New to crypto? Cryptocurrency Basics is a 9 minute video that serves as a great intro to the world of crypto. It’s part of our Crypto and Web3 for Absolute Beginners course.
I’ve come across a handful of projects trying to be the decentralized Marvel or crypto Disney but one NFT project with an upcoming mint takes narrative composability to new levels and you’re about to discover it just in time. Also coming up: is getting whitelisted worth it? And DeFi’s perfect, right? Let’s leave it at promising. It’s all coming up in this issue! Welcome to week 3 TGO fam!
In this issue:
Philosophical Foxes are mini media properties
NFTs and grueling Discord grinds
What’s wrong with DeFi you ask?
Philosophical Foxes are mini media properties
The text that greets you first on the Philosophical Foxes website is:
Welcome to the home of The Philosophical Foxes, an experiment in storytelling, intellectual property and community, built on the Ethereum blockchain. Our work centers on our 1,100 fox NFTs, the protagonists in our shared story. Together, we hope to build the home of web3’s deepest thinkers and boldest raconteurs.
I’ve been on the lookout for an NFT project that I might want to get involved with and this one has caught my attention. One thing I’ve mentioned before here in this newsletter regarding NFTs is that the next BAYC won’t look anything like BAYC. The next great NFT projects will try new things, push new boundaries, experiment and be more original and less copycat. PF seems to fit that bill due to factors like:
Dutch auctions that protect against fast flipping and gas wars.
NFTs that can develop through "progressive personality."
"Narrative composability" that opens up new possibilities.
The last bullet point there is super-interesting. Whereas “composability” has become a big buzz word in the crypto space lately (thin of it like “money legos”) — the concept of narrative composability (story legos) is certainly novel.
Tell me this isn’t appealing:
When you join our pack, you’re not only buying a collectible, but acquiring a media property in miniature. A piece of tangible intellectual property.
NFTs and grueling Discord grinds
Speaking of NFTs… this tweet really resonated with me:
When newcomers to the crypto/NFT space first become interesting in a NFT project and first jump into that project’s Discord server… how likely are they to want to jump through a bunch of hoops just for the chance of being able to get whitelisted? I’m guessing… not super likely.
I was chatting with a guy who made some nice NFT purchases over the last year and said something along the lines of, “Hey, you should share these buys online so other people can buy what you’re buying.” Know what he said?
The only thing is: are people willing to spend hours and hours grinding for whitelists spots or nah?!
Hmm. I’m torn here. Putting in work to get a reward… that is something I support. People see celebrities at the peak of their career and ignore the climb (ie the work it took to get there). But also: there’s gotta be a better way? I mean even if you have the money to invest not everyone has the time.
What’s wrong with DeFi you ask?
DeFi isn’t perfect. When things aren’t perfect it helps to discuss them. Discussion can bring about important change. Example A: Martin Luther and his 95 Theses. Example B: this biology student.
Inspired by the above student, 0xemperor.eth created a list of open problems in DeFi. It’s not exactly what I’d call beginner-friendly reading material but it’s worth glancing over. Why?
While there is no doubt that yield stacking is impressive and that we can create extensive levels of leverage by stacking things on top of one another. The stick of measure will be solving problems that either extend the ethos of decentralization to every real-world product or rectify the errors that current systems possess or fill the gaps to make the system seamlessly functional, all of this leads to more adoption or reduces the friction/inefficiencies in the ecosystem.
It will be interesting to see how/if these get tackled over the next 12 months.
NITRO!
An extra potent parting shot for those of you who aren’t quite ready to be done with another useful issue of TGO!
Cool: Keak: follow whale wallets and get notified when they mint NFTs.
News: Coinbase Lists Solana-Based Project Tokens for First Time
Thread: Are NFTs ponzi schemes?
See you tomorrow!