Weekly Web3 news: Elon Musk's Twitter bid, the Merge and metaverse updates

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 everybody welcome to web3 academy it's the weekly roll up jay hamilton here coming at you from whistler canada it's spring the sun is out the flowers are blooming and the news is hot today what's up kai how you doing i'm amazing the news this past week is as hot as it is here in popo nicaragua it's crazy hot uh there's a mat well not massive but there's a big swell here right now so the waves are crazy if i open up the door you can actually just

hear them slam the beach uh every couple seconds uh it's crazy here right now it's a lot of fun i'm stoked this is a crazy week so buckle up everybody we got a lot coming at you uh elon looking to take free speech to twitter with a huge offer we're going to talk about that that just happened earlier today before we started recording um we're going to talk about uh east and the merge and the first top profitable blockchain uh we're going to really dive into that there's a lot that we think that everybody should be understanding around tokenomics and profitability as a blockchain and what's happening with the merge so you guys understand that um then we're gonna jump into some stuff around the metaverse what's going on

with the metaverse a lot of people getting into that space i'm sure everybody's hearing about it constantly i want to make sure you guys are informed there and then we're going to wrap up with our protocol tool of the month uh so lots of great exciting news for you today i think i might even forgot a few things that we're going to mention yeah so much board at yacht club coinbase that's right i did move the film i don't know we'll talk on that too so much coming but before we get started uh let's just share some quick gratitude um kai why don't you go first what are you grateful for today oh what am i grateful for today um

i am grateful for um our team at impact digital marketing slash web3 academy um we've uh we have a team of i don't know what it is eight or so at impact digital marketing and uh they just we've seen some incredible growth from our team everyone is just doing some amazing things our clients are doing incredible um and it's just really really cool we've never met any of them because we were all completely remote and um so one it's really cool that we've just we've made this sort of like um this company with a bunch of people we don't know we have a zoom party tomorrow which i'm excited for and we just booked our first in-person meeting retreat in portugal uh where the team's all gonna get together

in the summer and we're gonna finally meet and i'm just i'm super super stoked for that that's right so if anybody anybody uh any listeners out there if you're gonna be in portugal in august hit us up uh we'd love to uh to meet you see you in person maybe have you on the podcast we can do an in-person podcast kyle and i have never even done an in-person podcast uh so yeah very exciting i am grateful i'm gonna i agree with you everything kai said but i'm i'm grateful for old friends i've got a couple of old friends visiting um it's just amazing when you haven't seen friends in years and then you meet up and you've never skipped a beat there's just something about friendship that is um so so special so very grateful for old friends

uh by the way we have a new gratitude section in the discord in our discord channel if you're not in our discord go join web to your academy discord it's in the show notes below and we've got a bunch of new channels there one of them is gratitude and it's probably our hottest channel there is um share some gratitude we want to know yeah let's be grateful yeah let's be grateful um okay before we jump into the news kai drum roll what's the web 3 word of the week gosh it's mayhem it's mayhem honestly the word is because there's just so much going on right now in web 3. i feel like we're like we're bottling up and we're about to have this like cambrian explosion of things in web 3. everything from like what's going on with elon over

there i know that's not web3 specifically but like i think it has implications for web3 to actually all the things happening in web3 it's just mayhem right now um and it makes our job easy to present news because there's so much of it so much news mayhem okay well let's uh let's take the mayhem and let's turn it into uh some simple to understand sense for all of our listeners uh and let's start with our first story uh elon musk offering to buy twitter what's going on here okay yeah so elon bought nine point whatever two percent of twitter a couple weeks ago uh and then he was asked to or maybe i don't know if he was asked or he asked to go on the

board um it got approved and then he shut it down and then a week later after shutting down uh being taking a seat on the board he offers this morning 43 billion dollar offer to buy twitter outright completely and take it from a public company to a private company what's great is he actually offered 54 and 20 cents i think it is per share so he threw in the meme of 420 uh which is amazing i freaking love elon um it's not a hostile takeover but it is kind of a hostile takeover i mean he basically wrote in his letter to the board if he scrolled down a little bit here's the line right here my offer is

my best and final offer and if it is not accepted i would need to reconsider my position as a shareholder he is absolute legend just legendary status right now he wants to buy this in cash it's like 43 billion dollars in cash just gonna buy it out right um i don't know what's gonna happen here but man i hope he gets it but we'll see he's got a good argument and he's giving a great offer and him removing his investment or selling his investment will probably make twitter stock tank um so we'll see so the reason why this is happening or not the reason but one of the main reasons he's doing this is elon is a big proponent of freedom of speech

right and most social platforms right now are are censoring content uh and twitter's going that way as well especially with jack dorsey leaving the new board and the new ceo i can't remember his name um but he is more known to be okay with censoring content and elon doesn't think that that should happen and honestly one of the things that i think when i think of twitter it's different than a social platform like facebook and instagram and tick tock and all this stuff like these are places for people to i don't know put up pictures and promote you know what they're doing and things it's it's a social place twitter is different it's almost like a

communication platform for the world it's the way that i see it it's like a lot of big thinkers a lot of big companies and it's where they just like actually communicate with one another and if we ever like let's think worst case scenario got into this like um you know uh tyrant world where governments or whoever one person took over and like just like block the internet like what's happening in north korea or china et cetera like we wouldn't have a place to speak with everyone around the world it would not exist and i think elon really wants that for twitter it's a place for us to communicate with anyone in the world and just have freedom of speech and i'm pretty sure he's trying to do that i feel like there's going to be other people who don't want this to happen whether that's governments or it's i

don't know the board of twitter but someone doesn't want this to happen i'm sure but we'll see what happens here well as he says in his letter here uh let me just read a few lines he says i invested in twitter as i believe in its potential to be the platform for free speech around the globe and i believe free speech is a societal imperative for a functioning democracy however since making my investment i now realize the company will neither thrive nor serve the societal imperative in its current form twitter needs to be transformed as a private company then he goes on to make the offer which is uh seems to be a very high offer i mean i'm not uh an expert in the twitter current price and they're they're off

their their stock but he's offering something to 54 premium over the day before he began investing in twitter um and he basically his last line is twitter has ex extraordinary potential i will unlock it now here's the um so we have another take that's here uh sam bakeman freed who's the founder of ftx and one of the richest uh people in the world as well he put in a he created this threat about decentralizing twitter because it's very interesting and it actually goes on to what we talked about i think it was last week in the roll up when we were talking about lens protocol and um and decentralizing social media because here's the thing it would be

great for elon to you know own twitter and to take it private and to be able to you know uh improve freedom of speech uh and make sure that that stays around but he it's still a centralized entity he still owns it one person one day he wakes up and he decides that he doesn't want freedom of speech anymore yeah um he could change that and so the idea of web three is to no longer have to trust one individual or one corporation although elon is cool as hell and we like him and maybe he's going to support the ethos of what we want it doesn't matter the idea of web 3 is that we just don't ever want to have to trust anything regardless and that's what the blockchain does and decentralization does is it allows us to just never have to trust right it allows

it to just be and exist without asking for permission without trusting anything and so sbf here he sort of gave his breakdown of like what could be possible with twitter if we were to decentralize twitter and so basically what he says is um so he kind of broke down some points so one is tweets go on chain and encrypted and so the sender chooses who has access to them and and who can decrypt so who can see the messages that they're putting he's like basically this already exists he's like it's essentially your public tweets versus your dms he's like now they would just be the same thing on the blockchain you just choose if there's a privacy setting that only you know jay can read a tweet or everyone can read a tweet or maybe

only certain people who own a specific nft can see a tweet you could kind of decide who sees what so there's privacy settings there and that's chosen through on chain so it can't be can't be censored in any way um then he went on to talk about monetization um which is interesting and i don't know if this makes sense but here's what he said he goes you can monetize in a few ways one is at a tweet level so the underlying underlying protocol charges something per message so he's like at 500 million tweets per day which i assume is what's currently happening it's like less than one cent or about a cent per tweet would replace half of twitter's revenue .001 per tweet would replace their profit

um this there's a couple cool implications here like if it was one cent per tweet it's not really that big of a deal most most people can afford that not everyone but some um i guess there's two things here one it gets rid of bots right because who's gonna pay now to have these bots just tweeting and doing all these stupid things like the amount engagement farming and like ridiculous tweets i get on twitter it's just it's insane this might help with that the other problem is there are people in the world that one cent per tweet is i don't want to say expensive but it could be you know you could dip into their um access income um and so does that get rid of freedom of like a speech speech because you got to

pay for it so i don't know about that um he says the other way you could do it is from a ui level um so the ui could be monetized this kind of goes in hand with what we're talking about with lens protocol where twitter becomes a think of it like an rss feed right if you know rss feeds is how we do like newsletters and how we do podcasts where there's no ui to it's a user interface um but it is a feed and then people can tap into it like spotify taps into rss feeds for podcasts and so does apple podcast and sub stack et cetera and you can build out your own user interfaces and now there's a a cost to either build your own ui or to sell a ui to others kind of thing and twitter can take a cut

of that um so it ends up being this sort of decentralized um protocol underneath and then companies build on top of it so that's another option to sort of monetize there um which is kind of cool i think uh what else is today and which in which sort of builds upon you know the theme of composability that we talk so much right about with web3 right is you you'd be turning twitter into because it becomes on chain now it's open and useful in ways that people can build on top of it sort of connects to what we'll talk about with ethereum later and whenever i talk about decentralized social media people talk people say like where it's not um it can't be censored people are always like well but there are things that should be

censored like if anyone's saying racial comments like of course we shouldn't have that and it's like yes i i agree of course i don't want there to be a platform where you can just like put racial comments or you can degrade whatever um but there are ways of dealing with that reddit for example has upvoting and downvoting right and so you can just put that but it's on chain so people actually have to vote and if it gets enough down votes maybe the protocol then hides it right i don't know there's things you could do the other idea here is if it's all on chain it would be very easy to integrate things like tips and payments and monetization for content creators right um very easy because it's already integrated on the blockchain you can integrate which is already on twitter but nft profile pictures and avatars

and you can kind of have different ways of doing that um and he puts you can integrate dogecoin because that's obviously what uh um what elon loves sure you could do that if you want whatever so then he just goes in to ask questions like would this be good for twitter's bottom line and he goes i think so um and i think it makes sense to me um but i don't know and so a lot of takes have actually come out this was just this morning a lot of big people like punk six five two nine was tweeting about this raul pal was tweeting about this um a lot of people say it's not that hard to do this someone just needs to do it um so we'll see i mean elon is obviously a proponent of of i wouldn't say web3 but he is a proponent of crypto and

blockchain i think he doesn't he's probably diving down the rabbit hole of web through right now uh i'm gonna assume i think he likes decentralization so could could elon do this maybe i would i would be all for it let's let's hope so because if he does buy it and he doesn't do this that also is scary right so you know let's let's let's hope that this is the path that it goes uh but lots lots to come lots to come on that that uh piece of news because that's gonna be a hot topic this week elon trying to own energy in the world he's trying to own communication in the world and he's trying to own space outside of the world this guy is nuts he is nuts

all right on to the next one here yeah so you can take it over yeah i want to talk about the ethereum merge because this is a big deal and i don't know that a lot of people realize how big of a deal this is um this is probably one of the biggest technological feats uh in crypto slash the blockchain space ever other than maybe the initial like inauguration of bitcoin itself um but this is a massive deal and it's a massive deal for a few reasons um one for the technological feat i think this is really really cool it's a massive deal for um the largest smart contract platform to change up their tokenomics which is a really big deal it's also a big deal for like green energy and things like that

so we'll talk about what that is so um this article that we have up here on twitter is they did the first ever maynet shadow fork so basically they used a test net and they actually did a fork of ethereum moving it from proof of work to proof of stake and it was successful so this is huge it shows it's possible now they didn't do it on a live one yet it's on a test net but it's possible it's coming now i think yesterday an announcement came out that it's going to be delayed a little bit um it's not really a delay because they never gave a date in the first place people just assumed it would be june because there's this other technical thing that's happening in june so everyone just assumed they were like it's probably not going to be june it might be the next month or the next

month whatever so probably q3 either way it's coming it's happening um and it's going to be great now um the merge is not about fees it is not going to decrease fees on ethereum that's not what this has to do it does set up some technological components so that they can do other things to lower fees but ultimately ethereum mainnet is probably never going to have low fees so we got to get that out of our heads that's the narrative that just needs to be fixed this has nothing to do with fees what this is doing is simply um removing miners from securing the network and introducing stakers okay stakers is like solana terra all these things they have stakers that that do it that secure the network and bitcoin uses

miners we're just we're basically shutting off the miners getting rid of that and we're going over to stakers why few reasons one it allows us to significantly decrease the amount of issuance issuance is similar to like inflation right we got to pay for security and it costs a lot to pay miners so when you go to stakers it's a lot cheaper so this is huge and we'll talk about why that's huge in a second but the other thing is we turn off these miners and miners uses a lot of energy which is obviously not good for the world and it's not just about the energy but you have to buy these massive rigs which they have wear and tear and after a few years they they go to and you need to buy new ones and so like it's not a very

um i mean there's a lot of debate on this if you talk to bitcoiners they think it's the best solution for me the future of our internet doesn't really make sense to be running these massive huge like miners and rigs that use all this energy around the world it's very odd to me and i know that they will use renewable energy but it still just seems odd um so anyway we turn those off and we go to uh stakers to uh to validate the network instead uh and this is coming in the next i don't know i don't want to put times but let's say three months let's move along okay great so actually jay any questions on that or any anything that you've seen a lot of questions on the merge that i should

clarify before we do uh well i think just just to simplify what you said so the merge moves everything from proof of work work to prove a stake and the what that allows is a limit on issuance and actually moves the total amount of ethereum in existence to either see where it is or perhaps even burn because i think we'll talk about burning in a sec right so really what it's doing is it's affecting the currency of ethereum exactly so well it's so it's affecting the currency it's affecting the security which we'll talk about yeah and then i think the other thing that's interesting

is just the fact that it's going now fully green like it reduces the carbon emissions by like 99.9 yeah there are a lot of businesses that can't build on or invest in bitcoin theorem because it's um so um costly in terms of carbon emissions um this is a big opening for for businesses to invest but also to build on ethereum because it's basically has no carbon emissions when it runs but it's not going to solve the gas phase problem our gas fees on ethereum will likely still be very high correct and honestly they'll probably go higher because this is going to create a lot of activity and right i think this is going to put ethereum and crypto in general into the

media a lot so um anyway um but yes that's a good point so the reason i want to talk about this here we don't talk about like the tech components of the stuff we don't really talk about price either so this is not investment advice and i'm not really going to talk price what i want to talk about here with this merge and what's happening is that ethereum is about to become the first and only at this moment profitable blockchain and you might be thinking how the heck is a blockchain profitable it's not a business it is a business and we're going to dive into that because the tokenomics of ethereum is something that has been studied and worked on and improved for the last like five six years and when you understand so eth is the token

of ethereum the blockchain the network right and when you understand the tokenomics of eth i think it really helps you to understand the tokenomics of dows and of protocols and of everything happening in web 3 because um your token is a growth tool it is a marketing tool for any dow for any nft project for any uh anything happening web3 we all use tokens now and if the price of that token goes to zero that's really bad for your business it's really bad marketing your your community's not going to be too happy with you if your token goes to zero but if your token stays stable or probably if the token goes up your community is going to be quite happy right and as that goes up probably more

people are going to buy in and join your community and be excited about your community so your token price is actually a very valuable asset for your business and a very valuable growth tool and actually we have a podcast coming up next week with two um growth experts in web3 and they talk a lot about this of how you can use your token to grow your businesses and so i really want to explain the eth tokenomics because one it's probably the most well thought out the most like it's been worked on the longest and it's probably going to be once this merge happens the most successful um or one of the most successful and it just helps because there's so many areas with it it'll help you understand all the other tokens in this space so that's what i want to dive into here

so to start this before we dive in just yeah two quick questions for this simplicity sake of this kai just sir give a quick definition of tokenomics i think a lot of people hear that word throw it around what does tokenomics mean so this is your economics of your token and what this means is tokens can do a lot of things in web3 um right and so this sort of breaks down all of those together so you think of like a token as an economy right so kind of like you could think of the us dollar what are the things that make the us dollar have value well right um you know you have the military that backs the u.s you have the petro dollar so the us dollars intertwined with a lot of different countries around the world to pay for

gas and to exchange and do trade so those are all economics of the us dollar this is also true in in tokens in web 3 with utility and its issuance and all these different things so we'll dive into that and tokenomics is not just important to investors because i think a lot of people think about it in that way it's important to any business owner any entrepreneur any creator any artist that wants to use web3 because tokenomics is not just the prices that we see of bitcoin and ethereum tokenomics also would be considered if you were to launch an nft because that's another form that's just

a non-fungible token right and so i think that this says that these learnings in this discussion has value to any business owner anybody that is creating something in web3 because as you said the structure and the strategy with which you consider your token is what gives it value which in turn is what makes your community more bought in and gives them more reason to participate yes and so tokenomics covers like the amount of tokens you have the distribution of its tokens um the but also like the utility of the token the governance of the token like all these different things are all what make the value of a token or the usefulness of a of a token and that's kind of what we're going to dive into

um okay so let's let's start with this i want to do kind of a mental model here i want everyone to think of blockchains as a business because they actually are a business and what is the business that blockchains are in well they are in the business of selling block space and honestly i think block space is probably going to be the most valuable product of the 2020s um we're already seeing it if you look at some of the numbers here on the screen um but so blockchains sell block space the same as apple sells iphones right facebook sells ads blockchains sell block space now the difference here is that there is not a company for this business it is a protocol but it does have expenses and it has revenues right and this is extremely

important because this is the tokenomics of of this network um and what happens when a a business has expenses that are too high versus it's it's um it's revenues well eventually it goes bankrupt right now i guess you can get debt and you can like it can last longer for a little bit but eventually it will go bankrupt and this is true of of block chains as well this is true of dowse this is true of all of these different protocols so it's very very important and so okay we know that blockchains sell block space okay and um i think the the easiest way to think of this is you have the fees of a blockchain which you could think of as let's say revenues right so this is people paying aetherium to use its

network paying bitcoin to use its network and then you have or solana or whatever right now it's not the best representation of of revenue so i'll get into that just a second but let's think of that as revenue for now then you have um your expenses well what are the expenses of a protocol there's no employees there's nothing there one of his expenses well blockchains they sell block space and that block space needs to actually exist and be secure right if that if that network goes down then it can't really sell any block space so its expenses are paying for security right that's the expenses you can see we actually have um for those that are listening we have up on the screen here uh a bunch of different pages that um david mihal um

has has created we had them on our podcast about a month ago where it looks at all the different expenses and revenues of all these different protocols and so we're going to kind of talk and dive into that a little bit so let's go to the expenses one first so when you think of expenses for a blockchain that's in its terms it's issuance so it's creating new tokens on a monthly dail it's actually on a daily basis um in in paying its its um validators so the people that are securing the network okay so in bitcoins um uh the way that bitcoin works is it would pay its miners ethereum right now it's paying miners it's about to switch

to paying its validators through its stakers um solana polkadot avalanche they all do this all the rest of these here are um through stakers and so that's where it pays its um its expenses from now right now ethereum's issuance rate so the amount that it's that it's inflating its supply is at 4.16 compared to bitcoin which is 1.71 4.16 is pretty high the u.s right now is 8.5 i think it was announced earlier this week yeah you can also think of blockchains almost as nation states right where you have taxes and you have you have revenues your gdp you can think of it that way as well but let's let's stick with the business model here then if you go down the list here you can see

solana's at 6.99 so 7 polka dot at 7.92 avalanche at 5.77 so in terms of like number value ethereum is the highest it's daily issuance it's 42 million dollars a day it's creating an eth to validate and secure the network bitcoin is 37 million solana is 10 million avalanches 5 million and the list goes on and on some of these things are super high but um but that's okay so when the merge happens what actually happens here is the issuance rate of ethereum because it goes from proof of work to proof of stake is going to be decreased by 90 so i think its issuance rate goes to 0.45

somewhere around there super super super low so it's going to be somewhere around i don't know what 90 would be there but let's say i don't know 10 million uh dollars even less probably like probably probably five million like even slightly left four four four million four five nine right okay so let's say around five million i think it goes from right now it's it's issuing twelve thousand new eats a day and it goes down to like twelve hundred or fifteen hundred in east terms because obviously if the price of eth goes up then that dollar terms issuance will change as well so it significantly reduces the the fees to verify and secure the blockchain so its expenses are being cut by 90

now let's go over to the rev to the um to the other side to the left yeah so this is crypto fees so right now eth is is earning let's say or or is generating 16 million dollars in fees um per day so that's not profitable right right now i think it's 40 what do we say 40 whatever 42 40 yeah 42 million in expenses exactly and its revenue is 16 million okay so it's not profitable if we look at all the other blockchains they're even worse okay binance smart chain it's making 1.5 million and it's expenses it might not even be on this one it's not even on here not on here okay so let's go let's look at bitcoin for example bitcoin is um 36

million in expenses and it makes 413 000 so it is a very unprofitable blockchain solana earns 67 000 a day and it spends to secure its network 10 million so the profitability is blockchains are awful to say the least um and now these things will improve hopefully as we're seeing ethereum is improving and i'm sure others will as well um but the profitability things are not that good and if we think about this long term how is solana gonna gonna like um continue to do that how can it continue to go at and operate at a i don't even know what deficit that is like almost it's basically 10 million dollars deficit daily

is insane right um so how can it continue to do that eventually the token price goes down because it's just issuing so much just like we're seeing in the fiat world so how can these blockchains figure out a way to make this profitable well let's go to the next thing here so this is something that ethereum did is they initiated an eth burn and basically what this is is it takes some of those fees right so we said its fees were at uh what was it 16 million and it burns them and so in ethereum's case i think it's burning something like 80 percent of its fees i don't know what it is so this one actually this one is we can see total that's total can we see burn in the day yeah scroll down i think this chart here

is if you switch that to daily yeah it's burning ten thousand ten thousand each per day it's something like 80 percent of all of that is being burned and when we say burn what that's doing is it's actually burning that ethan getting rid of it you can think of this the same as like a buyback for a company so tesla does this right like they want to buy back their company and put less on the open market this is very bullish and a good thing for a company because they want to own more that's what eath is essentially doing they're lowering the amount of eath that's available on the market and this is happening every day it's burning about 80 and so if we can see that it's burning i think it's let's say it's i don't know

10 million dollars worth of eats per day and eventually their issue is going to go down to let's say 5 million then they're profitable by 5 million dollars per day and what that actually means is that it becomes a deflationary asset right so it's deflation so there's less heat on the every single day um and that becomes a profitable and a um what's the word that i'm looking for where it it can last long term right it's a sustainable sustainable exactly a sustainable business model right which is what we want in the real world with all businesses and so ethereum is about to do that with its merge and i think this is just really really key thing to understand is that these blockchains are

businesses and they need to sustain their business models in order for the price to sustain in order for people to continue to want to use it right and continue you want to hold it and find utility around it so the other part here what's the next one here oh this is just an interesting so if you go to ultrasound.money which is a meme of eath that it's a ultrasound funny but this is another way you can look at the burn and this is actually interesting you can see the burn leaderboard so you can see what protocols on ethereum are burning the most eth and so you can see open c is the biggest one the uniswap et cetera so just an interesting way to see like where the activity is coming from on the protocol and um and also actually when we think

of business model of ethereum i know a lot of people were like well you know this ethereum's not sustainable because the gas fees are too high so i can never do anything on it right as a human but if we look here the biggest burners of ethereum are not people it is actually protocols right it is metamask in openc and uniswap and tether and yeah that's basically it a bunch of these different protocols so it's not humans right and these protocols don't care about the cost they're good they have their own revenues and so they're the ones doing it and actually if you scan to the next one um we have another one this is layer two so these are other block chains that are

actually just connecting into ethereum and paying instead of them paying for security they're just using ethereum security right because we already know it's paying so much for it and so these blockchains are now paying ethereum to secure its own blockchain and so this is another customer of ethereum so now ethereum has a few customers right we think again as a business model you have protocols that are built on a theorem like applications which are paying for ethereum security you have other blockchains which are paying for ethereum security and then you have humans right whales are paying for ethereum's ethereum security so that's where the revenue comes from and this burn comes from and that's not going anywhere and if you scroll down

it actually this this chart that we're looking at shows all of the layer two so all the block chains plug into ethereum they are spending over let's see somewhere around uh yesterday was 120 000 but it goes up to 200 to 300 000 a day just to ethereum just to secure their own networks so think of these customers that they have they have the sustainable business model of protocols that are just paying to use that network and so we have we have a business that sells blocks we have a bunch of different customers right these customers are actually robots that don't care about the price they're just going to continue to do it and then we have utility of the eth token itself and the way you think of that is like utility and defy right you have a bunch of people who buy eth and

they use it as collateral so they can get out alone and then go do other things and buy real world assets whatever they want to do or you have people buying eth to stake it to secure the network and they earn a percent on it and so now you have all this eth that's getting stuck inside of smart contracts that can't be sold and again this is another good thing for the token because a lot of selling pressure equals price goes down right a lot of buying pressure or holding pressure means price stays the same or goes up that is all good for business and so just as we look at this ethereum network as the merge comes it's going to make ethereum a profitable blockchain um and and ultimately it's going to make eth

this sort of profitable equity you want to think it kind of like amazon stock or apple stock like when apple is making profit apple stock does well of course right people want to buy into that well that's what's happening here with eth and so jay i'm going to let you ask any questions you want but does this give a representation of tokenomics here and is this helpful yeah i think definitely uh i think let's let's zoom out for a second um so other than uh being a um a great explanation for e and uh not investment advice but a uh certainly listeners are probably ears are perking up of oh my

gosh i should go buy speeds again not investment advice um but yeah why does this matter to um to to a business owner uh to a creator right so here's here's why this matters so i'm gonna give another example so when axe infinity which is probably the most popular web 3 game um when axe infinity first launched and became super popular there's all these people using it um i bought in and bought some of the the game assets the in-game assets right again actually is a business right and i bought some of the characters so you could play the game and i rented them out to um to other people so they could play for me and we split the profits

now tokenomics is massive here because we were earning this token called small we are earning this token called smooth love potion but in axis instance they were issuing a ton of this new slp every time you played and you won in the game you would get new tokens and they would actually mint new tokens the same as eth and bitcoin and them are minting new tokens to secure their network but what happens is they didn't have a burn well they have a burn but it wasn't a good enough burn that it was profitable so they were actually minting more smoother potions and they were burning and so it was inflation so the same as the us dollar this token just went down and down and down and down and down and over the last year it's essentially gone to zero it still has some value but it's essentially gone

to zero and so they have been working tirelessly to find new ways to create utility for that smooth love potion token so that more people want to hold it and use it and even burn it because they need to make it profitable and so again you got to look at if you're looking at creating a dow or you're looking at creating a game which i mean a lot of people are doing or i even saw one i think it's called step in and this is a fitness we talked about this last week right so where you you connect to it and when you walk and you move you earn tokens right and again if that token goes to zero no one's gonna use your app anymore right so it's all cool about creating these new tokens and everyone

is creating tokens and basically printing money on a thin air but how are you making sure that that evens out and it becomes a profitable token right so that it doesn't go to zero because if you look at actually infinity right now i should have brought up this chart when their token was going up the amount of new people coming to that game was insane it was one of the fastest growing games fastest growing things in web 3 by far now if you look their token has gone basically to nothing over the last six to nine months their user base has been cut in i don't know at least half it's basically just been going down as the token goes down so again this is a marketing tool this is a big important piece for anyone who has a web3 business and not everyone is going to have a token

that inflates maybe you just have a limited supply but again what's the utility for that token if everyone's selling it that token goes down in price no longer useful um and so i think that that axi example is just a really um a really good one to sort of see how this plays out into actual web3 games and web3 other businesses that are happening yeah yeah and i think that the um just to like dumb this down even further because i do think that a lot of i mean myself included i'm not a tokenomics expert uh i get lost in you know thinking about how how how much of a token should you put into existence and how should you do issuance um so i think it's almost

easier to think about in nft terms sometimes to me because it's smaller much smaller numbers um and so the way i like to think about this is if you're going to release an nft you need to think about first of all how many of that nft you're going to release and i think we we all see oh 10 thousand everyone's got these collections of ten thousand or seven seven seven seven seven thousand seven hundred seventy seven but the key is these numbers aren't random what you need to think about is how many people in your community do you have that actually value the token the nft that you're going to create so that you can ensure that you have enough of a

community that's going to buy it so maybe in the beginning start with 100 nfts instead of 10 000 nfts if that's the size of your community and then so you think about first is okay how many community members that i have that are going to engage and then second is what's the utility in order to keep my community members involved so they're not just you know pump and dump right right scarcity and utility those are kind of the two big categories of that's called tokenomics or whatever but scarcity matters yes utility matters those are the two big things to think about and by the way this is not one it was not investment advice for eth

by any means um this is not to say that all the other blockchains that i mentioned that are really not profitable this is not to say that um they won't do this either i mean eth is just getting to this now and it's six seven years into existence so like solana tara all these things which are awesome to do great things they could also do this and they honestly they probably will if they don't do this actually just like i said with axi they're right so they're gonna have to do this so they all will do this they all will will change in some way and whether that's a burn or something else we'll see um but let's let's skip this um layer two one here actually uh jay and let's move on all right let's move on to duquan because duke on gives us news every week

what what did what did the master of stable coin do this week the master of ego what did he do yeah yeah the master of ego i like that yeah if you guys are not following this like follow it one because like it's just it's very new of what's happening here in crypto you know terra du quan by the way or dokwan i think it is is the founder of tara luna they're buying the balls bitcoin i think they're at i don't even know what it is now a couple billion worth of bitcoin they have but they they actually bought uh this is kind of random but i see what they're doing here but they bought a hundred million dollars worth of avax which is the avalanche token another layer one you could think of them almost as a competitor to tara but not really

because tara is trying to get their their stable coin on on a bunch of blockchains but what's interesting in the way they do this they didn't actually buy the 100 million dollars in avax they they swapped luna tokens for avax tokens and so this is another form of utility for your token this actually plays in with tokenomics here it's a marketing tool this was more marketing more than like they weren't buying or getting this hundred million of avax to like backstop the the peg of ust the stablecoin like they are with bitcoin avax is way more like avax is way more unstable than than bitcoin so like this isn't for that but it's a great marketing tool because what they did is

by them owning and holding a hundred million dollars of avax that's bullish and great for the avax community the avalanche community probably loves this so now they're going to support tara even more right they're probably now going to be more likely to hold ust because well tara holds their token their governance right um so it's a great sort of like partnership like let's say i don't know apple ever partnered with i don't know facebook or something they could exchange stock right i mean no they would never do it but they would exchange yeah it's hard to do in the traditional world very easy to do in the web 3 world and i think this is where cows are going to do this a lot and even nft projects right you want to partner with another dow or another nft

project you share some of your assets and now you both have some um some stake in the game right and so i think that's that's really interesting um again i have no idea if this whole luna experiment and what the quant is doing is going to work out um but just doing some really cool things that web3 enables right yeah and i think a lot of cross token stuff and i think there's some some yeah some interesting points here uh is one you mentioned um trying to do this with a public company would be would take six months due diligence lawyers the burden would be huge to do a a stock swap like this right um so it's much quicker in web 3 and then on the blockchain you can move

fast you can make make moves like this but the other big thing is like you said it it allows sort of this web this web 3 mantra this web 3 philosophy of wag me right we always talk about like we're all going to make it we're in this together and this is what we're seeing is we're seeing in web 3 we're seeing collaboration i think more than because of this underlying philosophy private companies or even public companies they have this mantra of like own your stuff don't share it don't tell anybody else what you're doing right like make us the most profit whereas in web 3 we're seeing these these things happen

which are much more about collaboration much more about working together partnership you know it's it's it's a bit of a change in in a system of a way of thinking that we've had for a long time that's a great point it's connecting the communities right connecting the communities um and then other news on on it's not really news but um so bridge um the terra bridge uh now supports avalanche solana oh wow solana too i thought it was only evm osmosis phantom moon beam and and what do kwan says this is the easiest way to move funds in crypto and so again this this moves tara onto a bunch of different blockchains which is huge a good marketing play again um but what's

really cool about this is the utility of the the the protocol here that they just made is you can so basically terra is now connected into everything ethereum binance smart chain harmony solana blah blah listen there's i don't even know there's 20 of them at least um and and basically what you can do now is you can move and swap your your ust from one blockchain to another so before this and there are bridges that do this already um and some of them are good some of them not so good the main way to move your money from one blockchain to another is like go through a centralized exchange like coinbase or binance crypto.com tara now kind of allows you to do that through a stable coin of ust and move along from bridge to bridge um which is super useful now

one thing to say and as we talked about i think it was a couple weeks ago i wasn't on this one but we saw that 600 million dollar bridge hack from the ronin chain which is the chain to axi bridges are not secure okay they are not scared no bridge is secure right now no bridge that is between other blockchains is secure bridges because they don't use cryptography they have to use some sort of trusted or multi-sig um we talked a little bit about this on unlocked protocol interview last week i mean a couple days ago but there is some sort of centralization and trust in bridges so be careful and same with this one this one is also the same thing it is not a decentralized bridge when you're connecting from another blockchain it is there is risk there is risk of smart contract there is risk of multisig

etc um so be careful but it's being worked on it's an experiment and like we're hoping that they can find a way to do this cryptographically vitalik says not possible um bridges though from a layer one to a layer two that share the same security so if you think eath to ethereum mainnet to harbor trump or or optimism um those are cryptographic bridges which are secure um so little risk little to no risk there these ones where you're going from different layer ones risk um but hopefully we can experiment enough and maybe doe quan will be the guy that figures it out i don't know eventually we can make these secure but cool to have a way to do it in a

non-custodial fashion if you ever need to bridge from different blockchains so last week we had bitcoin con we talked we talked a little bit about it a few weeks ago um not a ton of hype around this unless you're a bitcoin maximalist uh but some some exciting news came out of it what what came out of the bitcoin con kyle yeah i think last week i underworld i kind of tripped the conference a little bit um i mean as i said last week as well i'm a fan of bitcoin and everything that's going on there it's just not a lot going on there outside of store value which is great store value's super important but after i said that i looked on

twitter literally basically after we got off a podcast and there was a bunch of announcements from the conference that are really good for the industry as a whole um adoption to bitcoin means adoption to web three um although bitcoin some people say it's not web3 just people getting into crypto eventually they go down the rabbit hole and they get into nfts and they get into dows and everything that's going on so um we have a few different things madeira i don't know what that is to adopt bitcoin is legal tender is that a country i think it's a country it's a country yeah actually i've never heard it so we have another country that's going to adopt bitcoin as legal tender shopify integrates the lightning network which i did say last week i was excited with lightning network so now you can buy anything on shopify through with bitcoin

using lightning networks there's basically no fees mexico this one's big if this actually happens but mexico to propose bitcoin as legal tender if that happens oh my god mexico is a massive country big gdp um that would be insane uh mexican's billionaire um so one of their most wealthy people in mexico who has consistently said he's a big fan of bitcoin now has 60 of his wealth in bitcoin um i don't know how true that actually is but i guess he announced that at the conference um but that's insane that's the time robin come out of the bitcoin conference right right showing their wealth in bitcoin yeah yeah right that's exactly robin hood integrates lightning network so one of the most popular um what do you call

that like financial exchanges for stocks and things yeah they integrate network i don't really know what that means uh maybe i guess you can move your bitcoin onto robinhood and then go buy stocks that's what i think it's gotta mean yeah okay uh and then roatan which is a it's not tech i mean i i don't know if it's technically its own country or not but it's a part of honduras but it's kind of its own thing uh but it adopts bitcoin as legal tender and actually a friend of mine is there right now she's been living there because she does um diving she was saying a bunch of the cafes and local places have all been um promoting that you can buy things and use um and you can use bitcoin there um so that's great for adoption super cool um so lots of things happening in terms of

adoption which is this is what we want that's what we need so good job bitcoin okay let's switch gears to the metaverse uh so much happening in the metaverse uh and it's just the start as well uh but let's just let's go through some of the news that came out in the last week kyle around different brands working on the metaverse yeah this is where the mayhem comes from a little bit of elon a little bit all this metaverse stuff um so obviously the metaverse is is where this is all going uh we believe anyway and it's a big deal and i mean every i think every week we talk about someone when that's metaverse is gonna be a big deal or it's gonna be worth this much so they're gonna build a metaverse so this week i think the one

i'm most excited about so far that i've seen is um lego in epic games um and announced that they're going to build a metaverse that's going to be a kick-ass metaverse i don't care what it says that's cool as hell epic games is a massive um uh gaming company i think the biggest in the world uh one of the biggest one of the biggest the one that i feel like you and i probably know because epic games owns ea sports so uh that's the one that we grew up with i mean i guess look here they also own uh fortnite uh which is the biggest game in the world um it's a fortnight game developer um raises two billion dollars from sony kirkby to build a metaverse two billion dollars

so the amount of money that's going into building up this stuff is insane i think we don't even have this in here but meta you know obviously facebook they're spending i think 10 billion a year um and uh and so that's crazy and then we have um the other ones i think it was south korea like the government said that they're gonna spend billions on metaverse as well i don't know it's crazy anyway let's keep going okay and then meta facebook uh they made a big announcement around their metaverse uh which caught a lot of flack on twitter uh so we'll save you the time of watching there's a 20 minute video that they released that you can watch if you're a facebook investor

but uh basically here's the the quick and dirty of it they're calling their metaverse horizon worlds and you will be able to sell and buy virtual items and land in it but the reason that crypto went crazy is because they are taking 47.5 of sales on virtual items uh in comparison uh apple takes 30 which is often seen as high that is referred to as a high take break open c in comparison takes 2.5 you know i think there is this this mental model that a lot of people talked about around the shift from web 2 to web 3 and that web 2 had too high of a take

rate because the because of the really the the business model did not allow these businesses to be proposed they had to have a high take rate or they had to do advertising right one of those two and that web three could have this lower take rate and this is why we all don't want meta to create the metaverse uh because they're just gonna i mean i guess facebook and instagram right now take 100 so maybe maybe this is actually a deal in comparison to what you're getting with them right now um but to play devil's advocate this is the head start that meta has is um they they they announced a fund like a creator's

fund so they have 10 million dollars that they're going to give away to creators to build in their metaverse and use their platform on horizon worlds and then also don't forget that facebook owns oculus and oculus is one of the largest virtual reality heart pieces of hardware and they have currently 2.5 million daily active users on oculus so that really gives them a head start so um you know we'll see how this all plays out yeah i mean i i think one of the beautiful things of web3 that we talk about is the sort of um seamless interoperability and so if you're not

treated well in an application you can move to another one and bring what you own with you you can't do this in web 2 right if i have a bunch of followers on twitter and i don't like twitter anymore because elon's buying it i don't like elon i can't just port all my followers over to instagram and all my content over to instagram and my profile on instagram web3 allows you to do that right and so i guess i don't know if this is going to be web 3 at all it sounds like you're going to have buy and selling things i don't know if that's going to be through nfts or not i've heard that they are um and so if people don't like it they're going to be able to just move elsewhere um it boggles my mind that they're doing this because like you've got to think that

mark zuckerberg knows that he's obviously a very smart person and i'm sure his board is as well um so like they gotta understand that they can't compete but i think what their their bet is is like if you've ever used the metaverses in the crypto world that are interoperable they they remind you of like the sims from like the 1990s right they're not great um other than the fact that they are interoperable and so he's putting 10 billion or they are putting 10 billion dollars a year into meta into building up this metaverse so like he's probably putting the bet on that like the mainstream who haven't used nfts and haven't used crypto don't really care that much they just want a cool experience and i think he

thinks he can build a meta verse that's just so user-friendly and has so much value for i don't know where they're going to work do all these things that like he's going to win um and honestly he probably will in the beginning right 10 billion dollars i don't know what decentraland is paying a year to build out what they're building but it's not 10. not 10 billion so yeah i think eventually people leave when they realize that they can like move around in the metaverse and earn money they won't be able to do that in his and eventually they will move and eventually that will change but i don't know we'll see what happens all right this is a take here uh by myself yours truly um and

it was on the metaverse and so it kind of fit with what we're talking about but what i said is i don't think that land in the meadowverse is going to hold any value my assumption is most new good metaverse platforms that come out go without selling land at all i think it's a skeuomorphic way of creating a new world um and the reason why land has been sold especially like decentralized sandbox etc is because what people think is that if you're beside i don't know a main part of the metaverse like you're beside snoop dogg's you know party bar or whatever he has inside the metaverse then that's good for branding just like you know is in the real world um if you're beside i don't know a high traffic thing then that land is worth

more um the thing is like i don't think we're going to be walking around metaverses all that much like no one likes transporting like transportation in the real world we all hate having to walk somewhere if we could teleport we would do it well you can teleport the metaverse so we're gonna teleport you know what i mean like so like i just i just don't see it other than games i think maybe like gaming it's popular to walk around and go into different things to buy your swords and to do different things so like maybe it makes sense there but i just there's no way i'm gonna spend time walking from one place to another when i can just type in a url right like you think of how the internet works now

right which is pretty good i can just go to google or i can just type in something and it takes me to the page i need i don't think the metaverse is going to be much different from that i just yeah i don't see me walking around the metaverse not gonna waste my time we'll see any thoughts on that jay uh i mean i think that like you you make a good point around it's a skeuomorphic way of thinking and skeuomorphic as a term basically means that you build based upon the way old things are built right and so uh yeah i think that what we need to do is we need to get out of our frame of mind of like oh the metaverse is just a a world that's going to look exactly like our planet but is in the digital world but it's not it's

going to be something completely different and the biggest innovations and the people that succeed are the ones that think differently right and also because it's seamless you can go from metaverse to metaverse so easily so it actually doesn't even it might not even matter what metaverse you're in now maybe some adverts have better experiences and it's more user-friendly etc so like okay i get that um but like i don't know that one there's endless amounts of land we can create there's endless amounts of metaverse there's gonna be so many and it's gonna be easy to go from one to the other if there was a certain amount of land in facebook only like for certain amount of whatever you want to call it facebook i get it you can't leave that so if there's a lot of people in there that's very very valuable right it's why

like coastal land um is very valuable there's a lot of people that want it there's a scarce amount of it there's an unlimited amount of land in the metaverse um so i just i just don't see it yeah yeah it's a good point um just to uh further make the the point if we haven't already and if you're not hearing enough that the metaverse is coming and happening and that every business should be thinking about it um kpmg last week came out with a a big report on the metaverse they did some customer surveys they wrote a big report and kpmg is one of the largest consulting firms in the world uh and they're saying hey if you don't have a metaverse strategy now you

better you better get on top of it uh it's just a couple stats to share that came out of this study i mean it's like a hundred page report you can go read it yourself uh but um one stat was really interesting was they estimate that seventy percent of businesses will have presence in the metaverse within the next five years so that's how fast this is moving and then i just wanted to call out a quote from one of their studies that i really like this is by a researcher from australia's university of technical technology in sydney and she says avatars will allow people to represent themselves beyond the limitations of status there's the opportunity to alleviate people's identity beyond their wardrobe or how much money they have in their bank

account there's more freedom to express themselves beyond gender representation and social conventions so we have this opportunity to be whoever we want to be which is really attractive obviously to a lot of people who struggle with their social status with the amount of money they have in their bank account and you can see really the attraction to to being in a digital world it allows us to be some something else and i hope that i mean that in a positive way obviously not a negative way right absolutely i mean we already kind of see this with like profile pictures on twitter the amount like probably 75 percent of people who uh i

see on twitter have not themselves as their profile picture they represent themselves as something else and i know especially in the younger generation that's even more popular um and so absolutely i can see when you're walking around the metaverse which you just said we probably won't do but if you are whether that's in a game or something else you'd use an avatar right and you can decorate that avatar with clothes just like you yourself you can put hats and you can buy shoes and whatever and you'll be able to express yourself in whatever ways you want and probably in ways that we're not even thinking of because again what we're doing is thinking skeuomorphic right it'll probably be something completely different yeah exactly uh next up if you haven't seen it already uh

boardape uh is launching a three-part film um wow like huge i think this is coinbase is the one that's funding this if i'm correct or they're the ones behind us so coinbase is going to create an interactive three-part film uh with board api club and the apecoin community uh what's what's going on here it's called the d-gen trilogy is the current brand name that they're going under which uh is hilarious and very web three of them kai what's going on yeah i think you know it's it's funny if there's there's a couple uh groups that we continue to talk about every single week in our roll-ups it's like dokwan and

tara luna uh and then it's uh and then it's board at yacht club right every week they're doing something so yeah coinbase invested and um coinbase ape coin which is now that came out um and board at yacht club have all teamed up and they're creating a three-part film um featuring the board yacht club communities and so the first film is all about board at yacht club um they actually announced i don't know if it's one of the tweets that i have up here but the second film is going to be about the mutant ape yeah i believe and then there it is so boarding yacht club says we're stoked that coinbase is making a film series featuring the boarding block of community board of ft holders submit your ape for crap for casting so the the nft apes are going to

be the like characters in this movie and it says mutants don't worry this is the first film in a trilogy and you'll be getting your own casting call for part two um so really really cool they're involving their community they're involving the nfts and then go to the third one here this is what i think is really cool here and again web3 is is just really cool so um this josh aung uh tweeted out he said interesting solution by coinbase for their board 8 movies licensing agreements will be minted as nfts that will transfer with the ape to any future purchasers so what he means here is those that get selected to be a part of the movie if their ape shows um in the movie they're going to get paid just

like an actor would get paid but this is no one they don't actually have to act maybe they'll do they'll be the voice i don't know like the owner could be the voice i have no idea how that's gonna work um but uh but so the p the owners of those nfts will get paid for um being a part of the the movie now you can sell your board yacht club and so then how does that work and so coinbase's solution was well let's nft the rights to this and let's attach it to the board at yacht club nft and so when you sell your nft and someone buys it those rights move along with it um and so now all of a sudden the new owner gets paid so super super cool and just like obviously

this is where this world's gonna go with movies and everything else um super cool well done coinbase well done 48 yacht club again jeez and apecoin right utility this is they're they're going to be probably owners of this movie um helps the token everything's coming together incredible incredible yeah and i think uh utility but also smart contracts like we don't we don't always talk enough about the underlying importance of smart contracts in here and the power of smart contracts and really that's what coinbase is doing here is they're using smart contracts to control ownership of the of your role in the movie or of your position in the movie and that can

transfer between by between owners of the nft uh it's amazing how how seamless smart contracts allow this all to work and trustless the new owners that are going to buy that board at yacht club that's featured in whatever movie they don't have to think they don't have to go and review some like agreement that was made that was signed by someone else and then go talk to coinbase like hey i'm gonna buy this thing like are you can we sign a contract to make sure i get these rights yeah it just happens you don't have to trust anyone yeah that's so cool i love it okay uh last last step here we've got our protocol of the month

so drum roll please kyle what is our protocol of the month you know our protocol month is one i've been a fan of for a long time this is unlock protocol we actually just had julian the founder of unlock protocol on our podcast it's already out go check it out if you haven't because it is a super super interesting podcast julian's been in this space for a while he's been building companies for a while and um unlock protocol is is unlocking a lot of new things for memberships specifically but for creators and businesses etc and basically what it's unlocking is this sort of so there's a couple things actually that's unlocking so one

memberships now become an asset because instead of just like plugging in your credit card and paying monthly you're you're buying an nft and you're still paying monthly for this membership but that nft is an asset and again if we think about utility and scarcity which is the theme of this podcast i think um if you have a scarce amount of membership so maybe you only allow a thousand people to sign up for a vip membership or something that there's scarcity there and if there's enough utility towards that scarce membership that nft might go up and so you're paying for this membership and that asset might actually go up in price so you're you're actually in this membership and it could be a good investment opportunity for you as well so that is really cool but the other

thing is the interoperability of nfts in web 3. and so right now it's very challenging to have a membership cross platform because they don't typically speak to each other especially big platforms like facebook instagram etc and so when it's an nft and it's in your wallet well that wallet connects to everything on the internet and so now you can have experiences and access and whatever you want with anything on the internet and as long as the nft there is there that membership membership nft you get the features that um that you've you've programmed in and so unlock um has built this video it's already live available people are using it it is still a bit clunky i will warn you there it is still a bit clunky

um but they're improving it just like the web 3 world is improving web 3. um but a huge unlock i think for memberships and memberships is one of the most popular sort of business models in the world and i think it's becoming even more and more popular as we go and i think unlock protocol is going to be at the forefront of that as we move into web3 yeah and i think what's so exciting about this to me uh is and credit to julian and his team and unlock protocol they are they're big thinkers and they're thinking about systemic change uh they're not just building a and let's be clear here they're building a protocol which means their objective is to not

just be direct to consumer their objective is to also work with other apps who can build apps on top of their protocol so they're trying to you know really affect that base layer but what i love about his approach is so currently we're in this attention economy when we think about the digital world right all like our attention is the biggest asset online and most revenue models of businesses online sell our attention for ads and then even worse they also have access to a lot of our data which creates a lot of concerns around privacy and security that we've all come up with you know that's come up in the media a lot over the last few years so

there's obviously challenges with this attention economy um nobody likes their attention being sold nobody enjoys that experience of like ads all the time on the page trying to grab you right well wouldn't you rather not face that and the solution to that is the membership economy and that's really what unlock is aiming to build is wouldn't it be nice if instead of having to go to a platform where my my attention is being sold to ads i can just go to the communities that i value most i can spend time in there with like-minded people i have to pay but by paying i'm actually supporting directly to the expert or artist or business that i care most about

and we create an entirely different economy which i think is much healthier for us as a society and as a humanity absolutely and as a customer like you pay for it and then if you don't want to be a part of the membership anymore you can just sell it and well exactly maybe you sell it for an appreciating price but if not like let's say you have a half a year left in your membership you can sell that half a year to someone else or trade it right like yeah so yeah lots of cool things check out that podcast um it was a mind-blowing podcast and um super excited to have him on well that's a wrap folks thanks for tuning in wow i feel like i got to take a deep breath after that one we made it through the mayhem thanks for listening

as always uh send us a dm we'd love to hear from you if you have any questions any thoughts about anything we said today anything we talked about uh want to chat more about it you can find us on twitter or even better join the web3 academy discord where we have hundreds of people talking and discussing these topics on a regular basis and we're there to answer any questions you have so that we can all learn and we can all grow together and make the world a better place have a wonderful wonderful day everybody or week or whatever just make it wonderful thank you for listening to web3 academy we hope this helps you along your web 3 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