How to win in Web3
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:
Beginner friendly, with basic functionality [how to win in Web3]
Apparently 40% of people are keen on the idea of metaverse gyms?
RESOURCE: 3 stablecoin algorithms explained in less than 10 mins
It's Friday, so we're finishing on a fun anecdote from crypto history.
Terms used (click for translation):
Web3, Stablecoins, Metaverse, DAOs.
Beginner friendly, with basic functionality [how to win in Web3]
"Our product doesn't suck"
There's a period at the beginning of every new technological boom, where a company's value pitch can be as simple as that.
Steve Jobs used to constantly drive home the point that Apple products 'just worked'.
It seems strange now, because of course we expect your products to work.
But back then, user experience was hit and miss with tech products, so it was a valid selling point.
We're in that same teething period with Web3 - where easy to use products, with comprehensive functionality, are the exception (not the rule).
The latest marriage of 'beginner friendly' and 'comprehensive functionality' comes today from the FTX trading app.
They announced yesterday that they'd be adding stock trading functionality to their crypto trading platform, allowing users to buy stocks using digital stablecoins.
(Which isn't common practice)
Does it feel revolutionary? Not exactly.
But it certainly doesn't suck.
And steps like this tend to set the standard for any new competitors looking to enter the market.
As a result, we get better products across the board.
If the cafe we're at right now served alcohol, we'd drink to that.
Apparently 40% of people are keen on the idea of metaverse gyms?
Wait wait wait!
Before you go and launch your own metaverse gym, we have some thoughts...
This reminds us of Quibi - remember Quibi?
They were the streaming service that raised $1.75B off the idea that people wanted short form, premium content.
Part of that assumption was right: people wanted short form content - but the 'premium' part?
Not so much.
It turned out that people were just fine filling any fleeting moments of boredom with TikTok and YouTube (for free).
This recent survey from FitRated, that found 40% of their 1000 participants "would prefer a metaverse gym membership" over a regular one, rings of Quibi assumptions.
We might be making our own assumptions, but hear us out:
Virtual trainers are already a thing, and many homes now have the equipment to facilitate at-home workouts, post pandemic.
Easy / convenient - we love it!
If an at-home workout company like Peloton were to partner with a move-to-earn app like Step'n? We'd love it even more!
We'll swap our sweat for those sweet, sweet tokens all day long.
Adding a VR headset that would alter depth perception and spacial awareness?
Eh, maybe not.
...feels like an unneeded gimmick that'll get us higher insurance premiums quicker than it will a healthy body (see gif).
Resource of the day
3 stablecoin algorithms explained in less than 10 mins
It's Friday, so we're finishing on a fun anecdote from crypto history...
On Sunday, the PizzaDAO project will host commemorative events at 100 pizzerias in over 75 countries around the world.
Hold up.
...commemorative of what?
Sunday (May 22nd) is Bitcoin Pizza Day - if you know, you know. If you don't, here's how it came to be:
On May 22nd 2010, Laszlo Hanyecz’s posted a request to the Bitcoin Talk message board for someone to deliver:
"...a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day [...] If you're interested please let me know and we can work out a deal."
The pizzas were to be in exchange for:
Wait for it...
10,000 Bitcoin.
If you're trying to do the then/now math on that payment, we've got you!
It was $41 USD back in 2010 and ~$300 Million USD as of this writing.
Hanyecz was quoted by CoinTelegraph back in 2018 as saying that he had “no regrets” about the purchase.
...we get the feeling he might have mined more than that bag of 10,000 BTC.
Or maybe he's just a super content guy?
We hope for both.
Wishing you all an early, but happy, Bitcoin Pizza Day!
Your Daily Dose of Web3
Former BitMEX CEO Arthur Hayes faces 6 to 12 months in jail at sentencing hearing
Digital collectible owners continue to take loans out using NFTs as collateral
Ripple (XRP) throws in $100 million to cut down carbon emissions
Alright, that’s it for today!
Love to the family,