Binance's CEO just schooled us
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
Binance is hiring, while other exchanges are firing (there's a lesson here)
The Web3 equivalent of the printing press
RESOURCE: How to Create, Deploy, and Sell a Generative Art NFTs (in ~20 mins)
Want to securely store your crypto AND help our newsletter grow? [Referral partner]
The OpenSea update that will save customers half a billion dollars in fees
Terms used (click for translation):
Bear Market, Bull Run, Web3, NFTs, Gas Fees.
Binance is hiring, while other exchanges are firing (there's a lesson here).
Let's say you're dating someone new.
They come over, you put on the Lion King and crack open that bottle of red you've been saving.
Things are going great - you're bonding over shared nostalgia, and damn if that merlot isn't. just. delightful.
But then...Mufasa dies, and...
Your date, doubles over in fits of laughter.
MASSIVE red flag, right?
That emotional reaction is the polar opposite of what you would hope to see.
...that person on the couch next you?
They would make a great investor.
You may have heard the phrase 'be fearful when others are greedy, and greedy when others are fearful.' It pretty much translates to 'buy low, sell high.'
It's solid advice, because it works - all of the greatest investors of our time have followed this inverse pattern. But most people struggle to stick to the script, because reversing our emotions isn't (typically) in our nature.
Changpeng Zhao (CZ), CEO of Binance, is a master of his emotions. He's hiring new staff amid the bear market:
“Right now is much better to hire...
Now the markets are more balanced, so top talents are available, and we want to hire them.”
While Coinbase, Gemini, Crypto.com and BlockFi are laying off staff, CZ is scooping them up.
Here're the lessons we're trying to force feed ourselves from this example:
The decisions we make in this bear market will be the reason we're successful/unsuccessful in the next bull run.
When investing, reason needs to take the wheel from emotion.
Moral of the story - it's ok to become a blubbering mess when Mufasa dies, just don't bring that energy to your investments.
(Easier said, than done).
The Web3 equivalent of the printing press
Remember when the first movable-type printing press came out?
(You shouldn't. It came out in 1440 AD).
But when it did, it was kind of a big deal.
Suddenly, information could be freely shared, and a wide range of new ideas spread around the globe.
Today, the greater task isn't finding information, as much as it is filtering it down.
For businesses looking to make the jump to Web3, that filtering process may have just become a whole lot easier.
One of (if not the) biggest names in tech investing, SoftBank, have recently launched their first Web3 focused educational series.
The program is a 10-week course designed to equip startup founders, employees, investors and board members with the skills needed to unlock Web3 business models for existing Web2 companies.
This is important for a few reasons:
'Web3 has an onboarding problem' (that's twice in three days we've said that - new record). Education can help reduce the barrier to entry.
SoftBank have an 'all access pass' to some of the biggest brains in the business world, so this series will likely feature some high octane premium unleaded information.
This is just a wild guess; but, ‘helping Web2 companies unlock Web3 business models’? This screams "we're looking to put more money into the space - we just need to know where to send it."
And sure, a 10-week course may not be as revolutionary as the printing press...
But providing established Web2 companies with an effective guide to transitioning into Web3?
Big step in the right direction. Huge!
Resource of the day
How to Create, Deploy, and Sell a Generative Art NFTs
(in ~20 mins)
Want to securely store your crypto AND help our newsletter grow? [Referral partner]
You know that scene in Crocodile Dundee?
The 'that's not a knife...this is a knife' one .
When it comes to storing crypto, hardware wallets (USBs) are the big knife and software wallets (apps on your phone) are the small knife.
The key difference:
Hardware wallets aren't permanently connected to the internet (which makes them VERY hard to hack).
We use Ledger hardware wallets to store our crypto.
(Specifically the Nano X, but they’re all great).
Here’s why we use them:
As mentioned, no internet = very secure.
They can store a wide range of cryptocurrencies & assets (including all major coins/tokens, as well as NFTs)
They’re one of the easier wallets to set up and use (they walked us through each step of the process, clearly & simply)
They look cool (not necessary, but appreciated)
So if you’re in the market for a security upgrade, or just want to get started safely - click the big red button down below.
You’ll not only get a cool new hardware wallet, but by using our referral links included in this article, you’ll also help out the newsletter :)
The OpenSea update that will save customers half a billion dollars in fees
You know those software updates with a HUGE laundry list of new tweaks and fixes?
They look like they're doing a lot, but at the end of it all, nothing really changes.
(Maybe videos load a little faster now?)
Well, the NFT marketplace/juggernaut, OpenSea, are about to undertake an update of their own - and while the tweaks being made may seem small; they're worth getting excited about.
The 'Seaport' migration will see a 35% reduction in transaction fees (aka gas) and the removal of OpenSea's set up fee.
Ok. Sounds pretty boring.
Here's what makes it cool: math.
The Seaport migration is projected to save users over half a billion dollars in fees per year ($460M on gas fees + $120M on set up fees).
We said it the other day, but it bears repeating:
The cheaper and easier a new technology is to use, the more people will use it.
This new OpenSea update is a small, but important, step towards broader adoption.
We'll take it!
Your Daily Dose of Web3
Bored Ape Ethereum NFTs Drop Below $100K for First Time in Almost a Year
Why Coinbase Will Cut 18% Of Workforce To “Stay Healthy During Recession”
Lacoste Creates a Unique & Immersive Fashion Experience with the UNDW3 NFT Collection
There's a Telegram for people to scream over the Bitcoin crash
Alright, that’s it for Hump Day!
Love to the family,