1/ THE 🌎 ACCORDING TO PUNK 6529
Mega RE-CAP 🧵
@RaoulGMI & @Punk6529
Full interview, 2hr22 bit.ly/3uR3M4D @RealVision
CAUTION: Knowledge bombs 💣🤯
TLDR;
NFTs are critical to our freedom.
Crazy? Hyperbolic? Read on.
👉 PLEASE LIKE, SHARE, TAG, RT 👈
Mega RE-CAP 🧵
@RaoulGMI & @Punk6529
Full interview, 2hr22 bit.ly/3uR3M4D @RealVision
CAUTION: Knowledge bombs 💣🤯
TLDR;
NFTs are critical to our freedom.
Crazy? Hyperbolic? Read on.
👉 PLEASE LIKE, SHARE, TAG, RT 👈
2/ #NFTs 101 📚
All modern society runs on databases. Our lives are organised by thousands of databases connected to the internet. Bank accts, Uber, Airbnb, Google, etc.
All modern society runs on databases. Our lives are organised by thousands of databases connected to the internet. Bank accts, Uber, Airbnb, Google, etc.
3/ 1000s of trusted third parties (TTPs) can access your data.
The amount of money in your bank account. Property ownership. Citizenship. All centralised systems. TTPs control your digital identity.
The amount of money in your bank account. Property ownership. Citizenship. All centralised systems. TTPs control your digital identity.
4/ Internet started out decentralised.
Now, big oligopolies run the internet and have centralised control over data and infrastructure.
Now, big oligopolies run the internet and have centralised control over data and infrastructure.
5/ 2009 ₿itcoin appears
A profound tool of decentralisation for the digital era. Then came Ethereum with smart contracts, then Defi. Though, still not hitting core social systems. Not consumer oriented.
A profound tool of decentralisation for the digital era. Then came Ethereum with smart contracts, then Defi. Though, still not hitting core social systems. Not consumer oriented.
6/ Said no one -
‘Hey, you should use this cool Instagram app, it uses Python and cloud computing.’ Not how consumers think.
‘20-’21, NFTs exploded.
People love NFTs, not the tech.
This is crypto's consumer moment.
‘Hey, you should use this cool Instagram app, it uses Python and cloud computing.’ Not how consumers think.
‘20-’21, NFTs exploded.
People love NFTs, not the tech.
This is crypto's consumer moment.
7/ Non-fungibility represents more complex social structures than fungible tokens. NFTs are a superset of fungible tokens. Representing granular roles in a way Bitcoin can’t.
8/ NFTs are a Trojan horse for decentralisation which most don’t care about anyway.
People care about experiences. Companies care about profit.
People care about experiences. Companies care about profit.
9/ NFTs are a consumer application.
Every single fashion and lifestyle company will embrace NFTs in coming months and years. As well as most consumer goods companies.
Every single fashion and lifestyle company will embrace NFTs in coming months and years. As well as most consumer goods companies.
10/ NFTs are anything and everything, e.g. @dolcegabbana virtual dresses.
D&G have valuable brand equity and a large customer base. Increasingly, companies are attracted to NFTs to get more value from their brand equity.
D&G have valuable brand equity and a large customer base. Increasingly, companies are attracted to NFTs to get more value from their brand equity.
11/ NFTs are a new business model, a way of organising complex adaptive societies.
A wholly different dynamic that combines the network effects of consumers to each other and to the brand itself. A community interest group where the database is publicly readable and writable.
A wholly different dynamic that combines the network effects of consumers to each other and to the brand itself. A community interest group where the database is publicly readable and writable.
12/ E.g., @cryptopunksnfts database is publicly composable.
A non-Punk holder can still write an application that airdrops to Punks, or composes a Punk, or allows you to interact with that community. Essentially, an open email address book on a public database.
A non-Punk holder can still write an application that airdrops to Punks, or composes a Punk, or allows you to interact with that community. Essentially, an open email address book on a public database.
13/ #NFT USE CASES 🤔
NFTs will flip fine art distribution.
Every sale, bid, ask, transfer. Full transparency on a global order book. This is art’s internet moment. Going from a pre-internet to a post-internet business. Art becomes natively internet.
NFTs will flip fine art distribution.
Every sale, bid, ask, transfer. Full transparency on a global order book. This is art’s internet moment. Going from a pre-internet to a post-internet business. Art becomes natively internet.
14/ Most artists can't make a living in physical retail.
But find 50 or 100 true fans in the world who would buy 1-2 NFTs a year and make a living. A boom for everyone who works in the creative professions.
But find 50 or 100 true fans in the world who would buy 1-2 NFTs a year and make a living. A boom for everyone who works in the creative professions.
15/ Today, it's art and collectables.
Other things like the @BoredApeYC are a new category. It's a decentralised lifestyle franchise. In 3-5 years, global brands will be built off NFT collections.
Other things like the @BoredApeYC are a new category. It's a decentralised lifestyle franchise. In 3-5 years, global brands will be built off NFT collections.
16/ Music will hybridize on-chain and off-chain experiences.
Making a direct connection with collectors, fans and community. The aesthetic and psychological experiences will be completely different.
Making a direct connection with collectors, fans and community. The aesthetic and psychological experiences will be completely different.
17/ We’re 2-3 years away from the next generation of gaming.
Every PFP collection of 10K NFTs making their own half-baked game likely won’t work. Short term, many people will be disappointed/rugged with gaming roadmaps.
Every PFP collection of 10K NFTs making their own half-baked game likely won’t work. Short term, many people will be disappointed/rugged with gaming roadmaps.
18/ Good games take big budget, 2 years and a talented team.
Orders of magnitude more complex than a PFP project. Eventually, gaming companies' take will likely drop from 100% to 3% via in-game assets.
Orders of magnitude more complex than a PFP project. Eventually, gaming companies' take will likely drop from 100% to 3% via in-game assets.
19/ NFTs are transportation tech for all societal intangibles.
By composing, owning and transporting intangibles they instantly become more valuable. $63 trillion of intangibles on global balance sheets of corporations. Just corporations.
By composing, owning and transporting intangibles they instantly become more valuable. $63 trillion of intangibles on global balance sheets of corporations. Just corporations.
20/ NFTs will be a force multiplier of GDP and wealth.
Once tokenised, intangibles will be worth more than actual equity of most things. Things once not tradable become tradable. The financialization of the world. Many intangibles yet to be discovered.
Once tokenised, intangibles will be worth more than actual equity of most things. Things once not tradable become tradable. The financialization of the world. Many intangibles yet to be discovered.
21/ SEIZE THE MEMES OF PRODUCTION ✋
Culture is the most valuable thing we have as humans. Memes are objective myths rooted in cultural things. Things that don't really exist but we pretend exist to organise large groups of people. #sapiens
ctto @jaggedsoft
Culture is the most valuable thing we have as humans. Memes are objective myths rooted in cultural things. Things that don't really exist but we pretend exist to organise large groups of people. #sapiens
ctto @jaggedsoft
22/ The United States. Human rights. @Tesla.
They’re just ideas. Frameworks that grow societies of 150 to millions of people. The basis of human society and how it is architected. Religion, government, business, everything.
They’re just ideas. Frameworks that grow societies of 150 to millions of people. The basis of human society and how it is architected. Religion, government, business, everything.
23/ #Memes are one of the most important things in the world.
Ask @dogecoin.
Everything else is downstream. “Just do it.” Three little words, a very simple swoosh. How many tens of billions a year of additional revenue is that worth?
Ask @dogecoin.
Everything else is downstream. “Just do it.” Three little words, a very simple swoosh. How many tens of billions a year of additional revenue is that worth?
24/ We are designed to think in narratives.
Everything is a narrative we tell ourselves in order to accept a societal organization. It's how society organises itself.
Narratives are leaving the hands of centralised parties and are now accessible on an individual basis.
Everything is a narrative we tell ourselves in order to accept a societal organization. It's how society organises itself.
Narratives are leaving the hands of centralised parties and are now accessible on an individual basis.
25/ Everyone has access to the same rails.
We can move around intangibles as NFTs in a permissionless system. Own intangibles on a first-class basis like anyone else.
We can move around intangibles as NFTs in a permissionless system. Own intangibles on a first-class basis like anyone else.
26/ The medium is the message.
Any person on the planet has access to the same meme transportation technology as the most powerful person on the planet. Things change when mediums change.
Any person on the planet has access to the same meme transportation technology as the most powerful person on the planet. Things change when mediums change.
27/ The message and medium have changed dramatically.
There's a finite period where we can set new cultural and societal standards. That time is now. In 10 years it'll solidify. Like society before and after TV. Before and after internet.
Before and after NFTs.
There's a finite period where we can set new cultural and societal standards. That time is now. In 10 years it'll solidify. Like society before and after TV. Before and after internet.
Before and after NFTs.
28/ It's all just a social construct.
But, so is the title deed to your house. The deed for a house is verifiable. We use the enforcement mechanism of society to protect your house.
But, so is the title deed to your house. The deed for a house is verifiable. We use the enforcement mechanism of society to protect your house.
29/ Now, we have a convention for moving around intangibles.
If you own this token from this smart contract you own this NFT. Huge deal.
#seizethememesofproduction
If you own this token from this smart contract you own this NFT. Huge deal.
#seizethememesofproduction
30/ THE AR METAVERSE 😎
The battle now is for an 'open' metaverse.
It's the internet w/ two additional layers.
One is visualisation. In 10 years, we're using glasses w/ heads up displays. Augmented reality (AR).
bit.ly/3vrGrFG @keiichiban
The battle now is for an 'open' metaverse.
It's the internet w/ two additional layers.
One is visualisation. In 10 years, we're using glasses w/ heads up displays. Augmented reality (AR).
bit.ly/3vrGrFG @keiichiban
31/ Two, composable cross-application objects, i.e. #NFTs
No longer on centralised databases. We own our digital objects. NFTs now hyperlinking a new HTML. A common platform for any NFT to put in a social network, gallery, game, lending platform, and the next 1,000 apps.
No longer on centralised databases. We own our digital objects. NFTs now hyperlinking a new HTML. A common platform for any NFT to put in a social network, gallery, game, lending platform, and the next 1,000 apps.
32/ Permissionless innovation with cultural digital objects.
Together this will make the #metaverse epically compelling.
Together this will make the #metaverse epically compelling.
33/ Most importantly, how should it be architected?
Two choices. On a company's database or on an open blockchain as NFTs? This is the battleground.
Tech companies don’t want open standard NFTs, they want assets on their servers. A multi-trillion opportunity.
Two choices. On a company's database or on an open blockchain as NFTs? This is the battleground.
Tech companies don’t want open standard NFTs, they want assets on their servers. A multi-trillion opportunity.
34/ E.g., email is SMTP, an interoperable standard.
Use any provider, i.e. Gmail, Outlook, etc. Or your own email server. Public short messaging is Twitter. If removed from Twitter, you're cut off from global short messaging. Top-down decisions being made for 8 billion people.
Use any provider, i.e. Gmail, Outlook, etc. Or your own email server. Public short messaging is Twitter. If removed from Twitter, you're cut off from global short messaging. Top-down decisions being made for 8 billion people.
35/ Imagine the metaverse in 10 years.
It’s not like Twitter or Facebook. It's all around you, it's augmented with amazing visual and interactive features. Get kicked out of that space and you're cast into darkness. A digital prison.
It’s not like Twitter or Facebook. It's all around you, it's augmented with amazing visual and interactive features. Get kicked out of that space and you're cast into darkness. A digital prison.
36/ Unlike losing your Twitter account...
you won't be able to live with losing the metaverse. Productivity won't happen. Can't work or socialise with friends. Should be a decision by the jurisdictional structure of society. Not decided by a corporation.
you won't be able to live with losing the metaverse. Productivity won't happen. Can't work or socialise with friends. Should be a decision by the jurisdictional structure of society. Not decided by a corporation.
37/ End-state is augmented reality.
#AR works via camera looking into your field of vision. Some companies might have a God's eye view of everything you see for the next 20 years?
#AR works via camera looking into your field of vision. Some companies might have a God's eye view of everything you see for the next 20 years?
38/ This much power will be impossible not to abuse.
God's eye view of everyone on the planet, everything they're doing, the state can shut your door. China is already building this system.
God's eye view of everyone on the planet, everything they're doing, the state can shut your door. China is already building this system.
39/ THE BATTLE FOR A FREE SOCIETY ✊
We're building the same thing as China, but by mistake. Across all dimensions. It’s progressively centralising everywhere. Facebook, Twitter, Google. These platforms can ban or deny user services for any reason.
We're building the same thing as China, but by mistake. Across all dimensions. It’s progressively centralising everywhere. Facebook, Twitter, Google. These platforms can ban or deny user services for any reason.
40/ #CBDCs will be able to censor any undesirable transaction.
Working together, a global censorable digital money system and an oligopolistic services infrastructure, e.g. Uber, Airbnb, etc.
Working together, a global censorable digital money system and an oligopolistic services infrastructure, e.g. Uber, Airbnb, etc.
41/ Every decision on law and order...
is a trade-off between private and public crime. If the state is always right, we don't need civil rights. The state will always make the right decisions. If you're a bad person you’re punished w/o due process.
is a trade-off between private and public crime. If the state is always right, we don't need civil rights. The state will always make the right decisions. If you're a bad person you’re punished w/o due process.
42/ E.g., AML/KYC infrastructure.
Canada froze many accounts of its own citizens under 'national emergency'. Russia/Ukraine war - global providers suspended services of ordinary Russians, in and outside the country. Limited debate on what the trade-offs are. No due process.
Canada froze many accounts of its own citizens under 'national emergency'. Russia/Ukraine war - global providers suspended services of ordinary Russians, in and outside the country. Limited debate on what the trade-offs are. No due process.
43/ The lines are eroding fast.
Effectively no constitutional rights enforced. You want #freespeech? Can be censored indirectly through corporate Ts & Cs. Today, it’s shadowbanning and de-platforming. Tomorrow it’s no access to money via CBDCs.
Effectively no constitutional rights enforced. You want #freespeech? Can be censored indirectly through corporate Ts & Cs. Today, it’s shadowbanning and de-platforming. Tomorrow it’s no access to money via CBDCs.
44/ Easier to deprive rights indirectly.
Cheaper than prison. Robbed of all rights, can't do anything w/o access to money. Democracy is in 4th turning. Needs to be redefined. Not by oligopolies. The battle for the metaverse is a battle for our future and a free society.
Cheaper than prison. Robbed of all rights, can't do anything w/o access to money. Democracy is in 4th turning. Needs to be redefined. Not by oligopolies. The battle for the metaverse is a battle for our future and a free society.
45/ The path to an open metaverse.
Get 100 million people using NFTs. If 100 million people using NFTs and every one issues NFTs (e.g. Coca Cola, Nike, D&G) network effects take over. Then a billion people using NFTs. There's no single attack vector.
Get 100 million people using NFTs. If 100 million people using NFTs and every one issues NFTs (e.g. Coca Cola, Nike, D&G) network effects take over. Then a billion people using NFTs. There's no single attack vector.
46/ Or a year from now, only 2 million using NFTs...
then some Web2 company launches an NFT-like product, but on their database. In 10 years, all your digital objects on a company's database. Path dependence is decided in the next 6-18 months.
The whole game is now.
then some Web2 company launches an NFT-like product, but on their database. In 10 years, all your digital objects on a company's database. Path dependence is decided in the next 6-18 months.
The whole game is now.
47/ NFTs are culture. It's a gateway to bring in the masses.
Crypto will become interesting as people go down the learning journey. Then understand the importance of decentralisation and self-custody of digital assets.
Crypto will become interesting as people go down the learning journey. Then understand the importance of decentralisation and self-custody of digital assets.
48/ +30 million people own crypto.
Yet, their crypto mostly resides on centralised platforms. How many people use their own wallets? Tiny numbers. No mass adoption of decentralisation happening through fungible tokens.
Yet, their crypto mostly resides on centralised platforms. How many people use their own wallets? Tiny numbers. No mass adoption of decentralisation happening through fungible tokens.
49/ Crypto has a UX problem. It must get better.
Need common standards. It's not ready for mass market. NFTs stored in wallet because they're in use all the time. It's fun to play with NFTs which work for decentralisation in a way that fungible tokens haven't.
Need common standards. It's not ready for mass market. NFTs stored in wallet because they're in use all the time. It's fun to play with NFTs which work for decentralisation in a way that fungible tokens haven't.
50/ Governments generally working against crypto.
To be open and free, US and Europe need to lead the way. Or China and Russia will lead by default against our own interests.
To be open and free, US and Europe need to lead the way. Or China and Russia will lead by default against our own interests.
51/ The EU lost Web2 to the US.
The most powerful thing the EU could do to reduce power of US tech is enable Web3. It beats the oligopolies.
The most powerful thing the EU could do to reduce power of US tech is enable Web3. It beats the oligopolies.
52/ EU has a wide-open opportunity to catch up.
They don't have the Howey test. But they're one step away from requiring holders to put crypto in a subsidiary of Deutsche Bank and Societe Generale. Not how Web3 will happen.
They don't have the Howey test. But they're one step away from requiring holders to put crypto in a subsidiary of Deutsche Bank and Societe Generale. Not how Web3 will happen.
53/ No true Party advocate for crypto in the US.
If same attitude existed in mid-'90s, US internet would not be the powerhouse it is today. The greatest productivity machine of the last 50 years.
If same attitude existed in mid-'90s, US internet would not be the powerhouse it is today. The greatest productivity machine of the last 50 years.
54/ US Infrastructure Bill will kill Defi in two years.
It will be painful for NFTs too. Full KYC. Big marketplaces are going to end up KYC’d, i.e. @OpenSea
Zero-knowledge proofs are the answer to all these things. In an open metaverse, NFTs will be your digital identity.
It will be painful for NFTs too. Full KYC. Big marketplaces are going to end up KYC’d, i.e. @OpenSea
Zero-knowledge proofs are the answer to all these things. In an open metaverse, NFTs will be your digital identity.
55/ Governments want control...
arguably for national security purposes. Though, countries are more robust if they don’t expose themselves to a single attack vector.
Bad idea to put all resources of a country in one specific place. Huge honeypot.
arguably for national security purposes. Though, countries are more robust if they don’t expose themselves to a single attack vector.
Bad idea to put all resources of a country in one specific place. Huge honeypot.
56/ CALL TO ACTION 👇👇👇
Get everyone to use NFTs. Doesn't matter what NFT. We need to get to several billion. The staging point is 100 million.
Get everyone to use NFTs. Doesn't matter what NFT. We need to get to several billion. The staging point is 100 million.
57/ Have open debates.
Society will be primarily digital in 2030s. How should we architect it? Let 10 big corporations and government decide? We’ll become digital serfs.
Society will be primarily digital in 2030s. How should we architect it? Let 10 big corporations and government decide? We’ll become digital serfs.
58/ E.g., previously discussed in early years of Twitter...
Should it be a protocol or a service? Today as a service, it's the arbiter of geopolitics.
Hard to reverse a public company.
Ask @jack.
Twitter board vs @elonmusk
#poisonpill vs #freespeech
Should it be a protocol or a service? Today as a service, it's the arbiter of geopolitics.
Hard to reverse a public company.
Ask @jack.
Twitter board vs @elonmusk
#poisonpill vs #freespeech
59/ We must scale NOW.
Everyone in NFTs should think how to get 10-50x bigger in the next 2-3 years. We don't have long.
Everyone in NFTs should think how to get 10-50x bigger in the next 2-3 years. We don't have long.
60/ Bring in all our friends.
Convince companies, artists, sports teams and universities to issue NFTs. Bring in capital providers. Find a solution to keep them on the decentralised side and commit to open standards.
Convince companies, artists, sports teams and universities to issue NFTs. Bring in capital providers. Find a solution to keep them on the decentralised side and commit to open standards.
61/ NFTs will be vastly bigger than fungible tokens.
They represent an endless metaverse.
Today, NFTs only 2% of the market cap of fungible tokens.
They represent an endless metaverse.
Today, NFTs only 2% of the market cap of fungible tokens.
62/ NFTs will also bridge the off-chain world.
Representing all physical assets. The world is non-fungible. The only thing really fungible in the world is financial instruments. Everything else is non-fungible.
Representing all physical assets. The world is non-fungible. The only thing really fungible in the world is financial instruments. Everything else is non-fungible.
63/ We now have a model to represent the world digitally.
Composable ownership, distribution, financialization, everything.
Composable ownership, distribution, financialization, everything.
64/ How does the average person get involved?
Educate yourself, and your net worth goes up. Your future opportunity set goes up because it's moving exponentially. You are rare and non-fungible.
Educate yourself, and your net worth goes up. Your future opportunity set goes up because it's moving exponentially. You are rare and non-fungible.
65/ Conclusion: NFTs are critical to an open and free society.
Agree? No?
Please add to the conversation.
All credits to:
@RaoulGMI & @Punk6529
THANK YOU 🙏
realvision.com
6529.io
👉 PLEASE LIKE, SHARE, TAG, RT 👈
FIN.
Agree? No?
Please add to the conversation.
All credits to:
@RaoulGMI & @Punk6529
THANK YOU 🙏
realvision.com
6529.io
👉 PLEASE LIKE, SHARE, TAG, RT 👈
FIN.
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