The investing opportunity of the century?
PLUS: Are NFTs really multilevel marketing schemes? & more!
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.
Chasing something to look “cool” doesn’t bring happiness. Chasing after something that makes you happy means you don’t care about being “cool.” A lot of people want to be in crypto because they want to be seen as being on the cutting edge. Wrong reason. Does crypto offer you more happiness in the future? That’s the real question.
In this issue:
Are NFTs really multilevel marketing schemes?
How will the Russia/Ukraine situation affect crypto?
The investing opportunity of the century?
NITRO! (3 can’t-miss things)
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Are NFTs really multilevel marketing schemes?
The Wall Street Journal recently published an article calling NFTs MLM schemes. The Drop responded with an interesting breakdown on why this isn’t the case as a general rule:
While there are many bad actors in the space (as you will find in most all financial and digital sectors), it is unfair to suggest that NFT’s are a multi-level marketing scheme in such a blanket manner. The innovative among us are searching out the best use-cases for this new technology, and speculators (who may pay little attention to the fundamental value) are focusing on benefiting from price movements. This is where we find a discrepancy in technology and economics.
Good way to parse this: innovators vs speculators. Gary Vee’s NFT-gated content is innovative (as is the NFT restaurant he invested in). If a project doesn’t have utility… a real use… that’s one thing… but who cares about those types of projects? Speculators only. There are, unquestionably, useful NFT projects already in existence and more coming down the pipeline.
And then there’s this:
How will the Russia/Ukraine situation affect crypto?
Jack Niewold posted a super interesting thread on Twitter about what the bull and bear scenarios for crypto might look like given the Russia/Ukraine conflict. Two tweets that stood out to me (although take a sec to read the whole thread).
From the bear case:
From the bull case:
The investing opportunity of the century?
I’m not a Bitcoin maximalist by any stretch of the imagination. I like the idea of holding BTC but I also see the value in ETH (in particular) along with many other Layer 1’s, NFTs (mostly beyond PFPs, personally), DAOs and other crypto-related innovations. Still: Bitcoin was THE innovation of the era (thus far) because all the rest came after and iterated upon that original idea.
Scott Melker’s newsletter today talked about this a bit. One paragraph that was particularly interesting to me:
What other time in our history will we have an opportunity to not only spot an early trend but also participate in it? For a lot of investors, this may be the last big opportunity of a lifetime. The only comparable investable innovation was the internet over 20 years ago, and that was only accessible to the rich.
It is my belief that Bitcoin/Blockchain/Cryptocurrency or some iteration will be the innovation that defines our century.
18th century: steam engine, cotton gin, telegraph.
19th century: automobile, radio, telephone.
20th century: airplane, rocket, internet.
21st century: Bitcoin?
NITRO!
Cool: Puma x Catblox Studios
News: Crypto exchange FTX is launching a gaming unit to drive token adoption
Thread: What happens when mainstream money starts flowing into NFTs?
See you next time (and don’t forget to check out Jasper)!