Web3 weekly rollup: Web3 macro trends, Apple NFT sales and token gating

Transcript

GM GM welcome to the weekly roll up where we run down all the top web 3 News to make sure you're ahead of the crowd and up to date on everything you need to know my name is Jaybird and this is Kyle reidhead and our goal here at web3 Academy is help entrepreneurs businesses and creators explore and learn how to use web3 to build thriving communities and sustainable business models in today's episode we are going to be talking about the macro Trends in web3 and I'm not talking about investment I am talking about business model macro Trends where is the space going we're talking about Apple allowing nfts in their apps and in their App Store this

is massive potentially there's a lot of back and forth here coinbase makes a big transition with their nft Marketplace we actually haven't talked about that one in a long time and then we're going to dive into a bunch of our quick hit 60-second news stories to get you up to date we're going to drop our web 3 tool of the month which was chosen by our community this week and then we're gonna discuss some answers from our community from a poll that we ran last week and throw down another Poll for you guys too so stick around this is going to be a banger of an episode but first of all let's start with what we always do and that is gratitude because we want to stay Mindful and grateful so Jay what's your gratitude today my gratitude today before I say my gratitude today one little nugget for

you did you know that in Psychology research practicing gratitude is strongly associated with greater happiness oh I like to be happy that's that's why we do this uh today I am grateful for Kyle reedhead I'm grateful for my co-host my brother my co-founder little story for you here so just over three years ago Kyle Kyle and I have been friends for about a decade but just over three years ago we were both in Bali at the same time and we came up with this idea to create a business together and started a marketing agency together and as any entrepreneur out

there knows when you start a business you go through the trenches and Kyle and I have been through a lot and it's just been an incredible journey of creating a business creating now a media company and a second business as we've launched into web 3 Kai was the first one that told me to buy Bitcoin and ethereum because I'm not sure I'm so grateful for that actually I think I bought the top and you bought the top and everything [Laughter] but I am grateful for Kyle and let me tell you I'm grateful for Kyle because we wouldn't be where we are today if it wasn't for him he is the consummate leader of our business the Visionary and this guy's work ethic is insane um it's almost annoying sometimes how

much he works because he gets so much done and I just I battle to stay keep up with him so I'm mostly grateful that in the past few weeks Kyle finally decided to take some time off work and it was great it was great for me it was great for him and I'm grateful because he attended a and Kai you might tell us about it but he attended a a retreat about leadership and mindfulness and he told me that uh last week we were on a call and you told me Kai that the at this Retreat every 15 minutes a noise goes off like a bell or a Gong I guess

and no matter what you're doing no matter where you are you take a deep breath a single deep breath and I'm grateful that you shared that with me because I've been trying to practice that and I'm grateful that you did it because it seems to have given you an exhale that you needed and so thanks for being you man I love you and I'm so grateful for everything that you do thank you man I appreciate that so much I wasn't expecting that but uh yeah very much appreciate it I'm and I actually am sorry sometimes that I push you and the team so hard but uh good that's what that's what you got to do right it's the way we we get to where we are so uh thank you thank you thank you I really appreciate it and yes this Retreat I'm not gonna dive into it

um but practice breathing because it definitely uh it slows things down and helps you become a better leader helps you make uh better decisions did you did you know that uh and I'll get you let you do your gratitude Kai but did you know that uh in Sanskrit the word Nirvana literally translates to Exhale it actually literally translates to blowout but essentially exhale is is their view on what Nirvana is so interesting I'm glad I did not know um go ahead Kai what are you grateful for today yeah so my gratitude this week is is a bit special um so a little personal as well but uh

19 years ago uh to the day of I believe was Monday the 26th uh I lost my sister she was 16 years old I was 13 years old in a car accident um and uh obviously you know I was super young so was she uh a tough situation for my family um but what came out of it that was amazing um was friends family from all over London Ontario which is where I was where I'm from really came together and supported my family and myself for many many years after and one of the things that has remain consistent in over the 19 years is on September 26th every every year I get a message from like I don't know 50 to 100 friends from high school people that I don't talk to from

all year uh from family from Etc all just sharing love sending me a purple heart because purple was my sister's favorite color um and and every year my Instagram DMS my WhatsApp whatever they're just filled with like all these people that I haven't talked to in so long and they always make that like that gesture to make sure they say they're thinking of me they're thinking of my family um and uh so so grateful for that support that I had both like when I was young and this all happened but just continuing today it just really lights up my day uh and it's actually it turns such a difficult day into like a day that I actually look forward to uh because I get to rekindle relationships and connections with so many different people so grateful for all my friends

all my family back home um absolutely love you guys and even new friends like new people I meet along the way along my Journeys they'd get in on it too because they just they see it on on Instagram and that so um yeah so much gratitude to just my my friends and family um it's a big one beautiful thanks thanks for sharing that guy it's very uh very vulnerable of you to share that and on that note if you're wondering why purple is the main color of web 3 Academy that is why it is a memory of Krista so yeah okay before we jump into today's episode we got to take a second to hear from our first sponsor

we got a sponsor we won't even say who it is let's get to the to it first the future of social media is here and that future lives in web 3 on top of lens protocol web 2 social platforms are broken and right for disruption you see the epicenter of social media is the creators and yet they are the most neglected web 2 platforms like Facebook Tick Tock and Instagram are all essentially Robin creators of their worth creators are a new type of entrepreneur forming new types of businesses yet with web 2 platforms creators don't own their content to the profiles and that's their product in business instead they are tied to the platforms they choose to create on well just like how crypto is freeing us from

Banks web3 is freeing us from these centralized platforms on lens protocol creators own their content own their profile and even their social graph and followers in the form of nfts this allows you to move freely from one social application to another with your content profile and followers moving along with you lens protocol enables self-soverty for your social graph and interoperability across the internet at web3 Academy we believe this is the few future of Social and that's why we partner with lens to ensure that the path of social media is heading in the right direction visit lens.xyz to learn more today all right welcome back we are going to start today's episode with the macro trends of web3 and again this is not

investment this is not macro investment advice this is we are talking about the macro of the business of web3 and the business models and just the things happening in in innovating in this space the first one we have up I'm just going to read a tweet first before I get into this trend uh because this was actually one of the tweets that clued me into this and really made this apparent to me but Christina which actually is from lens who is our sponsor that you just heard about but Christina says did you know if you have a Shopify store there's already a feature where you can already gate the site and certain items based on your lens protocol social graph so just by having an account or following certain people you can um you can gate things on Shopify that they can buy and we've heard about that

with Dows and tokens and things but I think what's really interesting about this and I think the trend that's coming here is we always think of most people are thinking about nfts as these sort of speculative assets these like art and these images that all are going to accrue this like insane value and the whole goal is to you know have this ape worth a hundred thousand dollars that is the key unlock of nfts I actually don't think that is where most nfts are going to go I think that nfts are less about the speculative assets and more about the interoperability to me that is the true feature nfts are digital ownership of fungible things but it what that enables other than the ability for for it to be an asset that

goes up and down but like we already have that in the web 2 world so it's not that big of a deal it's this interoperability standard that is so important here where something like what Christine is talking about is your lens handle which you can think of that as like your Instagram account right or maybe you follow someone on Instagram those are all nfts on lens you just heard about in a sponsor and so you can now use that as a interoperability standard essentially okay so the nft you can now use in any other application in web 3 and you can do token gated access you can show certain content you can do anything based off of that tool right and so I want everyone to think of an empty more as a tool cool then as some image or as some video or whatever some

piece of art that has the speculative value because all of these well actually let me get in this first so I think the main use case of nfts is not these communities and speculative assets and all this stuff it is this ability to move from app to app and for these apps to just Auto see the nft that's in there which is just a piece of data which then can trigger something some sort of experience some sort of access whatever that may be in lens protocol is the perfect example of this and I have a few actually that will break down here but lens uses nfts for your your account for the people that you follow and for your content but none of those nfts are going to accrue value

okay maybe if you're like a celebrity and you're like I don't know your lens protocol handles like Jay-Z or something like maybe that does okay but for the most part like when I follow you Jay on lens there is an nft that is formed there that proves and verifies that I follow you okay that's never going to be worth anything it's worth zero okay because anyone can follow you there's no scare thirsty there but what that nft does is acts as sort of like a an nft or sorry an interoperable ability standard for me to go into any other app and prove that I follow you and thus open access on things like Shopify Etc right so that I think is actually where the millions and billions probably of nfts

will be used I don't think it's going to be in these sort of speculative assets like we've seen over 20 and 2021 I think it's more of these like underlining parts of the internet that just enables better experiences and things to happen based off of what interactions people take on the internet um what's interesting is like as marketers we use activecampaign for this sort of thing so what you can do with like email crms is you can like tag people based off of what they do um and what actions they take on your website or things they buy whatever and then you can show certain content but it's not actually interoperable because it only works in like the one browser they used with that one email if I go to a new browser I use is a different email none of that actually kind of works and

Carries through whereas with this nft it auto verifies it all it's open and transparent anyone can see it and pull it so it's much much easier so that's really cool other areas that this works is like identity and credentials right so like if I complete a course I may get a soul-bound nft so an entity that is non-transferable which means it will have zero value it's not worth anything to anyone but it is worth something to me because that credential might be a thing that gets me a job or allows me to go to event or allows me to be a part of a community or something because maybe you need to have a I don't know a PhD or whatever right and so again this nft as your credential or as your resume or as a data point of your like

um of your data you know whether that's where you're from or all these different things I can go again and interact with an app and use that data as an interoperability standard um and again this entity is not going to accrue any value it doesn't it's meaningless or value us to anyone else but it is valuable to me because it gives me open access to certain things right so again I want people to think of nfts more as this like interoperable standard than it is like the speculative asset and especially if you talk to people outside of the web through world like they're not they're not getting that they think it's just a bunch of images and people like throwing around hundreds of thousand dollars that's not the unlock here of nfts and so I just want you to think about your own

business or the next thing you might do especially as creators this is so useful to understand your audience and to be able to do specific or certain things for your audience um and so just remember that a lot of nfts are not going to have value and that is okay but they are going to enable certain things in the internet and that to me is really really cool and that's why I'm so bullish in nfts I could give two shits about almost every nft out there today uh this is why I luckily did not buy the top for any nfts they cannot say the same he's got bags underwater and I feel bad I wish I told you this lesson seven months but I actually didn't even know this lesson you probably did you probably did but

actually no because the next point in our macro Trends which you're gonna bring up is the reason why we've came across this is I think before and I'll let you dive into it Jay but before this bear Market where everything plummeted to zero and there's not a lot of volume anymore like everything looked like it was working and now that the sort of Tides kind of gone out we can see what is actually working and what's not and where's the use cases here um and that's really what I think is happening and what Webster Academy's really trying to create a lot of content about now you're going to see a big change in our content is really just trying to dig into the things that are actually working and not because I think what we saw in 2020 and 2021 most of that is [ __ ] most of that is not going

to continue forward and so we need to actually forget what just happened these last two years and start from scratch and like move forward I actually tweeted the other day but take it away on your next Trend you're seeing Jay yeah I think I think that just like the start of any new technology the initial ways that we play with and use that technology is it's nascent it's it's the way an infant plays with something not to say that we're all infants but you know what I mean right it's we don't know what we're using we don't know what we're doing with it so and often the initial use cases are speculative and fight focused

on financial gain because like it or not Money Matters and that's what drives traffic and that's what drives media attention you know it's obviously if you post a story about a board ape before with a million dollars you're gonna get clicks on that what a JPEG is worth a million dollars so so I I get I get why we've gone that way but I totally agree that this first macro trend of really this focus on interoperability standards if you are out there and you're a builder you need to be using that language interoperability more I find I'm trying to bring it more into my vocabulary trying to understand what are the interoperability standards the last three guests we have had on the podcast are all building businesses but also

spoke about a standard that they are building as well with that we had Michael Sanders on from Horizon gaming he talked about how they co-authored the ERC 1155 standard then we had Kyle Tutt from pinata and he talked about how they are writing standards for ipfs and nft metadata storage and then just we actually just recorded this the other day this isn't even out yet it's coming out next week as we had Andrew Saunders from arbitrum and obviously Arboretum is building a layer two a full standard upon which to build it's it's amazing that that focus on building and if you take that as your focus that will lead you to greater things because you become

the layer that connects everything and you will tap into those layers as you said Kai in our current world I think that people don't quite grasp what it's going to be like when there's a billion wallets and we connect through this way it's hard to grasp what that it's going to be incredible right now the way we connect through email and through like disconnected social our online experiences brutal we don't quit it's hard to describe what that's like because it's just normal for us but yeah we got we got a long way to go and it's really exciting to think about okay let me let me jump into our next macro Trend that we're seeing hype is being replaced by real business and I got a couple

takes on this one we had a problem where hype has been the product so far in the space and what happens when hype is the product your consumer expects hype forever right and that is not sustainable so if you are out there right with that it's like a drug exactly and that's is it that it's a dopamine hit right and it's not a sustainable business model hype is hype should never be the product it should be a tool or a tactic but right now for a lot of these projects up in the hype has been the product so now what we're seeing is as the speculation gets washed out and I

think we talked about a few weeks ago open C was down what 98 nft trading uh from a year ago as the Traders have left and all the speculation is left who's left real Builders and what do real Builders focus on they focus on Building Products not building hype and when you build products you build real utility but here's the challenge hype can be built fast right you know think about uh what was that documentary on Netflix about that um yeah yeah like a perfect example right like all they had to do they had no product their product was [ __ ] but they

were amazing at creating hype and so they got a bunch of sales because all you have to do is get a bunch of influencers to post that rule it's so you know it's easier to create hype than it is real product and so I think the other thing that people are saying is right now because there's real building happening real building takes longer and it takes more patience and so there's also this interesting Trend and Kyle you and I have talked about us a little bit of because there was so much hype you've got a bunch of communities that are kind of overreacting and yelling and being upset and Discord about like why is my token not going up or why why am I not getting another airdrop well because you sold them hype you didn't sell them utility and so I think that's the other

Trend that I'm seeing one of the greatest lessons I ever learned from an entrepreneur uh old uh uh business partner slash friend of mine he said um oh under promise and over deliver that's like the key thing in business and [ __ ] web3 did not do that over the last two years they did the complete opposite exactly but uh all right well let's talk about some hype because this is kind of hype isn't it Apple um great take by the way I think the big takeaway for me is like web3 right now we're trying to build the underlying infrastructure of the internet that is not hype worthy that is not actually that cool you know what I mean like there are a bunch of amazing unlocks

from it but like people need to understand that what we're really trying to build here is just a new way of using the internet and there's a lot of Standards we have to build in order for that to work and that's the stuff that we're building here like these arbitrum and all these different things people are getting all excited about protocols you know what I mean it's actually kind of weird but you're never going to hear these terms in five years from now so like the fact that I've been so tribal and all this stuff it's like yo everyone just chill out you're all travel because of the spec it of uh aspect of this we're just trying to build some good protocol layers so that you know we can actually build good businesses on top of those and that's going to take a lot of

time but in the meantime uh Apple is going to allow developers to sell nfts in games and apps now this is actually a pretty big deal um so previously this is just announced I think last week um but previous to this you were not allowed to put nfts in your app so openc if you've ever downloaded that app through the app store anyway I'm not sure about Google play um but they don't allow you to like buy sell and trade on there you can only just like view that's it um so kind of a useless app uh axi infinity the biggest game web3 game of the last two years they um they had to do this all outside of the app store because they just couldn't because they have nfts in their game and obviously we all I mean anyone who is uh

uses Apple which is I think we have a graph up here I don't know what are we at like a billion users or something like that on Apple if you want to slide over uh yeah a billion users in 2020 so I don't know it's probably up by now but a billion people are using these phones uh and they can't actually interact with nfts uh via anything in the App Store so now it is allowed and so in the App Store Kyle let me just give you one more stat here yeah 85 billion in sales in 2021. wow how many apps 3.4 million apps are in the App Store uh a million of those are almost a million of those are games wow that's huge and so this is a great this is a huge step in the right direction now the issue here that's been

brought up and there's a lot of controversy about this on Twitter uh and probably elsewhere but Apple wants all nft sales to happen via in-app purchases so when you sign up for a subscription in your uh in your um in the App Store um if it's done through in-app it just Auto does it I think through Apple ID or apple wallet or whatever it is Apple pay that's it yeah yeah um and what Apple does is they take 30 of that fee so they take a lot from the business now the reason that they do this one there's a billion people in their App Store so like if you want to get your app in front of a lot of people obviously that's a massive value so okay uh and then also they have a lot of

tools for developers to build and um so there's just there's a lot of benefit to the business to put it on Apple just like I don't know if you're putting something on Amazon right you're going to do a lot better if it's on Amazon versus I don't even know what number two is from Amazon to be honest so anyway a lot of people are complaining about that um and that's really a big deal but what Apple has done uh to sort of help with this is they have um for companies that are billing under a million dollars I think it's per year they're only taking 15 so I mean still super high compared to everything else but is what it is either way web3 doesn't like this we're used to like 2.5 or less um which I mean I agree with um but I think I'm less concerned on the

fee for this like it would be weird to I don't even really know how it will work to like sell an nft and you have to do it through your Apple pay which doesn't actually have a wallet so like I think we'd actually probably gonna have to build some new tech around this I'm not even really sure um but to me the problem is it's no longer really peer-to-peer right like the whole point in nfts is this peer-to-peer exchange well if it's through the App Store to have have to use in-app purchases well that means I'm using a third party I have to go through apple and so that is the thing I'm concerned about less concerned about the 30 thing and I'll talk about that more in just a second um I don't even know technically how that's going to work I guess we'll see

what happens I'm sure we'll hear more about this uh some of the apps start to try to build and launch nfts inside um here's my takeaways though one I think the Apple wallet is coming right and I mean Apple wallet for web three if they're now enabling web uh nfts they probably assuming this goes well if they want to better enable nft use well they're gonna need a wallet and so what should they do probably just launch their own wallet and then we can do in-app through their wallet which again is not perfect for all those people who are like dgns and whatever like it's not perfect but it's a step again in the right direction to get nft games in an App Store where there's a billion people holy [ __ ] I'm all for that I don't care what is is that quite possibly the

largest onboard that could come like we're talking about potentially getting so one Google's bigger I'm not sure one billion app iPhone users could be could have access to wallets without knowing they're not going to know that they're crypto wallets I mean with the click of a button Apple could just give everyone a wallet and there's a billion people with what that would just be do it do it I almost said and make the ethereum wallets put them put them on EDM please Layer Two Arbitrage oh someone's a eat Maxi I thought that what you used to call me that so but anyway the other um the other I guess big takeaway here from all this is look I know the 30 thing sucks and

people don't love that but like here's the thing I don't understand about web3 and crypto they want open and free marketplaces we don't want Regulators right we don't want rules we don't want people to tell us what to do we hate all that stuff and then something comes in where someone Builds an amazing product and they want to charge for that product uh maybe it's too much of a fee and everyone cries and complains and it's like well what do you want here you want an Open Marketplace or not because if someone builds a [ __ ] really good product which Apple has done they can charge whatever the hell they want and the reason they can charge for the hell they want is because there's a billion [ __ ] people using their phones that rely on the App Store and so like pay

that 30 because what's your other option right you don't have another option I guess you can go to Google um but then you're missing out on a billion people so it's like you can either go and build your own Store for apps that battles apple or like just go find a business model that works with that and there are many businesses I mean there's 3.4 million apps uh right so there are many business I've figured out how to do this um and ultimately like if we can make web3 big enough well maybe we can tell Apple to go [ __ ] off right Solana's working on that they're building a phone um and so like maybe we can but for now like let's just deal with it because that's how open marketplaces work right yeah if people are going to get wine and want The Regulators come in well then

why wouldn't they come do that with D5 and web3 and everything else too so like I don't know you can't have your cake and eat it too right 100 and really this this comes down to Apple has built an incredible product they've built an incredible product this isn't I think that one of the things we get caught up on is yes one of the Great unlocks and there's many revolutions or Evolutions that we're talking about making two web twos such as take rate as you you know as you identified and openc was the first to do that Open Seas take rate is 2.5 percent it was like Wow here's a marketplace with a way lower take rate than YouTube Facebook uh and apple but opensees new they they're and yes their products good

but it's nowhere near what Apple's product is so we need to recognize that these older companies that have incredible products and have these large marketplaces you know they're going to charge more for that and I think that's just natural I think again the biggest thing to me here is this wallet as you identified if I don't care what their take rate is so long as and I don't care if they force it to be an app so long as this onboards people onto crypto web 3 blockchain wallets whatever you want to call them that is that is what matters and it gets people purchasing nfts without knowing they're purchasing nfts thank you and by the way of course we

don't love the 30 like yes I get it that sucks if you're building a business you're gonna complain I would too okay um we have many uh products that we use in our businesses that they take probably too much but it is what it is and you just have to go with it because that's how business works right it's just a value exchange and eventually I think we will disrupt apple and we will make this better that's how Tech typically works but it's going to take some time and for now let's be happy that our Tech is getting implemented into Apple it's a big step forward let's be I was just gonna say let's be real this is the way business works you start an if your business is going to be an app okay you start your app and you start by going through Apple because

that's where a billion users are and you figure out how to Market through the App Store and you use that if your app grows to a certain size you will figure out other ways to make Revenue outside of the App Store I guarantee it right but you can't go make an app in the beginning it would be like going and trying to create a an Airbnb property but not using Airbnb how are you going to get anybody to rent your place nobody's searching anywhere else right like you need to go where the customers are but then over time yes there are other ways to get around it you figure out other ways to develop revenue streams you know so you gotta yeah you gotta take the easy onboarding ramp I'm

I'm stoked about it Kai I'm happy nice I actually wasn't sure that you're going to agree with my take on that to be completely honest but what's next in the news Jay next up token proof has announced that they are partnering with flow blockchain uh very exciting news shout out to token proof which is one of the leading token gating platforms when I was at nft NYC earlier this year uh I used token proof to get into the moon Birds party I use token proof to get into the hug party I use token proof to get into most events ironically I did not use token proof to get into nft NYC I didn't use any the the big joke at nft NYC was that the actual conference was not web3 at all and there

was no token gating and yeah it was that was a joke but but the actual outside events were all using web3 what's interesting about this a few things I want to talk about first I wanna I wanna talk about flow a shout out to flow so we you know flow's not the darling blockchain right you know it's not East it's not getting the media attention but we just keep hearing about them first flow partnered with Ticketmaster which nothing's really come out of that yet but you can believe that flow and Ticketmaster are building like hell yeah get me get me nft tickets uh flow partner with NFL flow partnered

with the NBA so lots of flow is also partnered with one of the largest uh toy companies that's trying to build digital toys crypt toys I believe it's called so a lot of flow is doing the corporate stuff and when you do the corporate stuff that building takes longer so we're not necessarily hearing a lot about it but it's I got a lot of respect for flow and Dapper labs and everything that they are building I think it's very exciting to see to see a blockchain like that succeed that's clearly they're focused on corporate relationships and corporate Partnerships not on the Degen crowd not that at all in the decentralization all that kind of stuff

like look not every blockchain needs to be maximally decentralized flow isn't trying to create the thing that we put like Sovereign money on and like you know fight against the Nations Etc like Bitcoins trying to do and maybe ethereum in terms of like the financial system like flows trying to onboard people and do some cool stuff with like fans of NBA and and you know with toys and things like that like they're not trying to go up against the big Nations so they don't need this like crazy decentralized thing they're just trying to unlock some features of web3 and they're doing a hell of a good job at it so like mad respect to them to be completely honest um I actually have one more point I want to make from the last conversation I'm just going to say it real quick Jay which is on this apple side of things

the one piece that I forgot to mention was here's the other beautiful thing about this is we just talked about how nfts um we think value lists nfts are going to be the the main way that we use nfts well what a perfect now onboarding opportunity into the app store because you can now use nfts like lens products that don't have value right or like our data and privacy and all these kind of things that we're going to do credentials and stuff sure I'll pay Apple 30 of zero right I'm sure anyone will it's nothing so this allows us to actually use all those inside the App Store and so that is a massive unlock as well that I didn't I forgot to connect those dots but anyway so let's and now now I want to talk about that closely because this is a

great great Point here uh so if you are starting a business and I've said this I've said this for a while uh I've always said the first step in anybody's entry into web 3 should be a free token whether it's whether it's fungible or non-fungible what a free token so there you go use the app store get a free token into the hands of your customers you're not gonna have to pay 30 for it but now they got a free token and the a way you can build upon that the interoperable way you can build upon that is is endless I know p okay all right back to token proof we're jumping around today we're excited

today I love it I like it when we get fired up okay so the other I just want to talk about two examples of token gating and there is going to be I truly believe that token gating is going to be like a term that is going to go mainstream in in the long term I almost feel like it already is on the way there uh because this is one of the big ways that we can as we said we can be interoperable with our consumers by identifying their tokens and then giving them access to Things based upon the tokens they have and here's two quick examples first is uh a book called bored and dangerous so

this is just a a great web three story Jenkins the valet is a board ape and so whoever owns this board ape has branded it and given this board Apes a full full life a full uh personality his name is Jenkins the ballet Jenkins is I think he's in a coinbase movie he's doing a few things but Jenkins wrote a book recently and he wrote this book with Neil Strauss those who don't know Neil Strauss very famous world-renowned fiction author and so they wrote this book this book they sold an nft for access to this book about uh three or four months ago and then

now you can get access to this book through token proof by proving that you have the token gives you access to a book so here is tokengating for book content very very interesting a great way and you can think about you know the the potential use cases of that because okay if if the only way to access a digital book is through right now it's pretty easy for us to download a digital book and then share it with each other right but if it's all through nfts then it's much harder for us to share it because if you don't have the nft then

even if you could previously access it but you sell the nft and then you go back to the book it's going to require you to authenticate that nft again which you no longer have in your wallet so you can no longer access the book so really simple but powerful use case and unlock 100 percent hey guys give this one a shout out uh token proof is also sponsored with NASCAR I'm not a massive Nascar fan by any means I think I've literally never watched NASCAR but I am aware that NASCAR is one of the largest Entertainment Properties in America and last weekend at Texas Motor Speedway if you had a race day nft you could use token proof to access exclusive areas

and exclusive events wow impressive go and ask her I would have thought F1 would have been the first to get into this right they're in Netflix they're kind of like going mainstream and stuff but NASCAR jumping jumping ahead of F1 and going right to web3 did they even get it to web 2 NASCAR I think they're mostly into beer drinking and eating hot dogs but it sounds great I'm down okay what do we got up next here Kyle oh coinbase so we actually used to I mean we haven't talked about coinbase a while I haven't been in the news oh I guess we talked about Brian Armstrong quite a bit but um coinbase nft Marketplace we covered this a lot when it came out I actually

thought they were gonna do amazing because I I see coinbase as sort of this like onboarding you know this amazing onboarding ramp in this great ux and they're trying to like control the ux across web 3 almost like the the web 3 version of Apple um but anyway they launched their nft Marketplace didn't go so hot what are they up to now Jay they're making a big transition yes so they've decided to transition their nft Marketplace to be an aggregator so rather than just having their their own sort of separate marketplace where you have to list and buy on their Marketplace they're now an aggregator which is a big Trend that we're seeing in the nft space is what do people want when they're looking to buy

and sell something they want the best price right and they want access to the most people right so now if you are looking to buy an nft and you go to coinbase you will see they are aggregating all the entity they're not doing all of them actually they shouldn't say they're doing all they have picked as select few but all like it's like 90 of the marketplaces or the volume of marketplaces and you can go and you can see the best price we've seen nft aggregator marketplaces like gem uh pop-up and do quite well so it's not a surprise that this is happening but again Kai just talked about interoperability this wouldn't have been

possible in web 2. well probably it could be but it would be a bit she'd have to like actually go and talk with the company and like do Partnerships yeah exactly yeah yeah because it's all walled Gardens right like you'd have to imagine somebody being like Oh I'm gonna pull in I mean I don't I'm gonna pull in the apps from the App Store and I'm gonna pull in the apps from Google Play and make a aggregated app Marketplace like no it doesn't exist right I think so but I think this is this is big I mean again coinbase is all about the ux right you got it like if you're in web 3 you got to remember most people are not web3 and most people don't even know what web3 is most people are not gonna even figure out how to use it

um but they will be able to figure out how to use coinbase right they would they I mean most people have I think there's is it 100 million people using coinbase now something like that yeah something even more yeah and their cryptos on there and so now you can use that and and you know move into the nfts and do other things and they have a coinbase wallet and you can pay employees and do invoicing with coinbase like they're trying to do a lot and really it controls the whole ux by putting all of the protocols and things on the like underlying layer right and so we don't have to think about using uniswap and looks rare and all these things we can just go to the beautiful ux of coinbase so I'm all for this I love it and again interoperabilities what enables it so that is super cool

103 million verified users on that's from their website so who knows how up-to-date that is that might be uh from working in the website World sometimes they're six months old in terms of their yeah right right I think for sure at least 100 million okay I just want to continue down this thread of nft marketplaces because I think this is a a big area of success that is going to come is from nft marketplaces but it's also a tool in the toolbox of web3 which really kind you and I talk about this all the time if you are a business or a Creator uh you need to think about web3

as a tool right unless you're going to go build the web3 native business and you actually want to build the infrastructure there but if you're just using it it's a tool and marketplaces are a tool and I'll tell you why and here's a great example is this past week truth Labs which is a team behind Goblin Town and about five to ten other large nft projects launched their own Marketplace so this is a nft project that said hey now you can come by our nfts on our Marketplace uh Kai who else has done this there's other projects that

larvalabs did this with um I think the punks and me bits I'm pretty sure that their own Marketplace back then I never really understood why they did it but now I get it yes so so what is happening is in case let me just show you a bit about this one in truth's case what they did that was really smart is on their Marketplace the royalty is five percent which is lower than the royalty that they charge on other marketplaces so they dropped their career to royalty on their own Miracles and why do they do that well because if they're selling something on another Marketplace they have to pay a fee to that Marketplace coinbase has a 2.5 fee so let's say their royalty is 7.5 percent well they

might as well drop their royalty by two and a half percent they actually make take the same amount of money but now it's in their ecosystem and I think this is what we're going to see happen because it kind of connects to this whole nft royalty debate is okay if nft royalties let's assume that they're not enforceable on chain in the future although I do think that devs might figure that out but let's say they're not enforced Bond chain then what needs to happen is two things you either gave up on royalties as Kai you've presented before and I know you're talking Lots about is you just don't rely on them and you know it's okay you make other business revenue streams uh or you do

continue to go with royalties but you make value so that people want to pay royalties well one of the ways you can make value is by creating a great Marketplace experience you can make a Marketplace that's easy to use where you can have a lower fee to your customers so they can make more money off of their trading or their buying or they're selling and also you can just imagine you your Marketplace could be part of your onboarding it could create the experience within your Marketplace there could be access to benefits there could be access to perks you could have cool galleries where people can show off there's so much you can do by creating this UI and create utility and value for your customers that's a good point

because what when you first brought this up and you're like well Goblin Town is basically rugging let's say coinbase are open to you by like lowering the the royalties I was gonna say well then you know what open C is going to do just make it zero royalty fees on for any Goblin Town nft like they don't give a [ __ ] right so it's like they're actually they're kind of forcing the bigger players to now undercut them even more and it's going to be right through the bottom which is where I think this goes with royalties regardless to be completely honest again this is just kind of how business Works um except for like you said if you bring in more value and you create a better experience then I can see that working like if they really build something cool here in this Goblin Town thing

um then people just want to use it because it just makes their life better or their experience better they'll probably pay that extra X percent whatever that ends up being but yeah that's a great Point actually and I think what you're going to see from the tax I think a lot of people sitting there might say okay sure great thanks Jan Kyle but like I'm not a tech founder how the heck am I able to build a Marketplace well there's another interoperability standard or a template I think that in the next few years there's going to be a WordPress of marketplaces where you can go in and it's like simple template based and anybody can build their own marketplace right right that's interesting all right next up tool of the month time Kai

before we get into our quick hits of news where we're just gonna Bunch say a bunch of different news and we're going to explain it in 60 seconds or less so it'll be nice and fast uh we'll do a quick tour of the month uh we actually have the community vote this time we're not decided until the month anymore and we're gonna do this with all of them so make sure you're following us on web3 academy uh these web3 Academy underscore on Twitter so you can help us choose the tools of the month the Dows of the months Etc we had the communities voting up on this one what were the options Jay the options were radical Metropolis Wonder verse and coop and the winner the winner was Coop by a close margin right that James you voted

for One reverse though look at that yeah hey don't don't say that I I like Coop don't tell them that's that's that's supposed to be off chain [Laughter] the Runnings here were quite close is 47 Coupe and it was the other 43 43 one diverse yeah but give us both great tools and if you want to learn anything about all these tools you can check our Twitter we got a little Thread about each one Coop which shout out raised about I think they raised five million dollars uh a couple weeks ago uh they are building a new platform for communities in web3 uh and they have a fantastic website so you got to check

out their website very well made whoever made this well done uh but basically the idea is behind coop is that you can train your communities into contributors which is what we talk about so much with web3 is the unlock and so the way that they're doing that is through governance they're trying to help people create better engagement around governance and voting and proposals so if you're in a community voter apathy is a big issue for a lot of web three communities and so they are building this platform where it's more fun to vote it's easier to vote you can understand what you're voting on so focus on that they're also focused on quests Kai we talk a lot about quests and how you can bring

somebody on board to your community and then have them do different things such as bounties or have them participate in different ways and it's really fun for the customer but it's also something that gets them engaged in part of the onboarding experience and because of wallets you can actually see that they've taken these steps and you can verify it which wasn't really possible in web 2 and then they're also enabling memberships which I'm not going to dive into the membership thing because I don't fully understand how they're doing this on chain because one thing Kai that you and I talk a lot about is memberships is such a big model in web 2 and how do we transition that model to web 3 when you need to do recurring

revenue and a subscription model uh so I'm not sure if their membership version is recurring it's not it's probably not it's probably one time uh to say did it say that uh it doesn't say but I don't think it is but holy do I have a banger of an article it's actually like three maybe four articles coming out all about this kind of stuff um it's going to be a deep deep dive the deepest of the Dives anyway finish up [Laughter] okay so yes shut up Coop keep building you guys are doing awesome uh if anybody from The Coop team is listening to this would love to chat with you guys would love to have you guys on the show uh you guys are doing amazing work keep it up and congrats on the big win and thank

you to the communities for voting and choosing coup we're gonna keep doing this so make sure to keep following Along on Twitter um to see these polls all right let's get into some quick hits news for you guys the first top of the show we kind of dive deep into stuff now we're just gonna brush the surface of some cool things happening around web3 um I'm gonna start it off so what I'm gonna do is just read out a title and then Jay's gonna read a title and so on and so forth and the other person's just gonna comment or quick thoughts on it we've got only 60 seconds so Jay I'm gonna start it off for you borrowing 1.3 million dollars using a mutant ape nft go okay so let's talk first about the this is the classic media headline that I

just talked about right you throw over one million dollars ape and nft into a headline right now you're gonna get a lot of attention but this is also very interesting unlock of web3 is this opportunity to leverage your collateral apes are worth a lot of money now how does somebody borrow 1.3 million dollars on Apes well they have what do they call it they're called Mega apes or something like that because one of the a mutant ape recently sold for over a million dollars yeah they're called um yeah Mega mutants Mega mutants so somebody borrowed leveraged 1.3 million dollars and that they did that on Arcade there's also bend that which is a very

interesting nft lending platform so there's a lot happening in this space is it good or is it bad ooh be careful not Financial advice done okay next up Kai Chipotle is proof of steak I love it this was I mean look I think it was Andrew Saunders who tweeted this out a couple weeks ago before the emergency goes I can't believe there is not a fast food company that is taking advantage of this marketing opportunity of proof of stake meaning s-t-e-a-k like the steak you eat um and finally uh took a little bit longer I guess but Andrew called this and chipotle has come out with something uh called proof of stake where they're

giving away a uh they're celebrating the merge because it's a 99.9.5 percent less in energy and so they're celebrating by giving 99.95 off the new garlic whatever that is steak so a certain type of steak at Chipotle uh when you spend eat um so legendary move Chipotle they always continue to have fun with this stuff and someone needed to do this but this was Andrew's idea and maybe someone from Chipotle is following Andrew Saunders so really the Kudos goes to you man all right I love it next up audius uh web3 music platform hit 7.5 million monthly users wow that's impressive go music is going to be one of the big

Industries probably I I believe an industry that will excel and benefit so much from web3 so excited about everything that's happening and audience is one of is basically the leader right now that is Spotify but using tokens so I use audience it's a great platform there's not enough artists on it yet like you know Taylor Swift isn't on it like the big artists aren't on it because that's your big artist that's your label agreement that's not mine it's definitely not my big artist but hey I'm going for the big ones for everybody else but what's cool about audience is if you make a playlist and your playlist is the top playlist then you get tokens for the week if you're an artist and you have the top song of the week you get tokens so it's all of this

web 3 incentivization using tokens also shout out audience you can log on by email or by metamask only 10 of their users have logged on by metamask so that means that they are also a great onboard ramp people don't even know that it's web 3 necessarily done what's next NASDAQ launching institutional crypto service yeah I mean I think this is just still a rumor it's not like confirmed yet I believe um but look this one's an obvious so NASDAQ is where you go uh to invest across the ETFs or sorry invest across the tech stocks and also um it is like an equities exchange you

could think of it in the crypto world and what is going to get disrupted by crypto these exchanges of course uh and so um it only makes sense that they're going to move into customing uh tokens and probably there will be a near future where you can buy your equities via NASDAQ right like we do or you can also buy uh tokens and maybe they compete with like a uniswap or something in the future I don't know um but like I think they know that their business is going to get disrupted and so they've got to come into the web at some point uh and start you know holding or doing something with tokens and it looks like they're going to start with custodying um crypto services or I don't know if that means just tokens or they're going to do D5 stuff like we'll see how far

they take it but either way um seems like an obvious transition we're going mainstream people we are going mainstream all right the Haas Brothers launched a personality test nft what's this okay this is gonna be tough to explain in a minute but this is a really great interesting project house brothers are two artists they launched an nft project here's how it works you take a personality test and this personality test I I heard this from uh Carly Riley from uh overpriced jpegs who took the test apparently it's quite sexual which is hilarious and so she said it like made her a little bit uncomfortable but you take this personality test and what happens based

upon how you score on the test your nft has generated it as a multi-beast it's called and so you know we're all a little bit narcissistic right you know who am I what am I we all love to think about ourselves like that well this project spits out this nft the other really cool thing about this project is that they are using remake which is a platform that is full focused on nft licensing and so they are trying to really focus we talk a lot about IP and Licensing of nfts they are trying to build that into the smart contract I've gone over time so I'm going to stop we're going to talk more about smart contracts and IP and nft Licensing and how that works for business models Jay doesn't know how to keep things

short okay next up openc paid out a 100 000 reward go yeah so this is sweet um so basically for developers Engineers if they find um bugs and things in certain protocols protocols will pay I guess it's called bounties um and uh to to if you go and you instead of hacking them you tell them about it kind of thing um so in some cases it's like really valuable uh because I mean what happens is sometimes they'll just hack it take all the money and then they'll go you know what I'll give you 95 back but I want to keep five percent but they're stealing like Millions so they can make a lot but the other way you can do it is instead of going through that and maybe

going to jail uh you can just go and tell them instead of hacking it and these companies will pay you and so openc did it um for something and they paid a hundred thousand dollars and so pretty cool it's a great way to make a living I mean you can get a hundred thousand dollars on just one tip basically um now it probably takes a while to actually comb through all the code and to figure this stuff out but sounds like a great little opportunity here and uh mad respect to open protocols and allowing this kind of stuff um we like bounties I'd like a hundred thousand dollars but I'm a non-tech so I can't find these yeah okay all right last one of these news from the lens verse cultivator Dow what's this studies Okay so lens Stony the uh founder of of Ave and

lens tweeted uh about cultivator Dao and what I love about this is lenses Focus from the ground up on creating an entire new web3 social stack and part of that is establishing principles and guidelines that we live by it's not so much interoperable standards in the sense of like Tech standards it's more standards in the sense of like ethical standards and they've launched cultivator Dao which is essentially going to be focused on ensuring that as the web3 stack is developed because lens is this entire ecosystem that's going to have developers involved on so many

different layers web web free social I mean social in general has so many layers you have the the hosting and the collecting layer of the the actual post you have the layer of like cultivating and curating the content so what algorithm decides what content you will see and so what they've done is they've created cultivator now is a way to ensure that as this web3 social stack is developed it focuses on trust and safety and does it in the right way I'm telling you if you want to know about web3 just follow lens these guys are crushing fall stunning this guy's a stud but lens is doing just so many so many cool things all right that's a wrap of the news guys we just have one final

take that we are going to cover and that's actually from our poll of last week do you want to talk us through the beginning of this Jay yeah so uh we started last week putting up polls this was our poll of last week watch over on Twitter for another poll this week last week's poll was would you put your personal interests slash Hobbies like meditation investing or running running for example would you put those on chain tied to your wallet address the purpose of this would be to connect with other like-minded individuals or would it would you have privacy concerns and so very interesting poll uh 40 and very very even split down the middle very polarizing 43 said yes they would do it

45 said no they have price privacy concerns and 11 said I don't know not sure so yeah I think there's a very and this is gonna this is the questions that we're gonna have to answer Kai you said at the beginning of the show what we are one of the things we're most excited about for web3 is identity management and this connects to Identity and there's two sides to this in one way I can see the Incredible use cases for sharing personal data about yourself on chain as that will lead to you being able to connect with more like-minded individuals and you being able to experience the the metaverse and the web in a more personalized way however there

is also privacy concerns around that Kai what's what's your take on this my take is at 45.7 percent of Voters are liars because they already all do it if you use Twitter you are giving your personal interest to the centralized companies if you use Google if you use Facebook we sold our soul to the decentralized Lords many many years ago so I mean the fact that you interacted with that bull right there you already did it uh but anyway I think my other case I'm kidding you're not all liars but uh we're kind of forced to do it in the web 2 world I think where this goes is just because it's Unchained doesn't mean that anyone can just go and look up your stuff and see that you like to meditate or

whatever zero knowledge proofs are a massive unlock and we've talked about them before they're going to allow you to put stuff on chain and have you know things like your your data and stuff and your interest in things to get you into I don't know communities and whatever which we're all going to love because sharing data makes your experience on the internet actually much better um try to delete all your cookies right now and then go use Google Chrome see how much fun you have trying to get into all your sites it's terrible uh so like sharing your data is actually like uh it's I don't want to say it's great but it makes your life a lot easier to be completely honest but what's cool about web3 is with blockchain with zero knowledge proofs we're going to be able to actually keep that stuff private and

not actually be able to like people won't be able to tie that to who you are in your name they will be um you'll be able to get that data without knowing who you actually are and what your wallet is so I think that's really cool or there's going to be other things that are still webbed through that are not necessarily on chain either and that's like disco um Disco does this Evan talks about this a lot we've had of her on the podcast and she talks about how you're going to have all this kind of data stuff and you can pull it from different blockchains you can pull it from other data points that are not on on chain and you can actually have your data stored off chain but use that data to interact with things on chain and so that to me is

super fascinating I'm not gonna go down that rabbit hole um but uh yeah I think that people don't realize how important it is to share data that's how you connect with like-minded communities that's how you get into I don't know all find all the things that you like um being kind of just drawn to you on the internet which is a great experience of the internet and that all comes to your data so I get the whole like we gotta hide data and we can't give that data to these big centralized companies but I think sharing your data is actually very important it's how you find community so I don't know I would probably do it polarizing topic very interesting keep an eye out we'll have another poll uh coming up later this week that's a wrap

thanks for listening in what a nice episode okay that was fun that was fun hopefully you guys liked it uh let us know we're trying to change up the way that we do our episodes we're trying to make these Roll-Ups more informative but also more fun trying to make sure they're not too long but would love to hear your guys thoughts um so either if you're watching Youtube comment there uh or hit us up on Twitter and let us know your thoughts but thank you all for listening so so much um I don't know how to end a podcast without it being awkward so goodbye it's like say it's like saying goodbye it's always so awkward I gotta go in for the hug I like high five and you're like still hanging out and you're like should

we hug again and the people that are listening to this podcast and hope that you're still listening they're like cooking or something or driving so they can't even click stop right now it's just stop talking what about if we just end with with like love is such an important thing in life I believe so much in spreading love what if we just end with like saying I love you man and we we whether we say it to each other or whether we say it to the group I just love anyone's like and I love you I love you man thank you for listening to web3 Academy we hope this helps you along your web 3 journey and if it does please share this episode And subscribe so you don't miss the next one nothing in this podcast was Financial

advice crypto and web 3 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