How to make a billion dollars in Web3
People are gaming the Ukraine's crypto donation fund and it's not cool
BREAKING: SEC still not big on NFTs
How to make a billion dollars in Web3
People are gaming the Ukraine's crypto donation fund and it's not cool
A few days ago Ukraine tweeted that anyone that donated to their crypto fund, within the following ~48hrs, would receive an airdrop.
Which means they'll likely be rewarding donors with a token that can be exchanged for cash, as incentive for donating. Kind of like a lottery where everyone wins a small amount.
Obviously they can't give away more than they receive, other wise what's the point...but this is where it gets murky.
After the airdrop was announced, a see of donors washed in, with micro donations ranging between .0001 - .01 ETH (~.01c - $28 USD) coming from a large range of wallets.
And here's the (alleged/probable) con: an individual creates a large amount of wallets, spreads a couple of grand in ETH across them all, donates, then makes a profit on the rewards sent to each wallet.
Not cool, bro.
BREAKING: SEC still not big on NFTs
The SEC thinks NFTs are being traded like securities (i.e. an investment vehicle where a single group has majority control over its success).
Are they though?
The simple answer is: it's a grey area that will likely be argued and defined in court.
The best outcome in our minds is one where they aren't considered securities, but measures are put in place by marketplaces to prevent rug pulls (translation: scams).
How to make a billion dollars in Web3
If Web3 is anything like Web2, there will be no one marketplace to rule them all, and here in lies the opportunity.
Unbundling is the process of taking a stand out feature from a successful company and just doing it really really well.
Here's an example of how Ebay's product categories were unbundled into multiple million/billion dollar companies, courtesy of Justine and Olivia Moore:
