Web3 weekly rollup: US crypto regulation, the Optimism theft and the BAYC hack

Transcript

what's up friends welcome to web3 academy a place for entrepreneurs creators and marketers to explore and learn how to use web 3 to transform business models and create thriving communities enjoy this next episode gm friends what's up web3 doers welcome to web3 academy it is the weekly roll up i am jay hamilton coming at you from toronto this week and as always i am joined by my buddy my fellow co-host what's up kai what's up anyone else a little weirded out that he said gm just once usually it's gm gm i was i was playing around with it today actually

last night before i uh we got a good we got a good show today i'm excited to be here roll-ups are fun you know they're just they're just a lot of fun they they really aren't there's no shortage of news so what do we got today uh we've got some stuff on regulation coming out of the u.s uh we're going to dive into this 69 page legislation bill that is being going through and you don't need to read that 69 page we're going to tell you all about it we're going to talk about uh some i wouldn't say necessarily fud but some security and safety issues happening

and making sure you guys are informed about those and staying safe out there uh we're gonna talk about nft innovation and utility there's always so much happening in nft space uh we're gonna talk about the ones and twos what's going on in layer ones and twos we're going to talk about web3 jobs we're going to talk about community and what's coming up over the next month some pretty exciting conferences and events coming up which i will be at some of them so hope to see some of you there uh and we're gonna wrap up with some fun stuff and our dow of the month oh baby but before we start

kai what are you grateful for today oh my gratitude today goes to the team at webthere academy uh we've got a we've got a team that's doing a lot of content a lot of work uh jeremy raul thank you both um raoul in particular is new young guy and just out there grinding and uh he said he was gonna get us a bunch more followers on twitter and uh we've gotten like almost 100 in a week so he's i don't know what he's doing but he's whatever it is he's doing it right uh so very grateful for them uh if you guys want to help raul out because raul's stud and we like rebel and if i want you guys to help raul and so what i ask is go to our twitter right now and

follow it it's web 3 academy with an underscore at the end uh the link will probably be in the show notes i hope uh but go follow twitter let's help raul he wants to get above 500 followers uh and on the road to a thousand so help him out and and give us a follow on twitter and actually we just launched on instagram too um so we got some content going there so if you're on instagram follow us there it's the same thing web through your academy underscore what are you grateful for jake love it love it shout out raul uh uh i'm grateful for discord uh and i might not say this very often because discord's a lot and i'm sure everybody out there all about doers listening to

this might disagree to be grateful for discord but i think if you're grateful for something you know change your perspective and i'm grateful for discord because it is allowing us to build online communities and community is so important because it gives you a place to go to collaborate with like-minded people and and ask dumb questions i really appreciate the discord communities i'm in uh web3 academy shout out to all of our members uh jump uh the 333 cub zen academy noun dow all these discords really really proof moon birds really great

places where i actually feel comfortable asking any question and that is something that is really powerful in human development and growth and you know we all need to be able to it's okay to ask any question all questions are good questions so yeah thank you discord for helping us build online communities bullish digital communities bullish bullish weekly roll-up bullish thursdays isn't that what we said the discord that's what we said bullish thursdays nothing is polishing these markets right now but let's let's talk let's let's let's be optimistic as always what's uh what's the web 3 word of the week kai where the week is regulation we've been

waiting for this uh we've been waiting we've been saying that regulation is coming we've been saying that regulation will be good for the industry uh and now we have a huge bill that's come out um and i mean it's not live yet and i'm sure it will change and uh and all that but um it's a pretty decent framework and covers like almost everything in the space uh from dows to stable coins to securities um taxes all that kind of stuff so uh it's big and um we'll see where it goes but i think it's good i i think it's good too i think we we all need it and let's let's let's jump right into it so so what's what's what's happening with

the regulation kai what came up before we get in the news remember we're supposed to do this before we get into the show friends we need your help what we need is for you if you are watching this on spotify or apple podcast or maybe it's youtube we need you to subscribe and we need you to like we need you to share and more importantly if you're on spotify and podcast we need you to review if you like us give us a five star if you hate us i mean give us a one star i prefer you didn't do that but like maybe we suck and you know what radical cantor is the thing that we practice and uh and tell us if we're no good but please just give us some reviews um and subscribe because it helps uh get us up on the algorithms and

uh and get our content in front of more people and right now that is our goal so help us do that please and thank you we love you let's talk regulation um scroll down jay so as i said this bill covers lots and lots of different things um some of the highlights i guess you want to keep scrolling down and we'll just sort of look at what we have here is jeremy or sorry jake um travinsky who i've talked about before is like one of the leading i guess lawyers in this space um but uh basically he sort of broke down some of the um just summaries and things that that he's seeing in here um i guess this is bipartisan which means like both sides i don't know the left and right whatever like they agree they both sign

this um they want to move forward with this uh but of course as i said it will take a lot of like they're gonna probably edit a lot of things and have to review a lot of different things um but basically some of the things that came across as like one stable coins um need to be 100 backed um which i mean i'm not against after what's happened with tara luna i think that's completely fine um so that was really good um scroll down what else do we have um i think one of the biggest things actually is understanding securities of these tokens so um right now there's this big kind of fight or debate between like where does this jurisdiction lie for um for tokens

is it with the sec or is it with the uh was it the cftc i believe uh yeah commissions features yeah and they are very crypto friendly the cftc the sec not so much but this bill is basically going to put most of not most but a bulk of the tokens especially the bigger ones as a commodity which would put them under the jurisdiction of the cftc which is very very important um there is some weird um sort of like uh wording in here on proof of stake and if you're giving interest or dividends they call it to you know holders it might be a security um that's gonna have to probably get reworked or changed so we'll see how that goes but

that was one of the like negatives of this bill um i guess one thing to note senator loomis is the one that did this she's kind of a bitcoin maxie but not really um but that's just kind of what i've i've been told and have heard so like some of the people that put this bill together are like big on the bitcoin side of things and are less i think knowledgeable on just like what's happening in web 3 with these smart contract platforms so the wording and stuff i think needs to be improved a little bit but overall um pretty good what else is there anything else interesting in here if you want to continue down let's see what the other summaries is so that's kind of it that's it okay let's go to the milk road one he had a couple of other thoughts as well

yeah so okay um there will be no taxes on crypto transactions under 200 um cool weird i don't know why like 200 where does that come from why do they do that i mean it's obviously it's obviously it's a big deal if we start using crypto to buy regular things on a day-to-day right like it would be ridiculous if i bought bought bitcoin and then went into starbucks and bought my starbucks with a with bitcoin and then i had to pay tax on the transaction of using that bitcoin that would be insane so yeah but 200 is a weird number but anyway that's that's one of the things um one of the good things about this bill is

that it it basically um proposes that we get full control of our digital assets so we can sell custody assets you saw in europe they were looking to pass bills where that's not allowed which is insane like you just you don't you're not allowed to have ownership of things like why would you that's an insane bill so this bill like reserves our rights which i think is really big um uh they also said yeah most cryptos are viewed as commodities so that's really cool um there's some stuff on mining taxes and kind of just some clarity there stable coin stuff um the other interesting uh take here was there was actually a lot of talk on dowse and um there was a lot of i think misinterpreted takes on twitter about this

everyone was saying on twitter that dao's need to become a registered like uh organization not an llc but something different yeah that wasn't it this bill basically just says like they have the ability to and then there's benefits um if you do this so it's an option it's not every dow has to do this um so if you just if you read it in detail you kind of understand that but i saw a lot of people tweeting that oh my god dads are screwed they have to all be a corporation they do not so yeah they covered kind of everything here and it'll be interesting to see how this plays out it's it's going to take probably years for this to actually go through if it ever does um but uh it's a step in the right direction yeah i think that's the

that's the key here is it's a step in the right direction no regulation is going to be perfect but it feels optimistic and positive generally for for us the one three crypto community uh and i think the other big thing is you know regulation is necessary for mass adoption regulation is necessary for more people and more businesses to get into this space you know it's it's difficult to operate and build in a space that is not regulated now there's a a balance to how much regulation right uh and you know as you mentioned europe saying that you can't

self-custody your assets would definitely be over regulation but yeah i think positive positive step right direction definitely the take there let me tell you why we need regulation in this industry people kind of forget what's actually going on under the hood of this industry right now there's no regulation and anyone can just build whatever they want and right now what's happening especially during the bull run is you have like 18 19 20 year olds that are building these protocols or these games or these whatever we're using here in web3 and we're piling millions if not billions of dollars into these billions and it's like it's it's literally all in like one wallet from some 19 year old kid from wherever in the world and like if he wants to he can just easily rug it

you know and they often do or it's also remember some 19 year old kid that built this protocol that did not get it audited uh and all of a sudden there's millions or billions of dollars in it and someone can just easily hack it which happens a lot as well so it's like look we need it open and whatever so that we have some innovation but this this this space is insane and the fact that people just dump all their money into like these the most stupidest tokens and the most stupidest like uh protocols and things it's just we need something we gotta help these people because it's honestly it's insane when you really think about what's going on in this space um yeah so regulation equals good

i like it all right next up paypal has announced that they are supporting transfer of crypto between paypal and external wallets so paypal had already previously announced that they were or they were allowing their users to buy bitcoin and ethereum but they are now going to allow the transfer of that to external wallets which is really a big announcement for the for paypal users to be able to now enter web three more and onboard and ramp up to web3 right and self-custody now they also announced at the same time that um they in the next few months they said

they'll be launching new crypto features new products uh as well in the coming months so i'm wondering if i mean robin hood just did this right they opened up uh i think it was last year earlier this year where they opened up um withdrawals right uh to self-custody wallets and then they launched uh just a few weeks ago they announced that they're launching a self-co custodial wallet right i kind of think paypal does the same thing um as i've said multiple times lately like this is the hottest space the hottest product right now and i would there's no way paypal doesn't launch a self-custody wallet there's just no for sure the one thing that's so confusing to me about this is why is it always bitcoin and litecoin

where are the stable coins i shouldn't shouldn't this be stable coins like if we're if we're using paypal i want to be using stable coins i think it's because of right they don't have any regulations so they're not sure which stable coins they're allowed to use like imagine they had ust there's no way paypal could ever do that right so yeah um they don't know like they can't use usdt because they don't really know what's in it there's like usdc but what if they what if that um you know i don't know the government or something tries to shut them down or like blocks their banks like there's just a lot of risk in stable coins um other than maybe like die is the best one but they're they're not going to do that yet i think that's too whereas they know like bitcoin ethereum have already

been considered commodities so i think it's just yeah it makes sense there's just a little bit more ruling and stuff so that's that's my assumption but then what's the other one they have like litecoin and something else like yeah like litecoin like what i don't get it it's been a long time i think it's just a branding thing right like you know litecoin one of the og coins very well known you know you just pick up the ones that are gonna get you the most attention and and also probably there are a lot of users on litecoin uh not not me but debatable uh this was interesting so uh dexes surpassed centralized so decentralized exchanges like uniswap surpass centralized exchanges like

coinbase um an on-chain transaction volume from april 2021 to april 2022 by 49 billion dollars so that's pretty insane just to show i mean so basically uh decentralized exchange is people using like web3 right this is people using d5 web 3 like actually self custodian and exchanging that way whereas centralized exchanges is you know where you don't need a wallet you just use your account um and i mean before this past year like obviously centralized exchange has just dominated this industry um dex is only were launched in like 2020 i think maybe it was early 2019 when uniswap first launched um so like for it already to be

surpassing is pretty insane um but super cool i mean i think part of it is like centralized exchange or sorry decentralized exchanges you can literally exchange any token they're just all available whereas centralized exchanges you don't get all of them they have to like accept them and approve them and get them on there so like there's more options in a decentralized exchange but i just mean that like the the user experience in a centralized exchange versus a dex is way better on the centralized exchange right so i'm just surprised to see there's that many people moving that much money um but yeah super cool it's great to see yeah yeah decentralization dex is just such a great acronym whereas sex just does not work here at all i've i've made that mistake many times saying

it out loud just reading i'm like oh yeah dex is precise it surpasses sexist oh god that's that's not it it's not a great acronym i don't know not again what do we got next okay speaking of exchanges um a decentralized exchange or a dex as jay would like to call it um meyer i think is how you pronounce it i actually don't know if that's the right word but it's the largest exchange on elrond if anyone's heard of elrond it's like another l1 layer one blockchain um and it's like supposed to be sort of new age technology really fast great ux is sort of their big uh their big thing um they had a an exploit in their decks

um where the attacker got 113 million dollars worth of elrond or e gold as the egld is the ticker um and i think the the token price i don't know what it's at now but it went from like 75 down to five dollars um really fast um so just this is what happens hey our our industry is just plummeting from one you know one layer one or one decks or whatever to another it just keeps going and just getting crushed um so we have a lot of security issues in this space and uh hopefully we can fix them because that sucks yeah i think uh

be be wary and be careful but this is uh yeah i mean it's it's we're unfortunately in a time when we're right for scammers right for hackers and if you guys remember raul who i was talking about at the beginning of this episode our new guy on the team our man his biggest bag was in elrond uh so again go get some followers on twitter go follow us on twitter he needs it right now all right let's lift the man up be the great community web through academy let's go and uh and help out rubble get him some stats um speaking of uh more hacks uh and more security issues optimism which i've been talking about what we have been talking about for the last you know a couple

months who um just did their big air drop everything went so seamless it was so great it was this big thing and then nothing to do with the tech just basically i don't want to say stupidity um because the people that are working optimally are extremely smart but fat fingered whatever it was but basically what happened is optimism when they did the airdrop they needed liquidity and so they worked with winter mute which is a very reputable organization and basically they needed to send winter mute uh 20 million op tokens so the optimism token and um they they basically did a couple tests to send this out and this was for liquidity so that when you get it you could you were able to like buy or sell and whatever and they were kind of like

market makers and so they did a couple tests uh and it worked it worked to send them the the tokens and then they sent the 20 million and i don't exactly understand what happened here but basically they sent it to the ethereum l1 where as uh like the op token is a layer it's on the layer two so the only way to go from layer one to layer two is using like a bridge like hot protocol etc and they just sent it to the wrong somehow the wrong address i don't know it doesn't really make sense to me but basically what happened is the tokens were kind of just out there and someone scooped in and basically like connected the layer 2 to the l1 kind of thing and was able to take those tokens before winter mute was able to set it up and like i don't know integrate their

wallet or whatever the right way i don't exactly get it so i'm sorry i can't really help there there is like an explanation this thread still doesn't really make a ton of sense to me it seems a little off and a little weird um but i don't know everything i've ever seen from optimism they're just such a good community such a good team they're very open and they they're the ones that wrote the thread about this so anyway um hard to say what's happening there's a lot of debate in the comments of there's this insider or what um anyway 20 million op tokens have been stolen um and then last night uh randomly i saw a tweet that um the exploiter sent 1 million op tokens to vitalik buterin um on optimism so i don't know what vitalik's gonna do

with this um hopefully he just sends it back we'll see but we're still missing 19 million um so we'll see what happens there super unfortunate again um so tough this industry is tough self custody is tough um yeah not a tech issue but a just a sent it to the wrong address i guess i don't know crazy i mean it's a ux issue really right it's definitely you know because it's not it's not even the wrong address it doesn't sound like wrong address sounds like fat finger to me like you just typed in literally the wrong you know string of characters but this sounds more like i guess

the ux issue of i mean clearly on somebody for not understanding how this works but i i don't even understand how bridging works half the time like it's it's confusing so but i mean these are the guys that built it i was gonna say these guys should definitely understand it though there's no excuse for them yeah so tough but but sending but sending one million to vitalik what's going on here there's been a history of this stuff of like um when exploiters or hackers take things they like send it back or they send it to certain people it's like it's very common in this industry for some reason especially with vitalik this happens a lot um so yeah we'll see if they keep it because what are they gonna do with i

don't know it's like 20 million dollars worth of uh of op right uh it's actually more when i think when they took this like it's all public blockchain so we can verify and see everything they're doing so what are they gonna do with that right so a lot of times they end up giving it back and accepting like a um uh like a bounty or something like exactly yeah yeah exactly so we'll see what happens we'll see we'll keep you guys posted though but uh yeah speaking of hacks 48 yacht club another one these guys are just i've never seen a community or a group that got hacked more than boarded yacht club it's insane um so the discord servers uh our server for 48 yacht club was exploited um the team caught and

addressed it quickly i guess but about 200 each worth of nfts appear to have been impacted um so some of the you know board at yacht club nfts were stolen um i don't really know what it means to like exploit a server i think maybe just someone came into like a phishing attack or something yeah i've had i've been in a few servers where it's happened and i think that essentially the issue is people get into these servers and there's instant trust sort of given within the server right so you feel like oh anything any link that's posted in this server must be safe right and so what these hacks will do is they'll get into the server

they'll take on a mod rule or some sort of role and then they'll post an announcement or post something like official in the discord with a phishing link and you know yeah and steel right uh i think this is a big reason it's a it's a good point if you are in discord service and i'm sure all everybody listening to this is uh you know be careful right like check check your links uh don't you know i don't want to say don't click on any links in the discord but just like be mindful right it's typically you can if something looks too good to be true it actually is and i mean the other

thing about obviously is and i hope everybody knows this about discord is no do not click on any link that comes from anybody that's direct messaging you right uh we should at some point do a little bit of a lesson probably on like security and discord and how best to set up your discord uh because anybody who's direct messaging you and is saying that they you know got you access to some mint list or whatever that is definitely fishing and definitely a scam yeah 100 percent yeah be careful out there don't be greedy that's usually what it is exactly it's like you're like oh this is my opportunity like just don't be greedy because if it's too good it's probably going to be too good to be true so exactly be careful yeah

does it again uh okay on to some job stuff so jay and i talked a lot last week that you know web three's all good uh even with you know we're kind of going into a recession here and uh markets are down but um you know traditional uh web two companies are laying off and we were like web 3 crypto companies are not we're well funded um i just want to clarify what i meant on this so over the last couple weeks we've seen like coinbase has stopped hiring gemini i think has if you scroll down i'll actually show some numbers i think and i laid off i think 10 yeah 10 um and there's a few other exchanges what i want to clarify is the industry web 3 industry is well

funded so new startup projects that are building protocols and like things inside web3 the traditional companies like the exchanges those are not web3 that's just a normal company like amazon or apple or whatever right they have big offices and tons of overhead and tons of employees and blah blah blah blah right like coinbase is a publicly traded company so when markets go down and access to capital is more difficult especially public capital um like they struggle right what i'm talking about is like web3 there's so many jobs i'm seeing all the time um of actual like protocols and projects and things like that that got tons of funding and still are getting tons of

funding right now but these are the newer projects the startups the things that are innovating not the big like corporate companies um so big difference there just wanted to make sure we explain that there's still lots of opportunities if you are looking for a job in web 3 i mean on our job board we have jobs of like marketers growth marketers copywriters there's designers there's um developers there's i don't know tons of stuff so social media managers community managers yeah there's there's there's no shortage of of jobs still available i think that this is this is part of being in a a recession you know to utter the r word right uh there's gonna be there's gonna be

layoffs and as kyle said the layoffs are going to be at the big companies the other thing to know too is we're in a growing space so yeah we're all going to make it but definitely not every company is going to make it i think we'll all make it as individuals because we all will support each other and help each other out but there's going to be a lot of companies that fail and a lot of startups that fail but that's not a bad thing that's how we learn and and try so you know if you're getting if you're getting into the space of web 3 i mean if you're getting into any new industry if you got into cannabis two years ago in north america when cannabis went legal it went boom and then it fell off

the cliff and tons of people got laid off i know so many of my friends got laid off so it's that's just part of the flow of of an industry but i don't think it should turn anybody off of the opportunity because the opportunity will i think will play out in the long run right like even if you join a company and you got laid off you would still be in my mind in a better position because you would have learned and gained experience from jumping into web3 and you're building your resume which is going to launch you into the next experience not to say i don't have empathy for anybody that's you know been laid off by these companies i understand it's a difficult situation i just think that

the the long term is still very bullish yeah and i mean the the amount that they're laying off is much lower than what's happening in outside of crypto companies yeah but also there's so many operating opportunities in web three go go get us go to a startup if you have experience at like gemiini or any of these companies like go get one summer web 3 that's going to be way more opportunity when we're growth anyway um i was actually just talking to a buddy of mine yesterday who is head of marketing at um a a self-custody wallet i won't say the name but basically i was asking what's going on are they laying people off how are they feeling and he's like um they so they're self-gusty wallet but they also make money through their exchange that's how they make it through volume of exchanges and so obviously volume has

gone down a lot so the revenues are down but he's like no we're all good um we're just limiting our marketing spend but we're not laying anyone off uh and instead of hiring more marketers we're actually hiring more developers because we're in build mode right now yeah and i was like oh sweet he's like yeah like every company is in build mode so devs which i've seen we just launched our uh webster academy collective um where basically it's a collective of talent um we're kind of accumulating much people from the community so listeners if you are looking for a job looking for work in a space or just want to see what's out there you can basically join this collective you make it a profile you say like you know i'm a dev or i'm a social media marketer i'm this you give a breakdown of your experience

we take this group and we're probably going to do i think next week at some point but we do a drop and that drop goes out to a bunch of different companies where they can then come in you don't have to apply to any companies they will come and they'll search through our collective and they'll reach out to you and start messaging you and so you have companies like reaching out um and so i've seen a bunch of devs in our collective already which is super cool product managers a bunch of different things um so if you are looking for a job uh then please make sure you go uh to the show notes and you'll see that there is a link where you can apply to join this collective um all i ask is that you make sure you fill out that profile like with detail like if you

just put like a couple words one we're probably not going to accept you because we don't want to push you off to companies because that's our reputation but also companies aren't going to want to talk to you have some fun with your profile create something good give some details sell yourself because we're going to get eyeballs on you you just got to sell yourself so we will help all of you get jobs in web 3 even during a recession because this industry is freaking awesome and so is web3 academy yeah [Laughter] all right pool pooly this is uh this is a great story i just want to talk to you real quick because i think there's a few interesting things um that are happening here so um click on what is this so we can tell

us a little bit so pool together is a long time um uh it's like a it's like a way to gamify savings right so it's a blockchain based app where you can gamify savings so it's a great protocol there is like basically zero risk in this protocol right you just like you just save it's the way to like accumulate and save your your money um and so it's helped a lot of people save money and uh it's been around for a long time anyway someone uh earlier this year or last year made it forget when it was um but they are a friend or former colleague i think of elizabeth warren which is the um

a politician who just absolutely hates crypto she's big into the banks i think she's like funded by the banks and whatever um and uh so she just hates crypto and she's just doesn't understand it and she's just lost in this world anyway her former tech lead um used this pool together put twelve dollars into it uh into twelve dollars i don't know what happened but like basically i think they lost oh i think it was they had to pay gas fees so they lost like however much on the gas fees it's like five bucks or something like that and so they s they are suing pool together for losing the five dollars on their 12 investment it's not even investment really um but just the complete joke and

the ideas and what people have kind of thought is that they're doing this to attack defy so this isn't just against pull together it's a bigger deal here they're really trying to just like go after and poke weak points at the at the space um altogether and so what's happened is um an nft project uh came up to help fund their like lawyer fees uh and to fight this like through the lawsuit and so there is an nft collection called pulley and if you want to scroll back up to the top jay um they had a goal of fundraising um what was it 769 eth which is like 1.3 million and uh in the last couple weeks they have already raised 878 each which is super cool so

1.57 million dollars worth so they've already surpassed it i believe you can still mint it's like point it depends which ones you mint but there are still some fiscal mint um 13 days left okay so there's one for point one eat one for one eighth and if you're a big dog there's one for 75 youth which actually a16z minted uh which is super cool and this is all to support um to support defy uh and so you'll see a lot of people in the space have minted these they put their um their like profile pictures on twitter as this to kind of just raise awareness uh and yeah just super super cool i'd love to see it you can just imagine being a you know i don't i can't remember who the founders of pool we are but uh being

a startup founder you know probably young young guys or girls and you wake up one day and you realize that this massive lawsuit is coming against you for what is like a great initiative that you're doing and you have to figure out how to get 1.5 million dollars in legal fees in order to defend yourself like that's terrifying and what a difficult situation to be in but wow like this just shows the power of web three and the support that we have for each other and how much everybody is like this is this is wagged me to the most right this is everybody coming together and saying yeah okay we're going to help you out we're going to support you on this uh

and also i mean in the end probably incredible marketing i pulled together had probably not been on the map and now everybody knows them i just love that as you said they needed one point whatever it is million dollars and like okay how am i going to get this and their first thought was well let's just get some magical internet money and see if we can get it that way and it works go to the next because here's the cool thing about nfcs and why i actually wanted to highlight this other than because i think it's a great cause um but what's really sweet about nfts is so um you have a bunch of people that you know care about the space like anyone who's minted one of these nfts you know as someone who's like supports d5 whether they're a founder and d5 or a big user of d5 like you know

that that's if you're in d5 that is an audience or web 3 that is an audience that you want to you want in your business right or in your community and so um here's what you can do you can verify those people that are in that audience publicly right and then you can go and drop them something or give them something and so lens protocol we've talked about lens protocol a lot if you haven't yet we just did a podcast with bradley from lens protocol it's freaking awesome he's the uh um he's growth manager at lens x tick tock um and he was the one that helped tiktok launch nfts so go listen to that super cool episode but lens protocol the social graph the underlying tech uh for web3 social they were all pumped up and so what they

did is they allowed all of the holders of poole nft after a certain amount of time to go and be on the white list for uh to claim their uh lens handle um so now it's just a great tool for lens to onboard people that are committed to the industry into their social network right and they don't even they can do it permissionlessly they didn't have to ask that pull together of course would not say no to this why would they but they don't have to ask they can just pull the list of all the holders right from the blockchain and they can go list all of those addresses and boom just tweet it out and now anyone who's uh a poorly nfc holder that sees that tweet can just go and now they can claim their own handle ahead of the the public launch um so just really cool

utility i think of nfts there yeah super powerful and speaking of lens protocol and getting whitelisted if you any of our listeners want to get your lens protocol handle before they launch you are able to if you're in the web3 academy community this coming monday we are having a community call every monday we have a community call where we just basically get together hang out and discuss topics and share and learn together uh and this coming monday our community calls focused on lens protocol uh as kyle said we did the podcast with them last week so we're looking for a community to listen to that podcast and then come in and

learn about web3 social and discuss it together and for all those that attend you will be given whitelist to mint your handle on lens protocol make sure you get your actual name you won't need to get jay hamilton six seven on twitter you'll actually get your name uh yeah it's gonna be exciting um we're gonna actually like share screen and like walk you through some of the apps that are built on top of lens protocol um show you what's already happening in there there's already people that are i don't know what you call them not tweeting not posting i guess posting i don't know what we minting because you it's an nft all of your posts is that what we call it um bradley

what we're calling that but yeah you can get whitelisted you can get your handle before everyone else does um all you gotta do is show up monday 7pm est that's june 13th if you listen to this later sorry you missed it but monday 7pm est in the discord if you're not in the discord there's a link below um and uh and you can join the discord um also web3 academy is on lens so if you are already on lens and you listen to this uh check us out follow us web3academy.lens and we'll see over on lens the new social the new social app yeah and if you haven't heard about lens you're wondering what it is join on monday and you'll you'll get a chance to learn all about it then too

sir let's talk more about nfts there's a lot going on in the nft space a lot of um a lot of like celebrities and big brands and things are still coming in even though we're in this like bear market even like you know prices of eneties have gone down volume of nfts have gone down in terms of trading and that um but like they're still just big time what's interesting actually is if you look at like last year in 2020 there was like companies big companies that were buying eth buying bitcoin putting on their balance sheet all that since the bear market zero of that has happened at least publicly but what hasn't stopped is the big brands and big companies getting in nfts so

that's really cool right that's that's kind of an interesting change of things in this industry um but what we have up here is snoop dogg uh who is a board ape uh yacht club holder hopefully wasn't one of the ones that got his stolen in the discord hack uh now we got another seth rogen issue yeah yeah he's um he's launching an nft themed dessert restaurant that is board 8 yacht club nft themed um weird cool i don't know we'll see the name dr bombay's sweet exploration fantastic fantastic yeah i think it's just it you know it's it's it's powerful brands right that's really what nfts are

they're just this intersection of brands and community right and so an art and you know that's that's something that an influencer like snoop dogg can can use as an absolute launch pad and you know i love desserts who wouldn't want to go to a dessert restaurant i'm in and shout out to jay ash from our web3 academy community and the discord and jeremy from the web through academy team for always putting in snoop dogg gifts gifs whatever it's called and the discord i freaking love them i think they're hilarious dog any any snoop dogg jiff is is good to me and uh they're always in there so uh shout out to you guys looney tunes i loved looney tunes when i was a kid uh but looney tunes will be

the next warner bros ip to get nft treatment um so tweety do you remember tweetie will be the first looney tune character to hit the blockchain as a pfp avatar um with others to follow um so yeah we got some cool tweety nfcs coming out uh and um we'll see like where that goes or what they're gonna do with that but for now they're starting with a pfp project uh where you'll get some ip around uh the looney tunes friggin love looney tunes space jam was my favorite movie when i was a kid it's amazing still yeah the new one awesome the wwe is

entering the ring with its new nft collection uh were you were you a wwe uh yeah yeah i had like a little uh wrestling ring with the little characters stone cold steve austin in them yeah i don't obviously like it now but um one of my good friends is actually the uh like the talk show person for it with uh sports centers no way whatever yeah yeah uh so yeah so i was like anyway yeah i would used to be a big fan well it's another another example of a major entertainment company uh entering the nft space uh and taking really just seeing seeing all the

the actions going that direction and wanting to get involved yeah it looks like they're gonna have 10 000 limited edition nfts um and uh be a bunch of different superstars in wwe um i don't know i mean all these brands do this but like i i just wonder like what does this mean i assume they're gonna find some way to like build something around this um but i don't know i don't get it yet like with the looney tunes and this it's like if they build something around it and these like holding these nfts mean something whether that's access or whatever they want to do like that's cool um otherwise to me it's just like they wanted to you know cash in and make a bit of money but i think i think for a lot of them it's

it's it's experimentation right so get in and start to experiment i think about adidas right you know what did adidas do they launched a poe app and then they launched they airdropped an nft to everybody who attended that that event that got that poe app and then just a week or two ago uh well then you had their their phase one of their pull app and then you got to go through a claim process where if you had that that nft phase one you would get uh physical merchandise uh mailed to you and then you would burn your phase one and go to a phase two and then you actually got air dropped uh another nft uh about a week ago so

you know i think this there's just like you said before there's a lot you can do with rewarding and incentivizing and access for your community you just got to know who they are first and the only way to know who they are first is to to get them on the chain and to give them something right that's a great point go start somewhere um we got we talked about kanye west uh you know getting in with the nft trademarks um real quick here there's a bunch of celebrities that have been doing this uh just in the last few days so there's billy eilish ellis eilish i think it's yeah uh david beckham uh notorious b.i.g what did he come back from the dead to minton nft

victoria llc yeah but um yeah so uh that would be cool i love biggie so whatever chuck norris chuck though is trademark for nfts um and then the most recent one if you go to the next here is uh anthony hopkins first of all changed his twitter name to a hopkins.eth so that's badass um but he tweeted out says i'm astonished by all the great nft artists jumping in to acquire my first piece any recommendations any tags snoop dogg jimmy fallon and reese witherspoon um so anthony hopkins getting in on the nft world so i'm curious this this tweet here what would you tell anthony hopkins to

buy if you were to recommend an nft oh man uh i don't know i'm not i'm not enough in the nft space to to recommend anything i would tell them to get a pulley actually yeah and help out help out d5 but i don't know that anthony hopkins cares about defy um so yeah i have no idea what about you i guess i think the question is um what's what's his what's his objective is he trying to to make money like for a lot of people in the nft space right now it's all about speculation right uh or is he trying to join a community right i'm gonna assume anthony hopkins doesn't care about money i don't think he i don't think he cares about the money either no i don't think he cares about the money so yeah i would

say it depends but um i think that where my mind goes to is is the blue chip nft projects right uh as we've said a lot many times a large majority of nft projects are going to go to zero because it's very difficult to create a sustainable business uh it's one thing to launch a 10 000 pfp collection it's another to create a business that is sustainable and has revenue and builds and grows and has branding and marketing and a team and so yeah i go towards the blue chips i'd go to you know the board api club moon birds doodles uh yeah those that's where that's

probably where my mind would go to or i'd send them to some you know what i really like lately is uh we talked to think a bit about this last week is these free mints this is one good thing that came out of this bear market in nft space is like people couldn't really do like mints they were starting to get so high back when like things were still like crazy back in november and now i'm seeing a lot of projects that are free mints um and i love that because any it literally allows anyone to get in and it means you really need to create strong community or some sort of utility to that for it to go up um so i love that i think free mints is the thing and i hope that that's a trend that continues um i'm all for free mints and

i hope anthony hopkins if you're ever listening if you're listening to what's your academy first of all tweet at me or something and let me know man but if you are go get some free mints bro and and uh and then tweet that that'd be cool yeah and then make them pump free mint no discord no road map that's the uh the new hot trend in nfts which is there's a whole other side to the the danger of that zero accountability but uh i agree free mints is a great trend right now okay switching from nfts uh let's run through the who are some some new launches in web3 lots of uh companies launching lots of

brands getting into the space first up here we have salesforce salesforce which is one of the largest if not the largest crm company in the world customer relationship management company they have launched what they're calling nft cloud and what they say is that you can mint and sell nsts on a trusted sustainable platform uh now they're just in the early phases of this so there isn't a lot of um use cases about this but i think to me what is very exciting about this and interesting about this is that you have one of the largest crm

companies and what is crm all about it's all about data about your customers right uh and what what trusted sustainable platform is this like a sales force blockchain or where did they that's what they would say i knew you might and you might ask that question uh no i think i saw that they they said um they said they wouldn't use proof-of-work blockchains uh because of the environmental impact and they listed about five blockchains polygon oh this is the two here avalanche palm solana polygon flow there you go i don't know that i would call any of those sustainable i mean if you listen to our podcast two weeks ago about sustainable blockchains none of those five are sustainable blockchains

so uh bearish salesforce nft platform at the moment i don't know anything about it but like i don't where how do they call this a trusted sustainable platform because it literally goes down every month how can they say it's a trusted sustainable platform i don't understand nothing against a marketer there's no there's no regulation on marketing and advertising uh but yeah i think i think what's really exciting about this is the the idea of like a blockchain crm is very interesting to me because when you think about the data that you could collect on your customers by having them on the blockchain and how you could build deeper relationships as a

at first sales force that has huge potential yeah i mean it's great salesforce getting again big tech entering the space is is a great thing um so we'll see what they what they do with that uh this one is big uh this happened last night actually when i saw this but um the mutablex here is is announcing uh get protocol is launching their global nft ticketing secondary marketplace on immutable x and so basically uh nft ticketers worldwide can mint and trade gas free they will also have a fiat on ramp that will be made available for onboarding and so um with get protocol you'll be able to sell events to concerts and whatever else um via nft and this is gonna be such a massive space um so

yeah i'm super excited about this and uh of course having unimutable i'm telling you right now mutablex is just the best protocol best platform in crypto right now it's the robbie ferguson who's the the founder of this is like probably one of the smartest people in this space um one day i will get him on this podcast i have to um he's just insanely smart and he just he gets it and he is just it's free to use mutablex so like all this just can be completely free the ux is so much better um we're about to talk about immutablex and a few other things as we get through the show so let's let's fly through here because i think we got a lot of stuff but um really cool to see that uh when that comes through next up uh we talked about game fight

quite a bit and epic games which is one of the largest online gaming stores playing games on your pc they've announced their first nft game is a wild west shooter game called grit and this is coming out later this year and really i mean i think game five as we've said again and again it's just absolutely gonna explode it hasn't blown up yet because the games aren't that good and they're not that fun we're waiting for aaa level games to come out but how fun will it be when you can play a game and you you get an nft as opposed to just an

a toke or an item in the game right the power of that the ownership of that the ability to sell that i think we're gonna see i still think we're probably i don't know six to twelve months away from most of these games coming out and the reason this is so slow is because these games take years to develop you know you can develop and launch a 10 000 pfp collection in a couple weeks very different to build a game right so uh yeah exciting big things big things in the gaming okay so next up we have uh another airdrop coming it's actually coming today uh june 9th is today and this top protocol i've talked about this before um optimism was the first like layer two

to airdrop and and now we have hops we have op or op token now we have hop token uh hop protocol though is a bridge on layer twos it basically allows you to move tokens from optimism to arbitrarium to polygon whatever um it's great uh i've been using it since it launched um so i'm excited to also claim my hop tokens here um it's been a great couple weeks for airdrops um but uh we'll see how they do it i think it's nice to highlight these not just because people make money but because a lot of these um you know really good protocols like hop and like what optimism did they they get very creative and how they're going to do their governance right they're launching these tokens because they want to decentralize their protocol they don't want to be run

by one team um so that's the purpose that optimism did it's also the purpose here that um hop is doing it we'll see how they do it again it hasn't come out yet but it will at some point today maybe it is as we're recording this um but yeah it will be interesting to see and if you have used hot protocol um you'll be able to claim some uh some tokens cool awesome jay you're going to your first conference what is it i am tell me about it my my fir my first crypto web 3 conference not my first conference ever back in the day i went to uh super boring uh corporate consulting conferences when i used to wear a suit and tie to work every day uh i'm going to nf2 nyc yeah ew

i'm going to nftnyc and i am super pumped about this uh if you are going to be there uh give me a shoot me a message shoot me a dm message me in discord we'd love to meet up uh with any of our listeners we'd love to hear from you uh and yeah i think it's gonna be an incredible event i'm gonna be at uh moon birds event uh i'm gonna be meeting up with the jump team and a bunch of people from jump dow i'm going to be meeting up with the 333 club from zen academy and then i'll be hanging out at all the various events and yeah just soaking in the uh the energy and the uh the knowledge i'm

sure that will be coming my gosh i'm so yeah i'm so pumped i'm super jealous man i wish i'm actually gonna be in miami until the 20th and i was like i should just hop over to new york and see just do it man do it oh i got it i got to go home i haven't been home in i haven't been to canada this year in 2022 and uh and my mom needs me she needs to see me so i gotta go i gotta go see sue sue what's up sue shout out coming home mama love it what else is going on there's something else in new york city going on yeah so at the same time as nft nyc uh is also ape fest ape fest is board eight biat club moon yacht club it is

their uh their annual conference it's not really a conference it's more of a festival uh in terms of like the style it's more like um party uh party and concerts and art and and that sort of thing uh but it's it's interesting that basically a-fest decided to do their their thing at the exact same time as an nft nyc and it is the it is every day during mft nyc um i am not an ape holder so uh i don't think i will be uh attending but it looks uh yeah it looks like a i mean they're building a powerful community there's no doubt about that and this comes back to how do you create utility for your community

you give them access and you make you know incredible opportunities for them to participate in things and i think that obviously irl is not going away anytime soon we talk so much about url and how we can build there but people still you know gain and benefit so much from in real life events and yeah looks like they're doing some pretty cool stuff jay i have a question what does url stand for i have no idea what does it stand for because uh v said this in our podcast that we just recorded as irl in real life what's url under real life i don't know go on to the next one i'm going to google it while you do this but

i did hear this term and i was like does that mean like like digital life but i don't know what the u part stands for anyway what's next what's next is the ones and twos what's coming down on the ones and twos uh big things big things we are merging if you're not merging right now i'm dancing that's because i'm merging i'm excited i've been waiting for this for a really long time um so yesterday june 8th the robston network which is a test network of ethereum merge we didn't actually merge ethereum just yet we've got three test nets that need to be merged first but this is the first time we've ever

moved a blockchain uh like a live one um from proof of work to proof of stake it happened yesterday and it happened not perfect but like basically seems like it worked everything continued there was some like minor bugs where just uh some of the teams had to fix some things but overall like it worked pretty smooth everything was all good um so that is super exciting um that's a big feat we got two more test nets to go basically what happens now is over the next two weeks three weeks ish they gotta just keep an eye on this test that make sure nothing like bugs out um so long as everything is good then um they will merge the next test net uh and then again they'll have to wait about two to three weeks so long as everything's good

there and doesn't bug out they'll move the final test net and then again two to three weeks or so and so long as they can do it within august if that timing works out if there are bugs they might have to delay that two to three weeks then they will merge ethereum main net in august if there's some delays and some bugs they have to fix that it means that the merge would happen near the end of august they'll probably have to delay it into september maybe early october because um there's a difficulty bomb that they put into the network where basically it's kind of interesting that they do this so devs build in this thing where they have to upgrade the protocol by a certain amount of time if they don't do it the protocol basically just like um kills itself essentially so it's

called difficulty bomb where like the block space just gets i think it's bigger and bigger and bigger and eventually um and uh it might be smaller i'm not sure which one it is but basically the system will just like no longer work eventually and it just like slowly and then suddenly gets worse and worse and worse so like the difficulty bombs start sometime in july but they can still continue just the system starts to get worse as they go by about the end of august it's like okay now the system's completely and they either have to like pivot and they have to um like fork it so that they delay that bomb um or if the goal really what they want is to try to merge it before then so this kind of just puts like the pressure on the devs i guess and they do

this all the time it's it's kind of funny um but so we'll see what happens but it's coming we're just happy difficulty bomb is just a funny term i've never heard that before it's a great branding of by the devs there well and if you want to learn more about the merge and what its impact is going to be on ethereum and listen to our podcast from a couple weeks ago with sam andrew a blockchain researcher who really breaks this down in a very understandable way absolutely talking all about tokenomics and things there um so let's talk uh layer two here um if we remember

a month ago two months ago it was other deed is that what they call it other deed launched their land in the metaverse and they did it on ethereum l1 and it cost do you remember like hundreds of millions in gas or something ridiculous yeah it was it was it was over 100 million dollars in gasoline 130 is the number in my head yeah absolutely insane uh and and that's like that was all the the um the users the people trying to get the land is that's what they were spending it on um so eluvium which is a aaa game that's being built on immutable x of course and this is like a big game it's like highly renowned people are super excited about this they did their first land sale they sold 72 million dollars in total sales um and uh and basically

there was zero gas wars i think that there was like a tiny bit of gas that you had to pay to get this but it was like sub 20 um and so they had a comparison chart i don't know where it went so we can't show it right now but basically gas did not matter there was none of this you know failed transactions and and like these wars and stuff it was just smooth and seamless and just like a great experience for all the users is what i'm told i did not buy into this land so that's what i've seen from immutable and from others that were in this um they also did a really cool thing where um with this land some of the east that's earned from it is like redistributed back to the community which i think is really cool so it created some utility

in this land and then they also from it there was some sort of formula where they're burning some of this like s um silv2 token which i don't know it's a it's a token within the game um so the results of this land actually ended up improving the tokenomics of the in-game token tokens and also distributed some of the uh eth that was earned to um to the owners and players within the game or the nft holders and things so really cool way that they did this um it just happened like a couple days ago so there will be more articles and things out and i'm sure about like the full breakdowns um but just shows the comparison like stop minting these things on eath layer one get over layer

twos because it works and it is ready and is ready for big time like 72 million is huge yeah yeah huge and you still get the safety and security of ethereum on a layer 2. so yeah really a no-brainer we don't we don't have enough time right now to get into this but the other topic that comes up for me is the discussion around should meta versus be selling land is that a good strategy for for the long term does that create a sustainable metaverse is that a good is that good for the buyers who really have large expectations when you're investing in land in these metaverses uh

i think that we should have a separate conversation maybe we should do it in our discord or maybe we do another podcast on it kai but there's a lot of a lot of opinion we got some time my next meeting after this podcast is with you so if you don't mind i'm going to show up late to our meeting uh let's chat i'm mine man i'm right what are your thoughts i'm interested uh yeah well if we can keep it i think let's keep it short but if you are here's here's the the sort of the the quick and dirty of this if you are selling land in a metaverse then you are creating an expectation with the buyers that they are buying a

land-like asset and what is a land-like asset well a land-like asset is obviously buying land in the real world when you buy land in the real world there's three main uh factors or um pillars of of land in the real world one is scarcity which obviously there's nothing we can do about that uh the other is location you know location really matters when you're buying land and the other is access land is a very unique asset because if you own land you control access to that land which is why people will

will pay pay you rent to live in your land people will uh pay to use your land to build something uh there's there's a you know there's even public land you can't just go sleep in a park the police don't want you to do that right so um there's a real control around access around land so there's obviously when you think about those three factors there is possible problems within the metaverse because the metaverse it depends on which metaverse you're talking about is it going to build and keep and ensure that the land has those

properties for the long run we'll see we don't know but obviously when it comes to scarcity that's on the metaverse to not release more land which they can 100 do at any time the same way that the government can print more money which creates dilution and inflation and if you're a landowner and you spent a whole bunch of money on alluvium or on the other side metaverse and all of a sudden they're like oh we're gonna make more land that's not favorable to you right which can't be done in the real world there is just a there is actually scarcity to land exactly exactly so

and and i think the other the other big challenge is around this challenge of access is so what a lot of these metaverses are trying to do is build a world of user-generated content right so think about roblox as an example where they created a platform where it's very easy for developers to come in and build a game within roblox so that's what that's what you would like to create it as a metaverse is because if you have developers coming in and building in your metaverse then you're going to have so many great experiences

right it's one of the actually the big challenges right now of all meta versus decentral and sandbox they need more builders right because without builders there's not cool stuff to do there and if there's not cool stuff to do then who's going to hang out there so here's the problem if if you have landowners how do land owners fit into the equation with developers are you are you going to say to a rent developer who wants to build inventories oh you need to pay me rent in order to build in this metaverse so and but i i i i offer no real value i'm just a landowner so you know i'm just basically a slumlord that's like hey pay

me to to develop and build here like that won't that won't work right developers aren't going to want to build in that in that way so there's a there's there's this economics friction that's going to happen around around what role do the landowners play in what's in in the metaverse and what's the difference if i build in the alluvium land or if i build in the decentralian or whatever like how does that really matter is that there's better developer tools and it's like easier or more efficient to build the thing you want to build let's say it's like a i don't know a digital store or something yeah like can i just go and build my own because

for me it's not like in the web 2 world where you're the the tech is your mo and you're stuck in there and so you want to build an instagram like you build instruments that's where the users are but in web 3 i can go to decentralian over to alluvium land in a second and all my stuff moves with me so i don't really care what land i'm in i just care about the game i'm playing or the thing that i'm doing it doesn't matter to me what land it's in um and i assume just like how the internet works now is like if i want to go to a a website in the non-web 3 world i just type it into the url and i just i get there right i'm not i don't walk across the street to go there um i'm pretty sure the same thing's going

to happen here with metaverse like if i want to jump from decentralized metaverse over to alluvium i'm not going to have to like go get on a bus and like transfer myself and that's the problem of location right right i don't think location is in this stuff and if location doesn't matter then it's not a land-like asset right exactly i don't even know that it matters that you're in that well this is what i'm unsure of is i i don't really understand why it matters to be in a specific branded metaverse whereas can't we just all be a metaverse and it's all converged into one like that's what i'm unsure of um and starting to try to think about and wrap my head around but yeah i'm still not uberly blush on lan the only thing is maybe in the games like there are

certain things you need to use in a game it's like you need to go to a store to buy your swords or something like i kind of understand it in games i don't understand it in anything else i was gonna say like i think it can make sense in in in in role player games right but not in user generated content right place the that's that's where i see the challenge existing because i mean to answer your question really where would a developer build yes there's the ease of tools and as a developer you have to commit to learning that tool right like you've got to put in a lot of time a lot of effort to learn elluvium's platform and how to build there and maybe it's a particular

code you have to learn and so like there's time and effort and then you're committed and so that is that's a big hurdle but naturally developers are going to build where the users are right wherever the users are is where they'll build community uh if you're in our discord there's a metaverse channel if you're listening to this please go in there and share your thoughts also share who we should interview on this because i want to talk about metaverse stuff with someone uh and either we will like dive deep with the community we'll learn and then we'll come and we'll film our own uh kind of like we just did here or we will interview someone or a panel of people but let us know who hit me up on twitter or just go and discord in the metaverse channel let's chat on this

stuff let's let's stop it there jay and then we'll um we'll get an episode that's specifically on on metaverse stuff because i'm excited to dive deeper into that um speaking of uh i mean a few things here we've already touched on so apecoin with ape fest and these guys are also getting into gaming uh and so this is the the the dow that was launched around board ape yacht club mutant yacht club other deeds all this stuff there's a dow and they have the ape coin token um they launched on ethereum l1 and when they did this and when they launched other deeds um which was along the side with yugolabs they basically said we should build our own blockchain because you know too much gas kind of thing um which is a joke i think like they should

not build their own blockchain um but because there's many blockchains that they can go to and so there have been two proposals to apecoin dow it's going through right now and they're actually like working on figuring out and starting the vote um but avalanche which is a layer one blockchain they proposed uh that you bridge apecoin over avalanche and they uh create a subnet i'll explain what that is just a second and then immutable x is the other one that did a proposal we've talked a lot about what immutable x is and they've done a proposal to just bridge their assets from l1 over to l2 what's really cool here is we get to see a community we always talk about what are the blockchains one of the best ones now we actually get to see a community who's going to move their assets and

vote together and debate and like we get to see what are the things that matter to these communities what are the things they're looking at to decide where they want to move their assets to what real estate they want to use essentially right um and so there's a lot there's hundreds of comments in here on both the avalanche proposal and the immutable x mutable acts as you guys know is a layer two so it's basically just a a roll up or a block chain you can call it which uses the security of ethereum right all kind of same wallets same everything that's integrated in there avalanche on the other hand is a um it's only one blockchain but they've created subnets which is almost like a layer two the difference here is instead

of using the security of avalanche or the avax token you basically like they like separate security between subnets and so the token that you use to pay gas fees on these subnets and avalanche would be your own token so apecoin would be the token that they use for gas which is could be a good thing in terms of like revenues for the token right there's utility for the token so some people like that the problem is you're you're separating security so now apecoin is the thing that has to secure the subnet and so if apecoin doesn't do well the security is very very weak and now every subnet avalanche they all basically have to secure their own stuff there's some security from the underlying layer one but not really it's a very weird structure and so the big

debate in here between these two proposals is security this is what they care about they want to make sure they have security for what they're about to build they're going to build a metaverse and they're going to do all these things um so i actually went on a couple twitter spaces to see like what were the questions people from this dao were asking the two big things were around security so how is this going to make sure that they have security of their tokens security of the assets that they're going to build on there uh and then the other thing they cared about a lot was uh which was interesting was ux so how is this going to be a good experience for the apecoin um token holders and the users of the games that they want to play um the other interesting thing that they were talking

about was they actually were asking avalanche and immutablex how can you help us with utility for our token so how can you get us into existing games or get eight point into like games that are being built so that there's utility of the token in other games um and so that was really interesting and so they basically um immutablex had a twitter space where um robbie ferguson the founder he came in and just talked to him about all the games currently building on mutablex and how he could get partnerships with them and all this kind of stuff so it was really cool to see um basically where this is at right now is they're still sort of like learning about the two protocols um the apecoin community is fairly educated but i would say just

like most people in the space not deeply educated on layer ones and layer twos so there's a lot of learning going on right now which is really cool to see um but there was a proposal that was done just this past week that was passed last night which was basically a proposal to keep apecoin on the ethereum ecosystem out of security concerns and that actually passed with a 54 vote so i don't know if that removes avalanche it should isn't that right yeah doesn't that remove that good but we'll see i don't really know what that proposal actually does um the other thing to note here is like apecoin dow doesn't have like jurisdiction over other deeds that's actually owned by you labs that's you right yeah um so there's also like

some figuring out here like immutable accents talking they're already in talks with you labs about other deeds to bring them over but then they also need i mean the community is apecoin now so they want them on board as well because they're going to be the marketing arm and the like growth tool for it all so it's it's interesting you have this dow plus this like centralized company um so we'll see where this goes we'll keep you guys uh updated um but it's just interesting to see a dao basically decide their fate between different blockchains um yeah really cool and what's cool about this is you can anybody you don't need to be in this dow to pull up these links and to see these conversations and to read these forums uh and it is as you said a great way to learn because i mean

most of us are are in still figuring out player ones and layer twos and what what's best to build on so yeah i think there's this is a great way to learn to check this out and to see how the power of community in web 3 this is community governance happening online with hundreds thousands of people who do not know each other many of whom are anonymous but they're participating and they're building and that's i i think that's just so exciting for the future of humanity like this is what web3 is really all about right yeah it's super cool okay last up uh we're gonna wrap up with

just a couple a couple final takes here um and uh go to the kobe one yeah so this is hilarious um just tweet that came out yesterday so kobe is um he's been in crypto for a really long time young like i think he's english dude um and um just sort of like a poster on on on twitter but been around for a long time made a lot of money in the space um and just like as much as he's funny in a poster he's actually like super smart in this stuff um and anyway he tweeted out so let's go to his tweet from 2021 so february 4th for any of you that were in this space last year here's his tweet february 4th 2021 dear diary the year is 2021 billionaires are using defy and trading nfts with rappers

publicly traded companies are hedging inflation by holding bitcoin the richest man in the world is pumping coins it is what i always dreamed it could be so funny reflection on like 2021 if you remember back in february 2021 like it was the craziest time ever the weirdest was happening um which i mean in hindsight was probably a top signal uh but hilarious and then so he uh he tweets out today and just yesterday and goes dear diary the year is 2022. defy is dead as are our hopes and dreams they sang a song about the merge during a live stream today it was just a test at merge i questioned why i'm still participating in this industry prices are below what they were during

my last diary entry that's how funny that reflected the differences between like the middle of a bull market um just like crazy innovation like this is the beginning of nfts and like everyone's getting into this for the first time and it was like super exciting and then you have where we are a year later and it's just like everything's kind of dead it's so funny well done wow wow yeah you gotta have fun you know you gotta have fun and the bear in the bear markets that's when we have fun you know you'll laugh you gotta bring up the spirits so thanks kobe all right last up it is our dow of the month give me a little bit of a drum roll

is noun dao what is nouns though what is a noun i see this all the time on twitter i don't really know what it is so a noun is a it's a generative art project and every day indefinitely for the rest of time one noun is produced through the blockchain so if you go to nouns.w2f you can see every day there's a auction happening for today is i've got it up it's for noun 335 and these nouns are all going for anywhere from 80 to

150 east the current bid on this noun 335 is 90 each so we're talking 100 to 200 000 is being spent on on these nouns now these these pieces are generative art it's pretty simple pixel arts nothing like the art itself is nothing incredible but why is this so impressive and so interesting is because i mean a few things one is it's creative commons zero and we've talked a bunch about creative commons xero and ip ownership and licensing of nfts is a big topic uh

creative commons zero essentially means that you do not own the ip you are giving up the ip to the public domain so anybody can produce with public domain now you might say well why the heck would i spend 150 000 on something that i don't even own the ip of right but by giving up ownership of the ip you were saying to the world hey anybody can go and use this branding and produce with it so what does that do is it opens up an opportunity for growth of your brand and you've we've seen examples of this in

nouns now so uh one one guy made a like a merch drop and he sold hundreds of hats and hoodies in like literally minutes just with the noun dow glasses these glasses you've probably seen them on twitter they're becoming quite a big brand and he's allowed to do that nobody's stopping him and now what who benefits from that sure you're not getting royalties or you know you're not it's not a licensing deal but i think that's the big thing about web3 we're trying to create this composable space where we can all build and create and obviously if you're a noun holder you also benefit

from somebody wearing a hat purchasing a hat it's it's growth of the brand right so open source branding open source marketing open source yeah yeah exactly business development interesting yeah i see their treasury's like 24 000 eth already holy yeah and so another interesting thing about about the way that they did now now is so typically in an nft project the creators or founders take a royalty on nft sales right uh now noun they call them nounders the founders they did not take a royalty instead

every 10 nouns they they get one in in perpetuity so rather than taking money out of this out of the brand and out of the system they're leaving their investment in by just taking nouns so they're also nouns aren't worth anything if yeah if nouns aren't worth anything then what they're getting every 10 is useless right right that's cool i like that which which is a very cool very cool system uh and and the reason i was able to get into nouns now and so let's be clear here i did not purchase a noun i don't have a hundred eth uh to

to purchase a genitive piece of art uh they recently announced little nouns little nouns l-i-l nouns uh which is a way for the the rest of us myself to get into involved now it's a separate dow that follows the same structure where all money goes towards the treasury and mem owners if you own a little noun dow you can vote on the treasury and you can vote on how that money should be spent uh little nouns on the other hand are every 15 minutes forever forever

forever forever indefinitely so there's many more little nouns so little nouns are going for like 0.3 to 0.6 eth whereas a noun is going for you know 80 to 100 east so yeah a very powerful example of generative art and and creative common zero building a brand that is you know is really impressive what happens if there's not enough demand where at some point after 15 minutes there's no one there that wants to mint it what happens it just doesn't get minted do you know that's that's a good question i don't know i've so far so i i keep going back because

it's so it's so fun to see these live auctions and i'm also interested in you know can can you get one cheap now and then every single time there seems to be there there is there's somebody buying i've right the cheapest one i saw was the other day i saw one go for point one uh which definitely was a steal for sure but yeah i don't know i don't good question maybe there's um maybe there's something built in that i'm sure there's something built into the smart contract that does something right interesting i like it it's cool we'll see where it goes this is uh this is the cool thing about fts it's just it's pure innovation right now pure experimentation and uh we'll keep trying to

give you ideas of what's out there and and what's working what's not working and uh yeah good job nouns dao dal the month hell yeah what do we want to wrap up with what do we need to say is there anything we're supposed to say there is something we're supposed to say but i can't remember right now do you remember of course i do discord don't forget to join our discord uh monday uh at 7 pm est on june 13th we are doing a lens protocol review we're going to actually pull up screen show you how to mint uh we are going to like show you all the apps in there what it's all about and then we are going to give you put you on the white list so you can mint your own lens protocol handle uh and there might be a special

guest that shows up i don't know for sure but maybe um so you'll have to show up to find out we'll see you all in the discord thank you everybody this is a fun roll up uh i love rollups jay i love you webster academy i love you let's spread the love baby have a great weekend everybody cheers thank you for listening to web3 academy we hope this helps you along your web3 journey if it does please share this episode and subscribe so you don't miss the next one by the way if you have yet to join the discord community you are missing out this is where all the magic happens this is where we learn where we ask questions where we network uh you want to be in there the link to join is in the description below and finally a quick disclaimer nothing in this podcast

was financial advice crypto and web3 can be risky you can literally lose it all in fact if you invest on account of what we say you probably will lose it all so don't do that in all honesty the point of this podcast is to remove the noise of markets and price and focus on utility implementation anyway so you should not take any of this as financial advice thank you friends and see you in the next one