Web3 weekly rollup: Web3 fails, the move to layer 2s and Bitcoin as legal tender

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 gm what's up friends web three doers happy happy what is it it's thursday and it is the weekly roll up uh man what what a what a week it's been uh jay here and as always kyle read head my brother my co-founder how you doing kai hey man i'm great today appreciate it happy to be here happy to do another weekly roll up what a what a week it's been let's uh before we jump in because we got so much

to talk about today let's uh let's start with some gratitude kai you want to go first on gratitude today yeah my gratitude this week is uh my friend leo it was her birthday yesterday and uh she's actually behind me uh working away and uh and uh yeah it was her birthday yesterday we we had some fun we surfed we went out for dinner uh a bunch of us and uh it was a great day a lot of fun we ate some cake as per usual in this house but happy birthday that's per usual how often do you eat cake every day she's a baker so like every day she bakes at least a cake at least one like sometimes it's two it's crazy you have to surf every day in this house

otherwise there's no way to open off the couch how much weight has everybody put on luckily we surf a lot so i think we've done all right but i don't know if we didn't we'd be we'd be gaining i'm gonna i'm gonna jump on that one and say i'm i'm grateful for sam my fiance uh and her mastery in the kitchen uh she baked some brownies yesterday that night man i don't know i don't remember the last time i had brownies i don't eat brownies enough i mean maybe it's because i don't want to be fat uh but brownies are delicious oh they were so good so shout out sam thanks for being an awesome cook where you go sam

if it was it was just me i'd be eating fast food and pizza every day so all right well kai what a what a tumultuous week it's been i'm not trying to to steal your word of the week before you say it um but uh what what are you what are you feeling is the web three word of the week this week definitely not whatever word you just said i don't think it's tumultuous uh the web three word of the week uh is is broken i don't know if anyone else saw this but web3 is broken i don't know why we're doing this podcast this whole space is falling apart no i'm kidding it is going to be what we're going to talk a lot about the news is just um there was over the weekend there was a

lot of things that just didn't go so well um it's growing pains i think uh in the space and it's all good but we'll sort of break down what's happening uh what is broken and uh and some solutions and how we can fix this all so we will start there but before we do uh we want to talk about what's on the screen and for those listening you can't see but we're going to talk about announcement of web3 academy that we're excited about um so i don't know you want to start that off jay yeah we're super stoked to announce that web3 academy is going web 3.

and we want you to come along with us now what does that mean by us going web 3 specifically we are becoming a tokenized community so we are launching our first token the purpose of this token is not for monetary gain the purpose of this token is for you our community to interact and use web3 more because the biggest thing that we keep hearing from you guys is you want to use web3 in your business you're a creator and you want to launch an nft uh you're a a founder that wants to create a new web3 business but you haven't used

enough of the tools and so it's difficult to figure it out right so you gotta walk the walk before you talk the talk uh so um we're launching our first token this token is a it's actually a poe app which is just a free gasless version of an nft and um in order to get this token you need to fill out our application uh which we will put in the show notes uh so please fill out our application and moving forward our community will be token gated so you will no longer be able to enter our discord without having this token and again you don't need to buy this token you don't need to pay for this token um you all you got to do is

complete the application and then we will send the token to your wallet uh we'll email you uh and then you just you go and claim it and add it to your wallet actually but uh see there you go and that's exactly why we're doing this because because the steps of web3 are important to understand and to learn and so if you wanted to launch a token to your community you'd want to know the steps to do so let's learn together and there's a couple reasons we're doing this um one is is it it allows us to one i mean the survey is really helpful so thank you for everyone who's already completed that we've had a ton of applications it helps us learn our audience what they need what they want we can create better content for you so

one it was a way for us to learn our community um two it's kind of a way to engage the community um discord you know community's not about the largest community right i think a lot of people are like oh i want more numbers more numbers and that's really not that doesn't make sense for community it's more about engagement activity of the community and um and how much are people actually like helping each other and the value the community is bringing and um one of the ways you know because we're growing so fast right now our podcast is is growing exponentially um our newsletter is growing our community is growing there's i don't know how many people 10 people a day joining our discord starting to get a little bit out of hand and so by token gating it uh it makes it a little bit more exclusive it ensures

that those that are in the the discord have a web3 wallet they are using this stuff or at least are um you know going to try because they're going to get their own wallet based off of you know our steps and what we do inside this application so i think it just hopefully will create a better environment inside of our discord in a more engaged community and that's that's really what we want and again no monetary value here we're not trying to make anything from it we just want to use the tools and allow you to use them as well yeah i think that's a a good thing to point out is um we we did this because we learned very quickly that we thought when we first launched web3 academy which was only what 10 weeks ago

uh we thought well the objective is because we kept seeing other projects do that oh the objective is just to get as many people as possible as you can in discord right like that's that's phase one in the road map just fill up the discord and pretty quickly we realized okay sure that's great if you're building an audience right but there's a difference between an audience and a community a community is where everybody is engaged you facilitate conversation you need to make introductions in community and we had a couple of people on the podcast recently who pointed this out to us that in really in order to build a strong community you need to be

meeting all your members of the community you need to them to be meeting each other not everybody meets everybody but you need connections within your community and you need to be speaking to them on a non-scalable basis in the beginning so that you can build a strong base layer for your community and so uh it was interesting to learn and i think for others of you out there that are building in web 3. really think about that in the beginning is you'll build your audience on youtube and your podcast and on twitter but discord i don't necessarily know that the current objective that we see a lot of people doing of get as many people in there as you can is really the most effective unless you're pump and dump right like that's effective if you're trying to launch an nft and get as many

people to buy it as possible but here's the thing then everybody sells it in the end and what good did that do you sure i guess maybe you raised maybe you raised capital but you don't actually have a community to build your project on top of so um but it's look uh it's an important lesson and it's one thing i think that we should mention that we will be talking a lot about in our discord um is community building is such a central part of web3 and so we'll be talking a lot about that and and producing resources and training around that right and so whether you're already in the discord or you want to join the discord uh you need to fill out this application you'll need to have the nft come may 15th is when we will be closing up the uh the discord and only those who

have claimed their nft and have verified in discord um will then be able to see the channels inside of her discord and be able to chat and and socialize in there so um there is a link in the uh notes and you can find that to fill out the application so please do and we'll see inside the discord everyone thanks should be a fun little fun little journey here so uh just to make a bit of uh a joke of this um is well not a joke of weather academy but a great joke that we saw online is there's a tweet here i've got up on the screen that says friend in consulting told me an air conditioning company is paying his firm three million dollars to create a metaverse strategy

uh we need access like i i think we can all assume that you know kpmg pwc mckinsey all the massive consulting firms are out there charging literally charging millions of dollars for metaverse web3 nft strategies and we want to help you make your web 3 strategy but we're not going to charge it three million dollars so uh there's there's our shill for joining what three academy uh let's let's build your strategy and let's do it the right way and let's do it together with people uh around you supporting you who are also doing that yeah and i guess it's a great point it's like that's what web3 academy is for that's what we're here

for is we want to help entrepreneurs creators marketers build out their web3 strategy and whether that's crypto payments or a metaverse strategy or it's i don't know using nfts whatever that's what we um i don't want to say specialize in it's where we're focusing on and it's where we're speaking to some of the smartest people in the space about this stuff so that we can learn so we can implement it sorry and then also uh we can help others implement it so if that's what you're trying to learn then make sure to get in um and and be a part of that community our community awesome all right let's uh let's get to the news of the week first up how can we not talk about the other side broken

[Music] [Laughter] oh man you want to take this one to start or you want me to go here jay i was gonna say both of us are probably itching to go but also cringing at the same time yeah so we've we've highlighted yuga labs a lot and we you know they've done a lot of cool things right obviously board at yacht club they bought up crypto punks and me bits they uh launched ape coin and so recently they were launching their land for the metaverse um to me i'm starting to get bit tired of every token that they're launching every couple weeks this one was just a disaster um and i don't know how they didn't see it coming so other side is their metaverse they were launching their land you had to own the ape coin in order to

buy this land which i think was selling at was it two eth per land or something like that do you know about about two weeks per land yep and um and so obviously lots of people are interested in uh what you labs is doing so there was tons of people that wanted this uh and it burnt almost 200 million dollars in gas on ethereum in what a couple hours yeah if you try to do a transaction on ethereum main net during that time i think it was on saturday it was like a thousand dollars just to send eth like it was insane what happened um now ethereum worked it never went down everything was fine but of course there was so much demand for block space during that time that

it was just insane there were so many failed transactions and so many people trying to do this that like even those who did get the land i think it costed like thousands of dollars in gas fees just to get i saw i saw up to ten thousand dollars uh so you're you're buying a piece of land for six thousand or to eat and you're paying 10 000 just to buy the land so i mean if anyone's listening to my our other podcast like my opinion on like selling land is i think it's useless uh and i think it's kind of a cash grab i mean it's a way to fundraise i guess but i don't think it's going to hold any value in the future we've talked a lot about this on other episodes so feel free to listen to those but i won't dive

into that but let's let's see what's next on here uh to dive into what happened over the weekend yeah so uh after this happened obviously crypto twitter went crazy and was super pissed a lot of people lost a lot of money uh especially because a lot of people not only did this happen in terms of the gas fees and people losing money there and failed transactions um but apecoin also went down about 30 so so imagine this so you're you're you're excited about yoga labs as everybody is because they're the coolest kid in the block and so you go and you

buy a coin leading up to this launch because um it was only about a week before the launch that they said that you would need a coin to purchase the land but there was a lot of speculation so you go buy a coin um and uh the the launch happens you use your eight point and you try to buy you don't get in because your transaction fails because you didn't have enough you don't have enough in your wallet to pay for the gas because you took all your eth and put it into apecoin so now you don't get your land and you lose you lose money on the gas because it's a failed transaction so let's say you lost you know 500 a thousand whatever it is gone right now

we'll tell you hugolabs has said they will refund failed transactions but you lose that and then you don't even get the land you can't you can't buy it because you get tokens and then and then apecoin goes down 30 percent like what an absolute and these these guys have labs they're not idiots right like they've got in total so they raised 300 million from this land sale um and if you look through all of their raises and all their transactions and secondary market sales uh and then that that big raise that they did um from uh outside investment they've got about a billion dollar war chest so these people these guys are smart they got the money

right so what uh you know what are they doing i don't know so here's uglabs half baked apology that they came out with on twitter they said we're sorry for turning off the lights on ethereum for a while it seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale we'd like to encourage the dow to start thinking in this direction i mean i think it's here here's the thing that's bothering me about you labs right now is they're kind of just like when do they build something of value right like we don't need another chain we have tons of chains right uh but what they what are they doing they launch nft multiple nfts

right and then they launch a a token and now they are launching or then they launched like land in the metaverse that they have not built yet but they may build at some point and now they're hinting at okay let's launch a freaking blockchain like guys what they're just going through every single like loop every cash grab that you can do in web 3 they're basically just doing it all and they're doing it at an insane scale like you said in the billions like we don't need another blockchain okay just don't do it on ethereum l1 we already know that this happens on ethereum l1 it's not meant for this stuff it is meant for blockchains to secure on and that's what and for like whales to use and defy like to create liquidity it is not meant for users like that's what l2s are for we know

this and we've seen this happen with many other projects why are you minting on ethereum l1 it makes no sense this happened this happened a month ago uh vander sports um productions right vsp their their their launch 28 million in in lost gas on ethereum literally we talked about this on the podcast like you know like and we gave the solution we said here's what you should do next time what are you doing you know um so so yeah i mean let's we can you know get angry all day but um the the worst part about this is that some some some developers out there came out

and said okay uh i i optimized the other side smart contract to see if it could have been made better because this smart contract was not well made it didn't didn't optimize for gas right and so this this guy captain d5.eth says he optimized the smart contract and basically used erc 721-a versus they just use erc721 and he saved with his optimized contract he saves 39 000 east which is basically very close to how much was lost in gas in total that's a large it's a large percentage of it now i'm not a developer jay's not a developer either so like

i don't know but from everything i've seen from developers on twitter um is basically it was a brutal job on on yugo lab's standpoint in terms of the way that they set up this um this nft mint um and their their smart contract for it so yeah could have saved tens of millions um if they would have just done a more optimized and better um smart contract setup so i don't know what they're hearing over there here's the question kai did yugo labs want this to happen i mean obviously i didn't want this to happen but there's a lot of speculation out there was this the the plan all along for uglaps

to to it's good marketing for them to launch their new chain which means another token exactly to give them the reason to launch their own chain maybe i hope not but maybe i really hope not uh if they do like i'm out i'm done with them i used to say that like follow them see what they're doing they're doing great stuff i'm starting to not really care too much about what they're doing anymore it's starting to get frustrating when are they going to build a product something that's actually driving real value right now it's just every few weeks they just like create a smart contract to launch a token uh so i don't know the only people building products are the owners of the board apes who are you know making restaurants bored and hungry

uh making brands uh i don't even i can't i'm not sure what all of the applications or the businesses have been made but those are the only people actually building things and i think the reason that that last tweet about you know kind of that apology and they said they were gonna you know maybe create their own um blockchain is like do you understand how much of an undertaking that is like you need a lot of devs i mean i know they have the money and stuff but like there is not a lot of web3 devs so they already need to build this metaverse right because they just raised 300 million dollars and there's a bunch of people holding this land and they've promised this metaverse and now they're gonna go build another blockchain like one that costs a lot in security that you need to do takes a lot

of work a lot of devs a lot of time like why don't you just focus on building your products for all of your ape holders and your land holders and stuff and not try and build another blockchain we have many of blockchains um it's just yeah it's insane so hugo labs did come out and say here's a tweet i'll read it to you we are still working on refunding all other deed mentors with failed transactions their gas note that you do not need to do anything we will transfer it back to your wallet and announce when it's complete don't click any links so they are refunding the failed transaction gas um which came out like 48 hours after once they saw so many people chirping them and whatever yeah

yeah um okay the other the only other thing i want to talk about quickly on this and i don't want to dive too deep into this is uh punk 6529 um came out with a thread that's quite detailed and definitely a bit tl dr but it's about the licenses of the other side uh and so within the other side there is two licenses there's licenses around other deeds which is the land and then licenses around codas and basically the the the short and sweet of this is that these licenses were much worse than

prior hugo licenses uh what i've from the best way i would describe this is it's as if this this other side metaverse which likely is going to be a game is what i think this will go it's it's kind of web 2.5 web 2.75 it's not fully web 3 because you do not own you own your plot of land but you don't own the rights around it can't license it you can't your abilities to build on top of it are very limited whereas the board api club you have full commercial rights to go take your board board ape and do what

you want with it right it's almost like what's the point in the nft you know what i mean like you don't really own it you own the nft of it but you don't own the things you can do on it it's like yeah but i don't know it makes no sense and it's not that we're not saying like you can't do anything and they're gonna stop you it's just the fact that again that they have the ability to uh whether they do and i don't really know but they have the ability to via these like contracts these licenses um so again it's you've got to trust that they're not going to force you to do something you don't want on your land so it's just exactly ridiculous yeah i think to me the interesting part about this is just how new this space is and

how it is important to you know read the fine print follow people like punk6529 who are talking about the details that'll i bet 90 of the people that bought other deeds don't even know the licensing agreements of it and if you're going to be an investor in this because that's really what this is you should know the fine print okay let's talk about uh oh actually one more one ryan watkins he's an analyst uh and in the crypto space and he says so after taking in 310 million dollars from the other side mint just months after printing 17 billion out of thin air with the ape drop

after making 200 million in cumulative trading fees since the board 8 yacht club launch uh so what are we looking at there that's like that's 500 million uh just in the other like other side and board at yacht club and then 17 million market cap on their token yugo labs now wants to create a new chain feeling more like opportunism each passing day and i completely agree like this just when are they going to build something you know how many things are we going to launch this is insane so speaking of broken uh solana was broken again this web 3 had a disaster weekend uh solana was down literally down and just basically shut off for seven hours um uh on i think it was

saturday that this happened um and so basically they had to like get in the discord and i don't know the validators had to restart some stuff and get things working it was basically um the issue was around i think it was bots but basically it's too much activity with nfts and so like there was talk in their discord of actually just like turning off the ability to use nfts on solana until they got this figured out which is not web3 this is not what we want that's censorship uh which makes zero sense um so a big oof uh over here on solana so we've got board yacht club uh you know or yugolab story that is like making ethereum uh main essentially unusable on saturday at the same time salon is not

even working on saturday it's not even on uh at least you could still do things on ethereum it just would cost you thousands of dollars and then you had others there was like i think phantom had some issues they weren't it wasn't broken by any means but um i think something to do with a whale on one of their biggest apps was like about to get liquidated and if this happened it was basically going to be a death spiral for all the liquidity and uh on phantoms so like everyone started selling and so that was kind of crazy it was like half the blockchains were just like kind of broken and not working over the weekend so um yeah not great it's not good and i think like it's not all doom and gloom here right like uh a lot of the you know definitely

a lot of the news on twitter and a lot of the um top newsletters out there that we were reading over the weekend were all obviously pointing out the struggle that web 3 went through and it just all happened to happen in one weekend but this is growing pains this is part of growth so you know definitely um we're optimistic there's there's better days ahead uh but this is what happens when you totally reinvent the internet right there is going to be struggles and moments of challenge so be prepared on the road uh on the the road out west on as we explore the new frontier this is also how hard it is to

build a scalable blockchain you go live so relax don't do it exactly we don't need we don't need another like decentralized centralized blockchain because yeah that's what it would be and jay was putting quotes in his hands for those not watching it would not be a decentralized blockchain i'm sure a few glasses to create one um so the good news is we do have our sort of light at the end of the tunnel uh we do have our solutions to have a decentralized blockchain that is also scalable and what is that that is layer twos using the security of ethereum uh the ethereum mainnet so ethereum mainnet is not meant for users it is not meant to mint nfts uh it is not meant for users to be playing around on it is

meant for blockchains to integrate into and use um that security and use that block space to roll up all of their block space on the layer twos and we have you know we talked about in in more detail on the last week's rollup with optimism uh you have arbor trim that's doing this uh we have immutable x which we're about to talk about um you have there's like 20 or so different blockchains that are all feeding into the ethereum main net and using that security so they don't have to pay security and then they can have the scalable transactions and we're going to dive a little bit into that and show you it's already working we don't need these other blockchains we have the answer the solutions are already here and it's

there's a ton of transactions a ton of things happening on it um go back to that last one though i just want to show this is the founder of um immutable x robbie ferguson um guy is an absolute genius but basically what they've done is they are putting a proposal um into uh the apecoin ape dao it coined out what is it called yeah eight coin dao yeah and uh basically a proposal uh to move everything over of um of apecoin um and yugolabs move it on to immutable x immutable x is a hyper scalable layer two they have tons of games and tons of nft things on there i think they're one of the highest in terms of volume already for nfts or sorry in terms of

transactions by a long shot like they beat solana they beat everything by a long shot um and they have no issues and it's gas list there's literally you don't pay a thing um and so it's pretty incredible what they're doing over there on immunoblax if you have not learned about immunoblax check it out they're doing just an amazing job in terms of scalability and so they are putting out a proposal into the dow to merge everything over um to immutablex um we'll see if it happens but i really hope it does agreed let's do it put it out there will it manifest baby yeah right and so speaking of layer twos um this was really interesting that came out so um graham who's i believe the founder of mirror

but i'm not sure if he's actually the founder but he works with uh mir mir is sort of like the web 3 version of sub stack so it's like a a place where you can write blogs and newsletters and you can launch them as nfts you can launch tokens in there it's kind of like you can do almost anything on mir in terms of web 3. it's really cool and what they announced is on saturday the same day i believe it was on saturday but the same day that you know you had this 200 million dollar waste of gas on ethereum main net mir which is on optimism the one we talked about last week which is a layer two they launched 520 000 nfts at one time in one day and it worked seamlessly there was no spike in gas

there was absolutely no problems and in fact what he said was um the so the takeaway was that optimism handled a half a million token drop easily and it was the web two parts of applications like mirror which is a web two uh like the interface of it is web 2 so it has web 2 servers et cetera i don't know what this company's called quiz quasotic and dune so these are the web 2 websites and applications that they used for this those were struggling to keep up with the volume so meaning like their servers were kind of like bursting at the seams yet the the optimistic uh optimism blockchain the layer two had no issues there was no problem at all in terms of gas spikes or um you know getting shut down and things like that um so

basically what he said in this article was like look the technology is here we already have the high quality actually if you want to scroll up one paragraph i think he addresses it here um i don't know where it is but basically yeah here it is um let's go down a little bit more two lt protocols have proven to be production ready with high quality applications in use already that's arbitrary and optimism the technology is here it's already working we have huge volume huge transactions that are happening and it works and it's scalable this is the whole thing that the space has been working on for like five years now in terms of scalability for blockchains which is layer twos and it's working and it's time that when we are launching nft drops like this we need to start

doing it on layer twos because it works i don't know what we're waiting for i've been saying it probably since our very first episode but and and let's be clear so uh five five hundred thousand tokens were minted in one day as kai just said the other side deed was i can't remember it was 50 000 or 100 000 but it was it was well less than 500 000 tokens so like a plus b equals c i guess right i wonder if someone's gonna do it someone's got it i don't know who's gonna be the first one to actually go and do a big launch over on one of the layer twos i mean gary vee did it a few

months ago with his book the free what his books called um but uh well actually we have so go to the next uh tweet here um so this is on immutable x but elluvium uh is launching their land uh on immutable x in june alluvium is a they've been in um build phase for i don't know a couple years now but they're kind of the one of the first aaa web 3 games that we'll be launching um and it i mean they have a huge community i think their tokens already like a market cap of over a billion um it's like uh a big anticipated um game that's coming out it's gonna be huge i believe but we'll see but anyway they are launching their land on immutable x and um

the reason i highlight this is not that you should buy land because i think selling land is stupid in the metaverse but um i think i just want everyone to keep an eye on this and watch what happens guarantee that this will not guarantee but i think it's going to go smoothly again no gas you have to pay when it's on immutable x so i think elluvium is going to kind of lead the way and show us show the industry like this is where we need to be doing this kind of stuff moving forward so yeah it should be interesting and look at they're partnering with chain link alchemix balancer and immutable so some big people big protocols that are in on this yeah uh and another piece of of news is polygon uh which is polygon's an earlier one right it's a

it's a its own blockchain correct yeah well polygon has a lot of things so it is it's a side chain to ethereum so it does use some security of ethereum but it has its own proof of stake it has its own security for the most part um so it is its own it's not using the like optimistic um uh or zero knowledge proof like roll up technology that we have for layer two so it is a layer one though polygon owns like eight different layer twos they've bought up a bunch of them so like it's kind of this like network of chains some are layer twos some uh is the layer one but it's main one is it's proof of stake layer one which is the like the polygon that most people know and use right well so the news out of polygon is that they hit 19 000 dapps in total and

that's a six-fold growth in six months like just incredible growth and if you if we dive into some of the numbers what's really interesting is that when did this growth really happen well it happened sort of starting about june last year uh when alchemy uh which is a um i'm not fully understanding i'm not a tech guy so but my understanding of alchemy is that it is a platform to build on so uh developers can use it in an easier way sort of like i think like zapier or like wordpress like a lot of these like

web 2 tools that make it easier for people to build that is what alchemy is and alchemy came out and boom more people can build on polygon uh and so you know just this incredible rapid growth that's happening right now as so much money flows into the web 3 space and people are building you know 19 000 daps in six months and for those that um can't see the screen we have a chart up but it just shows like the amount of um is it the amount of daps that are on polygon in the moment the alchemy launched in it live this chart just goes absolutely parabolic um so whatever alchemy's doing is working i guess uh and polygon yeah doing great things for scaling

the l1 of polygon i mean it's just a typical one they're gonna they they were actually down a few weeks ago as well so yeah i mean building a blockchain um on as a layer one is very difficult this is why you need these layer twos um and if you don't understand layer twos i would recommend checking out bankless these guys probably do some of the best work on explaining layer twos in kind of a simple way for everyone and i actually saw yesterday that they are doing a two-part series specifically on layer twos so they're talking about the financial aspect of it but they're also talking about the tech of it and um they do just a really good job so check them out they have those two parts here that just start came out i think yesterday let me just ask you a question kai

what does this mean to our listeners who might be looking to launch an nft or build a web3 app uh what what what does it mean to them in terms of what should they be thinking about in their web through strategy in terms of related to blockchain and where they should build yeah it's a good question i mean here's the thing when you start to build in web 3 and whether you're building a protocol or maybe you're launching nfts et cetera like this is stuff that's going to be around for forever right when you launch an ft it's not to make i mean i guess it depends on your product but it's not to make money right away it's something that you want to use this nft or these tokens for like years to come right they never really

have to go away and that's kind of the cool thing about these blockchains is it's immutable and so you want to be thinking long term like where do i want to start putting my time in my assets right is it in a um a chain that's just like never going to scale and doesn't even have a road map to scale like i don't know eos or binance smart chain like these kind of things i wouldn't recommend that because it's it's hard to get things over from one blockchain to another if you spend time building an app somewhere else it's not easy to just like bridge over or move over or if you launch an nft on solana let's say for example it's not easy to move over to a layer two or something else because it's actually in a different language so a few things you want to think about

what is the like long-term secure place to build on and think about it in the real world like if you were to start a business would you go build a business in north korea for example probably not right because it doesn't make sense right in terms of like you don't know what they're gonna do are they even gonna allow you to have your business there or your land in you know uh in five months from now right of course you're not gonna go there um and so and then that's obviously a very uh far end example but you think about it like real estate right like the reason that the u.s took off over the last you know however many decades um is because it was a place that had good law good structure good ownership rights et cetera right it's a place

where you can build a physical building and like there's a good chance it's going to be there 20 years from now and the government's not going to take it from you right and so that's an important part of building a business when it's an asset and everything in web3 is an asset so you need to be thinking where one where is it going to be secure and where is it going to be that's going to be around long term the other thing of course is where the users um and is it you know what are the fees like and so this is why to me um you want to be looking at layer twos this is the technology where you have the greatest security um and the cheapest most scalable blockchains um i think solana is also great but look over the last year they've just been breaking

down and breaking down and breaking down and look it's still in beta so we'll see what happens but just understand it's in beta right it doesn't seem like it's invaded a lot of people because it's worth 30 billion market cap what product is in beta 30 billion dollars but just understand the risks like maybe they don't figure out the scalability issue they're having and now what you spent all this time there and now you got to learn a new language to move it over to something else so just think long term here and just understand the risks when you go to new chains like near and you know all these things like they may be the future i don't know i'm not like this isn't up to me to decide but just understand they're all in beta they're all new they're not

battle tested yet and so you just got to be careful yeah yeah it's great it's also important to keep up on this stuff right because it just allows you to figure out where to be building yeah well let's go from north korea to a country that is doing the opposite of what north korea would do in this case uh there is a couple announcements of a few countries um taking steps towards making bitcoin legal tender uh so first we had the central central african republic uh announced they are adopting bitcoin as legal tender and second it's the second country now this el salvador yeah el salvador is first um

and then we had panama announce that they they haven't fully done this but they uh i believe passed i don't know exactly know what their congressional setup is but they passed a bill that's going through their government uh i don't think it's fully into law yet but they are taking the steps towards making bitcoin legal tender as well as announcing in classic panama fashion please bring your money here and shelter it here uh they will not be um taxing uh any capital gains on bitcoin uh in panama so um great tax shelter for for your bitcoin investments i think more and more countries will do

this too it's kind of game theory right like it's gonna bring in the the big entrepreneurs um and uh because of course we want to save on taxes so the countries that do this are gonna are gonna bring in more entrepreneurs and more businesses um but yeah great for bitcoin uh this is great for for the i think the residents of these of these uh countries uh i hope i don't know but um it seems pretty cool i don't really know what legal tender does like i think it forces all the businesses that they have to um be able to accept this currency um which is cool uh other than that yeah i don't know what else i think it also gets rid of does it get rid of capital gains always because it's just a currency at this point it's not an asset

right so yeah i think it does this for any country that would make it legal tender yeah to me the interesting part about this is that uh it's interesting that it's bitcoin because bitcoin is meant to be a store of value bitcoin isn't meant to be this currency that we're all going to trade with and use for uh buying and selling everyday goods right well they're building the lightning network to like maybe become that we'll see it is growing like really really fast right now so potentially they do find that solution as well i don't know we'll see what happens we'll see all right well it's needed man like even here in nicaragua like they have their own currency called um cordoba's right but they also have usd here as a currency and so you can pay in either

it's a little bit weird like i'll pay in usd and then i get cordova's back and it's like it's there's like two currencies just kind of mixed in together and their currency obviously uh failed for a long time i think that's why they brought in the u.s dollar but when you bring in the u.s dollar now this country is impacted by what the u.s decides to do and you know which if they want to inflate their currency which they have this impacts the people who live in in uh in nicaragua and so if you make it bitcoin it's kind of that like safety net for people to get out of the control of either their country or the us which is what a lot of um countries are relying on yeah that's a good point okay so this is uh this is super cool so

this is i guess i already mentioned bankless once today we're going to bring them up again they just released the q1 earnings report for ethereum so kind of weird uh yeah it's not a company yeah what bankless a media company released a earnings report for a blockchain well this is what's so cool about blockchain uh and we won't go through this earnings report we're not really too concerned about that what's really interesting though is like in the web 2 world or the traditional world every three months we wait for companies to give us their report right on how many users did they get how much you know did they spend in expenses and how much revenue did they generate and how many

people did they hire and blah blah blah blah blah right uh and we wait and then we wait for that one day they announce it and then the market either goes crazy high or it goes crazy low their stock right like you saw like netflix announced i don't know they had whatever it was 200 000 decreasing users or something and it just tanked by like 50 in one day or whatever um it's just insanity so everyone's just waiting for these companies and like the other thing is are they doing it um accurately or are they you know kind of fudging the numbers we don't know there are obviously laws and things to make sure that they are but you just again we gotta trust and make sure that it's happening what's interesting about web three um is it's all open and transparent and on the

blockchain and anyone can do an earnings report on any company and whether that's a blockchain like we have here at ethereum but you can also do it for applications and protocols you could do it for uniswap you could do it for ava you can do it for whatever and i think that's just super super interesting because you can have these earning reports just spitting out data um all the time just real-time earnings every single day uh and i think that's just super cool um anything you want to add there before i dive into some of this no i just think it's it is a fascinating shift from the typical public company and a closed you know a closed-door system where you know we trust that they are producing the right reports and we have

to wait for them to say so versus this open open source like what a what a massive shift in really like culture and beliefs and like the way we build as humanity i think it's more transparency the better in my mind right and what's super cool here about this earnings report is ethereum is this like massive ecosystem that has many different i don't know what you want to call industries i guess that are built on top of it and like we are seeing it all grow and be built out and get added uh like kind of in real time it's really interesting so like in this report they have like network revenue um which is basically the fees that are being paid on ethereum it has the eth state which

you can think of as like this is what's securing the network but it's also like a bond right so like you stake and you get a certain apy back and so people see it as like the the internet bond um so that's almost like a new industry that's getting um born here and it's up 111 in the last year um which is is pretty insane uh it has like the defy so your decentralized finance like total value locks so how many people are using defy and how much value is in there it has like the nft stats so like how many people are using nfts how many people have wallets we can actually scroll down to that one and then it has the layer two total value lock so it's like all these different industries that are all using ethereum's block space and you can like see it all and

just look at the growth in each different industry so like right now jay has the chart up of the nft ecosystem and we can see the value trans um transferred uh on ethereum in the last i guess this is one two years here um you can see a massive spike in uh in 2022 and also through 2021 yeah the ending of 2021 where things really just kind of took off but you can see that growth the other one here is the number of wallets that have ever owned an nft um which we've talked about this a lot and it is growing at an insane rate right now this chart is nuts it's a hockey stick chart and it's now above 4 million so that's super cool and this would only

be just ethereum nft um holders so there's also solana is growing really fast too which we'll talk about in a second um and so yeah that's super cool what else do we have anything else number of unique wallets holding nfts layer 2 ecosystem and it's it's really interesting just to see the growth of each one of these different industries over the last year they are all growing at just exponential rates um so stable coins i mean that what a market this has been over the last year just continues to grow and grow and grow so yeah check out that check that article we'll put it in the show notes but i'm sure this will start popping up for all applications and things um that are open and transparent on the blockchain so really interesting

yeah and so you mentioned solana uh getting into the nft space as well and uh here's an article this is a great great line of clickbait here solana is coming for ethereum's crown as nft project hits new record um but as we mentioned you know which blockchain should you be building on and obviously there's a ton of gas on ethereum so a lot of people are looking for gas for cheaper options in terms of where to build their nft projects and a lot of people are going to solana so what was the news that came out of this so this was the launch okay bears i believe it's called i think it's a pfp collection yeah

there's 10 000 of them they launched i believe last week and they recorded more than 18.4 million dollars in trading volume uh in the first 24 hours which i believe at the time was a record actually and i think it's a record was a record for the entire nft space in the first 24 hours so they're just comparing it to um i think the previous record was maybe v friends uh it was the record on solana it was a record on solana high sales on solana right but then they were comparing it to v friends and me bits which used to have the highest volumes previously i think it's now beaten by probably uh other side i'm assuming beat it i think um what's your nft

moon birds moon birds yeah moon birds beat it like i'm sure there's ones but just shows some great demand and capabilities of solana so that's really cool as well we're seeing nft just growing on probably all blockchains yeah so while we talk about nfts let's just highlight a couple things going on in the nft space uh kai guy what you got here yeah this is actually kind of interesting um so johnny walker uh they tweeted out uh may 3rd which is a whiskey a whiskey brand yes which is a whiskey brand johnny walker blue has partnered with v friends and gary vaynerchuk uh scroll down a little bit here um so v friends is a pfp nft collection that was launched a long time

ago and uh basically what johnny walker is doing is all v friends um gift goat holders i don't know if that's like a certain um like rarity or trait of a v friend i think it's a i think goat is a trait yeah yeah so this is actually really interesting i haven't seen anyone do this is instead of a partnership with all of the nft holders it's like certain traits that get this partnership so that's kind of cool and so they'll be receiving a um a johnny walker blue whiskey kit that includes a custom designed limited edition johnny walker blue label bottle and drinking accessories and there is more to come they say and they will be at vcon so johnny walker is doing this as like a marketing play looks like they're going to be at

this conference that uh that garyvee is holding and uh and they're bringing some utility to the nfts so this is very interesting i don't think i've seen this before of a web like a a big brand doing this with nfts so garyvee um kind of leading the charge here yeah i think this is definitely something we're gonna see a lot more of is these partnerships and i think what's so cool to me about these partnerships is that not only we see partnerships all the time in in marketing big brands are always partnering but no value flows to the customers right the reason to do a partnership is just for the uh the cross promotion right i'm gonna talk about

your brand you talk about my brand we all each get media lift everybody wins right but now what can happen is okay we can do a partnership and the loyal fans of my nft project also gain in and in this case you get this custom johnny walker kit right but not even just that i would bet if you looked on chain that whatever trait it was that these are going to i bet you those nfts probably started going up in value and now their asset they hold appreciates because of the utility because of the marketing so that's actually super super interesting it's a win-win for everybody yeah yeah uh sticking with the nft theme

another company that we wanted to highlight is a startup called americana is selling an nft chip that will turn real world luxury items into nfts so whether it's a a fine art piece like a painting an expensive painting or it's a fashion bag what americana wants to do is give you a chip that you can put along with that piece of your property to confirm that it's authentic that it's not a fake right uh and what else does that do it turns this physical item into a digital item so now you can sell it

online and you can transfer online it makes it um much easier to to track and to manage um and i think that the big thing to mention here is and this came from one of our favorite publications milk road and they said i'll just read you what they said but this could basically come from mine or kyle's mouth as well because we say this all the time is that i believe that in the next 30 years we're going to see every asset real estate art wiring shoes etc sold and stored digitally and we believe the same and okay so just quickly like why is this going to happen like why do we need a digital uh version of our asset along with the physical version well couple things one

to prove it's not a fake to to easily buy and sell the asset online and three to pay a royalty back to the original creator every single time it sells uh like the the one that always comes up for me here is tickets to concerts right you know you buy a ticket to a concert and there's this huge secondary market and the artist sees none of that right well if it was if tickets to concerts were nfts and they were on the blockchain then the artists would get a royalty every time that ticket was resold so instead of putting money in scalpers pockets we'd be putting money in the artist's pocket right

there's other even more to this is like you can use these nfcs in the same way but for like helping with supply chain issues so um think about this this is one i heard the other day that was super interesting nike wants to drop a new shoe let's say right and what happens right now everyone lines up and because they want to buy this they want to be first in line to buy the shoe right and they wait for you know the camp out there like intense and stuff it's insane and so what what nike can do instead is say they're going to launch the shoe but before actually making the shoe because they don't know how many people are going to stand in line or how many shoes they should have they can launch as an nft right and now basically what happens is you people can

just buy the nft instead they don't have to go and wait anywhere and then they can just like burn or claim the nft when they want their shoes or when they want to clean their shoes so now nike knows you know exactly how many shoes they should make right how many people actually wanted it if there's any sales before they claim it like meaning like trading on the secondary markets they can make some royalties of that um because this also happens people sell their shoes because a lot of people don't wear these they're just buying them and holding on to them um and then uh and and then no one has to wait in line anymore right you just go online and you can just buy this nft so supply chain it really really can help these businesses like figure out how many like inventory how much they should make um

so that's actually really interesting utility or way that you can use this as well for sure for sure although let's let's say the obvious is that nike and supreme comes to mind here they like big lineups so there is there is a marketing push to the everybody wait in line for my stuff because it's scarce and limited edition but true definitely definitely big big things coming uh earlier this week we had um lacey kelani on the podcast uh from meta intro uh to talk about getting a job in web three uh fascinating topic uh if you haven't listened to that podcast go back and listen uh we talk about how to get a job in web 3 how to turn your web 2 resume

into a web 3 resume and really what's going on in the web3 space around hiring what the opportunities are what the skill sets are that are needed um and so one thing that is you know there's obviously a huge push for developers in web3 the tech related jobs but we also talk about non-tech related jobs and um kailani and her team sorry lacey and her team have got an amazing discord where you can get non-tech related jobs too uh but i said there was a big need for for lawyers there was a big need for um project managers i believe it was yeah and community mods maybe was the other community mods like kind of the high

demand other than obviously developers yeah yeah um but we just we got a couple of tweets here that are pretty funny uh about the challenge of hiring right now because everybody in web3 is trying to hire a developer so here's a tweet of uh somebody saying seeking senior web redeveloper must have at least seven weeks of experience here's here's another one um that says web3 devs are ruthless and it's a screenshot of a message from a web3 dev to a hiring manager says hi thank you for your message i'm happy with my current position so i tell everyone right away that i'd only consider a new job if it's

a three-day work week less than 24 hours as an employee not an independent contractor with no management responsibility and an annual base salary of 190k plus more than 190k plus stocks or tokens but it looks like someone else is about to offer me that so it only makes sense to chat if they'd offer significantly more i might be open to four days per week for 300k but absolutely not five days sorry for being so direct up front i'm just getting lots of requests you think that maybe web3 devs or just devs in general are the most scarce asset in the world right

now you think they i think they might be they might be what else what else would be the most scarce asset in the world right now i don't know bitcoin yeah bitcoin ethe after the merge [Laughter] okay so last but not least uh it's our dow of the month this week uh what is our dow of the month drum roll please still gotta get a sound board at some point yeah we our doubt of the month is seed club uh c cup for you for those of you who haven't heard of c club c club is awesome huge fans of steve club

basically seed club is a dow that builds and invests in other dows and other communities um c club believes that we're building a future where value is created by communities and is captured by the people not the platform so in the web 2 world our communities are built in facebook groups and they're owned by facebook and so the platform owns the community in the web 3 world the community is built and the people own the community they own the token they own the value and that's what seed club wants to do so c club does a few things that are really cool if uh if you're interested in i guess there's a few reasons why if

you're interested in joining a dow you should check out c club if you have a dow and you are looking to grow and add new members you should check out seed club um so i attended an event by them a couple weeks ago called their demo day uh which i gotta give a shout out to c club it was probably the coolest discord event that i've attended so far basically what it was was about 20 different dows showed up and they all had the stage for a few minutes to give their pitch and talk about their dow and they're looking for people to join and to support them and so it's a great way to learn about 20 different dows in a short period is about a 90-minute session

but it was also just a ton of fun they did a really great job of keeping it engaging and active uh they had a great chat going on one guy came on and played the guitar and made up a song on the spot uh it was it was a lot of fun the other thing that seed club does is they have an accelerator program so if you are a dow you can join cohorts um where you work alongside other daos and basically build your dao it's sort of like the y combinator of um daos and then they also have a studio which is more like an agency where they will support your dow um and help you grow as well so uh really cool and then obviously c club has their own dao where you can become a

member of their dow you can get involved in their discord in building educational content really get involved in their mission in um in building more digital communities and building more dows is there discord just public to anyone can join or do you need to own some of their tokens or how does that work you need to own their tokens you need to own 10 of their tokens in order to join okay so you are a bag holder of seed club i'm actually not a bag holder no how did you get into the discord then um the certain channels the demo day is is open it's an open channel yeah okay yeah so that's interesting so they have sort of some they have some public channels and then they have some products

exactly yeah yeah i like that yeah so there we go it's a wrap kai anything any final thoughts oh final thoughts i just hope that we fix all the issues that we had over the last week no uh i still feel as bullish as ever i don't think it's actually broken it's just growing pains and um i think uh there's gonna be lots of good news and good things to come in this space um in the near future so i'm i'm still excited and happy to be here how about you me too man let's let's do it let's build together we're building something great uh and let's support each other along the way there's gonna be mistakes that

are made um but uh let's do it together and listeners make sure to claim your nft because we are shutting down the discord in 10 days uh and well let's say may 15th because maybe some of you will listen to this later but we're shutting her down uh you're going to have to claim your nft so fill out the application and uh and we'll see you inside discord have a great weekend everybody take care everyone 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 and implementation anyway so you should not take any of this as financial advice thank you friends and see you in the next one