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Is “tokengated commerce” a Web3 use case?
The pitch sounds great: Enabling merchants to block their potential customers from buying anything unless they own the right NFT.
But before we get too excited, let’s check if it's a logically-valid use case or a #HollowAbstraction.
The pitch sounds great: Enabling merchants to block their potential customers from buying anything unless they own the right NFT.
But before we get too excited, let’s check if it's a logically-valid use case or a #HollowAbstraction.
This is a big moment for Web3 devotees.
Tokengated commerce brings the theoretical possibility of NFTs into physical reality, promising to upend the way we engage in commercial transactions.
Shopify’s @Alex_Danco is confident this is something that merchants need.
Tokengated commerce brings the theoretical possibility of NFTs into physical reality, promising to upend the way we engage in commercial transactions.
Shopify’s @Alex_Danco is confident this is something that merchants need.
According to Alex, a great merchant doesn't just let you buy something and pay and leave.
They go on a journey with you and overcome a challenge with you.
They go on a journey with you and overcome a challenge with you.
.@a16z, @Accel and @paradigm looked directly at a blatant Ponzi scheme, Axie Infinity.
They called it “play-to-earn” and invested $311M into its parent company.
Then it collapsed.
How Web3 VCs stumbled into funding a Ponzi. 🧵
They called it “play-to-earn” and invested $311M into its parent company.
Then it collapsed.
How Web3 VCs stumbled into funding a Ponzi. 🧵
First, let’s be clear that Axie really is a Ponzi scheme. To quote @matt_levine's newsletter from last month: “Axie Infinity is a Ponzi scheme”.
This viral Substack essay by @packyM, published July 19, 2021, is representative of last year’s peak VC hype around Axie: notboring.co/p/infinity-rev…
