Ethereum made critical tradeoffs in the name of decentralization at the cost of speed, this happened during a regulatory detente transforming smart contract L1s from illegal securities into investable commodities as CT (only focused on number go up/down) is being fed misleading narratives about centralized chains which are not comparable
This crystalized into ETH underperformance (so far) this cycle
Smart investors respond to new information, and it's here in abundance. Now we have new assertive EF leadership and an entire marketing arm focused on onboarding institutions. I won't even mention the ETH ETF staking that gets Wall Street excited about yield or the sudden interest in credible neutrality as stablecoins take center stage in US policy
While stablecoins are currently the most practical use case of crypto, RWAs are up next (think tokenized stocks, real estate etc) and will make an even bigger splash. The reason Ethereum dominates in stablecoin TVL (in spite of ETH price performance) is the same reason it will lead in RWAs - Ethereum is the only sufficiently decentralized global settlement layer
All of a sudden decentralization is important again, and while the price of ETH has underperformed (so far) Ethereum has only widened its moat around credible neutrality by not making short term sacrifices for price action while staring down the pitchforks and fire clamoring for them around said moat
I've personally never been more proud of Ethereum and more bullish on ETH, I will not only continue to fight for the cypherpunk values that brought me here in the first place, but I am accelerating, for I am a vessel of Ethereum and I am relentless
THANK YOU to everyone who showed up.
Today we broke the Guinness World Record for most players in an FPS battle on @othersidemeta.
Final count: 2,197 players.
My highest conviction "set it and forget it" investment for the next 10 years is crypto art. For me it's the most compelling, enjoyable and interesting area in all crypto.
Massive crypto wealth creation, along with monetary debasement, will drive incredible demand for scarce desirable assets (digital real estate or, well, digital art). Younger generations are more attracted to digital assets than most physical assets.
If, as Saylor says, BTC is Manhattan real estate then the best crypto art or NFT's are the scarcest, most desirable block space of all. It is blindingly fucking obvious...
Also as people go up the crypto wealth-curve, you soon realise that physical property is expensive to hold as an investment and is better as a lifestyle asset. Art fills that gap and crypto art is ultra-cheap to custody for extended periods. Like property, it can be used as collateral too, if you so desire it.
Additionally, we are in the process of creating a mechanism for tokenizing culture and community (or more clearly, creating tangible value out of a previous intangible). Culture at a meta level is of humanity-level importance to us. It makes us human and web3 enables this.
We are already seeing the Lindy Effects of the art that is deemed to be of long lasting cultural or artistic value and this is akin to the 2013 to 2017 bitcoin cycle that truly established bitcoins https://t.co/s1B385kUJ4 far only a few crypto artists have reached true Lindy Effect but I expect many more from 2018 to 2021 to accrue massive long term value (and new artists too. Art and culture are never a finite snapshot in time).
Art has always been upstream and at the nexus of culture, status and money and it will remain so. It is a truly human pleasure and will only accelerate in a less humanistic, more digital world. Art is a time capsule for culture and is always of humanity-level importance. It is an ultra high form of memetics after all, and memes are an ultra condensed form of societal messaging and history.
On the financial side, most quality art pieces are priced in ETH and will tend to outperform ETH over time. For example Beeple series have probably 3x'd ETH performance this year. Seriously valuable art will likely stay on ETH (and to a lesser extent BTC) due to the security needed to secure large single value pieces.
But most of us in this space don't think of it in terms of money as @punk6529 alluded to in a recent thread. Most collectors are trying to build the best collections possible in these early days and also act as Patrons to the space to help it flourish. The days of flipping art NFT's (vs pfp's) is largely over. The game now is to buy and hold the best artists (new or older) and demand will only grow over time while supply gets taken off the market for decades. There is realistically very little supply of established art currently and it will keep shrinking. You don't have much time before everything get entire re-rated.
But in the end, the crypto art world is an incredible community of passionate artists, collectors ,patrons all made up of misfits from art, tech, finance and elsewhere, all trying to create a new asset class and new art mediums. The mediums will change massively over time as holograms and holodecks become the dominant substrate for digital life.
The other thing that is true is that it's not an easy journey into the art world and can feel intimidating and confusing. But luckily, we have an easy first step via culturally relevant pfp NFT's and is the right entry for most. Community social signalling and status will only increase in necessity in our increasingly digital world.
Cryptopunks
Bored Apes,
Grifters (stupidly undervalued)
+ more
Ultra bargain buys are @CryptoDickbutts which have big cultural lore, are hugely loved and have Punks "if you know, you know" allure and are less than 1ETH
Then I'd look at MFers and @rektguyNFT
Start there and before you know it you'll soon end up deep down the art rabbit hole..
Life is absurd (there's probably no meaning to it), so don't take yourself so fucking seriously. Just be kind to yourself, to others, and, above else, enjoy the mfing ride. ๐๐โโ๏ธ