6529 Profile picture
3 Sep, 32 tweets, 5 min read
1/ On institutional traps

The institutions are coming and they are bearing gifts.

They are TRAPS

2/ "We would like to buy your whole collection at an attractive price" [they might even have learned to say "ser"]

TRAP
3/ "Our fund absolutely believes in the creator economy. We support artists"

TRAP
4/ "One of the central thesis of BigCap Fund IV is 'Decentralization' - we love what you are doing here"

TRAP
5/ "We have partnerships with TradArt"

TRAP
6/ "We will be building a physical gallery to display NFT work"

TRAP
7/ "Our NFTs will always be available to be viewed by the public"

TRAP*

*Also, this is dumb. They are JPGs on the internet, of course we can view them whenever we want
8/ "We will invest in DAOs because we believe in the decentralized economy"

TRAP
9/ "But 6529, don't we want these things? Adoption, capital, exhibits at museums, physical galleries?"

Of course we do. But everything depends on how we do it. If we are free or if in the same matrix we are now.
10/ The final boss in any western capitalist economy is "Fiduciary Duty" which is interpreted practically that CEO/Directors of a company mostly should care about creating shareholder value and that fund managers should be generating investor (limited partner) value
11/ The institutions coming mostly (not exclusively, I can't speak for any particular one), are not the principals, but the agents of the Final Boss.

The friendly cool sneaker wearing partner at the hipster VC fund is just an agent.

Her boss is Fiduciary Duty.
12/ The art knowledgeable expert at the NFT hedge fund. He has a boss. That boss is Fiduciary Duty.

That means in the end, you will have this discussion

"I hear you fam, but Facebook offer is too good and I have a legal duty to my shareholders to accept it"
13/ There is nothing wrong with fiduciary duty, it is an important concept and I fully support it.

But then you have to look through the agent to the understand what commitments the principal will make to you.

Otherwise, one day, you will be having the discussion above
14/ "But 6529 how do we compete with the deep pockets of the institutions?"

"Isn't it inevitable that we end up there?"

It is difficult, not inevitable. I think I have a plan.
15/ Soon
16/ "We are long-term patient investors"

TRAP

They mean 3-7 years, 10 years if you are lucky. Ask when their fund life ends and who is in charge after that

This is ok for flipping mints, OK for infrastructure building, but 🤏for culture
17/ Fiduciary Duty is an old legal term, but the modern interpretation in a corporate context of "shareholder value above all" is approximately 40 year old myth that was first popularized by the Leveraged Buyout (LBO) industry in the 1980s

18/ In the 1980s, focusing on shareholder value was a good reaction to the entrenched management of conglomerates of the 1960s and 1970s where management enriched itself at the expense of long-suffering shareholders.

It was a better myth at the time, evolutionarily superior
19/ It is of course, a myth, like all myths. It is not an objective rule of the universe that a CEO of a public company should care exclusively about the share price.

She could also care about customers, employees, communities or her own bonus instead.
20/ In fact, even today there are multiple myths in action even on this same topic.

In most of Continental Europe, "stakeholder capitalism" is the myth. CEOs and Boards are somehow supposed to balance the needs of shareholders, employees, customers and the community
21/ 6529 is not saying that shareholder capitalism is bad and shareholder capitalism is good or the reverse.

6529 is saying that myths are tools, used by society to achieve certain purposes, they are not Gods, they are not rules of physics.
22/ Myths are a tool. You should use the right tool for the job.

e.g. If 6529 was investing in a hedge fund trading FX, 6529 thinks that the right tool for the job is for the hedge fund to focus on maximizing 6529's profits so 6529 can buy more JPGs.
23/ The question we have in front of us lady and gentlemen frens is which myths we are going to choose to manage these this new NFT world.

If we do not act SOON, the institutions will come and they are currently fully embedded in the 'maximize shareholder value' myth
24/ Is that the exactly right tool for our JPGs, that are partially culture, partially communities, partially financialized?

6529 has some doubts. They are part of the answer, but not the whole answer.
25/ Talk is cheap though. Money talks and bull**** walks on www dot opensea dot io.

6529 has no intention of being the annoying guy in the bar complaining about "the system".

The system is our society. We are responsible for it, nobody else.
26/ 6529 believes in expressed preferences. In other words, that actions speak louder than words in terms of what people actually want.

So 6529 is going to give it a shot and we will see if we can fine-tune the myths for this new world
27/ Soon
28/ "6529, which tools should we use for this fight?"

ALL OF THEM

But Christie's and Sotheby's? YES
But institutional money? YES
But TradArt? YES

We are not going to go live in a monastery. We are going to live IRL, but going to check the "terms and conditions" this time
29/ To the Community/Artists

"We can help get you in a museum"

Sure, take the help so long as it has no terms and conditions. Otherwise wait.

The museums are going to come by themselves. This is the most vibrant cultural space in the world right now.

Just wait
30/ To the Big Collectors (whose IRL life is in order)

"We will take your portfolio at current prices minus a discount of course for a bulk purchase"

FUD!

Given thin supply of grail assets, there should be a premium for bulk purchases, not discounts

But don't sell. HODL
31/ To the Small Collectors

If you need the money for IRL life, take the money without a moment's hesitation. We can make more JPGs, don't worry

We want you here in this fight with your IRL life in order so you have the backbone for the fight
32/ If you made it this far, the other things 6529 finds important are here

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More from @punk6529

15 Sep
1/ On Emerging NFT Photographers

This will be a relatively shorter thread. I do not claim to be an expert on this topic, but there are more projects and more people in DMs on this topic, so wanted to share some initial thoughts
2/ This thread is not directed at established NFT or offchain photographers.

They are fine, going to have massive audiences and distribution and will do very well.

This is for those trying to get established.
3/ Let's start with the general concept that NFTs and their ecosystem (OpenSea, Foundation, SuperRare) give photographers (as with all artists) a vastly vastly better distribution and demand aggregation system.

First step, read @cdixon on 1,000 true fans

a16z.com/2021/02/27/nft…
Read 21 tweets
13 Sep
1/ 🚨🚨🚨 Opportunity for a writer/s to earn some ETH 🚨🚨🚨

It is clear that for the 100M project we need better on-boarding guides.

"What is an NFT?" "How to buy one?" "What is the wallet whose name cannot be spoken", etc
2/ 6529 is willing to fund 1 or more writers to write some onboarding guides that we can all use to bring our frens onboard.

Necessary skills: Excellent native-English language skills, excellent understanding of crypto and JPGs. (I can't handhold on this). Also speed!
3/ Payment will be on a reasonable IRL hourly or piece rate, but can be paid in ETH.

This is a contractor job.

You will have to be doxxed unfortunately due to 6529's real-world regulatory obligations.
Read 10 tweets
12 Sep
1/ OK, the Seize The Memes of Production contest winners have been picked. My algorithm was going down the list in chronological order, seeing if I laughed and seeing if I thought the person likely owned the copyright

2/ I am going to post each winner in the thread below. If you are the artist, please confirm in reply that: a) it is your work, b) you release under CC0) and c) your ETH address and 0.10ETH is coming your way.
Read 11 tweets
8 Sep
1/ On the 1st Amendment & SEC

This is not legal advice. I am not a lawyer and I am certainly not your lawyer.

And the 1st Amendment to the Constitution applies to the United States of America and nowhere else.

Having said that, we begin.
2/ My personal belief is that the 1st Amendment is one of the greatest moments in decentralization in world history.

The US government prohibited itself from interfering in the speech, religion or gathering of its citizens
3/ The 1st Amendment is part of the Bill of Rights which is 230 years old! (1791)

In an era where looking at a King the wrong way could end up with you hanging from a rope, the US state tied its own hands.

It is, arguably, the greatest of Amendments

What does it say?
Read 22 tweets
7 Sep
OK, let's haul out THE TULIP to see if this thing really works.

Never really tried before or read the instruction manual. Don't know what the cmd-line is. Might need some practice

***RESUME UP ONLY****
OK, what else. umm.

DIE BEARS DIE
how about this

THEY ARE BACKED BY THE UNBREAKABLE POWER OF MATH
Read 6 tweets

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