Web3 weekly rollup: brand NFT revenue, Tornado Cash arrest and ENS milestone

Transcript

what's up friends welcome to web3 academy a place for entrepreneurs creators and marketers to explore and learn how to use web3 to transform business models and create thriving communities enjoy this next episode gmgm welcome to web3 academy it is the weekly roll-up i'm jay bird coming at you from lucerne switzerland and as always i'm joined by my co-host kyle read head kyle where are you today currently i'm in the airport in barcelona on a on a whim of a moment last night a friend of mine and i decided we're gonna go to germany and attend the rufus to seoul concert it's

the last concert in europe on their tour right now and uh we booked it last night woke up this morning and now i'm at the airport and heading to germany so i'm going to cologne know nothing about cologne but here we are uh there's so much beauty in remote work and remote life and spontaneity and uh i i i i mean i'm gonna tie this into gratitude i'm i'm i'm grateful that we are able to live in a remote world now where uh you can i can wake up get a text message from my podcast co-host at that came through at 3 a.m last night

saying hey man can we switch the time that we're filming today i'm flying to germany to see rufus to seoul like talk about it's just there's just beauty in life in that like you know everybody be more spontaneous get out there do the things that scare you like just you know have fun like life doesn't have to be so serious all the time you can you can make the most out of any moment and uh yeah if you ever get a chance to hop on a plane and fly to germany to see roofs to seoul we'll get the story of what how it goes next week i'm sure but uh full support kai full support everybody back home in toronto saw rufus in june and i didn't so i was like you know what i gotta go see rufus

this is it this is it for me okay okay do an intro of what this episode is gonna be about so i was just gonna say i'm sorry let me just do that real quick okay so today uh we're going to talk about making money in web 3 not as an investor but as a business and we're going to talk about some real case studies of the biggest businesses in the world that are making millions i mean tens of millions of dollars off of web3 already you know we talk a lot about like experimentation web3 but holy like money is being made so we're going to talk about that we're going to give an update on the tornado cast situation and the developer arrests and just the response that's come from the crypto community we're going to talk about

fractional ownership of nfts there's there's so much happening with and i think this is what we're just so new the utility of nfts and fractional ownership is a big part that has potential to really bring more people into space we're going to talk about that we're going to talk about uh some exciting new launches that are happening mastercard a big announcement for mastercard and binance uh we're going to talk about that and then we're going to wrap up with our dow of the month so we got a great down to month this year that's a good one i'm excited for this one because i got to choose this one has to do with kyle and mia's favorite sport so your uh there's your teaser for it uh all right so i already did my gratitude kai what's

uh what's your gratitude oh man i am uh grateful for um for nomad meetups so it's very interesting that um you can go anywhere in the world and there's always a group of expats or nomads like people that are just kind of traveling and working and there's always someone in this goes to community uh but there's always someone that's setting up these like uh events for people who travel or people who are nomadic whatever to come together and um and meet and talk about business and network and all this kind of stuff and it's like every city that i go to it just there happens to be one and you can like find them fairly quickly there's like a whatsapp group where you

can like chat meet everybody and there's always these like kind of ongoing meetups and different places and it's just cool because you just meet the most random but interesting people uh and i had it in lisbon i've had it here again in barcelona um and i just love it it's super cool and and the lifestyle is just it's so much it's so much fun awesome i love it all right what's the web 3 word of the week kai the web 3 word of the week is diversification uh and i don't mean this in terms of investing because if you're investing went through just go all in on the ethanol i'm just kidding so there's no diversification there okay

but the reason why i say diversification is if you're looking to build a business in this space or you're looking to invest in this space or you're looking to gain skills in this space i think it's really important for everyone to diversify those skills or that business or whatever it is um this comes up from the whole debate about nft royalties and how you know we don't know if these can be enforceable on chain etc we just actually um i just wrote an article on this and i think it'll be on the podcast uh uh next week but um the idea here is like we don't know what's gonna work and what's not gonna work in web3 it's still so new we're still experimenting on business models on how we're going to charge customers and how we're going to

earn money from nfts or from tokens et cetera and so i think the key thing here is for anyone in the space right now is just diversify diversify your knowledge diversify what you're learning diversify the businesses you're building there's the airport can you hear that yeah a little bit diversify the businesses you're building um and try to diversify the revenue streams if you are a creator or you know you're launching ft whatever um you just want to you don't want to go down one path and be like this is the path that i'm going to go and this it because we just don't know what is going to work and i think one that's like an exciting thing about this space is there's just so much experimentation and so much innovation um but it's also just like i think

people need to understand that and be aware of that because there's a lot of people like i'm just gonna do exactly this and hope it works and there's a like a lot of things aren't going to work in this space this is why it's so important right now anyway to just diversify everything that you're doing if you're in web3 and i think that uh what what the starting point of all of that is is getting active in web 3 first but then once you're there as you said like do different things try different things diversify but the one thing i will say is you know what works no matter what building community no matter what so don't don't don't diversify in the building community one i mean you could diversify diversifying who's in your community get lots of people in your

community with different backgrounds you know that diversity is actually really important in community there's a whole other point we could go down but i want to open that up right now um all right let's uh let's jump into the news for the week first up we've got i've got up on the screen here a a chart or dashboard from doon uh which is by at king james 23 i don't think this is actually lebron james so shout out to whoever is pseudoanon king james on on dune and what this dashboard is is it's nft brands case study overview and it shows the top 13 at least on the view i'm looking at

the top 13 brands that have and how much revenue they have made off of nfts so let me just go through a couple highlights here we've got nike first on this list they've done 1.3 billion in secondary volume 93 million in revenue off of their primary sales 92 million in royalties off of that secondary volume for total nft revenue of 185 million now obviously nike did purchase artifact so that gave them a large boost and i think that secondary volume doesn't make sense 1.3 billion but the total revenue was 185 million the secondary revenue doesn't oh that's

secondary volume that's volume gotcha okay that's volume yes this is volume and then this is royalties yeah yeah yeah okay uh so yeah so you know you got nike up there with 185 million in nft revenue then you've got dolce and cabana tiffany's gucci's adidas time magazine budweiser all ranging between 10 to 25 million in nft revenue i mean wow like it is incredible to see i think that a lot of people don't realize there is revenue we talk about diversification you know diversify because you're building but there's there's revenue to be made in web 3 right now and big time revenue now obviously these are massive brands that

have big followings uh it's a lot easier to jump into a new technology when you've got uh you know the capital behind you to invest and build but also the following that is willing to buy into your stuff but like just it's really interesting to see these numbers i hadn't really i don't think any of us until this came out and this made big big rounds on twitter and a lot of people were retweeting this i don't think a lot of us realize the scale of revenue that's coming to these large brands well what's interesting is this is all like all of these companies only started doing this maybe like a year ago right so this is not like a long-term thing and i think the other point to make here is most of these companies are not doing

this launching these nfts and doing all this with the purpose of making revenue they're actually doing it with the purpose of building community and experimenting in the space um and so to me that's quite interesting is they're still earning this much like nike earning 185 million um and i don't think that's their main goal is is revenue right now i think it's just kind of experimenting let's see how this works let's see if our audience likes this and let's see what we can do with it what we can unlock um and in the meantime that they've been kind of experimenting and playing around i mean they've been able to make millions of dollars um which i mean is i think this is good i know a lot of people are like oh but they're big companies they don't need to make you know do they really need to

make more money from you know people in the space but ultimately like this is the kind of stuff that brings other companies into the space right when you want big brands coming in they need to see testimonials essentially right and that's exactly what this is what's really interesting here is look at this nike 92 million on royalties holy you know we're talking about royalties here and if this is gonna be a thing nike made 92 million on that that is wild i had no idea um almost more than their like initial launch which was 93 million on their on their primary um so look royalties we'll see what happens with those in the future but uh definitely a a breadwinner if you if you can get these

royalties to work um just the question is are is going to uh continue to honor royalties we'll find out um and we have an article coming out on that soon um but uh pretty amazing pretty amazing yeah just to touch on that quickly for those of you who don't know royalties which are such a big part of web3 is this idea of putting money back in the hands of the creator is not enforceable on chain if if you weren't aware if you haven't been following twitter the past month you might not have seen this and if you're wondering what's what do you mean royalties aren't enforceable in chain how does that work there's kyle's written article it's coming out next week so make sure you

check that out that drops next monday and it'll help you really understand that because there's a huge there's a big rabbit hole right there that a lot of people need to go down uh the other thing i want to just mention about about this is it's amazing to see that the reason nike is so big here is that's a pfp collection right none of these other examples here have done a pfp collection and look i'm not i'm not going to sit here and promote pfp collections i don't think we need more 10 000 pfp collections right now at least but what this shows is what does a pfp collection do it builds community right and when you build community that's when you get the most secondary sales that's

when you get you know a community that's interested you get a lot of eyeballs and you can generate the most revenue from that and as you say kyle this isn't necessarily focused on revenue i think the big focus here is more on wow look at the number of transactions that are happening here right you know we're talking uh for nike for example 67 000 secondary transactions right uh like that's huge even adidas 51 000 secondary transactions now indeed does their product costs a lot less than their nft costs a lot less than than a um a clone does which is artifact and nike's nft so there's a difference there but yeah jd owen is really really cool to see

anything else to mention on this guy do you own any of these nfts from any of these big brands have you bought anyone i own the adidas into the metaverse you do okay cool i do yeah i actually uh my i got a notification that my adidas swag is in the mail uh so i'll i'll be supporting that on one of our future um future partners nickelodeon nickelodeon we gotta get a nickelodeon i do not own the nickelodeon we should probably get a wallet and just start our own little collection we'll start with webtree academy collections so is it like a rugrats i used to love nickelodeon's the rugrats one i did own the lacoste nft but i flipped it uh pretty quickly um yeah let's not get into

all right back to the fud of this space and what's going on with tornado cash and all this stuff we've talked about the last two weeks um the next thing that we've seen happen here is uniswap has blocked 253 crypto addresses related to the stolen funds or sanctions of tornado cash um and the point i just wanted to make here we actually just had um nader who is a developer the founder of developer dao works with celestia and uh just doing so much in the space we just had him on the podcast i believe that comes out next week to talk about this um but basically what's happening here is we're going oh my god unit swap is blocking people like this isn't web3 this isn't supposed to happen and the point i want to make here is that

it's not uniswap the protocol that has blocked these addresses so any of these addresses can still use uniswap okay what they can't do is interact with the front-end website that's all that has been blocked so they can't interact with the the user interface of uniswap but there are a bunch of these anyone can create their own user interface and plug in to the unit swap protocol itself so if they're a developer they can just go use the protocol or if there's another front-facing you know ui they can just go to that and they can use that site so it's not actually blocking these addresses it's the reason they had to do it is uniswap labs i believe is their company name is a company in the us and so they have to

follow the laws of these sanctions right now they can't do anything to the protocol because it's completely decentralized and just kind of doing its own thing it's just code on ethereum but they can do something to the front end of the website um the site that we all interact with and so that is where they are blocking these addresses um they are not doing that uh from the protocol level so i just want to make sure that that is clear we do have nadder coming on the podcast and he's going to break down like the whole tech stack and what we need to do to decentralize everything essentially to ensure that sanctions and government and centralized companies can't kind of take over um and and basically ruin web3 so we will go into that conversation more

but yeah i just wanted to clear that up because i know it was a hot topic on twitter over the last week yeah one thing i just want to explain quickly is there's three core things that make up unit swap and you touched on these kai i just want to really make sure everyone understands this because sometimes we get techie and you know words like front end people are like what's front end okay so there's three core things that make up you know unit swap there's code running on the blockchain anyone can interact with this code all right then there's a front-end website that provides one way one way for users to interact with that code all right and then there's a us-based company that develops the protocol and runs the front-end website okay so the blocking of crypto happened at the

front-end level right because you have a us-based company that is running this front-end website and as a result of the fact that they're use-based company they have to follow sanctions and regulations that are put out by the u.s treasury otherwise potentially they could face legal action right and any centralized company that's in and i mean look yeah we we hate everyone in the space hate centralized companies but like ultimately it's decentralized companies that are building web 3. uh and then they're but they're building them and then they're decentralizing the protocols which is great um but we just understand that they have to follow rules whether in the us or wherever else they're going to be it's just the way that the way the world works currently so

tornado cache we talked last week that the developer of it was arrested in the netherlands uh last week or two weeks ago now maybe um yeah and you know there's been a lot of conversation about this a lot of discussion and you know a lot of people are getting quite angry i think because this developer should not have been well we don't really know the full story but probably should not have been arrested for this there is some talk that maybe the developer was actually more involved with the bad actors that were actually using toyota cash to uh money launder um but there's no proof of that so regardless he shouldn't be detained like he is but anyway there is um there's protests going on i guess right now in the netherlands uh over this and uh you know people are i think flooding the streets

and um it's becoming a bigger deal than i think most people thought it was going to be in the very beginning um so that's very interesting and we'll kind of see how that ends up playing out but um i mean this was nice so tom emmer who is a um he is what does he actually do i don't even he's part of congress i guess but he's a he's a crypto supporter um and he actually wrote a letter to treasury can you actually open the third the second and the third he so basically wrote a a letter to the u.s treasury and he wrote a bunch of questions asking them like you need to answer these questions so that we understand what is going on here um and i don't know if we want to read all these because they are actually quite long but he basically was

asking like okay if you're gonna shut down tornado cash or you're going to like pause the the um force them to pause the the funds that are inside of tornado cash what about all the people that were not money laundering they just have their you know money in there what about the ones that are not even u.s citizens that you don't even have jurisdiction over how do they get their funds what like how does this work for them when are they going to get their funds and like basically just ask all these questions because this sanction was just a little bit like out of nowhere and it's a it's definitely overstepping you know what they should be doing um and so he's just kind of asking these questions trying to get answers for the people that actually use this um and you know just really

supporting the space i think that is really cool i think we need more more people in congress or in government that are going to stand up for open source code right like all it is is just code it's it's speech right but speech but written instead of you know instead of audio and uh and all of a sudden we're getting people thrown in jail and sanctions as a result of it which is crazy there are money laundering that happens in fiat you know there are money laundering that happens just on the internet and we don't shut down the internet um so it's great to see tom emmer sort of questioning what's going on here and just trying to find a resolution to this you know um i do think that this is going to end up going to court if it hasn't already been filed but i think it

will happen soon but it's just an interesting letter that he wrote and if you have time i'd recommend you read it it's funny he actually listed the addresses of some of the people and he's like is this an actual entity or a person like do you know who this is and you just copy and paste this like long uh ad like ethereum address it's like these people have no idea you know the u.s church has no idea what they got into what they're blocking here um so it's just funny to see this as well but good on you tom we like you and uh we hope there's more people like you in in government yeah and i think this just to me brings up a very you know simple point but it can't be stressed enough is the importance of asking good questions right this is what

we need to do right now is before you act take a minute if you're a regulator to just ask some questions right the more questions we ask the more we will get to the right answer because the truth is we don't know what the right answer is right now right regulation it's not a simple thing there is no straightforward path so what do we need we need more people asking great questions and encouraging when you ask those great questions to think thoughtfully about like what the answer is because that will lead to the right path i mean it makes me think the reason everybody said that einstein was able to you know change physics and the way that he did

was because he was a master at asking questions which led to simple answers right so don't start with the answer start with the question and that will lead us to the right place some very wise advice today i like that [Laughter] you want to take this one yeah sure so the uh i mean just more pressure happening in the space right like there's a lot of pressure we said the word of the week last week was fresh pressure the fdic has issued cease and desist letters to fd ftx us along with some other crypto firms over their deposit insurance uh you know it's this is really we're in a space right

now where there's a lot of concern coming from regulators of okay how do we protect the consumers right and that is leading them to just act in every possible way you know they're firing cannons basically not firing candidates they're firing shotguns and just trying to get involved uh you know is this necessarily the best thing for the space again i would prefer that they asked smarter questions first then you know shoot cannons first but uh you know it also this forces people to ask great questions so you know in a way somebody's got to act and you know in this case there's you know there's a lot of pressure we need to go through all this like i

was listening i was listening to a podcast on which overpriced jpegs they were talking about nft here's nft royalty slash cc ccc0 and um it was with a bunch of lawyers and they were just kind of like where is this going to go what's actually happening like honestly we don't know because there is no precedent set yet there has been no law there's been no court cases on any of this stuff so like even though there are contracts there are different things like we need to go to court to like decide what is actually going to happen with those kind of things and same with this right it's just there's going to be they're going to throw everything they can at us and we're going to fight it in law and in court and then we'll see what comes of that but we we have to go through this as much as it

sucks and it's like every single week we're bringing up something that a government or a regulatory body or someone is like suing or cracking down or whatever um but it's gonna happen we gotta expect it and we just gotta fight through it and and come out the other side so that'll happen at some point all right it's a good news totally agree all right so some good news uh mercado libre uh which for those of you who are not in brazil is one of the biggest e-commerce companies in the world uh is today actually they announced this last week and today um they will be launching a cryptocurrency as part of their loyalty program uh now neither cal or i are in brazil neither

of us plan to be involved with this cryptocurrency the reason that we want to bring this up is because two reasons one we always love bringing up when giant companies are getting into the space there's it's just it's always a signal right oh massive company is doing something in crypto big single right what's really so exciting about this is the potential of loyalty programs to give ownership to their users using tokens because what you don't really have right now in a loyalty program is you don't really have ownership you just get points right so like let's say you have you know you're a starbucks user go to starbucks maybe you have like i don't know a thousand stars they're called at starbucks right you don't really own

those stars right you can just redeem those stars but you want ownership of those what does ownership mean ownership means that like you have those stars and you could sell them if you don't want to use them at starbucks and that is a huge unlock for loyalty programs that i think we're all really really excited about and if you are a business that has a loyalty program you should be paying attention to you know examples like mercado libre starbucks and what they're doing with nfts and crypto because it's going to be a huge unlock it's there's just no doubt that it's going to be better than the web 2 version of royalty programs you know what i mean if you can have an interoperable open uh you can see it's called mercado coin and they built it on ethereum so it's an erc20 token uh which means that you know

you're going to be able to use this and sell it for eth if you want or for a uni token or like it's just you can you can go and put it on open marketplace and do whatever you want with it that to me is really cool um i mean i have points in so many different for so many different companies and i don't use any of them i don't even know what they do or what i can get with them so you know it just interests me to be able to have this like a kind of i mean i guess i don't know for sure that they're going to allow it to be open but i'm assuming they're going to that really is the unlock here so we'll see how it plays out but it's very interesting it's going to be a great experiment and it's a massive company

again building on top of ethereum which is super exciting we want more of that okay quick hitter for you here and great news for web3 we are growing in a bear market everybody and i'll tell you how we're going ens which is ethereum name service has just hit two million i guess we call them domain names yeah two million dom domain names all right now it took them five years to hit one million domain names they hit one million domain names about four months ago so we're talking right around the start of the bear market they hit one million domain names in the last four months they have doubled to two million domain names you know

just such a strong signal that we are growing through a bear market it's so exciting i've never been so fired up to see such a simple signal also if you don't have any ens domain name yet go and get it it's going to be a huge part of your digital identity uh and you know make sure if you do get one should probably send some east to kyle read head dotty yeah he's available he's always looking for some he probably says it at least i knew you were gonna say it so i had to say it before you guy i gotta check i haven't checked my wallet in a while i gotta see if anyone's ever actually sent me just even just like point zero zero zero one or something you know uh i gotta i gotta find that i'll update it next week i i hope i hope somebody still sends you

like you know a million of some random token like yeah probably do you do you have a did you ever flip any enos did you buy like you know like i never i know no i never did did you no i only bought my name and then i bought web tier academies as well of course yeah i know i never got into this never got into the flipping here but yeah really exciting great signal we're growing feel good it's happening guys stay strong guys so this is it yeah yeah this is a an update from um who was it from the community someone i think mentioned this from blue bar uh in the website academy community showed up blue bar thanks for sharing this yeah thanks so do you know so it's a tweet i'm just going to read

that real quick do you know a simple signature metamask can drain your wallet a very experienced user top 10 by dgen score i'm just learning that this is a thing when we had mel on the podcast i guess he was rated on this too but anyway an experienced user lost almost 500 000 usdc in an exploit this was i think last week um and the the key thing here that was bringing up is the habits that we've learned in web 2 which is like you know when cookies come up and you just you click accept and you just like click buttons to get through it those are teaching really bad habits for web 3. because in web 2 there isn't really anything that can go wrong um you just kind of click and you want to get rid of these like pop-ups or these notifications and so that's just kind of

habit we've built in web 3 however there are a lot of people that do this when it comes to wallet signatures and this is a problem because if you don't know what you're signing you could potentially be signing access to your wallet and someone can just drain your wallet so all we're saying here is just this is like a a psa public service announcement just be careful when there are signatures that are required whenever you log into a new application or whatever read that transaction and now i know the ui and you actually this is terrible and oftentimes you don't know what you're reading anyway um just make sure you take a deep breath before you sign anything and just think about it before you do it that's all i'm saying

and just like double check the urls of what you're signing uh or the application that you're using all this kind of stuff just yeah make sure you question what you do before you click sign or authorize or whatever the button is that's all i'm trying to get here okay let's move on to uh nfts what's going on in the nft space uh first up here we've got uh fractional nft ownership uh and the reason this was brought up was because a company called fractional super original name uh raised 20 million dollars uh to continue to build their fractional nft ownership platform they're rebranding two to sarah

which i don't know if i think that's a better name than fractional i feel like fractional was pretty obvious probably should have stuck with that but anyways right um and the reason this is so interesting is when we think about blockchain and the use cases um the problem with ownership of physical items is that they are very difficult to to put into contracts and to uh safely sell in a legal way so what we have done and currently we have ownership of physical items throughout our entire world and we've created an entire legal

tax a very complex system in order to allow us to have physical ownership and to um to you know to do different things without to sell it to rent it uh to um to bring in various investors on it so it's very complex which means that most of the world cannot participate in ownership right which is a huge problem it's why you know we have what is it something like 1.5 billion people don't even have access to bank accounts or to credit currently right so this in this case there's here's an example of a company that is using blockchain to enable fractional ownership of digital property so forget calling them nfts for a second what this

means is is that if you want to buy something and perhaps you don't have enough money to buy the entire uh thing that you want to buy a piece of art or let's say you want to buy membership to a golf course right and you don't have enough money to buy memberships the golf course but you have five friends who together if you pool your money you can you can together by own by access to that golf course well now you can do that simply using this fractional ownership methodology where you can bring people together you can do it in a safe way where you don't have to worry about somebody stealing money you don't have to get lawyers involved you don't have to make big contracts

and so there's just a this is so early right now that most of what this talk is is like oh buy a crypto punk together but like i think there's a bigger unlock here of this concept of fractional ownership which is the way it's exciting the way that this works is you basically put your nft into a vault and then token so fun so that's a non-fungible token so you put your nfc into a vault into a smart contract and then from that fungible tokens come out and you can have a hundred of them or a thousand of them a million of them or whatever you want and now you can have like um fractionalized ownership of that nft and so like you said that mt could be a crypto punk i actually did this there was a guy that owned a hundred and like four crypto punks uh

which is insane it was worth i don't even know like 30 million dollars or maybe more than that i can't remember um and last year when fractional first came out i actually bought some of these fungible tokens i think i bought like 50 token 500 tokens or something like that and so i owned a piece of these hundred and four crypto punks um now i sold those tokens but it was cool that i was able to like do that without actually crypto punk was i don't know what the floor was back then but very expensive like over a hundred thousand dollars but i was able to get exposure to that but where this is really cool is like you could own a house right and a lot of people own house and most of their funds are in their house right like my parents for example they don't have a lot of

investments but they do own a house at least and so let's say that house is worth you know five hundred thousand dollars and you want to you know buy something else but all of your money is locked up in real estate well how are you going to access some of that funds you can go and you know refinance your mortgage and blah blah or if your house is an nft you can go fractionalize it and now you can sell pieces of your home to do other things you want to get a renovation you want to buy a car or whatever so it opens up liquidity to non-fungible things which is super super cool and we'll see how that plays out i'm sure there will be things that you know cause a lot of problems as well uh but uh it's a it's a cool idea and we'll

we'll kind of see how this uh how this experiment goes okay moving on to soul bound nfts we've talked about sold-out nfts and uh there hasn't been a lot of use cases of sold-out nfts yet it's more just been a concept italic and some others wrote a white paper about this a few months ago uh but here's one of the first use cases i've seen so far and i just wanted to bring it up because i think it's pretty exciting so massive finance uh is launching a the first soul bound and an identity in web three and this is a massive finance what's massive finance their hybrid credit protocol and decentralized credit bureau uh and so one of the big issues that i actually

just mentioned is that a lot of people don't have access to credit because they the current banking system requires that you have certain uh certain experience with you know using the banking system the way that they give give out credit currently really limits the amount of access that people can have but what massive finance is doing is they are creating an on-chain uh sole bound nft that you can get and by getting that then you can get access to credit so it's basically like your credit score or in an nft format uh which it's just it's really i think a huge unlock for

the the world to be able to start to have access to the financial system which currently what like 10 of the world has access to this opportunity to get loans and create leverage and build wealth leverage don't use leverage that's my advice [Laughter] everything is leveled okay we got some exciting uh launches happening this past week kyle what do we have here from coinbase wallet yeah coinbase wallet is now uh integrated into solana so you can now use solana apps with your wallet and this is kind of the ux ui things that we we need in this space right like right now or previous to this if you wanted to use ethereum you can use your coinbase

wall and then if you want to go use solana you got to go and use phantom or something like that like you need to actually make a new wallet which is not ideal no one wants to do that we don't have a million wallets um and so coinbase wallet is now allowing you to use any evm compatible blockchain so ethereum polygon etc all the layer twos and now you can also go and use solana which is super cool it's all in one wallet all in one place and uh makes life a lot easier so congrats to solana congrats to coinbase keep launching new products for us please we love it so something that i saw that uh this makes me think of is i saw that h16 zed's uh investment in web3 saw somebody break down what they're

investing in currently and 70 of their investments in web3 are in either infrastructure or customer user interfaces right customer such as wallets would be the biggest example of that and you know why because a16z and these these massive vcs that are investing in the space they see that the opportunity here isn't to build the next nft right like they don't want to build the next disneyland or the next big brand that's that's risky and there's you know hit or miss on that but building infrastructure and building the user interfaces that are going to get people into this space those are the big opportunities and that's why i think

wallets is just so fascinating right like we all need to be i feel like we almost need to do a wallet podcast because there's so much to unlock and it's a huge rabbit hole and if you're a builder in the space or you or you want to create a business you know look at the wallet space there's just endless opportunity i'm not saying make another wallet but understand the way wallets work because there's going to be a lot of opportunities just within that ecosystem it's going to be huge so one thing you know that everyone needs to use this space regardless of what works out it's daos if it's nfts if it's fungible tokens whatever regardless you need a wallet so it's where every user is going to go we're all going to have one so it's obviously a big deal also a big deal here is so this is a not a i was

going to say a tweet but this is a linkedin post i don't know who's on linkedin but a linkedin post of michael maybach my back anyway he's the ceo of mastercard so kind of a big deal um he posted yesterday and here's what he says we can unlock the full potential blockchain blockchain technology when we make it easier to access uh and easier to use one way to do that is bringing crypto to everyday purchases to make that a reality we're working with binance to let people use their crypto to make purchases at 90 million stores that accept mastercard uh and so basically what's happening is they're launching a credit card in argentina and then they plan to expand from there to uh to many more countries um so i mean look we already have crypto

credit cards so nothing new here but just cool to see this one to see you know we're expanding we're continuing to do it more countries um but to see the ceo of mastercard tweeting about how you know good blockchain is um i mean that's that's just great for the space so we want more gigabrains more big people to be talking about blockchain yeah i think this is you know it's it's it's probably nothing that's all i have to say probably nothing [Laughter] okay other news that came out of in terms of launches is nvidia uh is going all in on the metaverse for those of you who don't know nvidia nvidia is one of the largest companies in the world that you've probably never heard of they they basically make all the

[Music] graphic uh processing software and hardware that is used in like playstation using computers they essentially 30 years ago said okay everyone's over here building uh computers and focused on the like document side which is what web one originally started with they were like let's focus on the graphics side which has made them absolutely massive in the gaming industry but here's the thing with the metaverse coming along and kyle i know both you and i are reading matthew ball's book about the metaverse and if you haven't checked it out highly recommend checking out that book because it'll really help you understand but with the metaverse coming along we need much better graphic abilities because one of the keys of the metaverse is it

needs to be real-time rendered 3d experiences and nvidia is really the biggest company capable of doing this and they at a conference last week announced that they were going all in on the metaverse this is a huge signal of what one of the biggest company in the world thinks the future is let me just mention a few things that they're doing one is they announced neurographics neurographics is basically what allows rendering of a realistic 3d environment right because if we don't create a 3d environment then the metaverse will just be 2d websites and that's not really a metaverse that's just what we have right now but they announced this neural graphics

which is going to allow real-time 3d rendering of of virtual worlds right so you can experience something in 3d which will be super cool they also announced avatar cloud engine uh i won't get into the technical side of this but basically what this allows is 3d avatars right because if we want to spend time in the metaverse we need to be able to have a 3d version of ourself that exists that can walk around and move around and we can see and maybe it's yourself or maybe it's a another version of yourself because one of the cool things about online is you can be anybody you want you don't have to look exactly as you do in real life so but this idea of being able to have 3d avatars that uh

can look like you and can basically move in a fast quick way and be rendered quickly is just a huge unlock and they announced some developer tools as well um i i think that what's so cool about this is this is one of the biggest companies in the world just signaling hey we're going all in on the metaverse this space is going to be the future so really exciting to see we're going to have to do a full episode on the metaverse i think in the coming coming weeks uh maybe we'll try and get matthew ball on the podcast actually once we finish the book that would be super cool but man i've learned so much from that book about the metaverse and uh we'll have to we'll have to dive deep into that okay we are okay wrap it up and we're going to get to the

final baby uh let me i'll do the drum roll you can you can introduce it this week kai our doubt of the month is i don't even know how to say it kraus house is that how you say it yeah cross house cross house um here's what's really really cool about this doubt so i heard about this a while ago that there was a dallas trying to buy a professional nba team and i was like okay that's cool yeah yeah exactly like there's no way that's gonna happen uh but what i realized is i went out i actually started looking into this because i think i saw it on twitter um these guys have actually bought a pro team so it's not a it's not an nba team

but they have bought a professional three on three team um which is called the um ball hogs i believe um what's the league that they're in they're in a um they're in the um the big big what's it called it's a big three ice cubes big three big three yeah big three so they bought this team and so now you have a dow that is actually managing this team um and you can even see on their on their main website you can buy tickets there's also an owner's box in those owner's boxes basically to be part of this dab you have to own an nft and that nft is part ownership in this team and it also gives you tickets to every game that they play which is just super interesting now unfortunately if you look at the uh

standings they came last place they didn't do so hot they won one game lost five so tough go this season i think this is the first season they've had an ownership of a dow um but what's interesting here is kind of the the goal here of this dow is they bought this team it's not a big team by any means um but they want to practice experiment learn right prove that they can do this and then sort of work their way up and so i think they'll they'll start here and then they'll buy the next team the next team and their their end goal is to buy an nba team and have that nba team run by a dow which is like very ambitious but just super cool i love it um jay and i are both big fans of basketball played basketball for a long

time jay's actually really good at basketball by the way if you don't know jay is six five so he's a he's a tall human and in the man i don't know can you dunk jay oh yeah oh yeah definitely definitely i don't know if i could anymore at 37 years old i i'm i'm fading my athletic abilities are going down not going up but i i just gotta say um this is it's just it gets me so excited this like this again this huge unlock of web 3 in that all of a sudden the average person can participate in ownership in in a way that was never possible before you know this is talking about um about a basketball team but you could expand expand this to i mean any

sport but you could also expand it to any media and entertainment imagine owning part of a film imagine owning part of a tv series um you know there's we've talked a little bit about that on the show we've talked about non-fungible films you know there's just yeah this is just it's just such a huge unlock it's so exciting shout out to kraus house you guys are doing a great job in just experimenting and way to diversify you didn't go for an nba team first you went through a big three team that probably not many people have heard of but hey diversification works what i'm interested in understanding is how are they deciding the decisions of the team is this like a full vote amongst everyone who owns or like an nft or i actually i want to speak to someone

at kraus house and just kind of understand i mean i'm sure they're experimenting and trying different things because i'm sure everyone who owns an nft is not probably suitable to actually run and manage a and be like a basketball team uh i'm just assuming maybe maybe they all are i have no idea but uh so interesting to see how they kind of handle that governance of this um but also what's cool is they're not just owning a team they've now um via their nfts they've obviously earned some funds from that but they're actually not building a basketball court and i think maybe it's going to be a game but they're building a court in the metaverse and uh and i think they're selling what i saw is they're selling seats to this court uh in the meta wars which is interesting um but we'll see

kind of where they go with it but uh just a very fair project and i think it's really cool what they're doing and so shout out to kravis house um keep keeping on and and i hope you guys buy a team i wonder what team they're gonna get it's gonna have to be a terrible team who's the worst team in the league right now who's the worst team in the league right now that's a great question i was going to save the minnesota timberwolves but they actually got good recently uh who's the worst team in the league gosh i only think about the good teams i don't think about the bad things very often orlando magic maybe don't match they still love them when i was a kid ever since they lost shaq ever since shaq you know to lakers

she's all right well that's that's a wrap thanks for listening everybody have a great weekend uh practice some diversification you know how can you do that make a new friend there's an easy way to practice some diversification uh join a new discord uh you're probably already in too many discords don't join any news all right that's a wrap thanks for listening have a great one y'all we'll see you soon guys i gotta catch a flight i literally have to fly in 25 minutes so here we go this is the this is a wrap because i gotta get on a plane so i'll see ya if you're in germany say hi because i'm going to be there soon 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