At #MessariMainnet2021 last week @RobinhoodApp Crypto COO Christine Brown & Robinhood Crypto CTO Johann Kerbrat announced Robinhood will be launch wallets that allow users to transfer crypto on and off the platform.
Robinhood also (unofficially) teased its crypto strategy👇🏻
First, let's set the stage. Why is Robinhood 10xing down on crypto?
In Q1 17% of Robinhood’s transaction-based revenue (TBR) was from crypto with 35% of that from Dogecoin.
In Q2, crypto accounted for 50% of TBR with 62% from Dogecoin.
Damned if you Doge, damned if you don't.
Robinhood only offers seven assets:
• Bitcoin
• BCH
• BSV
• ETH
• DOGE
• ETC
• LTC
Nothing from DeFi, L1s, L2s, NFTs, or Web3.
Still earned $233 million in rev from crypto.
Mainnet Reveal of Future (2022) Strategy
1. More Tokens: On listing tokens, “We aren’t going to share a timeline of what coins and when, until later this year” -Brown👀
2. Staking: “We can’t tell too much about our roadmap, but I’m really excited about is staking...” -Kerbrat
3. Support NFTs: “Robinhood is the gateway, if you want to acquire a coin and go acquire an NFT, we’re going to support that. We have a healthy appetite of what we’re going to tackle in 2022 and a lot of that will come from our customer demand, what do they want.” - Brown
4. Compete at the Margins: One less discussed benefit of Robinhood supporting more assets is that they'll continue the zero-fee model which will potentially force its competitors to reduce or (hopefully) eliminate their fees.
The Takeaway: Robinhood understands that a majority of its future growth lies within crypto and they seem committed to growing that part of its business. getrevue.co/profile/masonn…
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For those who missed the news, Twitter plans to allow NFT owners to connect their Web3 wallets (e.g. MetaMask) to Twitter, in order to verify and showcase NFTs on Twitter
Historically, the NCAA held a monopoly on monetizing the brands of young athletes.
The recent NCAA rule change lets athletes monetize their name, image, and likeness (NIL).
These athletes are going full force into crypto👇🏻
Once the NCAA lost its power to p̶r̶o̶t̶e̶c̶t̶ control athletes, the sponsorship packages immediately started to flow:
• Hercy Miller signed a $2m sponsorship deal
• Miami striker Gilbert Frierson🤝Lamelo Meat Market
• Arkansas WR Trey Knox & his doggo✍️with PetSmart
Crypto primitives naturally enhance the ability for personal monetization via NFTs, social tokens, and more.
Recently, UCLA basketball player @jayl7en became the first NCAA athlete to launch his own social token, $JROCK on @rally_io.
• Art as an asset has outperformed many asset classes
• Art remains uncorrelated to traditional assets
• Contemporary art outperforms in times of high
inflation
• The wealth gap (and art investor base) continues to
grow
Blockchains are great at replicating a small amount of data on millions of computers across the world, but are often limited in terms of on-chain storage capacity.
Since not every part of the NFT is suitable to be stored on-chain, NFTs leverage other immutable storage solutions.
Generally, an NFT possesses on-chain & off-chain info.
On-chain information:
• The NFT ID (e.g. Punk #2517) that has metadata associated with it
• TokenURI – Unique resource identifier (URI) that points towards where the content of that NFT is stored (URL, server, IPFS, etc)