Why Facebook will lose the Metaverse war
GM, we take the most important / interesting Web3 news and translate it into plain old English. Here’s what you can find in today’s edition:
Why Facebook (ok, fine: 'Meta') will lose the Metaverse war
This is the Web3 equivalent of your grandpa creating a TikTok account...
How to explain Web3 wallets to your friends that don't 'get' crypto
Why Facebook will lose the Metaverse war
The Bored Apes Yacht Club pitch deck (a.k.a fancy mission statement) got leaked, and pages 43-48 outline exactly why centralized metaverses (like Facebook's) will fail.
"Today’s metaverses are trying to make something new, but they’re really just creating something boring."
Preeeeach!
"Each one is a siloed production that doesn’t feel connected to the Web3 personas that we’ve been building.
And isn’t the whole point of a metaverse to have one virtual world that all of humanity is tied to? If everyone is building their own how does that work?"
Ever since Facebook outlined their roadmap to becoming 'Meta', we've been asking the same question.
A true metaverse has two major components:
1. Anyone can build upon (in any coding language) / profit from the virtual space, without restrictions.
2. It isn't owned by any single entity or group.
No matter how creator/developer friendly Meta's Metaverse is, it will always be missing that last key ingredient: decentralization.
So what's Yuga Labs' (owners of Bored Apes Yacht Club) solution?
They went on to announce (as predicted yesterday), that they'll be creating a decentralized gaming metaverse, that anyone can build in:
"How do we create something that unifies everyone?
By creating something truly decentralized and interoperable.
A metaverse that makes all other metaverses obsolete."
Chills. Literal chills.
This is the Web3 equivalent of your grandpa creating a TikTok account...
Don't think, just answer:
Name an entrenched legacy financial firm, go!
If you answered Goldman Sachs, we have something in common.
If there's one thing that defines companies like Goldman, it's that they're veeerry careful with their money. So it comes as no surprise that they've been cautious to roll the dice on the erratic price movements of Bitcoin...
That is, until yesterday; when they made their first ever Bitcoin options trade.
File this one under 'Bitcoin furthering its charge into the legacy financial system'.
How to explain Web3 wallets to your friends that don't 'get' crypto
Web3 terminology is annoyingly complex.
Hell, it's half the reason we write this very newsletter.
That's why we love articles that explain things comprehensively, like this one from Cryptopolitan. It covers what a Web3 wallet is, and why you might need one.
For our lazy friends (we see you, we hear you, we appreciate you), here's a 30 sec overview that you can forward to your non-crypto native friends & family:
A crypto wallet has three main parts.
A private key (think of this as your master password)
This is a unique code that allows you to access your digital assets (eg. cryptocurrencies and NFTs). It’s important to keep this key safe and secure, as it can be used by someone else to access your assets.A public key (think of this as your account number)
This is a unique code that allows others to send you digital assets.A seed phrase (think of this as your 'reset password' link)
This is a set of 12 words that allows you to restore your wallet if you lose your private key. It’s important to keep this phrase safe and secure, as it can be used to access your digital assets if you lose your wallet.
P.S. We’re thinking about adding a new section to these newsletters. A link to a useful guide, resource or ‘way to do things’ in the Web3 space (like this one) each day. Send us email an email at hello@web3daily.co and let us know whether you love or hate this idea!