How Crypto Culture Becomes Just... Culture (tl;dr)

Transcript

the metaverse emerges loot is changing the game yield farming on layer 2 and solana and what's after nfts all of this and more on i'm luke and this is tldr where we catch you up on all the headlines and important narratives from bankless this week as always they're going to be links in the show notes so you can do a deeper dive into any of these topics and before we get started i want to quickly shout out so rare which is defy's biggest platform for collecting trading and playing fantasy soccer they have a polished front end and if you're a top shots person or a fantasy sports person uh well this is the app for you so check it out and the link in the show notes to get started so raul paul returned to the podcast this week and it's been really cool to see raul go deeper down the

rabbit hole and he really gets what makes ethereum and defy an incredibly exciting asset class and as we move into mania season question mark it gets really easy to get caught up in tiny details and the micro ebbs and flows of market sentiment every release every piece of news it's also stimulating and can definitely be overwhelming david and eric connor call this ethereum brain and talk about it in depth in this week's layer zero episode so definitely catch that if you didn't but raul circumvents ethereum brain by staying zoomed out it is his job after all as a big macro trader in the end ethan is the greatest trade and the thesis is simple really it is clearly money beneath his technology

we know that too um eth is also a platform of which people are building a lot of different applications so whether we talk about community tokens nfts d5 a whole bunch of stuff you know i came out with a piecing global macro investor last month called the greatest trade and you know here's my macro head-on again is okay we've got this adoption of that is kind of exponential right it's growing at least twice the rate of of bitcoin and it's by far dwarfing the rest of the space then the eip 1559 comes along and that reduces the supply so that's clearly bullish for the price

and then you look at the on-chain analytics and everyone is bloody staking it because now it's a pretty clear run between now and eth 2.0 so why would you not if you're a long-term holder so everybody's staking it so that's taken a ton of stuff off the exchange there's tons that have gone into just holding tons that are locked up in d5 tons that are locked up in nfts and you're left with i don't know as of today 11 of the entire supply of ethereum available and it's going down every day and the demand is going exponential the only outcome is an exponential rise in price there's no other outcome technology always wins and adoption happens on an exponential scale ethereum is positioned

as the most salient technology in the space with the most developed ecosystem with the most fundamental momentum for me this episode was like insanely calming especially as i've been like fomoing super hard about nfts in our market monday david asks the question what's after nfts and i think that the answers to this question really tie up what the rest of the week was about uh first nfts are definitely here to stay but it's far more uncertain how much longer this mania this craze is going to last market monday usually talks about what is immediately next but i think this also asks a bigger question like what have nfts unlocked for us what can we build next and i think the answers to these questions may just be the same

thing so first nfts unlock social media for web 3. in relevant news twitter is apparently adding bitcoin payments while ave is looking to build its own social media ecosystem if you're paying attention you'll notice that the crypto social movement is catalyzing social media is a huge part of that i wonder if trying to pick winners for platforms and protocols even makes sense here though maybe it's bigger than that maybe the metaverse offers enough freedom in scope and scale that the whole of web 3 becomes one big platform that combines social media finance value information and it's a bit early to predict the exact nature of these things but i think it's time to think big it's time to dream about the world that we want to build uh and our tactic this week

focuses on e s names and how you can use dot-com urls as an eth address the fluidity and composability of this ecosystem is just starting to peek through the clouds and this will be an early example of self-sovereign interoperable technology that improves the user and community experience of engaging with the internet another thing coming after nfts is perhaps a resurgence and yield farming with the arbitrarium roll roll-up scaling solution launching to mainnet this week we expect to see a massive capital flow into layer two and probably incentives to do so so maybe layer two summer coming this fall we'll see and also layer two ethereum isn't the only place we'll be looking for opportunities staff

writer ben covers other layer one platforms and the guide to multi-chain yield farming we live in a multi-chain world and we'd be wrong to totally ignore the things happening in that multi-chain world bin covers avalanche solana and tara and some pretty interesting opportunities there we also did a deep dive into solana's value proposition with santiago and constantine in a panel this week and it's interesting it left me with a lot of question marks there's clearly a lot of momentum there uh both from the price action side and the ecosystem development side the values and trade-offs are things to learn about and things to think about so yeah watch that panel and keep your mind open and also remember what's important to you nfts

also unlock communities dj justin blau returned to the state of the nation this week to talk about tokenizing music we've seen it with visual art and i think music is just around the corner especially with things like audience teaming up with tick tock blau's new platform royal aims to turn the business of music into a community experience blurring the lines between the crowd and the stage giving supporters the chance to invest and be rewarded for the success of their favorite artists for a tick tock star who comes out with a song that's viral a lot of the time the record label will pledge 10k to take 80 of that song and that song will probably generate that 10k back in like four months the artist just gets really excited by the money

because they've never seen it before they don't know that you know the song actually will generate income from streaming and they just sign the dotted line that's like a typical situation lots of you know successful young people that want to earn income on their capital music is an asset class that only private equity and hedge funds and record labels have even had access to right so a big part of royal is democratizing access to music as an asset class i think the premise is obvious but the execution of that is incredibly challenging and i think that that is basically the whole space in a nutshell uh social and dow tokens are heating up in a big way and yeah cryptoculture is taking off and soon it will just be culture maybe if this episode of tldr

feels different than the others and maybe it does maybe it doesn't uh it's because of david's article the metaverse emerges it's had my brain in a pretzel for days now and trying to wrap my head around the concepts and form my own view of it uh and the big question obviously is what is the metaverse on the podcast this week raul paul described it as digital fluidity and to me the metaverse is just when society happens digitally and the current state of the internet is a place where value is represented but we're watching a new internet emerge where value is natively hosted on it and this transfer is the fundamental metaversal shift so the metaverse is a digital first society and a society can

be boiled down to two fundamental things economics and culture and the core of economics is capital and d phi is handling that and the core of culture is identity or the people and it seems like nfts broadly are handling that i think the metaverse will have fully matured when those two things meet in the middle and become one flourishing ecosystem and i think that's why loot has taken off so hard its value proposition is the meeting in the middle of culture and value it's a simple prompt they give you some fantasy items on the blockchain and it's a call to action to the community to build a world and a culture and value around that it's cool and i've never had so much fomo in my life

that's basically the final thought what do you think the metaverse is it's really tricky to pin it down into a single sentence because it's complicated it's squishy it's multifaceted and i think the best way to think about that is to look forward see what the world looks like when the technology of the internet is optimized and we will continue to observe and analyze it and give you our best takes on where we are and where we think it's going so with that uh none of this was financial advice ethan is risky d5 is risky everything is risky uh but we are headed west it's the frontier it's not for everyone and we're glad you're with us on the bankless journey and i want to quickly shout out our sponsors gemini ave balancer and uniswap we get to sponsor the building blocks of the

metaverse and it's an honor to do so so thanks a lot and see you next time hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bankless experience you'll get access to our market analysis our alpha leaks and exclusive content and even the bankless token for airdrops raffles and unlocks if you're interested in crypto the bankless community is where you want to be click the link in the description to become a bankless premium subscriber today also don't forget to subscribe to

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