Web3's weirdest news publication
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:
The world's weirdest Web3 publication
Budweiser is off to the (Web3) races
RESOURCE: What is FTX and who is SBF? (Learn in ~14 mins)
What the hell is 'yield farming'? And why does everyone harp on about it?
Terms used (click for translation):
Web3, DAO, NFTs, Gas Fees, Staking, Fiat.
The world's weirdest Web3 publication
If you're like us, whenever there's a breaking global news story, you're wondering one thing, and one thing only:
'I wonder what Kim Kardashian's take on all of this is?'
TruthDAO is creating the world’s first Web3 news organization and according to its founder, Leslie Cauley:
“TruthDAO’s mission is to bring real, factual journalism back to the world...
...through professional, unbiased, non-partisan news...”
Which sounds great! But the premise of their first show feels...a little off...
The show will be called 'Celebrity POV', and will be an intersection of fame and news.
Where A-list celebrities, up-and-comers, trend makers and cultural influencers discuss real issues affecting the world.
Are we taking crazy pills, or is this pairing of mission and premise SUPER weird?
So weird it might even work? (Honestly, it might).
All we know for sure, is this:
The show is funded by a DAO, which lets the community of investors vote on how the final product will function.
...and the intro theme song typically sets the tone for the show.
Q: How do you set the tone for a bunch of celebrities talking about world events that they're totally detached from?
A: Gal Gadot's COVID-19 cover of 'Imagine'.
Let's put it to a vote, people!
Budweiser is off to the (Web3) races
Back in the day, billboards were all the rage.
Advertising to the hundreds of people who would walk past the same prime real estate every day was any marketer’s dream.
Then came TV.
Then Google, YouTube & Social Media.
Now, there’s a new player in town - Web3.
...and it seems at least one old dog is learning some new tricks.
A partnership between Anheuser-Busch (parent company of Budweiser) and Ethereum NFT racing game, Zed Run, has just been announced.
(Which makes sense given Bud’s famous clydesdale mascot).
Zed Run is a digital horse racing platform where you can buy, sell, race, and breed digital NFT race horses.
Here’s what they plan to do with Budweiser:
On 9th June, 2500 Budweiser Passes (sold as NFTs) will be available for purchase through Zed Run ($250 + Gas)
The same day, the Budweiser racetrack will be released
In July, all Budweiser Pass holders will be sent a Zed Run racehorse skin (horse clothes) with varying levels of rarity
In July & September, 2 Budweiser racing challenges will take place with a $45k prize for each
In November, Budweiser and Zed Run will do a release of limited edition IRL merch
In December, a $95k tournament will happen; and the chance to win beer for a year
And in 2023, all Budweiser Pass holders will be asked to burn their passes in return for rewards
Here’s why we think this is cool:
The opportunity to win beer for a year? Sure, why not!
But more importantly, this is a perfect example of an old company moving with the times.
Paid marketing seems to work in cycles.
A marketing platform (eg: Google Ads or Facebook) will be cheap for early adopters —> once everyone starts using it, it becomes more expensive —> advertisers start looking for cheaper avenues to explore.
Is Zed Run about to become the next big marketing platform?
No.
But we see huge marketing potential in Web3 and can’t wait to see where this leads.
Giddiup!
Resource of the day
What is FTX and who is SBF?
(Learn in ~14 mins)
What the hell is 'yield farming'? And why does everyone harp on about it?
'Yield' is the amount of money you make back on an investment.
E.g. If you invest $100 and get $110 back, you've made a 10% yield.
Yield farming, is the process of moving your money between different crypto projects, based on the amount of guaranteed yield they return.
There's often a lot of emphasis put on the 'annual percentage of yield' (APY) a project returns, when analyzing its potential growth.
(Because high yields bring new customers in).
In the crypto world, yields are given out in exchange for you locking your money up for a set period (aka 'staking').
The idea behind this incentive is that the more money that is locked up in a project, the safer it becomes.
So when a cryptocurrency exchange starts offering yield on staked coins, everyone starts comparing the offered rates.
And we're no different.
Yesterday, Binance US announced they'd be offering yield rewards - and they came in HOT.
...or at least they appeared to.
Binance US are offering yield returns across seven different tokens and they're all pretty dang high. Ranging from 4.5% to 18%, with almost all of them coming in above 6%.
For context, your average crypto yield is 3-6%, while your average yield on cash held in a plain old fiat savings account is about .03% at the moment.
But here's where it gets tricky:
These rates are 'subject to change'.
Paying users at such high rates just isn't sustainable.
The idea for companies giving out such high yields is:
'We lose a bit of money bringing new users in, and once they're hooked, we can be lower them to something more affordable'
And this is why yield is 'farmed'.
Users look for the highest rates being offered in the market and farm their coins between whichever platform or project is offering them.
It's not much, but it's honest work.
Your Daily Dose of Web3
This Ripple partnership could enable crypto payments for luxury items
Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3
Coinbase launches database for people whose job offers it rescinded
Alright, that’s it for today!
Love to the family,