCO Dow one $1 equals one vote $100,000 equals 100,000 votes it's weighted voting so what they've done is they've launched the ape accelerator and basically there's two arms to this accelerator there's an accelerator program which is like an incubator where if you're a builder or a Founder you have an idea you can apply to be part of the program and they will hook you up with investors

give you guidance and advice on how to start a company they'll help you find the tools they'll help you with networking on how to find co-founders or how to build your business you know just like any accelerator program typically these programs are like three months to 12 months in length and then at the end of the program you launch your product and what the other arm of this ape accelerator program is is an launch pad and what the Launchpad does is it helps you with the launch so you go through the accelerated program you come out the other end and you launch your product well A's going to help you launch it they're going to promote it across their socials they've got like 11 million breach across all of their socials they've got a community with over 70,000 members in it they got a Discord with

200,000 members in it like they've got a lot of reach and so they're going to launch help you launch it which is amazing right you're launching a product let's say you're launching like ape water I think is a product that some AP holders have created or there's a brewery with using an ape like you're launching this and they're going to promote that which is awesome but here's the cool thing with the Launchpad is they're also giving value back to apoin Holders by saying okay if you own apoin then you're going to get special access into the Launchpad so maybe you get a discount of a launch of a product from within the Launchpad or maybe you get special access you get first access to their product maybe you can be a user tester early on who knows so very very

cool idea of any I think every Dow that's well funded this is a every Dow should go do this right now have an accelerator incubator program and then have a Launchpad and help your community members build within your community and like win wi it's how you build an ecosystem and get network effects right like it's ethereum funds a lot of things on top of ethereum because the more things on ethereum the more like Lindy ethereum has meaning Lindy is like the more that it sticks around and it is harder to like get rid of like ape is same thing right like you have this eventually they're going to have this platform and in other side but they have the APO brand or so the the ape brand and so the more things that are using that brand the better that is for that

entire ecosystem so yeah a lot of cool things going on with them and we'll see I hope that they make it out because they they do have a lot going but it's it's definitely one of those businesses that are so far ahead of most others that it's hard to wrap your head around like what they're going to actually be I don't want to put fud on one of the leaders in face and I really do believe in them but I guess this isn't so much fun this is just a reality usually the biggest business in a new industry does not end up being the biggest business long term it expectations are too high you raised too much early on you lost your motivation you moved from founder to another CEO which if you look at this

is an interesting thing to look at if you look at the Fang companies right which are like Facebook Apple Amazon Netflix and Google most of them do not have original Founders anymore except for Facebook which still has Mark Zuckerberg and look at the success of Facebook I don't know you're in a difficult position I think if you're yugul laabs I don't envy them at all you think of like AOL was the first internet provider basically gone you had Myspace the first sort of social media or one of the first social medias that got really big gone so yeah it's a good point you know what is sticking around is is Michelin Michelin man see look at these you don't want an avatar that these things are sick look at the Michelin Man Kyle likes the Michelin Man

everybody's favorite like marshmallow Tire looking white ghost guy so what are we talking about here Michelin launched the Explorers Club this week this is a nft backed club and Michelin let's remember has two main businesses they have their Tire company that they are very well known for globally one of the biggest tire companies in the world but they also have their restaurant guide and rating company which people don't realize it's actually the same thing so Random sustained company H the reason is because like 50 years ago Michelin wanted you to drive to use their their tires and in order to get you to drive they started to make the Michelin guide

which was like restaurants that you should visit while driving and then that Michelin guide just turned into a way bigger business which is awesome to see so they launched this nft collection 5,000 nfts available the minting will be done by the time you guys are listening to this it ends today while we're recording on Thursday as of recording they've sold over 1700 oh no sorry actually over 2200 nfts have been minted so far so it doesn't look like they're going to Mint out and they've said they're going to burn whatever they don't mint so there's going to be a fixed Supply based on whatever mints look they sold these at 05 East first thing I would say way to go like price these very appropriately talking about

like $80 basically to buy one of these passes not a restrictive price very accessible to anybody who wants to get in what is the utility of this is Raffles basically you get into this club you get access to a Discord and you get a pfp so like the classic utility of all nft projects but then you also get access to a raffle right now they have one raffle that's going on on where eight people can Winn a VIP experience to a michelon restaurant alongside a Grand Prix great to see and then they've said they're going to have more Raffles in the future which is also really great to see look I think this is a simple very well executed job by an existing

brand to launch a community using a token for that they did some things differently than I would do in the minting you had to Mint you had to connect your wallet in order to Mint you could not pay with credit card and do social sign with your your email that feels a little bit weird to me I think we talked recently about well actually this week we had an episode with privy come out on Wednesday which is amazing episode all about consumer apps and Michelin obviously has a lot of non web3 customers but they clearly didn't Target those because they did not make it easy for those F to sign up somebody who doesn't have a wallet and doesn't have eth they also did this on ethereum midet which is also a bit of a weird choice to me like do this on a layer or two so

they made some weird choices but on the whole shout out great job you're creating a community using an nft to do it great start yeah I mean look their pfps which I think are can be cool to go in your I mean they didn't do this as a pfp they did it as a membership thing but there's a pfp Associated which I think is great for Branding I just companies really need to stop launching these in a way that doesn't access the rest of the world I was on a call with a this can't really say GES but company that works with a bunch of like big Estates of musicians that have passed away and they want to do this art thing and whatever and my advice was like look there's like 20,000 people in here that care about nfts and web Seri at the

moment there's not many and like you know maybe a little bit more that actually have a wallet and know how to use it and Etc so like don't do anything these days that forces people to use their wallet like if you're a big brand and you're trying to reach mainstream like you have to hide the blockchain stuff you have to embed the wallet you have to do this like a normal web to thing or don't do it and that might be expensive and so maybe you can't do it but like just do not do this unless you do it that way and I think all brands need to do that and so like Michelin like it's great what they did this could have been way better if they did it without mentioning block blockchain's all over their websites it seems a bit like I don't know I don't know why they

did it whether it's just something they've been working on for a while they're just like let's just get it out there or what but like there's way better Tech out there now why are people still doing this old style way it makes no sense you've taken I don't know how many people are in the Michelin brand let's say there's tens of probably hundreds of thousands millions of people that know Michelin I don't know how big their socials are but the moment you make it where you need to connect a wallet and you have to use eth on ethereum in it and play gas like you go you minus your you know you reduce the people that might buy this thing and access your membership by like 99% which is just it's stupid so people obviously are not wrapping their heads around that yet though hopefully we'll get there sooner

rather than later Kai are you wrapping your head around the Twitter $1 fee yeah I am I actually don't hate it so what happened here I'll just get some context first is Twitter launched like yesterday or two days ago a it's only in New Zealand I think in the Philippines where unverified accounts have to pay $1 a year uh as an annual subscription in order to like interact on Twitter so to comment and post if you just want to view you don't have to do this you can just view it doesn't really matter you have to pay and it's just a test they're going to see does this get rid of most of the Bots or how does that work right so I think it's interesting idea there was a bunch of people losing their minds about on Twitter as always everything that happens people lose their minds

Twitter as much as I like it it's I'm I'm a very rational person so when I see so much irrationality I struggle I get annoyed and so Twitter just annoys me every day but anyway people were losing their minds and the main thing that I saw which was quite comical was people saying we decided that we would give up our data to Big Tech if they give us these applications for free right which we did I say this all the time now first of all we didn't decide that you know what I mean I don't think anyone decide that I think people just want to use them and it's free but that's kind of the exchange that has been like the agreement between citizens and and big Tech and they're like but now not only are you still taking your data but you're taking your money and all I want

to say is it's $1 per year they're not taking your money at all it's just a dollar that you probably lost a dollar in change out of your pocket at some point this year too like it's a dollar okay so like no they're not taking your money this isn't a thing for them to try to milk you for money it's an experiment to try to get rid of the biggest problem that we have in social media which is the tool that we all use more than anything and Bots are a massive problem and so if we can start to find ways and experiment ways to get rid of it then I'm all for it if I have to pay a dollar a year to do it who cares I mean I pay $10 a month because I I'd rather be verified anyway and let's let's be clear

you can still use Twitter even if you don't pay a dollar the what they're doing is they're saying in order to have right functionality like to comment to like to engage on Twitter you must pay a dollar and I love that they called this program not a bot like it's very clear what their objective is here and let's be honest as well they started in New Zealand and Philippines now I don't think New Zealand's probably the center of where all Bots are coming from but I guarantee you that Philippines is high on that list and Twitter can see that Twitter knows how many people live in the Philippines and how many people are every day from the Philippines adding

new building new accounts and they're probably like guys like there's way more new accounts coming out of the Philippines we got to stop this okay here's a way to stop this put in a dollar fee Twitter said themselves this is not a profit driver obviously it's not a profit driver and this isn't going to existing users even in the Philippines and New Zealand if you're in the Philippines and New Zealand and you're an existing user Twitter you don't have to pay this fee it's only new accounts which most new accounts out of the Philippines are probably Bots but also if they have 500 million users I think if all 500 million people did this and it got rid of all Bots and they made $500 million a year I'd be very happy that would be great now Twitter can go build more things you know what I mean

like the things that we use every day yeah so many people that listen to this podcast they rely Twitter one for their news but also probably for their businesses right like a lot of our listeners from our podcast have found our podcast because of Twitter they subscribe to our newsletter because of Twitter Twitter is an amazing tool and if I gota donate a buck to a year to make that experience better I would do that all day and anyone should you know what I mean I'm just gonna leave it at that anyway it's still just an experiment that it's not for everyone yet it only if it works so they're going to push this forward so like we don't need to be up in arms like let people experiment and try things so that we can make our systems and the tools we use better why wouldn't you want that all

right next up is our SBF trial update I'm going to hit you with just a few things in our SF trial update because in our next week's our Tuesday episode we're going to do a full episode on the SBF trial so tune in if you want to deep knowledge I want to go this trial because it's just too good and we need a full episode on this because we can't get we're doing the episode not confirmed on the guest yet okay don't tease who the guest is but we're going to do the episode regardless because I think that's where we got to go because there's just everybody wants to know what's going on in this trial okay I'll give you the quick quick Cole's notes though this one I just I was so good is spf's attorneys so they're right now in

the trial the prosecution is finishing their case and they're moving over to the defense's case and when they move over to the defense's case the question is will Sam bakman freed testify as part of his own defense there's always the question of like should the person being prosecuted defend if you watched any legal movies that's you always going back and forth on this and basically right now s big freed is not allowed to take his meds so he is has a prescription for Aderall because of ADHD and he's not allowed to take his meds so his legal team has now requested to the court that he should be allowed to take his meds because if he's going to testify they want him on his meds they want him on Aderall because they're

worried that won't be able to focus and then he'll I don't know go off script I guess do with that what you will that's just a bit yeah I mean that's that then there was also a pretty damning recording that came out so right before Caroline Ellison well sorry right after she finished her testimony which is probably like the most evidence that's been that's come up we talked about that last week where she basically said that as that Sam told her that they were doing all this illegal stuff and and she should still do it anyways and she knew it was legal but she continued to do it so the next one of the next people that took the stand was this guy Christian drappi who was a former software engineer at Almeida and high enough up

that he was in these like senior level meetings on the Almeida side and in one of these meetings somebody I don't think it was draffy himself somebody else recorded the meeting and so they had this recording and in this meeting she basically I'm trying to find the exact quote but basically what she says in this meeting is that they have been using FTX customer funds she admits it in this meeting and now everybody knows it and that they're essentially like they're they're screwed right now they got a big problem they've been using these funds and they need to figure out a solution to it and what this led to like this guy Christian draffy ended up quitting 24 hours later because he like

sat at this meeting was like this is so bad peace I met out so he quits after this meeting let me oh yeah here it is in this meeting he says Christian jaffy says on recording says I'm sure this wasn't a YOLO thing he asked for during the meeting like why did we just like all of a sudden decide this like why are we using customer funds we just YOLO into this or was like this a like strategic thing and it leads to this conversation where she's basically has to say that no like these decisions were made by the higher-ups incriminating Sam Bank M freed and yeah here we go again it's too good to be true this is made for TV uh courtroom

action wildness well I'm excited for the full episode to get a deeper understanding of what's Happening Here I followed it lightly but I mainly just get my updates from youj each week so thanks for for doing these on the Pod no doubt let's go into some quick hits before we wrap up Kai first quick hit Courtyard puts another 500 Pokemon cards on on chain yeah I mean the I mean we've talked about this a lot so there's not much to say here I think the big thing is they sell it within a second every time they do this now is this speculators or is this like people who actually really want these things probably speculators I don't know but either way I think this is just the beginning and we're going to see a lot of Collectibles like physical Collectibles go on chain and so I think

it's something we should just continue to watch yeah the thing the thing I love about this is like this is just Pokemon cards right like Courtyard their business model is like all physical Collectibles and bringing them on chain they're just using Pokemon cards as a marketing stunt right now and look how it's working so like wow there's product Market fit everybody everybody get excited about this makes me want to want to start a like Holdings and you know what you call them like a vault where you hold anything you store wine you store Collectibles like because I I feel like we we keep talking about this like you gave the idea of wine where you would hold it there and you could sell the wine and move it around but not actually hold on to it which is just better and cheaper for everyone and it

feels like that's a use case that can work for many things in the physical world and so like I feel like we're going to go further into a world where we just have many of these like holding vaults for lots of things and then just things get traded on on chain which is interesting completely all right next quick hit Jay you could go to Gary Vee's birthday would you go how can you go I would definitely go to Gary's birthday so if you are a V1 sorry if you're a v friend series one holder you can enter I don't know if this is a raffle or if this is an airdrop but basically a select number of vriends series one holders are going to get an invite to Gary V's 48th birthday and guess where it is it's at

Chucky Cheese stop how how freaking fun would that be not only you get to be Gary ve you get to play games at Chuck-E-Cheese pizza party included this is just the simplest but great utility done by be friends if there's one team that's continued to execute for their holders other than pudy it's V friends 100% yeah now but even their floor is dropped like crazy they're worth like done the floor is like two e which is I mean they were like time one e or something I think but yeah not getting the credit they deserve but I would agree yeah okay next up sweat economy enters the US in eight new countries his a sweat economy is the app that we actually all like the founder of it on the podcast a month ago I met him

when I was in has been and it's basically a an app that you move around and you earn points and then you can get discounts and rewards and different things like that non- crypto though so just normal there's 140 million users but since then over the last few years they have gave a way where they have another app where you can convert your points into sweat tokens actual like tokens of the blockchain where you can you know sell them into the the normal crypto economy you can buy things with them they have little games nft so like they've added a crypto vers they're probably one of the apps that are onboarding the most people into crypto but no one's talking about them because it's not near and so no one really knows like you can't really put those it's not on Dune so you can't actually track

their progress things like that they're onboarding the most web through wals I think of any application and they're not even in the US and now they're finally in the US so huge deal I mean in six or seven other countries so contining to see some great growth and they have a sustainable business model for this it's not like what of the other ones step in and the other ones are kind of like inflate tokens or whatever so yeah very interesting if you like to move around you want to track your steps i' highly recommend you get sweat app all right final quick hit hit me Kai the final quick hit of the day is Cool Cats just launched a new Avatar system yeah so cool cats one of the OG uh nft collections in the space has launched a new Avatar system basically what it does

is it allows you to build and customize your own avatar using You Guessed It Cool Cats IP now this isn't to try to make more nfts to deflate their current nft collection so couple ways that they're solving for that one is these are soulbound nfts I think that's really smart so these AR meant to be created so you can go trade them it's just for you to have fun to make a fun Avatar and they also get this this is like so classic in the n space they're frontward facing whereas you guessed it the nfts are sideways facing so that's another way you can tell that

it's the from their Avatar Builder not from the nft collection look this is the first time we've seen a nft collection create an avatar Builder uh Doodles also has this and I'm sure some other collections do and avatars are big in the space for the Young Generation like I'm not going to go make an avatar because I don't have a need or a use case for having an avatar online but if you spend a lot of time online and you spend a lot of time in different platforms you want an avatar to represent yourself because most of us don't show our a real photo anymore online we're moving more in this direction of having an avatar that

represents us and that's what cool cats understand they understand the Young Generation they understand that these people you know want whether you're on Reddit or whether you're in a game they want an avatar that is Meaningful to them and if you love cats and you think cats are cute boom you can go make one cool not cute cool you think they're cool yeah you can go make an avatar so look I think it's a fun thing my one beef I would pick with this is it goes back to the beginning of the episode we talked about sustainable business models we want to see more sustainable business models and I just I'm so sick of seeing nft collections launch not nonprofit generating products like this is a product that will not generate profit unless maybe they plan to charge money

for these avatars but then no one's going to build them so I don't really see that being the case I don't think there's a product Market fit for Avatar Builders that's very big I mean maybe I'm wrong but not that I know of so I would just love to see hey if you're an nft project out there please focus on building products that generate revenue and I get one thing I hear from a lot of Founders and I was speaking to a prominent founder earlier this week is this real fear of charging money for products because you feel like oh well my holders already paid a bunch of money for their nft I don't want to go build a product that I go charge them money for but you know what too bad so sad if you don't do that you're not gonna have a

business anyways you're gonna be out of business in six months so sack up and make a bit make a product that sells for money because that's the only way you're G build a profit sack up he says ladies and gentlemen Jay is laying down the hammer now thankfully Cool Cats I think got a raise at some I don't know how much I couldn't find it but from Amo we were talking about holds ecoin they also are the ones that invested in uh coolat so like they they probably have some Runway so they can do this but many other projects I wouldn't be copying what cool cats is doing especially if you didn't raise or don't have a ton of money I'd be focused on other things that's a wrap everybody thanks so much for listening in if you haven't got involved in the archain gift shop in

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