45 Matching Annotations
  1. Dec 2021
    1. Web3 promises rewards — maybe even a kind of justice — for “users”, but Ethereum doesn’t know anything about users, only wallets. One user can control many wallets; one bot can con­trol many wallets; Ethereum can’t tell the difference, doesn’t par­tic­u­larly care. Therefore, Web3’s gov­er­nance tools are appro­pri­ate for decision-making processes that approx­i­mate those of an LLC, but not for anything truly democratic, which is to say, any­thing that respects the uniform, unearned — unearned!—value of per­son­hood.
    2. Web3 is best under­stood as a game, or a game of games. I don’t intend that as a dig: it’s a really good game! Vast and open-ended, deeply social, with lots of scores to tally … AND you can win real money?? I mean, that’s terrific.
    3. This message was emailed to the Media Lab committee. The assumed audience is subscribers who know roughly what Web3 is supposed to be, but aren’t sure what to think about it. (Here’s more about assumed audiences.)
    4. Ethereum is the locus of most of this work — hey, who named that client library web3.js, anyway?—so it’s not unrea­son­able to read “Web3” as “Ethereum-powered inter­net”.
    1. NFTs appeal to people interested in art, music, sports and culture
    2. People own bitcoin because of the story (digital gold that anyone can use and no one controls) and the scarcity (21M will be created by 2140 and the protocol verifies and enforces that scarcity).A story and scarcity has created a cryptocurrency that today has a market cap of $1.1T, which is greater than the currency of all but 13 countries in the worldTens of millions of people globally now own bitcoin and believe it has massive value despite countless claims that it’s worthless from conventional wisdom in the media and on Wall Street. The success of bitcoin is a testament to the authenticity of the creation (it was the first protocol to achieve trust-minimized digital scarcity) and the conviction of the community. The community did not care what the institutional narrative was, it just believed the story. More and more people have come to believe the story over time, which validates the belief of the early supporters and increases the value.
    3. We’re now seeing new stories attract new people to the cryptocurrency space who don’t care much about money and finance. It turns out there are more people in the world who primarily care about art, music, sports and culture. And stories about art, music, sports and culture tend to be more fun and relatable
    4. An NFT is a concrete product (a digital good), not a promise about the future. This fact alone makes the NFT boom more sustainable than the ICO boom.
    5. Google trends data shows interest in NFTs recently surpassed interest in cryptocurrency.
    1. lit­tle plac­ards up top mak­ing it clear they are aimed at dif­fer­ent groups of read­ers. Those groups might overlap! They might also: not.
    2. the way they push back against the “context collapse” of the internet, in which every pub­lic post is, by default, addressed to everyone.
    1. “The magic lies in their ability to take word-of-mouth marketing and turn the launches of their products into sort of micro-experiential events,”
    2. “I would call it a brand that’s heavily integrated with art and culture that tends to drive demand through consumer desire and consumer passion as opposed to explicit marketing.”
    3. brand’s products are “emblematic of rebellious youth culture,”
    4. in-the-know
    5. marketing-shy skateboard shop with a cult following fits
    6. symbolize the ultimate in underground cool.
    7. throngs of fans and “hypebeasts” (the term for the streetwear-obsessed)
    8. streetwear aficionados
    9. has been bolstered by high-profile collaborations with the likes of luxury fashion house
    10. Over the years, they’ve worked with all kinds of different artists, all kinds of different brands, and it’s part of what makes the brand so cool
    11. He’s also enamored with the wide variety of pop culture references touted in many Supreme products, which recently featured shirts paying homage to iconic art-house rockers The Velvet Underground, while past product lines included references to cultural icons ranging from Miles Davis to The Muppets to the artist Jean-Michel Basquiat.
    12. You know, they have a younger audience base and they’re educating people on art, on music and on fashion,
    13. Supreme also generates buzz with a never-ending lineup of branded curiosities — items no one would normally expect to see sold by a skateboard or streetwear brand, but when slapped with Supreme’s unmistakable red and white logo, they instantly become must-have products for the most ardent Supreme fans. The company has sold everything from Supreme-branded hammers, nunchucks, and kayaks to a Supreme brick (literally a red clay brick stamped with the Supreme logo).
    14. Supreme’s extremely active resale market heats up, with sites like StockX and other resellers listing sold-out items for resale at astronomical markups, like a t-shirt featuring Supreme’s simple red box logo that sells for an average price of more than $900 over the past year on StockX. The shirt previously retailed for just over $30 through Supreme.
    1. (1) the scarcity of its products, (2) the credibility of brands collaborations, (3) the growth of the resale market and the power of social media and (4) ever evolving fashion tastes. 
    1. In ad-based models, revenue is generated more or less uniformly regardless of the fan’s enthusiasm level. As with Substack, NFTs allow the creator to “cream skim” the most passionate users by offering them special items which cost more. But NFTs go farther than non-crypto products in that they are easily sliced and diced into a descending series of pricing tiers. NBA Top Shot cards range from over $100K to a few dollars. Fan of Bitcoin? You can buy as much or little as you want, down to 8 decimal points, depending on your level of enthusiasm. Crypto’s fine-grained granularity lets creators capture a much larger area under the demand curve.
    2. (Note that lowering the intermediary fees can have a multiplier effect on creator disposable income. For example, if you make $100K in revenue and have $80K in costs, cutting out a 50% take rate increases your revenue to $200K, multiplying your disposable income 6x, from $20K to $120K.)
    3. NFTs have received a lot of attention lately because of high sales volumes. In the past 30 days there has been over $300M in NFT sales:
  2. Nov 2021
    1. NFTs are the representation of a nonfungible asset in digital media. In a more technical definition, an NFT is a piece of software code that verifies that you hold ownership of a nonfungible digital asset, or the digital representation of the nonfungible physical asset in digital media.

      NFTs definition

    2. NASCAR

      NASCAR

    3. In July this year, Coca-Cola launched branded virtual clothing as nonfungible tokens,

      Coca-Cola

  3. Oct 2021
    1. NFTs are compatible with anything built using Ethereum. An NFT ticket for an event can be traded on every Ethereum marketplace, for an entirely different NFT. You could trade a piece of art for a ticket!

      There - opens up GIGANTIC barter economy possibilities - will shut out old middle men & create new ones - swap airline tickets / hotel reservations for concert tickets or memorabilia

    1. And while there are certainly carbon emissions associated with the traditional art world, if the point of blockchain art is to imagine something radically different, he wonders why avoiding climate destruction wouldn’t be at the top of the priority list. “We have to change our existing habits,” Akten says. “So how can we build new platforms that are unsustainable?

      We cannot revolutionize old problems.

    2. The idea is to offer some semblance of the authenticity that is naturally bestowed on physical art.

      Selling the idea of scarcity

    3. She changed her mind recently after seeing the interest of artists who had established themselves independently of blockchain hype—people like Lemercier. Some of the NFTs Carlson saw even looked like actual art. “The prices are still totally outrageous,” she adds. But both things can be true at once.
    4. The works were placed for auction on a website called Nifty Gateway, where they sold out in 10 seconds for thousands of dollars. The sale also consumed 8.7 megawatt-hours of energy, as he later learned from a website called Cryptoart.WTF.
    1. HODL, meaning to 'hold your investment long-term', and gas-fees, which refer to the price paid to ‘crypto-miners’ for transactions to be registered on the public ledger.
    1. Also, NFTs have a feature that you can enable that will pay you a percentage every time the NFT is sold or changes hands, making sure that if your work gets super popular and balloons in value, you’ll see some of that benefit.

      This is interesting. You get paid for the work trading hands.

  4. Mar 2021
    1. Crypto art is art made for the future. As our walls become screens and our field of vision becomes enhanced with augmented reality, we will seek precious and meaningful objects to surround us (just as we always have). Whether in the much anticipated "metaverse," the many digital worlds and games we frequent, or in our own living rooms and peripheral vision, this new generation of art is made for our future.

      this to me is one of the actual realest points - that NFTs are the future of art for the metaverse & digital everything we find ourselves in

    2. ransformative economic model for artists via NFT contracts. This is perhaps my favorite advantage of all — the ability for artists to automatically gain a percentage of every sale of their work in the secondary market in perpetuity. I mean, can you imagine!? Artists can evolve from getting ~50% of the initial acquisition price of their work in a gallery to a new world where they get 80%+ (depending on marketplace they use) of the proceeds on their initial sale plus 10–15% of every secondary sale forever! Imagine the families of artists anywhere receiving residuals for generations much like the world's greatest bands as their work continues to grow in value and trade hands. F----ng transformative.

      Agrees that it is the smart contract residual % payment royalty aspect that is the most powerful aspect of NFTs

      heard from some others though that you can do off chain transactions of the NFT to get around this ?

    3. This NFT world is likely the greatest unlock of artist opportunity in 100+ years. This isn't a suboptimal or fringe version of the real-world art economy, it is a vastly improved one.

      its fascinating how this may be simulatenously true with the fact that NFTs in their current actual implementation are a scam.. eg regarding copyright, minting on other chains, NFT frozen to a specific URL, NFTs can be trasnferred off chain / OTC such that the 10% royalty doesnt happen, etc etc)

      what ive come to see is that the reality is it doesnt matter - people making decisions on their career or specific investments, this matters a lot

      .. but before people thinking of diving into this cuz it may be the next big thing for the next 20 years, then ya that's probably correct

      this is massive cuz a lot of the problems will be solved one by one methodically even if its crappy today, itll be improved steadily cuz we are good at developing, what were bad at is blank sheet

      cant believe im agreeing with this belsky guy