Web3 weekly rollup: BTC ETF ads, airdrops, equity NFTs and IRS crypto reporting

Transcript

GM GM welcome to web3 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 J bird joined by my co-host kle reidhead and we believe that the BTC ETF is going to change the world that's why we're carving a path for doers to confidently build and invest in web 3 what's going on friends first roll up back in 2024 we're excited to be here we've got lots to talk about what the heck is going on in markets we're going to dive into that just a little bit and cover some updates going on with the Bitcoin ETF although by the time you listen to this this thing might already be approved so who knows we're g talk about Mickey Mouse there's some stuff going on with Mickey

Mouse Disney nfts we'll cover what's up there aird drops Galore they are all over the place we want to make sure that you're up to date on that so we will cover some stuff going on there nft Equity meta there's some really cool I guess new ideas coming around with nfts where some of them are giving Equity to their holders so we'll talk about that IRS crypto reporting and just so much more we'll have our agrees disagrees and explain at the end but before we get out of that let's take a second of course as we always do to do some gratitude so Jay why don't we start with you what are you grateful for today yeah I'm grateful for family and friends this was the first time ever in my life that I have hosted Christmas at my own house and I'll tell you nothing makes you feel more like an

adult and more like making it in life than cooking a turkey and providing it as a family Christmas meal I felt like the most dad adult moment ever it was very good I I'll say the turkey wasn't bad it was uh I may have overcooked it a little bit it's tough to hit that Perfection keep it nice and moist but uh I was pretty pleased with the results nice that's impressive I've never cooked turkey yet and I'm 30 what AM my four years old so I got to get there someday he'll make it what about you man what are you grateful for I'm grateful to be here in Argentina I just uh traveled for almost 24 hours it took to get here our plane was delayed and honestly it's just

a really long flight it's like four hour flight four and a half hour flight and then an eight hour flight I believe it was something like that thankfully that eight hour flight we had our own rows myself and my girlfriend so we just lay down and just like try to sleep I'm really tall though so like it's still even tough to even when I have my own row but if I didn't have that my back would be broken right now so grateful for that and then um just grateful for buenus Aries Where We Are now we've had the day in just this morning to kind of cruise around and check things out we got some groceries we out the gym we're going to go to I'm spending a month here by the way it's beautiful weather and uh looks like a beautiful city so I'm

excited to explore I'm excited that you're there at the web tree Academy office if you guys are watching this on YouTube You're Going to see Kyle's new background the web3 academy office the team I didn't even know we had an office in Buena series Kai we do of course always there's actually another we actually have the the messy image up on the left side here I don't have it up today but we do have one where we're we're trying to Showcase and represent Argentina so I'll have to get that one up next time well love to hear it all right well let's start as we always do with the market watch Kai everybody I'm sure has been watching the markets closely because the Vibes are high exciting times and everybody there a question on everyone's mind is what is

when is I should say the BTC ETF coming is it going to come in the next week Kai give us the update yeah let's talk about all these things before we do that I just want to take a quick second everyone is listening if you are not subscribed to our Channel whether that's Spotify Apple podcast YouTube whatever please go and do so right now takes you two seconds just click the button subscribe you won't miss the next episode and it'll help us on the alos which if you really want to help us out then you can also do some liking some commenting maybe you want to share this on Twitter T us whatever you want to do make sure to engage it helps us grow it helps us reach more people so that we can continue to help people build an invested web 3 so let's do that okay

without further Ado let's get into the market watch so first let's just cover prices where are we at because this has been a wild 24 hours let's say although if you look at this chart it doesn't look so wild it's kind of funny just looks like a typical like this is the daily we're up you know 2.6% on bitcoin weekly we're up 1.17% monthly 4.75% so like just looks like it's all green it's up only really however if we dive into it and look at what happened yesterday doesn't show it on the screen right now but I can show it it was a wild wild day yesterday so that's around for Bitcoin is 44,000 right now so we're looking pretty good ethereum is at 2271 actually down on the week 4.6% so ethereum continuing to lag and then we have salana also down 4.8% on the 4.18%

on the week but up 4% today already it's still early in the day salana is sitting at 103 so and then the last one I just want to showcase is the eth Bitcoin chart which has been a very important important one to share a little while which is Bitcoin continues to dominate continues to dominate the market its dominance Bitcoin dominance continues to go up and as we've said all along this will probably happen until the Bitcoin ETF is approved then we think it's sort of like onto the next narrative and I think we're about to get there okay so looks like just a typical week everything's all good but if we move and look at Bitcoin let's say on the weekly we had a crazy crazy dip Bitcoin was sitting at $45,000 just yesterday morning okay then 45,500 yesterday

morning and then it basically dumped all the way down to 41,000 in a matter of like minutes and now we're sitting back up at 44,000 this is all in about been 24 hours so bit of a crazy ride for more details on this because I'm not going to go too far into it check out the market watch episode that went out on our podcast yesterday I dove deep into what was happening in that very moment I literally recorded like two hours after that big dump so check that out for more information I also then went into like what I think going to happen over the the coming year with a focus on q1 Q2 for for 2024 so check that one out uh but basically what happened for those that haven't listened to that episode yet and are still kind of wondering like what the heck just happened there was

this random report that was put out by some random company this not a big deal at all Matrix Port that basically put out this article just saying why the SEC will reject Bitcoin spot ETFs again and it went pretty viral on Twitter on X had 1.3 million views for whatever reason the market thought that this was real and a bunch of people started dumping their tokens but what really happened is we were extremely extremely overleveraged the market was not me in particular but the the market was overleveraged and so a bunch of people got liquidated a bunch of people had Longs on expecting the ETF to get approved and so prices would go up so everyone was just overleveraged and then because of this random thing it didn't take much the smallest little selloff

had this like Cascade Event where all these leverage longs got liquidated a bunch of people lost a bunch of money which is so wild to me that people are literally losing their money 24 hours before this thing probably goes live it's so crazy to me that this happens over a billion dollars in leverage was wiped out yesterday crazy feel bad for these people but you know what they probably had it come in anyway it's funny this Matrix Port if you go on their website they had two articles that went out about Bitcoin yesterday one was about it getting rejected another one was about it getting approved so like it's this was just some random opinion by some random analyst from some random crypto company like nothing just a pure nothing burger and it just wiped out

markets I mean I'm happy that leverage got wiped out that's always a good thing it allows us to go up more naturally and organically and sustainably so like it's not a bad thing now if you didn't sell your tokens during that ridiculous dump then you had the good news that came out a couple hours later which was the SEC actually scheduled some meetings with all of the or sorry with the New York Stock Exchange the nasda deck Debo but I don't know what that is anyway the the big exchanges that are going to host this ETF or a bunch of these ETFs I think basically just saying like look and this is my assumption is not for sure but look this thing's going to get approved here's what you need to be aware of kind of thing because obviously this is a really big deal this is one of

the biggest highly touted ETFs to go live since probably gold which was like I don't know 10 20 years ago whatever it was so it's a big deal they need to make sure everyone's kind of on board knows what's going on because there's just a lot of people excited about this that this doesn't normally happen like there's a lot of media coverage there's so many of these degens out here that are levered long obviously and so it's just a bit of a [ __ ] show because it's such a global asset so anyway they were just kind of warning them so it's likely that things are still just Cruise along as we've said by the 9th or the 10th this thing go gets approved however then this morning the chief legal officer at grayscale tweeted out just filling out some forms that's it which is not a big

tweet by any means but what's really funny is a bunch of of big Twitter accounts go breaking news Chief legal officer at grecale says filling out some forms but likely what this means is they're doing the final forms that are needed to put this ETF live again pure speculation nobody really knows but kind of funny that people get so excited over the just the most ridiculous things but as I said by the time you guys listen to this which would be Friday morning we are obviously recording Thursday morning this thing might already be approved there's some pretty big odds that it gets approved Friday and then almost 100% at this point that it's that it's approved by the I think it's the nth so either way I just want this thing to be approved so we can stop talking about it Jay I don't know about you but like I'm

just I'm done with this I'm happy about it obviously but like I just want to talk about other things at this point but what what are we if we can't talk about somebody tweeting that they're filling out forms I don't know how about reaking on eth how about new L2 Innovation like real things being built in this space instead of this damn ETF sick of it I mean I think the the ironic thing to all of this is it is such a lesson in not getting caught up in a hype cycle this is a massive hype cycle over the long term definitely not a hype cycle right but this is what happens even Bitcoin can enter a hype cycle even something that we don't believe is a hype cycle in the traditional sense of it being a

trend or a flash in the pan can be in a hyp cycle because everyone starts talking about it because people start retweeting inval sources like Matrix port or retweeting that somebody's filling out forms and doing their job and taking it as more and making it breaking news all these things just lead to a lot of volatility so just chill out do nothing like that is literally the best advice you can give right now you're saying you're not levered long right now for this sell the news or what are you thinking no well that that was was just gonna ask you that question Kai so the one question I do have though is I think everyone's asking this question in our Discord I'm seeing lots of people ask it is this a selda news event yeah if we continued on the path of up only

like we did in November early December I would say it probably would have been but I think over the last couple weeks we sort of chilled out and we haven't gone up you know at all since then we've just been up and down and especially with the wipe out yesterday I actually don't think it's a sell the news event at this point now that said I don't think we just like rock it to 100K as a result of this either because so it gets approved let's say next week it's anywhere from a week to maybe a month for these things to actually go live and so then people can actually buy I don't think that there's a ton of people lined up to just buy this thing at all so I don't think we like have billions and billions of dollars of inflows in the

first like day or weeks by any means so I don't think this is just like a rocket ship I think there's probably a quick pump as soon as as soon as it gets approved right we go up 5% or whatever in Bitcoin but this is just crypto natives this is just crypto people that are just spe speculating on you know this thing going nuts I just don't think there's a bunch of people lined up to buy this I think they would just anyone who's ready to buy Bitcoin is probably just actually buying Bitcoin right now or buying micro strategy or whatever and so I just don't think there's going to be this like crazy Demand right off the bat but I don't think we get a big sell either I just think we get a quick pump and then like it just maybe slowly grinds up I think where the pumps come

is actually going to be eth salana and like other smaller assets in the space probably like Stacks which is the LT on bitcoin probably just rips Bitcoin miners should do really well here coinbase probably does really well I don't think it's going to be anything too crazy it's going to be a bit of a nothing Burger early on down the road like I think three six months longterm part because I think macro is really good and just like we're in a bull market anyway I think the you know Bitcoin does really really well and I think the demand for the CF does pick up because there's what 12 that might get approved here and they're all battling to Market with each other or against each other and what the ETF does do is allows Pension funds and other firms and

just like I don't know Rich retired people to like put one two three four per of their portfolio into this and just allocate to it as like a hedge which is what a lot of these funds and people do with gold financial advisors this is like a typical thing for them to do it's like Equity buy your equities get your bonds usually 60 40% and then maybe put a couple percent in Gold I think now you have all the financial advisers over at Black Rock all them over at Fidelity and blah blah blah everywhere else all now telling all of their clients like put one to two% in this ETF as a hedge instead of gold or in addition to Gold I'm not sure so like and but that takes a while right they got to have their meetings with their clients they got to talk them into it

they got to show them the stuff like that takes time but ultimately that drives a [ __ ] ton to demand which allows us to reach the numbers that we always talk about of where Bitcoin could go in this cycle which is 100 200 plus thousand that doesn't happen without the ability like this opening the pipeline for more demand and more Supply to or more people to buy so yeah I think overall we're doing really good one one picture I want to show here of why I think this is isn't like going to be a wild [ __ ] show yet although we'll see how this changes but if you look at my screen here one thing you can do to see like are the normies here are a bunch of people here ready and like new people coming into space is you can just look

up Bitcoin or crypto on Google Trends so this is people just Googling Bitcoin Googling crypto and like we've seen a bit of a spike in bit coin and a little spike in crypto but not much compared to like last cycle so we're on Just for those that aren't watching we're at 24 for Bitcoin in December this is worldwide searches and last cycle we reached 67 so we're still like 3x away and the cycle before that we reached what is that 100 and so like we're still very small in terms of like new people coming in when new people here this is going to be up at 50 plus right crypto say same thing which is still pretty small so like I think we're just a ways away the other reason we know this is

Jay and I run a markeet agency that works with a lot of the big crypto influencers and so they have big YouTube channels which when new people come in their YouTube channels go nuts in terms of views and subscribers Etc and that's just starting to pick up now so it's it's way off you know past Cycles numbers that they had and so like when those start to Skyrocket that's when we know new people are coming in we're just we're still not there I would expect when this ETF is approved though those numbers start to go up because again we're going to see marketing ads and budget all over the place being spent hyping up this Bitcoin ETF we've already seen the like commercials on X like on Twitter those are going to be on TV they're going to be for Super Bowl ads they're going to be I don't know

probably on the Las Vegas Dome like they're going to be everywhere and so like the hype is coming for sure as a result of these I just don't think it happens like by next week I'm with you I think we could see a 5% pump and then probably a subsequent dump and then a slow grind up over the next 12 months and I still think that we end the year much higher than we are now you know I I could see us ending the year my prediction was that we would end at 100K on bitcoin that that might be a bit of a moonshot goal but I definitely think we hit all-time highs this year I think the point is you know we have to wait for everybody to come in just because it do it gets approved does not mean a whole bunch of new people come in it's just

going to it's going to be a lot of excitement and energy a lot of people are going to buy and then there might be a little bit of a of a dump afterwards or a resettling I mean the the easy thing to look at is remember when the fake coin Telegraph news came out what happened in that that was just what a month ago not even a month ago and we went up 10% and then we dropped 10% when everyone realized it was fake now like gone up that 10% since then more than 10% since then right but I think uh either way everybody be prepared for Bitcoin and crypto to take over your newsfeed to take over your friends and family conversation like we are entering a period where this is going to be one of the most talked about things in the

world and that brings a lot of hype that brings a lot of scams that brings a lot of fraud so you've got to very much you know don't get caught in it don't get you know don't get caught in the fomo make sure you're subscribed to our newsletter if you're not already subscribed because we are making sure on a more regular basis than our podcast we're giving you guys the updates you need in your inbox and yes stay tuned to our Twitter where we are always keeping you guys updated there as well because there's going to be a lot of fake outs there's going to be a lot of misinformation it's a good point like if you remember 2021 is when nfts and crypto in general were just like the talk of everyone right and it was wild and it hasn't been like that like I went

to Thanksgiving went to Christmas I mean I got most of my net worth in this stuff I have two companies in in this stuff not one person in my family ask me about it not one right right now they're my family's pretty old in small towns like maybe they never will I have no idea but like even in 2021 I had people talking about this stuff I got nothing and and I think most of you listening probably were the same like it wasn't a big conversation next Christmas will be very very different like you said there's G to be so much marketing budget everyone's going to see Bitcoin all over their TVs ads probably on social channels like everywhere and think about what when you just said that about like scams being everywhere I just thought 2022 early 2023 was like the low the peak lows right no one was talking about

this at all nothing was happening prices were at the lowest they had ever been companies were shutting down like it was like a terrible time to be in the space there was still tons of Fraud and tons of scams on social media people faking aird drops people faking this and that like and now when this thing becomes the eyes of everyone there's going to be 10x that 20x that and they're going to get smarter and smarter about what they're doing they're going to follow the trends and the narratives and so like it's going to be a tricky time and as much as we love self- custody it's also quite scary to have the responsibility to custody your own stuff so like be very we're going to talk about aird drops in a second and it is exciting but man do so many people get rugged when they when

they see air drops there was a guy we don't actually have this up but I wish we did to talk about this we're going to talk about the lfg airdrop there's a guy who owns a wallet company in crypto that is a wallet security company and he clicked the wrong link approved the transaction and got uh 200k stolen from him 200k drained from his wallet this guy is the founder of a crypto wallet security company so like it can happen to anyone and man you just got to be so so so careful so anyway we'll continue to keep you posted on what's good what's not good try to click links from either the exact company or like from us if you want to click on our news that's fine but even be careful with us like maybe our Twitter gets hacked right and they start putting out Sho links this is what

happened so like just read everything read the transaction your signing read the URLs like you just got to be so careful self- custody is great I was going to say sucks it doesn't suck it's great but it's scary it's great it's just early and when it's early there's a lot more opportunity for scam Netflix just released aund 100 a 90 minute documentary all about an Ico scam from 2017 and it makes crypto look awful so there's just going to be so much stuff coming out from every angle and it's going to be a exciting but a high energy year and high energy is what leads you to make

decisions take a deep breath and just go slow there is no rush here if you miss out on a 10% pump that's okay we're in this for the longterm the long-term potential and the long-term upside is much bigger than the shortterm here so don't lose sight of that yeah okay if you want to I just got I know this is not news at all but I just got to say I've been in Argentina for less than 48 hours and already I'm like oh my God crypto is the greatest innovation of all time there's I don't know how many people in in I think there's about 30 million maybe 40 million people here in Argentina and I can't even tell you how bad these guys need crypto like need it so bad I had to bring a bunch of US dollars here and then I need to switch

it into Pesos because that's what you their main currency is here that's you're G to use but like so there's a tourist exchange rate and then a like non-tourist exchange rate and then it's different everywhere you go so like I I get to the airport I want changed to my US Dollars and it's like well here's the tourist price here's the other one it's a huge difference I was like what what that's insane yeah and then I went to someone else and like they gave me a better I was like this is crazy and then you go and so when I got here 48 hours ago the the exchange rate was 810 pesos per one US dollar this morning I woke up it's now 811 Point like four it's getting worse every yeah it's getting worse every day which is thankfully I only exchange a tiny tiny

bit so most might sell US dollars in US dollars but like where do I even I don't even know how to go and exchange that now at a decent rate it's insane so I got every time you need to keep your US dollars every morning you need to wake up you need to exchange exactly what you ought to SP that day yeah yeah and I don't want to laugh because it sucks it it'ss terrible which means and I haven't seen it yet but one of our employees lives here and he's like man by next week the prices of the food you're buying will go up and I was like oh my God this is crazy that's crazy that's crazy anyway I mean I can tell you right now the crypto is like going to be the greatest Innovation we've all seen and so number will be up up up up only for

the next 10 years so don't worry about if we dip 3% today or after the Bitcoin ETF has approved that's ridiculous just buy well you know who is worried right now is Disney and I'll tell you why they're worried they're worried because they lost this past week the copyright to the original Mickey Mouse if you're watching on YouTube I got it up on screen here this is a black and white Mickey Mouse he's known as Steamboat Willie Steamboat Willie was like the original cartoon that Disney produced back in 1923 or 1928 all about this character Mickey Mouse and because this

is an American copyright and every country has different copyright laws but in America 95 years after the original creation of a copyright the copyright moves into public domain so you can no longer hold that copyright so what happened was it actually happened at midnight on December 31st so I don't know about you Kai but I woke up on January 1st and all of a sudden Mickey Mouse steambow Wily version of Mickey Mouse was all over my Twitter there's people posting memes about him and he's everywhere and it's because this character is now in public domain so anybody can now go and reproduce this character and commercialize it and sell

it is it cc is that c that cc0 yeah they call it public domain cc0 is the same it means the same thing public domain is like a a broader term for cc0 cc0 is create common zero same idea we've talked about ccz in the past with nft projects uh moonbird nouns our cc0 projects mfers a bunch of others so here's what happened with Mickey Mouse it was a really interesting story in our world is Alex to who's the founder of goblin town and Truth Labs who is a big fan of public domain and cc0 because Goblin Town is a cc0 project he said okay I'm G to celebrate Mickey Mouse going into public domain so he made a nft

collection on manifold charged $2 per nft zero royalties so he wasn't trying to make money off this he was more so just trying to ensure that Bots and scams didn't get them all and 2,000 of these nft sold out in less than an hour and then the price went up to ,000 for a $2 nft within 12 hours and they've subsequently dropped to about $100 so if you are one of the people that purchased this for $1,000 and thought this was the next mooning nft I feel very bad for you do not purchase a mooning nft these nfts are incredibly volatile especially one like this that is based on nothing it's just meant to commemorate this moment in

time when the Mickey Mouse and when the Mickey Mouse copyright went from copyrighted to public domain haven't you learned to stop haven't you learned to not tell people to not buy uh memes or like tokens and things that pump because we said don't buy Bon and look at what happened there well so here's what happened next is there's been a few other pfp collections that have launched using this Mickey Mouse character as well and then there's also been two tokens that they haven't launched yet but they're talking about launching Willie and Mickey are the two meme coin tokens I'm not going to endorse anybody buying a memec coin token I know we've been wrong on a few like Pepe and like

Bon but I also guarantee you that we've been right on a bunch that people were buying and that by listening to us and US telling you not to buy you probably did well by not losing a bunch of money look if you want to invest in these go ahead invest a small amount of your portfolio be the only very very small be ready you know what is interesting about crypto that I keep noticing is we've got a cord or I don't we call a string on everything that happens in real world events like this Mickey Mouse thing had nothing to do with nfts or crypto and yet boom meme coins and nfts of this thing that happened related to it moon it's like a predictions Market you know what I mean like it's done in a weird way with mem coins like there are actual

prediction markets where you could do you could bet on anything basically in crypto in the real world which is cool but like this is like a live I can't even know what it is yet but it's like anything that happens there's somehow some sort of crypto thing related to it where you can make or lose money and it's it's just interesting it is a social layer of the world expressed through value in these weird weird weird ways that I think we just don't really comprehend yet well well said and two of the ways that you can express value that you could never express value before were One is using IP and nfts that is an entirely new way to express digital ownership of Ip and we're seeing a ton

of the most successful nft projects so far have really leaned into IP as their business model pudgy penguins being the most obvious and then also we're seeing this opportunity to create value with a fungible token with a meme coin and build a community and then build a business on the back of that Community which also was not possible before now you have governance now you have voting there's so many elements of this that yeah I mean just it shows how world changing this technology is absolutely well let's go from Mickey Mouse to our new segment that we're starting because we want to keep you guys up on top of airdrops and this is our airdrop segment we're going to every week break down whatever airdrops are coming at you that

you need to know about that you need to be watching and we'll keep you updated on the airdrops that we've already talked about because we talked a lot about them in our recent newsletters if you want to learn about how to farm some of these aird drops make sure you go subscribe J did you just did you just make an executive decision that we're going to do this weekly I didn't know that this is a thing I did make an executive DEC actually live on the show we made call yesterday it wasn't just me I was like oh wow all right so Jay you got up on the screen there the first one we're going to talk about here is Jupiter so Jupiter is the basically the Unis swap of salana and I say that meaning that it is the decentralized exchange that's on salana that is just

massive and has honestly grown so much just in the last month because of so many people coming over to salana but they did their snapshot early December and they are launching I think it's about a billion tokens coming up in sometime here in January we don't have the exact date yet but they've announced it's coming so it'll be this month and I think this is a a pretty big deal so first of all they're only launching I think it's oneth of all the tokens that they're going to give out to the community so if you are on salana continue to use Jupe when you need to exchange things because they will give more tokens so this will probably be the biggest one in terms of what this token is it's just a governance token same as like what Unis swap is but they do have

goals to eventually iterate this token to become basically a full currency ecosystem and economy so like they I would bet they front run Unis swap on adding the fee switch so Unis swap has continued to be a governance token for what is it like three years now everyone's been waiting for the uni token to generate reeven Vue from the protocol they don't want to do it it's a US company I don't think Jupiter is a US company don't quote me on that maybe I can Google that on the show here while we're talking but pretty sure it's not which means they would be able to turn on the fee switch um and uh I think that would be a massive narrative if they did that so fairly Bush there I think jupe's going to be a big one I think it's going to be over a billion dollar market cap

or FTV when it when it gets launched so should be as big or bigger than goo the only thing I would say is I don't think people will get $10,000 minimum like all the goto people got that's because goo dropped their token to only 10,000 people or wallets this is going to I don't know tens of thousands might even be hundreds of thousands I'm not sure but it's going to a lot so I do think the token will do really well and it's going to be a big airdrop for those that are involved here so kudos to everyone that that is I don't think that I am can't remember but hopefully we will all get this for for other ones but it's G to be a big deal it's going to drive the narrative even further I think air drops come even bigger deal as a result of

this just because Jupiter's so big in the ly because system so anyway continue a US Company New York oh it is [ __ ] too bad oh New York too okay then maybe they don't do this that sucks most of the salana most the reason I said this most of the protocols on salana are actually outside of the US so anyway here's where it is all right all right next up keeping in the segment of airdrop updates let's go over to Dimension Kai what's Dimension yeah so Dimension is another airdrop that was just announced here uh and basically it's another part of the tech stack think of it similar to like Celestia it is a it is on Cosmos so it has its own app chain just like what sesia did but it's another part of of

the tech stack for blockchain so a little bit technical so I'm not going to get in the weeds of it all but what's really cool is they are doing I think we'll see this theme more often is they are doing an airdrop you can claim it right now for the next I think there's maybe 16 days left to claim it and then when it goes live right now it's not on mainnet beta or it's not on mainnet when it does go main net they'll drop all the tokens but what's cool is the people that can claim this airdrop are anyone using ethereum l2s so power users on the L2 fronts so if you use stb you use optimism Etc you are likely eligible to get dim tokens or dime I'm not sure what what that is dym whatever that would be and so you would get those tokens anyone

who's used various different protocols on salana I think Jupiter was one of them and a few others so if you have a salana address go and check the claim uh and see if you can get it anyone who's used Celestia staking anyone who's used osmosis so these are all different chains anyone who's used Cosmos so there's like I don't know seven different chains and you have to do certain things on these chains but that are all eligible for this airdrop so really cool to see like these cross chain airdrops Celestia did this so Celestia air dropped to people who were using ethereum as well as cosmos and so these guys are doing the same but they're kind of going more broad to a bigger different demographic and so just think that that's really interesting

Dimensions is legit so I think they're going to have a fairly decent size price but not sure I don't think it'll be Celestia size but it should be pretty good but again this is just like most people couldn't have guessed this was going to happen especially if you're on a chain that has nothing to do with this but it does pay to like be playing around and doing things on chain especially right now because there's just so many airdrops coming and so the more that you test out the more that you play around with and do the more chance you have to get aird drops because these guys are all aird droing because they want users right they want people to know this is marketing for them and it's also helped to fund people to build on their on their Tech and so how do they

find these people well they find it from wallets that are doing things on chain so if you do things you get lucky but it's not really lucky if you just do it because you know you're going to get something so anyway pretty cool to see this I think D is gonna be a good one it's I think they're still a couple months away from dropping their token but they've already done their snapshot so you can claim it today the link will be in the show notes for you it's Genesis . Dimension doxyz don't click on any other links that are not that exact URL but that's how it's going to work all right next we've got one more this one's kind of interesting this is lfg this is the guy that got rugged so lfg is what does it stand for I can't even read what that there was less effing gas

gas yeah so this is like a vampire attack on ethereum which kind of so this is a salana token a salana company that is airdropping tokens to ethereum users in order to claim the tokens you need get a salana wallet and claim it on salana so if you want your money and you're an ethereum user you got to go over to salana which is like a vampire attack to like bring and Bridge people over which is quite interesting now this is a token for people who have guzzled and used a lot of gas on ethereum so they're looking at driving bringing the whales over from ethereum to salana now this is not a big airdrop it's not some big protocol or company or anything it's just a marketing Stunt by who I have no idea the salana founders were big on retweeting this like maybe it was

actually them doing this to like Drive some traffic over I'm not sure but anyway this is competition so we love that and we love it even more if competition means we get free money but anyway you can click on the link which is and watch there's tons of fake ones on this click on their Twitter profile and it's in their that's where I would recommend you do it is on the Twitter profile for lfg which they are L FN gas is their Twitter handle which it's lfn and gas.org it's.org there's a bunch of Dooms out there be careful so anyway less fees and gas oh sorry less fees and gas that are good and so honestly if you haven't done a lot on ethereum you're not going to get much here so like I wouldn't even worry about this I didn't even claim it because I just I don't pay

a lot of gas fees because I moved everything to l2s so I just my wallets don't accumulate like there's people that have spent hundreds of thousands like zenica who comes on our podcast a lot he was in the hundreds of thousands he spent on gas fees so he got a bunch of lfg but he got like aund hundreds of dollars worth of this air drop so not a ton versus spending hundreds of thousands which is crazy yeah but anyway this is another one the the key here is just like there's going to be so many whether it's to decentralize protocols or it's just marketing like be ready because there's so many but be very very very careful because this is the guy that lost 200k he clicked on a wrong link wrong link because in the comments of this announcement tweet was a fake URL and unfortunately people click on

that so anyway lots going on in this airdrop so it pays to be a user on chain we got even one more coming at you here and this is one that came came over came over the break it actually came right before Christmas but we uh didn't get this in because we didn't record a rollup last week so we want to make sure you guys are up to speed so this is frame frame is a new ethereum L2 that is focused on nfts it's an nft Centric L2 that is aiming to be the Creator L2 by using a new protocol that they have built that is going to enforce Roy royalties it's called pallet protocol and I don't know the technical details

of how it enforces royalties but basically their claim is that they're going to build this L2 that is focused on enforcing royalties at the layer the network level which would then if this can work this could be the choice for creators to launch nft collections particularly artists and those that are looking to profit off of royalties which as we said from the beginning was such a great opportunity of blockchain to put money back into the original artist's hands now when you look at this project it's a who's who of backers they are backed by Who's involved in this I got Luc Nets nine gag CEO Ray whale lupy

dingling I think that uh Electric Capital I love how you're laughing at these these names I'm getl wh like I know Electric Capital was the initial fundraiser behind their their first round that they just closed in December so you've got a big team of advisers behind you which is another reason why they got a lot of attention so they're not in mainnet yet you can go to their website let me get the uh link for you here I believe it is frame doxyz but I will confirm here yeah it's frame. XYZ and you can see if you're eligible you can claim tokens now you won't be able to spend them or use them you won't CL you won't get them yet you'll just enter

the claiming and basically anybody who has traded an nft on ethereum and paid royalties this is the key you won't get any credit for nfts you pay Royal based on your the amount of royalties you've paid so like volume and then did you actually decide to pay those royalties which is I love that that's great which is great right so they're gonna they're gonna finding their target market right yeah exactly these are the people that would get loud and support them because like this is I believe in this I pay royalties myself I want to support a is this a layer two is that you said this is this is a layer two or is this a protocol it's a layer two yeah yeah that's cool see I mean immutable does this right like immutable allows for enforcing royalties at the protocol level right so ethereum does not have

royalties at the protocol level neither does like salana Etc none of these do and so as an app you can't enforce them but when you change the the protocol layer which is a layer two for example anyone an app that goes on top of layer two you control as you make that layer two whatever functionalities you want just like blast and Manta have made it that if you hold any eth or any stable coin on their Layer Two it automatically generates yield because it automatically swaps it into staked eth and then your usdc into whatever and so I think it's m USD And So It Auto makes there be yield for whatever stable coin and eth that you hold so the same is true with L2 with these LTS is you can also make it

where it auto enforces royalties and it's just part of the of the layer that you're building your app on top of and this is the one thing that's really cool about layer twos that the monolithic choice of building a blockchain like so what Salon is doing it just doesn't have this expressive expressivity that l2s can do because each L2 can be completely different immutable can have zero gas fees and enforce royalties frame can keep gas fees but enforce royalties Manta and blast can have gas fees but enforce yield like you can do all these things depending on what ecosystem you want uh to have underneath and so I think l2s just are going to have this incredible Innovation that people are not quite wrapping their head around yet even I haven't because this is just royalties and yield there's probably

going to be so much more that you can bake into the protocol layer of a of a layer two and I'm just uh I mean already it's basically been a month well when did blast launch a month and a half ago and so a month and a half ago we saw our first yield baked into the protocol now we're seeing royalties baked into the protocol like what else happens that's what makes me so excited about l2s it's just going to be it's really really cool to see this and then because this is backed by so many big people especially in the nftd space I can see this being really cool this connects back to your one of year predictions for 2024 and the L2 narrative continuing to grow which I completely agree with even though right now it's not getting much attention at all salana is taking over the airwaves

yeah I mean the tokens have done really well in the last couple days the week so arbitrum optimism have been crushing it so Crush it's coming price drives narrative right so the price goes up a little bit more and all of a sudden all eyes are on l2s and that's what I think happens as this EIP 4844 goes live which you want more of explanation of what I think happens here check out my episode from yesterday okay let's go to the next story we actually got two stories together here two nft projects over the last two weeks made big announcements the plague and wrecked guy both gave equity to their nft holders so first was the plague on Christmas morning love this

you know a Christmas gift to all your nft holders you woke up on Christmas Day and you were given Equity shares real shares in the company I don't know the name of the company behind the plague I don't know what their corporation corporate name is and I also don't know the technical details of how they were doing this and I'm also concerned about the regulatory the both these projects m not be American because there's no way you would do this in the US right now because there's clear I mean the US government would for sure come after you for this they've already gone after many other nft projects not for giving Equity but just for seeming like they were giving Equity so right we'll see but this is a very interesting idea and Kai

would love to get your your thoughts on this but I'll go first if you have an Engaged community and both these projects do both Rec guy and the plague are wellestablished projects that have very engaged communities and you want to build something big well the best way to build something big is to get a Bild a big team you need Manpower you need team members to do the work and the best way to incentivize somebody to do work is to give them Equity if you give them Equity then they have a reason to put in more effort in order to grow the brand in order to grow the company and they as a result hopefully will push everything forward that's what we a lot of us kind of thought of nfts in that way from the

beginning and then we quickly realized oh wait you're not an equity there's a clear difference very interesting I I could see this being something that plays out over the next year and we see more projects doing especially if these first few projects can show some real results now does this mean that they're going to have results no not necessarily all these people could just take the equity and then do nothing so we'll see how it plays out I I could definitely see more doing this because I think now nft holders from all projects are going to be yelling at their Founders to be like give us Equity give us Equity look these guys did it so like out of pressure it probably happens do I think that this is a good idea probably in circumstances yes I think everyone

always goes so black or white I think absolutely this is a great idea to be able to do this attach Equity to onchain Holders like onchain users like sure that's a great idea we love that do I think most should do this probably not the reason I say that is so like first of all most people that launched nfts I'm not saying are regretting it but we're like [ __ ] this is way harder than I thought because all these people think they're owners and now instead of like you know catering to a board of five people that are actually owners and investors like who know what they're doing and like can be supportive and help and don't need me to tell you what's going on in Discord every day like that's hard enough and now to do it to like 10,000 people like that has been

a a wear and tear on people's mental health that have launched pfp projects and we've talked to many of them so now this takes a step further because before you could be like look you don't actually own anything in the company so I don't owe you anything so like leave me alone not that anyone actually some people did that like you you wouldn't that's not a good thing to do I don't recommend that now though you're actually giving Equity what I like about these guys is like you said they're both well established they have a strong community so I I do think there is some benefit there the only thing I would say is like I feel like if I was to do this I would want to reward certain people not everyone that has a nft and I know they had some like if you did certain

things you got more which I think is the right way to do it I would be very selective of who i' would give this to but I'd want to give Equity to certain holders ones that maybe have just never sold ones that are very active and helping in the Discord uh ones that have you know provided whatever some support in some way like I would have criteria I wouldn't just blank it give it to everyone I just think yeah if you're giving it to 10,000 people that's just that's Equity man so like now you actually do all them stuff and that's I don't know that's a lot to me well and that is definitely one of the big reasons not to do this in my mind is just the administrative requirements as a result of them right that's what I mean this is a ton of legal

documentation and work yeah we're not talking token Equity we're talking LLC and C Corp Equity like this is that's a lot now maybe they did it in a way where they gave 10% of the LLC to a Corp which then these nft holders own that one Corp and so like it simplifies things maybe but yeah I don't know now when Equity just becomes tokenized and you're just giving tokenized Equity to token holders of nfts like that's easy and seamless that's I mean that's one of the beautiful things of what web 3 does is it allows you to give value to anyone seamlessly and you need to know who they are have kyc so like that I'm bullish on at some point but giving to like LLC type Equity this is yeah I don't know

what that administrative work would be like the other interesting thing here I was just reading is from the regulatory perspective they're classifying this as a gift so that removes any expectation that you would receive this so it's no longer a security because you were not expecting this when you purchased the nft it's just a surprise gift and that's look I'm not a lawyer but that's what they are saying is that's why they they're not concerned about any regulation backlash on this okay next up a new crypto tax reporting rule from the IRS came out and took effect on gen one and we just want to make sure that

everybody clearly understands this all of our American listeners at least basically this is a new rule that says if you receive 10,000 or more in crypto this could be an nft could be an airdrop whatever you now have an obligation to report the transaction in through this long form ridiculously long form to the IR us within 15 days under threat of a felony charge and you need to report their name their address their social security number etc etc yeah okay so I got a 10K air drop from jeto I got to go figure out Jet's social security number and like what like I don't even so that's crazy or like someone sends me

from some random wallet they send me money for I don't know like whatever and I just got to figure all the stuff out like that's just insane it makes no sense now here's the thing that should so what's funny is everyone's like we're all going to jail we're all going to jail that was like the meme when this came out as far as I know and don't quote me on this for sure but from what I saw there's a couple lawyers that were tweeting about this and saying just so everyone knows this is just for businesses you don't have to do this as like a as a person of the US so which would make more sense but still I mean I'm trying to think of ways where you would just some random would give you 10K worth of stuff in your wall like it

doesn't really happen other than I guess aird drops but in that sense like you would know the business like I could probably figure out the information I needed but I never am going to do that nor do I want to but I'm also an American so I don't care but this is just ridiculous it's one of those things where passes but there just no one can ever no one can actually do this so I don't know where this goes but it's a bit ridiculous all right another piece of news that came out this week did ethereum by Solana what's going on here uh ether scan purchased Soul scan to expand their block Explorer Services which led a lot of people to wonder if e ethereum just bought salana ether SC I

don't know about a lot I just we saw a tweet of that which I thought was hilarious but this is quite interesting and not something that I expected or just I guess I never even thought about it which is so one ether scan is a block Explorer for ethereum it allows you to see all the transactions and everything that's happening Soul scan is the one for salana and so ethereum obviously been around for a long time scan is you know five six years old at this point they've got funding they've got a lot of money and so they bought their basically their competitor com competitive version but it's not really competitive because Soul scan is only for salana so it's it's a great addition to their current blockchain service right so it it's a amazing idea but it got me thinking does this become a trend and I wish this

happened last year because I would have made this prediction I could see this being a trend in 2024 of ethereum companies buying up their I don't want to say competition because it's not some of them I guess it would be but they're counterparty over on salana because it just helps to diversify their like their service right in different ecosystems be like someone in Canada that does whatever service buying that same service over in the US or over in Europe right like you just want to expand and this is a great way to do it another jurisdiction very common in normal markets first time I think this has happened in the crypto ecosystem world where one person or one company buys one in another EOS system and now I wonder do do a bunch of protocols applications on ethereum which the reason I say this

is they've been around for forever they have big funding by big players they've got big companies they've got the lawyers they've got all the stuff whereas Salon is all Scrappy startups because they're so new it seems like the perfect opportunity and so I I think we see this trend continue which I did not think was going to happen just I don't know two days ago well welcome to the world where one day to the next Everything Changes the price of the Argentinian peso okay let's jump into our wrapup segment which is agreed disagree explain excited to hear some early opinions early on in this year Kai first up I have our friend whale. Moka whale's

a leading influencer on Twitter and I've got a predictions report sorry predictions poll that he did on Twitter uh which over 3,000 people participated in so significant results and I thought it would be fun to take a look and see if we agree or disagree with this so first first one is which Marketplace will have the biggest marketer in 2024 he put up blur looks ra magic Eden and openc blur won with 43% of the vote look rail got 1.6% magic Eden got 31% and openc got 23% so for me the thing I don't know is market share of what users volume fees like that's what I don't know and so if

it's users I think probably this goes to open SE or magic Eden I'm gonna say probably openc though although I don't know magic Eden's been doing some cool stuff but open C I think already wins here by long shot so I think if it's users it's open C unless some one of these launches another token or something I don't know but I mean magic geden has never luned tokens so and so I'm going open see on that if it's volumes probably blur continues to lead so I do agree with that one and then in fees Well it can't be blur because blur doesn't make any Revenue so it would have to be open t yeah I'm gonna go I definitely think in volume it's blur I think blur has clearly shown I thought they were going to drop after the season two air drop in

November I I thought blur was going to be done and they did the opposite they came out with blast they gave all these incentives for people to stick around that's because there's still another token incentive right that's right right but but the main thing though was it wouldn't have worked if the blur token dropped but the blur token has maintained true yeah and that's the big thing actually gone up had a big was gone up so all those people that not everyone who farmed did well like maky big brother and a lot of like the bigger Farmers did not do well but screw them but a lot of like the smaller Farmers did do well so and also blur just has such a great reputation

they've now got blend that's doing well they have blast which is not tied into blur yet but will be eventually obviously so I'm gonna say a blur continues I like magic eeden over openc but open C's got a much bigger piggy bank so if they can just learn how to spend their money better they could probably figure it out well the only reason I think magic eeden may have a like an upper hand here is because they're the big Salon ecosystem one and salana is obviously picking up a ton of steam especially in this space for nft so like I don't know M could but there's also the competition of like tensor and some of the other big ones Marketplace on salana so like I don't know who knows in this world okay that's our W whale prediction for 2024 let's go to our next

tweet in this tweet I'm just going to read a portion of this tweet this is from sammy. Moka and he is referring to punk 6529 tweet on January 1st it's a long thread so I'm not even going to go through it but Punk 62 6529 made a thread on January 1st about his predictions for the nft market and he basically says that he believes that the nft market cap will be two will be $1 trillion by 2030 Kai agree disagree so for context we actually looked it up just before this the current market cap is 32 billion so this would be a 30X to get to this point in the next what is that six

years which I mean seems like in the crypto world not that big of a deal but obviously this one's a little bit different I I think it's a no-brainer when you like if you read this thread they're talking about including like real estate right because eventually the like real we'll have real estate as nfts and tickets as nfts and like everything that goes digital will just be on chain and so when you think of having all those then like okay this is a no-brainer but even without all that stuff I feel like this could get like even where we're currently at I feel like it could get there if you don't include the real world asset stuff I think we still get there which is is quite interesting but um yeah I agree with this one for sure just because I think everything moves on chain I I

agree with this one because six years is a long time for yeah a technology that is innovating at such a rapid rate right now like we don't even know what is going to be an nft in a year let alone six years and as you said value onchain is has tremendous features that are not offered off chains so I think yeah no-brainer agree 1 trillion by 2030 okay next up we have two tweets here about the decentralization of eth staking and a little bit of a conversation here let me read the first one this is from mert who is the founder of helas he says okay

sorry just catching up correct me if I'm wrong but isn't reaking adding massive fragility and cascading risk to a decentralized system and then let let me read one more tweet and then Kai you can jump in Austin federa says correct it's basically 2008 all over again if something goes wrong with the base collateral yeah so okay first is don't get your ethereum news from salana people right they know the salonis they don't understand the theism to be like asking someone in Canada to you know that only knows Canada to comment on like Chinese politics or something right like it's just because they know politics and can doesn't mean they understand Chinese politics very very very different and so that's my first one because Austin federa is the like

head uh PR person for salana and then mert is like the salana bow that just doesn't get off Twitter and he's just wild over there so anyway is reaking this big like potential risk so for those that understand what reaking is reaking is let's first go staking so eth you can obviously stake your eth or Sal or whatever and you can get these derivatives from it right so I can stake my eth in rocket pool and I can get our eth as a result and then I can go use that in defi but it's it's basically one to one right I throw my eth in this contract I get the same amount back in re eth and then the yield that comes from staking my eth just goes into re eth and I just earn whatever I get right so not much additional risk to that what

this is doing what reaking is is you can take that stake e and stake it one more time but what's happening is the validators that are actually holding on eth and and holding on to that as the stake they can then export that to go and secure other networks that are not just ethereum at this point so whether that's other l2s other decentralized systems peer-to-peer networks like things that like are not even in the ethereum ecosystem so something else it's just exporting the security of ethereum and when I say that it's exporting the validators to do other things so it's sort of leveraging your St like it is leveraging but it all sort of goes at the same it all moves up and down based off eth you're not moving into a different asset right so they're all um correlated in how they move together so there's that the only way

that this goes bad is um slashing so if a validator I don't know turns off or like doesn't do what it's supposed to do or does something in a bad way it can be slashed its eth and so if that happens and it loses eth well now the restake token should be is actually no longer correlated to what the eth price is and then the restake one is even worse right so like you're adding a little bit of risk to that underlying collateral that can only happen from if they're slashing other than that you're all good so is there additional risk yes is this like the 2008 potential financial crisis like absolutely not and the reason I say that is a few things one the big problem with Leverage is when Leverage is not transparent right leverage itself isn't

the worst thing in the world if it's done at least with some sort of good risk management the problem is is when you can't look at risk management you can't see the underlying collateral that's when things can spin out of spiral out of control that's what happened with 2008 people just kept buying this thing because they thought it was safe and they couldn't see what was underneath of it when things are on chain though you can just go look it's very very easy and so if we think about what just happened in the crypto markets in 2022 in the bare Market there was leverage in onchain World there was leverage in the centralized World which ones blew up like the 2008 financial crisis only the ones that were offchain because you couldn't be transparent you didn't know so you couldn't cover up your collateral you couldn't remove your

Cloud you couldn't like do anything about it in the centralized world so Celsius Voyager FTX blocki they all blew up and everyone lost their funds nobody lost funds in the onchain world because we were it was transparent we could see what was happening and so it's not that Leverage is necessarily the problem it's leverage Plus opaque not being able to see what it is that is more of the problem so yes there's additional risk no doubt but there isn't additional risk in the sense that like it will all go to zero it just might get slashed a little bit and now can that have impacts yes but once again when it's on chain at least it's transparent and everyone can see what's going on the other final thing I would say is the way that igen layer works right now which is this is the reaking protocol on ethereum is it's

still not fully open to anyone and so the stakers that are reaking they are professional ones they are like specific ones that have been vetted and that are like a part of the igen layer like ecosystem it is not just any random person so like I can't just go and do this you have to be vetted basically so they are doing a lot to mitigate the risk now eventually that will get opened up fully but they'll have security and system to like sort of figure this out doesn't mean again that nothing bad can happen of course something can but it's not like a 2008 financial crisis where everything will just go to zero there just might be some impacts if something did happen but I think it's nothing like what they're saying so again don't take your eth advice from a salon person

that's all I would say getting getting very technical into reaking to start the new year if well we're gonna do more on that we're gonna have to do some episodes on it because I think it's one of the biggest narratives that are going to happen yeah if you guys want to hear more about this let us know because uh we definitely want to keep you informed if you want to learn more about Igan Lair and reaking it's something we've been talking about internally for the team in the team for a few months but haven't really dove into content yet Kai thank you for keeping us up to date as always that's a wrap first show of 2024 Vibes are high feeling good heading into the New Year I hope you all had a lovely holiday great time with your friends and family hope you rang in the

new year with lots of Celebration and excitement it's going to be a fantastic year ahead if you don't already do so please follow us on Twitter follow us on Twitter subscribe to our newsletter give a review on the podcast I'm so pumped up to start 2024 I can't even speak properly let's go everybody have yourself a great week I think I just lost 3% on my pesos during this episode so I got to get out and go buy some groceries or something with it before goes to zero go quick go quick all right friends thank you and I'll see you the next one thank you for listening to web through Academy you're one trusted source to capitalize on the next big phase of the internet if you enjoyed this episode please share it and

subscribe or follow so that you don't miss the next one while you're at it there's a link in the description for our free newsletter where we provide timely and relevant web 3 insights so you can confidently build and invest in web 3 make sure to subscribe today one final note this podcast is for educational purposes only and nothing we say is financial advice crypto and web3 are risky and you should never invest more than you're willing to lose thank you friends and see you in the next one