Uh-oh...we spoke too soon
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:
Uh-oh...we may have spoken too soon
'Let's all chip in and get Ridley Scott to produce our movie about Ethereum'
RESOURCE: How existing businesses can utilize NFTs. Watch time ~11mins
These Bitcoin miner's plan to clean up the natural gas industry
Terms used (click for translation):
NFTs, Smart Contracts, DAOs
Uh-oh...we may have spoken too soon
Remember that 'very very cool' NBA NFT release that we wrote about yesterday?
Turns out that, in addition to being very very cool, it was also very very vulnerable to attack.
The 'Association NFT' series was meant to be a free release, created to reward early members of the NBA’s Discord server, where each member could reserve one free NFT each.
Turns out there was a relatively simple exploit in the project's smart contract that allowed each verified member to add other names to the release list.
This resulted in a good chunk of the 18,000 available NFTs going out to non-members.
Essentially, the NBA threw an exclusive 'members only' party and half the people on the guest list showed up with a few hundred plus ones.
Not only that, but the smart contract didn't limit how many NFTs each user could receive.
Which saw some users jumping at the opportunity to exploit the mistake, collecting over 100 NFTs for themselves and quickly selling them on the secondary market for ~$1k a pop.
Yeeesh!
The NBA have since publicly committed to creating an additional 12,000 NFTs to ensure everyone who was supposed to receive one, gets one.
Always p'roof reid your work folks.
'Let's all chip in and get Ridley Scott to produce our movie about Ethereum'
That title? It's essentially what 'The Infinite Machine' DAO have just done.
Which is WILD...Ridley Scott!? Look at this dude's track record:
Gladiator, Alien, Blade Runner, The Martian, Thelma & Louise...
Oh, and a bunch of Oscar noms/wins.
So how're they funding this "blockbuster movie for the mainstream”, that tells the story of Ethereum?
With an NFT series that they're calling 'Genesis', along with money from the DAO's cash reserves.
Three cool things are happening here:
NFT and DAO functionality is being legitimized by a heavy hitting Hollywood production studio.
NFT holders will not only contribute funds to the project via their purchase, but also have active participation in the project as Associate Producers.
A roadmap for crypto funding is being written and proven in real time, for others to follow.
The movie is expected to begin shooting later this year, with a potential release in 2023.
Who wants to place bets on who will be playing Vitalik?
Resource of the day
How existing businesses can utilize NFTs.
Watch time ~11mins
These Bitcoin miner's have a plan to clean up the natural gas industry
If you're new to the 'Bitcoin mining is terrible for the environment' argument, here's what you've missed...
Side 1 points out that Bitcoin is highly energy intensive and should be either upgraded or even banned in some jurisdictions.
Side 2 acknowledges the high energy use but argues upgrades would lower security and point out that Bitcoin miners are actually pushing green energy solutions forward (using it as it's the cheaper option).
This latest piece of news falls somewhere in the middle of these two arguments...
So it turns out that natural gas suppliers often waste or 'flare' excess gas that can't be easily moved or captured.
The VC backed 'Crusoe Energy Systems' wants to use that excess natural gas to create electricity and power Bitcoin mining machines positioned onsite.
The article doesn't make the mechanics of it very clear, but apparently gas-to-electric burning has a lower carbon emission than flaring.
Lower carbon emissions while mining Bitcoin?
Sure, why not!
Your Daily Dose of Web3
Andreessen Horowitz launches the 'a16z Crypto Research for Web3 Multidisciplinary Lab'
Australian regulator develops new policy roadmap for crypto
Alright, that’s it for this week!
Love to the family,