Thread by @BBleimschein

A highlight 🧵from the @RaoulGMI & @punk6529 conversation - highly recommended for anyone interested in #NFTs and #crypto

https://twitter.com/RealVision/status/1512442386458292224

@punk6529: "I learn by doing. I have gut and then... I don't believe people can understand anything without doing it. [...] That's the gap we have with regular system people and regulators. They've never done it."

That's my own crypto journey in 2 sentences 💯

NFTs were the first consumer application of the very technical crypto space until then. NFTs are chain agnostic, people love the art and don't care about the underlying tech (unless they do*).

With NFTs all you need is a cell phone to verify ANY transfer, prices and authenticity. This is one of the big issues with art collection in the physical world. Anyone who tried to buy authentic art knows how big of a deal that it.

NFTs are not just a community token, but also allow for hierarchies within communities. For example, some NFTs are rarer than others. Or certain characters might have certain traits that others don't have.

This is a blessing for anyone in the creative professions. Anyone can find their "100 true fans" that are willing to pay for art. Not only in visual arts, but also music or creative code. NFTs allow to sell to a global market/scale.

Currently marketplaces like @opensea or @rarible are currently not good at curating. True value will arrive with personalised recommendations.

"In 3-5 years we will see global brands based on PFP projects" @punk6529

The fact that you can hold, own and transfers intangibles is like the ignition of a completely different financial asset class. 63T $ of intangibles on the world's balance sheets of corporations.

"Financialisation of the world" is not a bug, but a features. Who ever thought that starving artists and cultural providers is great? They should be highly paid, as culture is what makes us human. #art

IP makes brands special. @nikestore, @adidas, @Apple,... nobody can put those brand values in numbers. Brand IP is now communitized, permissionlessly owned by everyone. Previously big artists had a distribution advantage, now marketplace is global.

The impact of NFTs will be big on a societal level - it makes a difference whether a society is with or without a certain tech. We are only scratching the surface what will be the real impact with NFTs.

According to @punk6529, NFTs are a social contract just like any contract. No matter the medium we have to agree as a society on the validity.

The #Metaverse is not a goofy 3D world, it's just the internet. The most important changes will be seamless integrations into the real world (think eg. AR in 10 years) and composable, cross digital applications. Blockchains allow for permissionless innovation.

Interesting thoughts around @Meta and @Twitter: AR will succeed because it will not be run by a centralised company. Zuck tapes his own laptop camera, why would you give him rights to your AR headset data? AR will run with Web3 application, completely private.

Large scale centralised databases are terrible for individual freedom. Nowadays, every piece of data about ourselves can be retrieved from 4-5 companies. It will get even worse when CDBCs launch, as every transaction will be recorded on a government database.

Government regulation (@Europarl_EN) mandating KYC laws creates a huge honeypot of data for every single hacker. Hackers & politician will be able to target and cancel every single citizen in the western world because of that. Nobody thought that Trudeau would ever do that.

We have to push to sovereign individuals that use NFTs and crypto in self custody. The majority of crypto holders still use exchanges. You should use wallets so you can leverage the actual usage of NFTs (and DeFi*).

Current Web3 UI needs serious upgrading. Things need to be interoperable easily, and currently it's just too hard for the average person. Hire all UI Experts.

Most frustrating of all: Governments work against us (Web3), rather than for us. @Europarl_EN lost Web2 completely to US. Embracing Web3 would be the answer to beat Web2 oligopolies, but they don't understand.

US is politically also not in a good place. KYC requirements will kill DeFi because of Howey test (everything will count as a security) and because DeFi does not always have a clear counter party.

The political discussion centers around money laundering. Political narrative is, that "everyone's safer if government controls it". However, this should be a discussion of (social and economic) architecture. Unfortunately there is close to 0 discussion about it.

.@punk6529's agenda for solving this:
- Get people to use NFTs
- We have to get the above ideas/discussion off the ground

Politics uses the past to extrapolate the future - there is a lot of work to do to educate them. The decisions made now will be very important down the line.