Web3's $4.5B cash injection
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:
Web3's $4.5B cash injection
The internet's payment system: now accepting Bitcoin
RESOURCE: Dusting attacks & how to avoid them (Learn in ~3mins)
The plot of the 'Seth Green phishing scam', just got thicker...
Terms used (click for translation):
Web3, Fiat Currency, NFTs.
Web3's $4.5B cash injection
The term 'built different' can be applied to many things:
Ford trucks
Cirque du Soleil performers
The stringlet of the super intense dude that works the front desk of your local gym
a16z
...wait, what's that last one?
a16z is the numeronym name of the venture capital firm Andreessen Horowitz. Why? Not sure.
(Probably because it sounds cool).
Amidst the crypto market crash, they've raised another $4.5 billion dollar fund, focused solely on Web3 - which sounds counterintuitive but it's actually a big brain move.
Have you ever heard the phrase 'be fearful when others are greedy, and greedy when others are fearful'?
It gets thrown around a lot in the investing world and pretty much translates to: buy low, sell high.
Sweet. So why is this rudimentary investment philosophy important in this particular situation?
In the last market crash, we saw the tide of investment flow out of the crypto space, almost completely.
Leaving nothing but the evangelists who seemed to be holding their crypto out of shear loyalty.
This time around it's different.
A lot of big money is not only holding, but moving in - and while not every project is guaranteed, this sort of investment is a signal that the Web3 space, as a whole, is here to stay.
And for those who remember the pain and uncertainty of the 2017/2018 crash, this is very very exciting.
The internet's payment system: now accepting Bitcoin
The easier something is to use - the more use it gets.
From 1826 to 1960, roughly 3 billion photographs were taken.
Today, with the advent of camera phones, it's estimated that 4.6 billion photos are taken every day.
Crypto needs its 'camera phone' moment, because right now - it's confusing as anything to use.
This article isn't about a total solution to this problem, but instead, a step in the right direction.
Stripe (the company that pretty much runs the internet's payments systems) is now letting vendors convert their fiat payments (eg. dollar payments) directly into Bitcoin.
An option to seamlessly convert part or all of your business's income into Bitcoin without any heavy lifting? We love it.
What we love even more is the second last paragraph of this article, which backs up our sentiment from today's first article:
"Given that crypto is crashing, the timing of this announcement is interesting and shows that Stripe's leadership believe that bitcoin at least is here to stay."
Preeeeeach!
Resource of the day
Dusting attacks & how to avoid them.
(Learn in ~3mins)
The plot of the 'Seth Green phishing scam', just got thicker...
Do you know what a 'bearer bond' is? We didn't until recently.
It's pretty much a piece of paper that gives ownership of an item, to the person holding (or bearing) that piece of paper.
Eg: there's a bunch of gold in a vault and anyone holding the certified bearer bond can access it.
NFTs are kind of like digital bearer bonds - and what they certify ownership of is really up to the creator.
In the case of Bored Ape Yacht Club (BAYC), the NFT gives the holder license to use the intellectual copyright of the Ape for commercial gain.
Seth Green recently jumped on this opportunity and produced an animated TV series, 'White Horse Tavern', centered around his BAYC NFT characters.
Only issue is, if you'll remember back to last week, those NFTs were recently stolen in a phishing scam - and one has since been purchased by an un-assuming collector (know as DarkWing84).
...so technically, Green no longer has a license to the intellectual property behind the NFTs.
And technically, it'll be possible for DarkWing84 to take legal action if the intellectual property is used without their permission.
But not all hope is lost. This outcome is (apparently) an unlikely one:
"Preston Byrne, a lawyer and partner at Anderson Kill, noted on Twitter that there is a legal doctrine called the 'clean hands' rule that prevents those who obtained property in a dishonest fashion from profiting from it."
...the thing is, it's unclear whether DarkWing84 obtained Green's NFT in good faith or not.
What next? No idea!
Watch this space, we suppose.
Your Daily Dose of Web3
Alright, that’s it for today!
Love to the family,