Monday Musings #4
Who is taking up blockchain technology, understanding NFTs and what is this 'metaverse' buzzword all about?
Good morning team and happy Monday.
This weeks musings focuses on blockchain, but not bitcoin rather NFTs and the metaverse. I was very lucky to spend some time discussing the latest in blockchain markets with Dominic Gluchowski, good friend and CMO of CoinJar. We focused on understanding what’s driving corporate interest in blockchain technology, NFTs, and the metaverse.
Don’t let the internet buzzwords fool you, there’s some serious innovation happening in these corners of the web - and quite possibly - the foundations for the next transformative shift in the digital experience.
If you enjoyed this, please share with your friends or send me a note. Have a wonderful week,
An interview with Dominic Gluchowski, CMO of CoinJar
I had the pleasure of speaking with good friend and CMO of CoinJar, Dominic Gluchowski. We had great conversation covering NFTs and the emerging metaverse. We hope to make this a regular conversation, allowing us to go deeper into the specifics of blockchain next time.
If you’d rather read the conversation then listen to it, the full transcript is below.
The highlight of the conversation for me was the realisation that the metaverse isn’t just a buzz word. In fact, it fits Clayton Christensen’s Innovators Dilemma theory perfectly. It has emerged from the fringes as something that looks playful and commercially unattractive to the incumbents. People tend to overestimate what we can achieve in the short run while underestimating what we can achieve in the long run. Going by this, metaverse progress in the short run will mostly disappoint and lead to people pointing out that it was just a hype cycle. But, a new model for the next evolution of the internet is being incubated by those working on the metaverse, the seeds are being sowed for the next shift in the digital experience.
This Weeks Links
This weeks links are courtesy of the conversation I had with Dominic Gluchowski and are put here for those of you who would like to learn more about blockchain, NFTs and the emerging metaverse.
Major computing waves generally have two eras: the skeuomorphic era and the native era. In the skeuomorphic era, the design thinking is largely adapted from older domains. For example, the early web was mostly digital adaptations of pre-internet activities like letter writing and mail-order shopping. Websites back then were mostly read only.
It took about a decade for technologists to start seriously exploring the idea that websites could be read/write, where users generate the content. This led to the growth of web native categories like social networking, crowdfunding, and social productivity apps.
This pattern is repeating itself with crypto/Web 3. There are some great native Web 3 products, but overall we are still in the skeuomorphic era. Many Web 3 products are adaptations from older domains.
Every now and then, a sci-fi-like vision of the future bubbles up from the world of technologists and venture capitalists. The latest of these is called "the metaverse".
Depending on who you talk to, it's either a utopia or dystopia.
Some say it's overhyped — won't get off the ground or is already obsolete — while others say it's an inevitable future, and nothing short of revolutionary.
But probably the most important thing you should know is that it's attracted a tonne of investment. And a host of powerful corporations think you'll be inhabiting and using it fairly soon.
It’s not a brand new project, but its impact in the NFT market has quickly accelerated: Art Blocks has spawned $403 million worth of trading volume so far in August, per CryptoSlam, which is more than 80% of its total since launching in November 2020.
Earlier this week, a single Art Blocks NFT sold for $3.3 million worth of ETH—a new record for the collection—and it’s one of 16 single pieces in the vast collection that have now sold for $1 million or more each.
Jump in and explore one of the earliest NFT projects for yourself.
10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement. The Cryptopunks are one of the earliest examples of a "Non-Fungible Token" on Ethereum, and were inspiration for the ERC-721 standard that powers most digital art and collectibles.
Dom’s recommendations if you want to learn more about NFTs and the Metaverse:
From the Socials
El Salvador recently declared Bitcoin as legal tender, the first country in the world to do so. And citizen’s of El Salvador seem to have warmed quickly to the new currency recognised by the government.
This has important implications as legal tender has different tax implications, but also may signal a broader shift in how people view Bitcoin, marking the transition from speculative magic internet money to a serious instrument within the global foreign exchange ecosystem.