Making Web3 forgettable
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:
Let's hope this becomes one of the most forgettable developments in Web3 history
Eminem & Snoop Dogg just pumped ApeCoin
RESOURCE: eGLD Explained with Animations (in ~11:30)
The McRib, spaceflight and crypto casinos
Terms used (click for translation):
Web3, Blockchain, Protocol, NFTs.
Let's hope this becomes one of the most forgettable developments in Web3 history
Some of the most useful technology goes completely un-noticed, and it's all by design.
Imagine if texts from an iPhone couldn't be sent to Android.
That would be a VERY noticeable problem.
And technically, both platforms are still incompatible - iMessages can't be natively sent to Android phones.
The work around is this: when a message is sent from iPhone to Android, the message is automatically converted from iMessage (iPhone only) to SMS (universal).
Background functionality like this, creates what is known as 'interoperability'.
When two systems are interoperable, you won't really notice it - everything will just work. When they're not, it'll result in a painful user experience.
Web3 has an interoperability problem.
The ability to share information across different blockchain networks (without restrictions), doesn't come as standard.
In response to this issue, the Wire Network announced the launch of its blockchain interoperability protocol called the Universal Polymorphic Address Protocol (UPAP).
What does that actually mean?
They're aiming to create a tool that will let all blockchain networks 'play nice' together.
While 'blockchain specific' interoperability solutions have come before it, UPAP will be a universal rule set. One that any blockchain network can adopt, in order to achieve plug-and-play interoperability.
A solution like this is vital to the long term viability of Web3 and will have massive ripple effects throughout the space.
...and herein lies the strange/beautiful tragedy of it all:
Because UPAP will be designed to be invisible to the end user - if it succeeds, it will quickly be forgotten.
Let's hope this becomes one of the most forgettable developments in Web3 history.
Eminem & Snoop Dogg just pumped ApeCoin
Using celebrities to market your brand isn’t new.
Michael Jordan almost single-handedly built Nike’s reputation in the 80’s with the Air Jordans.
(And they reportedly paid him $1.3 billion to do so over the years).
That's cool and all, but how about this for a deal:
"We pay you nothing and you market our brand for us?"
That’s kind of what’s been happening for the Bored Ape (BAYC) NFTs recently.
Eminem and Snoop Dogg (among other A-list celebs) are holders of Bored Apes - and they've just released a new song & music video that sees them transform into BAYC characters.
(Check it out here).
It's the old 'product placement in a music video' trick.
(Who wants a Pepsi?)
But hold up, if this kind of celebrity marketing isn’t new, why is this important?
Let's answer that question, with another question:
Why has celebrity marketing been around for such a long time?
A: Because it works.
Eminem & Snoop’s new song brings NFTs just a little more into the mainstream - introducing the concept to people who may be fans of the rappers, but are yet to dive into Web3.
Will the Eminem x Snoop x BAYC collaboration be as successful as MJ and Nike’s? Unlikely.
Does it serve its purpose and introduce BAYC to a wider audience?
Absolutely it does.
Resource of the day
eGLD Explained with Animations
(in ~11:30)
The McRib, spaceflight and crypto casinos
Good things that have come from bad situations:
Space flight, as a result of the cold war.
The seasonal McRib, as a result of fluctuating pork prices.
Broader Web3 adoption, as a result of crypto casinos.
Today, we'll be focusing on the latter.
(Apologies to all you McRib diehards out there).
At the moment, Web3 integration is seen by many industries as a marketing gimmick more than it is a better way of doing things.
E.g. The Dallas Mavericks started accepting Dogecoin for tickets and merch - not because it was the preferred payment method of their fans, but because it'd have news articles written about it.
For online casinos, crypto integration is more than a gimmick. It offers them a better way of doing things, including:
Greater security
Lower running costs
Fast and autonomous payments
Better protection from government regulation
Here's the catch (in two parts):
First - gambling is addictive. A system where a users financial loss is pivotal to the system's success? It ain't great.
There're better avenues for Web3 adoption out there, that give real utility to users, in exchange for their money.
Second - the faster crypto casinos rise, the harder they will fall.
(Kind of like a kid on a sugar high).
This may surprise you, but the practices of offshore, unregulated online casinos can get a little predatory. Many of them offer influencers a percentage share of referral losses.
Here's what that means / looks like:
An influencer streams themselves playing the slots at an online casino → they tell their viewers to sign up using their referral link → the influencer gets a percentage of that viewer's losses.
Pretty grim.
And the grimmer the situation, the faster law makers will want to regulate it into oblivion.
So how do you regulate something that's offshore and out of your jurisdiction? You go for its medium of exchange (crypto).
Not great.
Your Daily Dose of Web3
BlockFi increased deposit rates and removed free withdrawals
BAYC is suing for defamation and IP infringement [video report]
Metaverse can’t be built on the corporate business model, says EY innovation lead
Binance launches platform for institutional and VIP investors
Alright, that’s it for today!
Love to the family,