Issue 38 🍵 The march from Web2 to Web3
Slowly but surely, Web3's seeping into everything.
Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.
It’s just funny how on some weeks, a lot of things just line up enough for us to spot a common thread.
This week, that thread is Web2 connecting with Web3.
To start, there’s the easiest Web2 overlap with NFTs: culture. If you’re on crypto or NFT Twitter, you’ve probably already seen some sneak peeks of the upcoming NFT integrations on the app.
There are even other less flashy developments, like the Rarible marketplace partnering with Adobe. Yes, that Adobe—Photoshop, Illustrator, creative tools giant. They’re even creating ways to authenticate NFTs made with their software.
And then, there’s also just good old commerce. Take this news that Venly, another NFT marketplace, had integrated with Shopify, the highly popular custom store platform. This partnership makes it easy for existing Shopify users to get started with selling NFTs.
If you read the announcement, you’d even find the option was part of Shopify’s new NFT beta:
The app is currently open to Shopify Plus businesses who can apply to become a part of Shopify’s NFT beta program and begin adding NFT products to their online storefronts.
Like, damn. Do you ever just take a step back and think about the insane progress that NFTs have made this year, in 2021? In 2020, people wouldn’t have even known what an NFT stood for.
But it’s just been less than a year, and we already got Twitter, Adobe, and even Shopify entering the arena with all these different approaches.
Insane, if you even think about how it took Bitcoin 12 years to be so widely accepted.
Of course, a caveat! Bitcoin helped in facilitating a broader understanding of the blockchain, and that of course, helps with understanding what NFTs even are.
And at the end of the day, NFTs are an easier equivalent for existing Web2 businesses to monetize. And let us not downplay that these businesses are probably driven by their businesses’ bottom line.
All these companies benefit from staying relevant and making sure people don’t leave their platform. It can’t hurt them to secure some footing in the hot, new NFT space—what if a worthwhile competitor is born from within this space and makes them obsolete?
Let’s just see how much of a stronghold they can secure here in Web3, though, because let’s face it: who isn’t disenchanted with Web2? Just look at the Youtube adpocalypse, or when OnlyFans kicked sex workers off its platform for a hot minute. Web2 monetization models are a shitty hostage situation.
In Web3, though, it doesn’t matter if you’re on Opensea or some obscure marketplace—you can switch at any point, because you are the platform. And it’s all global, from Day 1. Everyone accesses the same platforms and monetization tools, no matter where you are.
It’s hard to go back to being held hostage once you’ve seen Web3. If anything, all this support feels like a free advertisement to dive right into this new space.
🌱 Parallel, the sci-fi NFT card game recently raised $50M at a $500M valuation from venture capital Paradigm. To celebrate the raise, they held a faucet for a free new card last weekend. Their second pack drop is set for this Saturday, October 30 at 5PM EDT.
🌱 The NFT display platform Gallery airdropped exclusive NFTs for their early users. The NFT serves as membership or access to the platform, so you can give access to other people by sending the NFT to them. More information on acquiring the NFTs will be available to the public soon.
🌱 Opensea is doing an experiment with private NFTs, on a different blockchain, the Secret Network. More details to come about the “world-renowned artist” to come in November. Technically interesting enough to mention.
A beautiful read on the meme economy and investing as is it today. Have to leave this quote in here: “Capital is more profitable than labor, and the spikes of capital during the internet era, the crazy peaks of its reproduction rate, have more to do with entertainment, memes, and fandom than with revenue, productivity, or utility.”
Here’s some learnings from attempting to bid on $378K on the Economist NFT. Basically: auctions will get extended, and try to factor in time for your transaction to be processed on the Ethereum blockchain.
US folks: do you need a NFT tax guide?
This is so bizarre, it deserves a mention: politicians in the Philippines are apparently using Axie Infinity to win clout. Like, this is real. 😂
*Note: we shared this hilarious comic last week, but didn’t dig enough to find the artist. Here it is again, from the artist himself, Adam Sacks.
Because Halloween is just around the corner, we’re featuring Ritual! The Russian CG artist’s works may look demonic for some, but it reminds us of the scary parts of being human.
Are we really the evil doers, or are we just being demonized?
The highly anticipated Shoyu platform is launching next week! No exact date, unfortunately.
Shoyu’s coming from Sushi, a beloved DeFi platform. But there’s been leaks like the one below of how it’s going to look like, and it looks cool. So, we are pretty excited to see it at launch!
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