►
From YouTube: MetaBUIDL Opening Ceremony - August 27
Description
Time to METABUIDL with NEAR and kick off the hackathon with this Opening Ceremony! The Metaverse is manifesting as work and play intertwine the physical and digital. It's our duty to ensure it's open, secure, and in the power of the people.
Follow the latest from NEAR Protocol on:
Website: https://near.org/
Discord: https://near.chat/
Blog: https://near.org/blog/
Twitter: https://twitter.com/NEARProtocol
GitHub: https://github.com/near https://github.com/nearprotocol
#Blockchain #FutureIsNEAR #NEAR #nearprotocol
A
Welcome
to
the
metaverse,
where
a
total
of
one
million
dollars
in
prize
money
is
up
for
grabs.
Are
you
ready
to
build?
The
meta
build
hackathon
starts
today,
august
27th,
for
17
days
you
will
build
with
community
members
throughout
the
metaverse
or
locally
via
nine
global
hack
nodes
and
participate
in
workshops
from
industry
leaders
and
hack
with
nier,
and
our
amazing
partners
we'll
have
an
expert
panel
of
judges
made
up
of
industry-leading
vcs
engineers
and
entrepreneurs.
B
B
What
this
deep
down
means
right
is
that
there's
a
whole
stack
of
technologies
and
applications
that,
right
now,
everybody
uses
that
are
not
like
this,
and
we
really
need
to.
We
almost
rework
a
lot
of
the
entire
internet
to
give
this
to
people,
and
not
always
you
know,
people
want
this
control
directly.
B
B
So
there's
been
a
very
fun
journey,
we
started
in
august
18
and
we
have
celebrated
our
three-year
anniversary
as
near
protocol.
A
few
weeks
before
we
started
initially
with
pure
focus
on
scaling
blockchain
deck.
We
looked
at
ethereum.
We
ourselves,
as
developers,
were
really
excited
to
build
on
it,
but
we
realized
that
the
limitations
that
they
currently
have
does
not
allow
us
to
build
applications
that
we
really
wanted
to
do
so.
We
started
with
how
do
we
scale
blockchain
tech?
How
do
we
make
sure
that,
as
a
developer,
you
don't
need
to
think
about
scalability?
B
And
it's
been
an
interesting
journey?
There's
a
lot
of
research
being
done,
but
in
19
we
actually
realized
that
the
scaling
is
really
a
one
of
the
pieces
of
puzzle
right.
If
you
talk
with
users,
there's
even
users
in
ethereum
ecosystem
back
then
in
19,
almost
nobody
used
ethereum
per
se
right,
and
that
was
because
the
experience
of
using
applications
on
ethereum
was
not
also.
B
We
saw
like
a
number
of
developers
was
still
very
low
back
then,
and-
and
it's
actually
still
very
low
right
now
and
so
making
pretty
much
focus
on
the
developer
and
user
experience,
making
it
possible
for
normal
people
to
use
those
technologies
that
we
know
can
kind
of
unlock
a
whole
new
world.
What
became
our
focus
19.?
B
So
I
want
to
introduce
the
open
lab
concept
right.
I
think
many
of
you
probably
are
familiar
with
blockchain.
Many
of
you
are
familiar
with
kind
of
this
idea
said
this
blockchain
will
enable
new
web.
But
what
does
that
really
mean
right?
For
me,
open
web
is
really
a
set
of
philosophies.
It's
not
you
know
it's
not
some
technology,
even
per
se.
It's
actually
all
about
the
philosophical
way
of
building
things
and
working
together,
and
obviously
it
starts
with
decentralization.
B
B
It
needs
to
be
open
and
permissionless
right.
We
cannot
have
open
web
that
is
permissioned
and
only
for
a
specific
set
of
people
or
specific
set
of
services.
It
needs
to
be
focused
on
user.
The
user
at
the
end,
is
the
one
who
is
kind
of
driving
all
of
this
economy
driving
all
of
this
functionality
and
the
user
should
be
controlling
their
data.
The
user
should
be
making
decisions
where
and
what
they
should.
B
They
want
to
use
right,
and
this
creates
pretty
much
a
huge
kind
of
on
one
side:
competition
on
the
other
side,
innovation
that
will
continue
propelling
us
into
the
future,
and
obviously
you
want
markets
and
economy
and
passion
economy
that
we
will
be
talking
about.
Next
is
kind
of
what
is
a
core
pieces
of
this,
because
it
enables
everyone
who
have
interest
and
passion
something
to
actually
leverage
this
technologies
leverages
openvap
to
make
their
living
and
kind
of
prosper.
B
This
is
at
a
high
level,
a
kind
of
a
vision
of
a
lot
of
components
that
need
to
go
in
to
build
open
web
right,
and
this
is
not
a
full
picture,
there's
a
lot
of
things
missing
and
I'll
zoom
in
to
few
of
the
bits.
But
if
you
see
a
red
square,
this
is
blockchain
right.
Blockchain
is
one
of
the
pieces
in
open
web.
It's
not
you
know
it's.
B
This
is
hackathon
I'll,
introduce
some
of
the
concepts
what
to
do,
but
let's
start
with
what
we
already
have
right,
what
is
blockchain
and
some
of
the
other
things
and
partners
here,
the
hackathon
actually
provide
right.
First
of
all,
they
have
programmable
ownership.
This
is
really
what
blockchain
gives
you
like.
Blockchain
at
the
end
is
kind
of
a
database
which
gives
you
a
trust
in
that
the
rules
are
being
followed,
but
one
of
the
core
use
cases
for
this
is
ownership.
B
B
We
have
pseudonymous
identity
right,
that's
kind
of
what
in
a
way,
bitcoin
has
became
famous
for,
but
in
general
this
idea
that
you
can
have
multiple
identities
which
are
not
linked
and
are
used
for
different
purposes.
At
the
same
time,
the
identity
itself
is
capturing
some
kind
of
reputation
and
and
over
what
things
have
been
interacting
with.
B
We
have
decentralized
storage
right
the
ability
to
store
information
in
this
centralized
way
and
rely
that
it's
going
to
be
there
and
really
start
building
kind
of
services
that
that
can
use
that
the
really
cool
stuff
obviously
is
oracle's
like
yes
on
chain
is
cool.
You
can
rely
on
a
lot
of
properties,
but
there's
still
a
huge
world
outside
of
chain
that
actually
happening,
and
we
need
to
have
information
going
back
and
forth
right
and
so
oracles
is
a
way
to
provide
this
information
from
outside.
B
Right
I
mean
prices
is
probably
the
most
known
case,
but
you
can
bring
any
other
information
through
the
oracle
system.
So
the
system
of
challenges
and
like
smart
contracts
can
leverage
it
and
zero
knowledge
proves.
Is
you
know
pure
magic
is
ability
to
prove
things
that
they?
You
know
some
computation,
some
algorithm
something
happened
and
validate
that
unchained
cheaply
right,
so
something
very
complex
could
have
happened,
blockchain
and,
and
you
can
validate
fully
eat
on
chain
and
at
the
end,
the
most
exciting
things
that
I
am
excited
is
decentralized
organizations.
B
It
can
be
pretty
much
anything
that
a
like
organizers,
the
communities,
a
group
of
people
who
are
doing
it
want,
and
it
still
can
kind
of
behave
as
an
entity
as
an
actor
in
this
world.
So
these
are
core
primitives.
This
is
what
you
already
have
and
like
this
project's
kind
of
to
leverage
all
those
things,
and
we
also
have
the
infrastructure
added
backing
it,
so
we're
kind
of
zooming
in
in
that
graph
right.
We
have
scalable
blockchain
like
here.
We
have
indexing
querying
from
the
graph
to
to
kind
of
other
solutions.
B
We
have
scalable
storage
chains
like
falcoin,
cia
and
few
others.
We
have
economically
secure
oracles
like
chain
link,
flux
and
and
others,
and
we
have
gateways
and
exchanges
like
the
way
to
kind
of
communicate.
The
information
between
there's
still
actually
a
lot
of
pieces
missing
and
even
on
those
graphs
there's
like
ideas
like
ads
great
gateway,
payment
gateway,
you
you
may
want
to
kind
of
create,
more
smooth
exchanges
and
or
onboarding
for
users,
but
kind
of
overall
we
have
these
pieces.
B
This
is
why
a
lot
more
developers
are
joining
blockchain
now,
but
as
the
user
as
end
users,
that's
not
what
you
care
about,
but
what
we
do
have
here
right
because
of
programmable
ownership
is
ability
to
create
incentives
and
kind
of
ownership
economy
that
transforms
how
applications
are
built
or
how
applications
are
actually
run
initially
right.
When
we
look
at
kind
of
traditional
application
development
right,
you
launch
an
application,
you
kind
of
have
small
amount
of
users
and
you
do
a
lot
of
marketing.
B
B
Let's
say
you
want
to
create
a
competitor
to
uber
and
if
you
just
start
kind
of
doing
the
same
thing
as
uber
right,
maybe
in
one
local
city,
you
can
kind
of
out
compete
them
on
marketing,
but
globally
right
they
will
be
able
to
dominate,
but
actually
one
application
in
toronto
was
doing
this
ownership
economy
and
was
able
to
compete
uber
without
doing
marketing
and
the
way
they
did.
It
is
by
giving
ownership
to
the
drivers
pretty
much.
B
The
more
drivers
drove
passengers,
the
more
ownership
in
this
applications
they
were
getting
and
through
this
ownership
right,
they
actually
felt
more
connected.
They
wanted
to
promote
those
applications.
They
wanted
to
bring
more
users
to
it.
They
wanted
to
kind
of
create
bigger
network
right,
so
you're
actually
transforming
from.
B
So
what's
next
right,
what
what
are
things
that
you
can
build
now
right?
We
have
a
hackathon
here
super
exciting
to
see
what
people
build,
but
if
you
don't
have
an
idea,
yet,
if
you're
interested
in
exploring
what
to
do,
here's
just
a
few
ideas
right
and
obviously
there's
more
there's
challenges
as
well,
but
this
is
kind
of
again
from
the
chart.
B
B
Certification
is
another
important
thing
right.
We
use
certification
in
our
daily
life
almost
constantly,
but
the
certificates
half
of
the
time
are
just
pieces
of
paper,
and
you
know
sometimes
just
something
on
the
screen,
and
none
of
that
is
actually
really
certifying
much
right.
We
really
kind
of
using
just
almost
outdated
technology
at
this
point,
so
creating
a
way
to
certify
various
information
from
you
know
is
this
doctor
actually
has
a
degree
to
this.
B
Conflict
resolution,
I
think,
is
extremely
important
right.
If
we
talk
about
you,
know
identities
and
well,
when
things
go
wrong,
when
you
know
somebody
kind
of
requested
some
work
from
another
and
things
didn't
work
out,
how
are
we
resolving
conflicts?
How
do
I
make
sure
that
people
kind
of
underneath
are
still
able
to
rely
on
things
when
kind
of
it's
not
about
code
anymore
right?
It's
about
people,
interaction
and
in
a
way
this
is
actually
building
the
court
system.
B
All
of
this
pretty
much
can
be
used
in
similar
protocol
and
relying
on
some
of
the
things,
so
these
are
set
of
common
protocols
right.
This
is
protocols
that
actually
be
used
by
many
many
applications
and
like
they
enable
to
create
this
kind
of
open
web
for
users
right
because,
as
a
user,
you
control
your
data
right,
we're
talking
about
social
graph.
Well,
the
social
graph
belongs
to
you.
It's
encrypted
you,
when
you
go
into
a
specific
app,
allowing
this
app
to
use
your
social
graph
and
performance
operations
right.
B
It
allows
you
to
control
your
identity,
it
can
allow
you
to
control
your
assets,
and
so
through
that
you
can
now
be
kind
of
interacting
with
multiple
kind
of
multiple
student
identities
and
then
inside
that,
having
like
a
whole
slew
of
things
that
belong
to
you,
this
I
mentioned
like
music
and
video.
This
is
also
something
that
creators
want
right.
Creators
want
to
have
better
monetization,
they
want
to
control
it,
they
want
to
own
their
kind
of
assets
that
they
create
and
they
want
to
engage
with
their
community
right.
B
We
know
this
like
they've,
been
telling
us
about
this,
but
when
we
go
to
like
centralized
platforms
that
right
now,
those
creators
are
on
these
platforms.
Don't
really
care
about
this,
because
this
is
not
how
they're
making
money
so
enabling
them
to
do
this
through
this
common
protocol
protocols
and
applications
is
a
way
to
actually
bring
a
next
gen
next
wave
of
users
to
choose
us
because
they
want
to
follow
these
creators.
B
So
this
is
kind
of
a
huge
opportunity
to
both
create
something
really
valuable
to
kind
of
ecosystem
in
general,
to
the
end,
to
this
creators
and
users
who
want
to
connect
and
obviously
like
here,
you
know,
we
all
developers
it's.
This
enables
us,
as
developers
to
build
a
new
way
right
where,
before
you
kind
of
need
to
build
a
whole
company
to
do
stuff,
you
now
have
a
users
who
become
your
community
who
become
your
marketing.
B
But
you
can
rely
on
a
number
of
other
components
that
already
exist
and
kind
of
build
on
top,
so
just
to
give
some
examples
right.
This
is
just
you
know,
super
kind
of
basic
examples,
but
just
to
show
you
the
composibility,
that's
possible
right
if
you
have
this
protocol.
So
if
you
have
this
kind
of
basic
things
now
you
can
combine
them
into
applications
right,
so
you
can
have
a
social
application
where
only
people
with
certain
reputation
can
reach
out
to
you
or
communicate
to
you,
and
so
this
way
you
can
pretty
much
set
up.
B
Maybe
who
can
reach
out
to
your
code
and
kind
of
grow?
Your
network,
while
kind
of
some
rules
are
followed?
You
can
create
something
like
uber
for
co-workers
right,
because
you
have
a
protocol
for
creating
gig,
so
you
can
hire
a
car
and
then
you
have
you
know
your
social
network,
with
your
co-workers,
combining
that,
together
into
an
app
now
allows
you
to
kind
of
create
this.
B
Like
new
combination
of
things,
one
of
the
you
know
important
pieces
that
I
think,
being
important
for
for
a
lot
of
people
is
actually
permissioning
and
tracking
control
of
your
personal
data
and
medical
data
is
probably
one
of
the
most
personal
ones
out
there
and
again.
This
is
like
encrypted
encrypted
data
stored
in
decentralized
storage
and
then
with
structure,
encryption
and
with
tracking
and
with
identity
of
the
applications
and
identity
of
the
other
parties.
B
You
can
actually
create
this
history
of
tracking
and
history
of
kind
of
who
can
look
at
which
pieces
of
data
and,
of
course,
games
right
games
is
the
finest
way
to
onboard
people
in
this
ecosystem
and
really
combine
this
economics
and
this
kind
of
composibility
and
social
and
ownership
all
together,
and
this
is
why
our
hackathon
is
about
meta
verse
because
well,
actually
we're
building
this
new
world,
where
everything
is
in
some
way,
gamified
in
some
way
exciting
in
some
way.
It's
about
your
passion
in
some
way.
B
It's
about
your
work,
but
combining
it
all
with
this
kind
of
concepts
of
many
worlds,
coming
together
in
one
ownership
pattern
and
one
or
multiple
kind
of
alternative
identities
is
the
way
this
blockchain
has
been
manifesting
to
actual
end
user
right.
So
games,
I
would
say,
will
be
one
of
the
first
things
that
people
experience
and
then
through
that
they'll
learn
how
to
kind
of
interact
more
with
ownership
that
they
can
have.
B
So,
just
to
give
you
like
few
examples
of
what's
already
there
right
and
in
in
this
kind
of
more
open,
vap
pattern
like
not
talking
about
like,
for
example,
a
lot
of
d5
has
been
very
successful
right.
So
neocrowd
is
one
of
the
apps
that
launched
in
april
and
since
then
been
growing
steadily,
and
this
is
idea
of
a
on-chain
crowdsourcing.
B
And
so,
if
you
read
one
of
my
older
posts,
actually,
when
we
were
starting
near,
were
doing
an
ai
startup,
where
we
were
doing
a
lot
of
crowdsourcing
and
part
of
the
reason
why
we
started
looking
at
the
blockchain
was
to
see
how
we
can
implement
this.
And
so
now
there's
a
team
working
on
this
near
crowd
kind
of
on
top
of
near,
which
is
super
exciting,
and
they
already
collected
over
one
million
kind
of
data.
Samples
of
image
to
text
thing
that
they're
working
on
the
exciting
part
is
that
this
is
truly
global
marketplace.
B
That
is,
enables
people
around
the
world
to
really
kind
of
work
from
home,
right
now
and
maybe
shelter
from
covet
and
earn
good
wages
right.
There's
people
in
philippines
and
russia
who
are
kind
of
surviving
working
on
this.
So
it's
not
just
building
these
marketplaces.
You
can
actually
build
something
that
is
transformative
to
lives
of
people
in
the
world.
B
The
other
example
is
dao,
so
I
mentioned
I
mentioned
dials
before
and
I
I
really
believe
this
is
one
of
the
kind
of
conceptually
different
things
that
like
will
change
how
people
doing
work
will
change
how
people
organize
and
so
we're
still
kind
of
only
tapping
and
only
trying
things,
there's
a
lot
more
to
figure
out,
but
one
of
the
kind
of
annoying
things
dao
is
a
very
technical
term,
and
so
a
little
bit
more,
I
would
say
approaching
term.
Is
digital
cooperative
right.
B
It's
something
that
a
group
of
people
came
together
and
they
have
a
way
to
do
a
number
of
things
right.
They
can
make
decisions
and
govern
things.
They
can
make
investments,
they
can
kind
of
request
some
work
to
be
done
and
they
can
also
accept
some
work
and
do
it
and
get
paid
right
and
the
funny
part
is
like
so
I'm
from
kind
of
ex-ussr.
B
We
had
cooperatives,
which
were
you
know,
the
way
that
a
lot
of
communist
kind
of
sub-things
were
doing
there
is,
but
these
things
are,
you
know,
they've
existed
for
a
long
time.
They
exist
in
u.s,
exists
everywhere
and
like
that
is
in
many
ways
in
a
better
way
to
do
work
when
you're
kind
of
removing
a
lot
of
the
pure
hierarchy
and
you're,
replacing
it
with
people
having
ownership
in
this
cooperative
and
excited
and
interested
in,
creating
some
value
for
it
together.
B
Right
and
some
of
the
things
scale
sciences,
don't
there's
a
lot
of
experiments
to
do
but
kind
of
this
dow
tooling.
This
infrastructure,
built
on
top
of
blockchain
built
in
lab
three,
is
enabling
it
right
in
a
way
it's
also
creating
this
new
social
layer
right.
It's
something
that
the
current
social
doesn't
have.
It
doesn't
have
a
way
to
make
decisions.
It
doesn't
have
a
way
to
pretty
much
manage
money
or
do
work
or
pay
or
get
paid
salaries
right.
B
So
I'm
excited
to
see
what
you'll
build,
and
I
just
wanted
to
give
you
kind
of
a
foresight
on
when
kind
of
you
have
something
there's
a
number
of
ways
to
get
funded
and
kind
of
create
a
startup
or
create
a
project.
Out
of
this.
That
will
pretty
much
start
growing
from
there
right.
So
one
of
the
kind
of
first
things
obviously
is
near
foundation
brands.
So
it's
on
mir.org
such
grants.
B
We
also
have
a
number
of
community
funds
actually
managed
by
the
sputnik
taos
and
on
our
governance
portal.
You
can
apply
for
that.
We
have
a
open
lab
collective,
which
is
a
protocol,
agnostic,
blockchain,
accelerator
and
kind
of
collective
of
founders,
and
it's
really
helping
you
and
bringing
you
your
idea
from
kind
of
a
prototype
or
like
first
project
to
something
successful,
something
that
can
fundraise
a
large
round.
B
And
of
course
we
have
a
number
of
vc
funds
who
are
excited
to
invest
in
this
ecosystem
and
excited
to
see
what
kind
of
applications
that
actually
will
bring
mass
adoption
to
the
the
kind
of
open
web
right
and
actually
build
open
that,
and
we
have
number
of
them
as
judges
at
the
hackathon.
So
they
will
actually
have
a
first
view
on
your
project
and
will
be
able
to
connect
with
you
from
there.
B
So
a
lot
of
exciting
ways
to
kind
of
keep,
keep
growing
your
project
and
we'll
be
following
up
with
you
after
the
hackathon
kind
of
this
is
like
more
structured
set
of
options
for
you
as
well
just
a
little
bit
before
I
go.
I
just
want
to
ask
everyone
to
keep
learning
right.
We
are
near
believe
in
gross
mindset
and
always
growing
is
always
learning
and
there's
a
lot
of
resources
that
neer
puts
out,
obviously
a
lot
that
are
in
the
ecosystem.
There's
just
few.
We
have
like
an
academy.
B
We
have
a
like
year
in
minutes.
Is
there's
a
lot
of
resources.
If
you
want
to
learn
more
about
protocols,
we
have
a
whiteboard
series.
We
have
number
of
ways
how
people
describing
both
pieces
of
application
building
and
reviewing
existing
applications,
and
if
you
want
to
dive
in
into
more
deep
kind
of
technical
pieces
of
near
there's,
a
number
of
blog
posts
there,
but
again
there's
a
number
of
resources.
You'll
receive
more
indian
emails,
kind
of
as
follow-ups
as
well
all
right
thanks
everyone.
B
It
was
exciting
to
kick
off
this
hackathon,
I'm
really
looking
forward
to
seeing
what
everyone
builds
I'll
be
in
the
chat
in
discord
to
answer
questions
and
help
out
where
I
can
and
let's
transition
to
lee,
to
talk
about
passion,
economy,
she's,
a
founder
of
atelier
ventures
and
the
kind
of
found
founding
mind
behind
fashion
economy
trend
in
general.
That
we've
been
using
as
kind
of
one
of
the
concepts
for
open
that.
So
please
welcome.
C
Hey
everyone,
so
I,
as
elia
mentioned,
I'm
the
founder
of
atelier
ventures,
which
is
an
early
stage.
Venture
firm,
focused
exclusively
on
the
passion
economy,
which
I
define
as
the
economy
in
which
people
are
leveraging
different
platforms
and
tools
in
order
to
be
able
to
make
a
living
from
their
non-commoditized
skills
and
talents
and
knowledge.
I
often
times
use
the
passion,
economy,
term,
inc
and
contrast
the
gig
economy,
which
was
really
about
monetizing,
discrete
commoditized
tasks
and
services.
B
Yeah
I
mean
I
think
this
is
really
exciting
concept,
and
I
mean
we
met
first
time
because
we
were
excited
even
before
you
were
kind
of
looking
blockchain
at
all
to
kind
of
see
how
these
two
concepts
making
together.
So
I'm
curious:
how
did
your
vision
of
this
evolved
as
you
were,
learning
more
and
more
about
crypto
and
blockchain.
C
Right,
yes,
it's
definitely
evolved
quite
a
bit
and
I've
only
gotten
more
bullish
about
crypto,
since
we
first
met.
Essentially
what
I
realized
over
quite
a
long
period
of
time
is
that
in
the
web
2
world,
I
think
the
passion
economy
will
always
be
limited
by
the
fact
that
there's
this
underlying
tension
between
the
workers,
the
people
who
are
starting
their
online
small
businesses
and
the
platforms
on
which
you
know
they're
leveraging
those
tools.
B
B
C
C
I
think
the
next
step
forward
in
the
evolution
of
these
platforms
is
to
make
those
platform
participants
more
enfranchised,
both
in
terms
of
economic
ownership,
as
well
as
in
terms
of
governance
and
product
roadmap.
So
I'm
really
excited
to
see
more
founders
build
in
that
direction.
I
think
you
described
it
really.
Well,
which
is
the
intersection
of
the
passion
economy
and
the
ownership
economy,
so
in
other
words,
how
can
we
not
make
it
such
that
all
of
these
workers
are
have
this
underlying
tension
with
the
platforms
that
they're
working
on?
C
But
how
can
we
actually
align
those
incentives?
Another
way
that
I
often
talk
about
it
is,
I
think,
the
current
focus
of
a
lot
of
these
web
2
passion,
economy
platforms
is
how
can
we
get
income
in
the
hands
of
these
creators
and
these
workers,
so
they're
really
focused
on
creator
monetization
of
all
types.
The
focus
is
on
generate
being
able
to
generate
revenue
for
the
creator
by
monetizing
everything
I
think,
beyond
short-term
income.
C
I
think
the
next
step
to
really
change
the
way
that
the
economy
works
is
to
help
these
people
build
wealth.
Not
just
give
them
means
to
earn
income
in
the
short
term,
but
really
fundamentally
change
their
financial
positions
through
giving
them
access
to
wealth,
and
I
think,
in
order
for
wealth
to
be
more
distributed,
we
need
to
give
them
ownership
so
yeah.
I
I
would
really
encourage
everyone
to
explore
that
intersection
of
the
passion
economy
and
the
ownership
economy.
B
For
sure
yeah
yeah,
I
think,
like
in
general,
the
the
concept
that
people
have
been
using
in
d5
like
liquidity,
mining,
but
applied
to
any
of
this
passion,
economy
or
or
even
gay
economy,
actually
to
some
extent
as
well,
concepts
where
people
who
are
contributing
work
initially
and
who
are
create
pretty
much.
Creating
this
platform
together
with
developers,
are
actually
earning
the
portion
of
the
governance
and
portion
of
the
ownership
of
this
platform,
which
kind
of
contributes
to
their
future
wealth,
because
it
appreciates
this
platform,
growth
yeah.
B
It
becomes
really
like
a
powerful
engine
as
well
to
grow
these
platforms,
which
a
lot
of
times
kind
of
a
lot
of
startups
that
are
right
now,
starting
missing
out,
because
I
just
don't
have
this
like
huge
engine
of
attracting
new
people,
and
we
were
discussing
like
last
time.
We
talked
try
to
mention.
A
lot
of
people
are
trying
to
build
social
applications
now
and
they're
kind
of
missing
on
there
like
how.
B
How
are
you
going
to
compete
with
existing
like
huge
social
platforms
and
so
really
like
using
this
ownership
economy
as
a
pattern
kind
of
across
across
these
different
types
of
passion,
as
well
as
like
connected
areas,
is
very
interesting,
so
I
guess
you
mentioned
this
like
some
platforms
that
already
have
you
know,
product
market
fit
even
though
have
this
tension.
Where
do
you
see
gaps
in
kind
of
this
productize
everything
or
there's
none
left
very
much,
and
everything
is
productized.
C
C
C
So
I
think
the
frontier
of
like
gaps
in
the
passion
economy
is
how
can
we
make
it
such
that
these
platforms
distribute
ownership
in
the
form
of
tokens
to
all
of
the
contributors
who
are
contributing
value
commensurate
with
the
value
that
they're
contributing?
So,
for
instance,
today,
on
sub
stack
like
if
I'm
a
really
successful
writer,
I
can
monetize
really
effectively
through
my
own
newsletter
and
maybe
make
like
hundreds
of
thousands
of
dollars
per
year,
which
is
great,
but
at
the
same
time
that
that's
happening,
I'm
driving
readers
to
set
stacks.
C
Just
like
the
the
types
of
acquisition
channels
that
web
2
platforms
are
using
today.
So
potentially
like.
I
think
a
question
is
like
what
types
of
marketplaces
or
platforms
don't
exist
today,
because
they
just
can't
pull
in
enough
like
they
can't
solve
the
chicken
neg
problem
through
the
typical
means
and
by
distributing
ownership
earlier
can
get.
There
can
can
overcome
that
cold
start
problem
or
can
grow
to
be
much
bigger
and
be
useful
to
both
sides
of
the
marketplace
like
what
doesn't
exist
today.
That
could
exist
if
we
were
to
leverage
those
primitives.
B
Yeah
yeah,
I
mean
that's,
that's
a
very
interesting
question.
I
guess
I
mean
just
to
kind
of
mention.
One
example
of
you
mentioned
that
marketing,
like
you,
don't
need
as
much
marketing.
Actually,
if
you
have
this
ownership
component,
there
was
a
project
in
toronto
that
was
actually
in
the
economy
ever
doing
a
taxi
app
and
they
were
distributing
two
drivers.
Only
the
part
of
the
ownership
kind
of
in
this
platform,
and
so
the
more
drivers
drove
the
more
passengers.
B
They
had
the
more
kind
of
this
ownership
they
earned
and
actually
by
metrics,
they
were
beating
uber
in
the
city,
because
drivers
were
so
involved
and
kind
of
invested
into
this
platform.
They
were
attracting
their
friends
to
participate
or
kind
of
telling
everyone
to
join
this
platform,
so
this
definitely
can
replace
like
same
as
in
blockchain
kind
of
the
there's,
no
like
normal
marketing.
C
Yeah,
there's
a
another
company
similar
to
what
you
just
described,
called
the
drivers
cooperative
based
in
new
york
city.
It's
the
worker-owned
cooperative
version
of
uber
lyft
or
any
of
those
ride-sharing
apps
where
they're
the
company
is
entirely
owned
by
all
the
drivers.
On
the
platform,
I
think
like
the
next,
like
the
stronger
version
of
that,
I
think,
is
to
be
a
decentralized
network
where
all
of
the
participants,
not
just
the
drivers,
but
also
the
users
too,
can
become
part
owners
in
the
network
through
holding
tokens.
C
I
think,
like
that
kind
of
model
could
potentially,
like
everyone,
has
always
raised
the
question
of
like
what,
if
uber
had
been
able
to
give
out
equity
to
its
drivers
in
the
early
days
they
weren't
able
to
because
of
securities
regulation
for
private
companies,
but,
like
one,
can
imagine
that
if
you
distributed
ownership
more
broadly,
those
drivers
would
be
much
more
loyal.
Your
customers
would
be
much
more
loyal
to
you
and
you
could
potentially,
like
penetrate
the
really
powerful
network
effects
of
the
incumbents.
C
D
Hello,
everybody,
my
name
is
matt
and
I'm
a
new
head
of
content
here
at
nia.
I'm
super
excited
to
be
joining
everyone
for
a
fireside
chat
with
richard
newhat
to
talk
about
trends
in
the
goodreads
industry.
How
things
are
changing
the
vc's
role
in
that
and
what
might
be
coming
next
before
we
go
to
richard
richard
is
a
managing
partner
at
fabric
ventures,
a
vc
firm
that
specializes
in
helping
projects
in
a
decentralized
web,
3
or
open
web
arena
growing
scale.
D
D
E
Sure
so
I
mean
I
think
you
can
sometimes
feel.
Like
everything
happens,
you
know
all
at
once
and
something
very
special
happened,
a
very
short
period
of
time,
but
like
most
things
in
life,
you
know,
including,
as
they
say,
england,
at
least
in
the
number
11
buses.
You
know
it
they
come
all
at
the
same
time,
but
it's
it's
a
a
lot
of
factors
that
come
together
lead
up
to
that
point,
and
I
think
that's
certainly
true
here.
E
It's
it's
weaponized.
You
know
with
the
ability
to
deal
with
the
concept
of
ownership.
It
means
that
all
of
the
world's
assets
have
become
accessible
divisible
programmable.
You
know
through
you,
know
software,
but
you
know
not
just
that,
but
it's
not
just
any
asset.
That
is
that's
out
there,
be
it
a
house
or
a
an
imbappy
football
card
or
a
brand
new
piece
of
digital
art,
or
you
know
a
charlotte
goal
in
a
volleyball
match
in
brazil.
Whatev.
E
Whatever
asset
is
it's
all
of
all
of
those
that
are
now
slightly
accessible,
but
the
other
force
that's
really
driving.
This
is
the
fact
that
a
long-held
dream
of
people
in
the
technology
business
in
the
software
business
has
come
to
fruition
and
that
dream
is
of
this
high
degree
of
reuse
of
other
people's
software
code,
and
so
those
software
assets
are
something
now
that
can
have
been
folded
into
the
mix
and
you're
you're.
E
Getting
this
acceleration
acceleration
of
a
kind
of
combinatorial
innovation
as
one
building
block
within
this
web
3
or
open
web
movement
gets
built,
and
then
people
use
that
to
drive
a
further
wave
of
innovation,
and
it
was
interesting.
Actually,
it
just
happened,
and
it
was
probably
down
to
youtube's
fault
to
watch
the
moment
that
gil
emilio
introduced
steve
jobs
as
the
new
effect.
E
E
They
were
talking
about
this
ability
to
kind
of
reuse
code
and
jobs
was
pitching
hard
that
this
new
platform
was
going
to
be
distinct
because
80
of
code
wouldn't
have
to
be
written
because
it
would
already
be
there
and
you
can
just
reuse
it
and
the
dream
remains
the
same.
The
result,
perhaps
wasn't
you
know,
as
that
wasn't
completely
accurate
in
terms
of
the
numbers
back
there.
E
But
you
know
this
ability
to
stand
on
the
shoulders
of
every
single
other
innovator
in
the
community
is
something
that
I
think
is
is
coming
to
fruition
and
both
of
those
things,
I
think,
are
important.
You
know
you
bring
them
together
with
that
element
of
community
and-
and
I
think
that's
what's
so
exciting
for
entrepreneurs
at
you
know
this
particular
juncture
that
you've
never
had
a
say
a
flatter
world.
From
a
perspective
of
innovation
that
an
individual
or
a
team
anywhere
can
can
take
that
concept
of
digital
ownership
can
take.
E
Take
the
you
know
the
more
rich
and
complex
building
blocks
of
innovation
that
other
people
have
produced
and
anywhere
in
the
community.
You
go
out
there
and
build
their
own
community
around
what
they
build
and
build
a
startup,
and
so
I
think
that
is
just
creating
this
rising
tide
of
you
know
talent
effectively
and,
I
think,
taking
a
shorter
lens
on
it.
Last
summer
we
had
the
kind
of
summer
of
defy,
and
you
know
getting
the
maturity
of
some
of
the
stable
coins.
E
The
aggregation
of
different
assets
into
you
know
automatically.
You
know,
bundled
and
and
unbundled
sort
of
funds,
if
you
will
concept
of
yield
farming
aggregation
of
different,
underlying
defy
elements
that
are
generating
different
yield
or
paying
out
at
different
rates.
All
of
these
different
elements,
so
that
the
programmability
that
combination
of
different
elements
started
to
mature
and
people
saw
the
the
potency
of
it
and
then,
even
though
the
work
around
attaching
digital
ownership
to
the
world's
assets.
Through
you
know,
standards,
for
example
the
ethereum
ones
began.
E
E
This
kind
of
excitement
this
kind
of
opportunity
every
summer
for
a
number
of
summers
to
come,
because,
despite
all
of
that
progress,
you
know
we're
still
orders
of
magnitude
below
mass
adoption.
We're
still
in
the
realms
where
the
the
users
of
these
platforms
are,
you
know
enthusiasts
and
speculators
and
technologists,
and
just
a
few
folks,
you
know
from
main
street.
If
you
will
so,
I
think
it's
going
to
be
pretty
exciting
for
some
time
to
come.
D
Yeah,
no,
absolutely!
Yes,
it
seems
like
the
kind
of
like
the
the
cycles
of
innovation
and
then
combining
different
ideas
and
then
transforming
into
something
new
is
happening
much
much
much
faster
than
ever
before.
You
know
all
the
way
from,
as
you
say,
from
steve
jobs
day
to
you
know
the
d5
summer
of
last
year,
the
nfg
mainly
of
this
year,
like
those
cycles,
seems
to
be
getting
tighter
and
tighter.
E
Yeah,
no,
absolutely
and
and
so
the
way
we
look
at
it,
maybe
because
it's
iterative
like
that
and
instead
of
cyclical,
we
see
opportunity
up
and
down
the
stack.
So
we
see
opportunity
in
platforms
that
are
really
getting
to
to
scale
and
getting
network
effects
through
the
third-party
development.
You
know
on
them.
We
have
perhaps
the
success
of
the
graph.
We
have
an
investment,
also
in
superfluid,
which
is
like
programmable
cash
flows,
actually
investor
in
a
immutable
we've
got
exciting
platforms
like
palm
being
built.
E
But
you
know
how
those
circular
economies,
where
you
know,
by
operating
either
as
a
good
citizen
or
as
an
effective
player
in
that
environment.
You
improve
your
chances
of
the
outcomes
within
that
environment
that
are
at
least
somewhat
influenced
by
by
luck
or
you
know,
or
by
a
ballot.
But
you
can
improve
your
chances
and
therefore
you
get
this
self-reinforcing
loop
that
you
you
play
more
try
harder.
E
But
I
like
to
think
actually
that
that
that
push
is
something
that
that
that
model
is
something
that
can
be
used
not
just
to
find
out.
You
know
what
is
a
great
game
and
to
and
to
to
generate
a
hit,
not
that
it's
it's
not
important
to
have
hit
games
and
hit
songs
and
hit
movies
and
so
forth,
but
actually
perhaps
other
forms
of
kind
of
you
know
higher
cognitive
function
activities,
perhaps
in
the
healthcare
space,
or
you
know
you
know
it's
it
affected
what
it
is.
E
It's
a
way
of
harnessing
people's
activity
at
very
large
scale,
very,
very
decentralized
basis
against
tasks,
and
I
know
it's
actually
happening
to
some
degree
within
the
near
eq
system
around
labeling
for
the
purposes
of
serving
the
needs
of
ai
algorithms
data
labeling.
So
so
I
think
you
know
I'm
optimistic
that
we'll
see
we
must
see
through
the
experimentation
go
on.
You
know
all
sorts
of
things
that
come
out
of
that,
and
maybe
it's
a
topic.
E
We
can
come
back
to
you,
but
I
I
do
think
that
there's
there's
there's
something
almost
philosophical
about
the
fact
that
if
we
can
give
individuals
a
stake
in
the
all
the
environment
they
operate
in,
perhaps
all
of
the
assets
that
exist
within
you
know
their
community,
their
city.
You
know
that
their
country,
something
at
stake,
but
an
ability
to
to
to
benefit
also
from
you
know
the
the
value
of
those
those
assets
that
that
ownership.
E
You
know
the
financial
state
that
ownership
in
a
kind
of
more
emotional
sense
is,
is
fundamental
to
good
citizenship
and
it's
fundamental
to,
I
think,
better
functioning
society
actually
actually
and
there's
a
book
by
iron
rand.
The
virtue
of
selfishness,
which
I
think
speaks
a
little
bit
a
little
bit
to
this.
E
So
so
I
think
it's
pretty
exciting
from
that
perspective,
and
hopefully,
although
we
have
not
seen
it
yet,
it's
something
that
can
be
extended,
as
I
mentioned
in
passing
to
you,
know
the
world
of
protecting
the
natural
assets
of
you
know
that
around
us.
How
do
we
account
effectively
for
the
impact
of
the
environment
and
make
sure
that
that
accounting,
that
we're
in
that
responsibility
and
that
you
know
the
actions
that
will
preserve
the
environment
over
the
you
know,
short,
medium
and
long
term
are
enforced
through
that
not
so
much
profit.
E
But
more
kind
of
you
know
sense
of
ownership.
Motivation
that
that
I
think
that
this
perhaps
can
can
can
bring,
but
again
it's
so
it's
one
of
those
interesting
challenges
and
I
think
about
the
opportunity
that
exists
right
now,
we're
talking
about
it
happening
ever
every
summer,
maybe
more
frequently,
you
know
happening
out
there
in
a
very
flat
way
anywhere
in
the
community.
Anybody
in
the
world
can
leap
up
and
and
understand
a
problem
with
you
know
deep
conviction
and
to
find
degree
of
granularity
locally
and
then
apply
technology
in
the
right.
E
The
right
way.
You
know,
I
think
you
can
also
innovate.
I
mean
this
is
the
critical
thing
when
we're
looking
at
these
opportunities
to
to
very
be
very
sharply
focused
in
the
kind
of
the
pain
that
you're
going
to
address,
if
you
will
with
the
product
and
super
smart
with
the
way
in
which
you
take
it
to
market,
and
so
I
think
you
know
that.
That's
always
the
challenge.
E
It's
actually
a
very
little
bit
of
kindling
can
start
a
kind
of
inferno
of
demand
in
the
marketplace,
and
that's
that
phrase
which
I'm
actually
slightly
borrowed
from
something
that
at
least
was
on
the
sequoia
website.
A
while
ago,
I
think
is,
is
a
good
way
for
entrepreneurs
to
think,
and
it
again
lowers
the
barrier
for
entrepreneurs
to
come
into
this
space
and
to
really
you
know,
build
something
fantastic
quite
fast
from
anywhere
in
the
world.
D
D
You
sort
of
touch
on
this
idea
of
taking
sort
of
the
kind
of
mechanics
of
what
was
essentially
a
game
and
then
piling
in
ownership
control,
customization,
accountability,
responsibility,
I'm
wondering
if,
in
your
view,
like
you
know,
for
people
who
are
still
sat
here
watching
this
and
going
like
what
is
it
that
that
you
know
is
getting
you
guys
excited
and
what
is
it
and
where
is
you
know
to
coin
the
kind
of
cliched
where's
the
puck
really
going
in
this
space?
What
is
it
is
it?
Do
you
see?
E
E
You
you
care
about
preserving
a
particular
part
of
the
environment.
You
know
that,
will
you
know
what
will
galvanize
with
you?
You
have
a
supply
chain
and
you
need
to
optimize
a
part
of
it
because
it's
critical
survival
for
your,
your
competitiveness
of
your
business.
That's
what
you'll
do
finance
should
be
in
service
of
all
of
those
activities,
and
it
should
like
invisibly,
just
like
you
know,
tuck
under
those
activities
and
service
them,
and
that's
the
way
in
my
mind's
eye.
That's
what
I
see
these
building
blocks.
E
You
know
being
capable
of
doing,
because
you
know
there's
this.
You
know
white
heat
of
innovation
around
all
the
different
possible
combinations
and
lego
roots.
You
might
need
to
just
bolt
into
the
activity
you
want
and
and
then
not
just
bought
kind
of
a
function
that
both
kind
of
a
a
marketplace,
replete
with
not
just
data,
but
you
know,
customers
themselves
behind
it.
I
think
you
know
that's
that's
incredibly
powerful
and
so
manifestations
of
that
that
we
see
out
there
would
be,
I
think,
an
increasingly
mature,
increasing
maturity
of
social
tokens.
E
So
you
see
you
know
social.
You
know
movements
either.
You
know
around,
you
know,
media
or
other
social
movements
that
that
are
becoming
maybe
indistinguishable
from
you
know.
Financial
opportunities
in
some
senses
that
that
we'll
see
more
and
more
ip
deals
being
done
to
bring
that
on
chain
and
think
thoughtfully
about
how
that
is.
You
know
made
accessible
and
usable
in
a
way
that
optimizes
the
value
of
the
ip
for
the
ip
owners,
you
know,
would
be
it
sports,
which
we
mentioned.
Obviously
be
it
art.
E
You
know
many
different
activities
will
be
your
your
day-to-day
life.
Perhaps
the
data
sort
of
exhaust
you
leave
behind
you
that
might
be
of
interest
in
the
healthcare.
You
know
companies
and
existing
real
world
assets.
People
are
going
to
be
shifting
on
chain.
We
have
a
portfolio
company
centrifuges
doing
a
great
job
of
that,
and
you
know
thinking
very
has
been
working
for
a
number
of
years
now
on
how
to
do
that
and
to
to
to
tokenize.
E
You
know
at
the
heart
of
it
invoices
and
then
thinking
about
which
are
the
sectors,
because
it's
not
enough
to
just
apply
the
technology
and
tokenizing
invoices
not
enough
to
do
that
elegantly
and
do
it
with
a
solution.
That
is,
you
know
that
uses
the
existing
ecosystems,
like
you
know,
make
dao
stable
coin
ecosystem.
In
their
case,
you
also
and
actually
they're
sitting
on
the
kind
of
polkadot
side
of
things
as
as
it
currently
sounds.
E
E
You
know,
obviously
you
could
look
at
things
in
the
kind
of
twitter-like
space
or
the
youtube
space
and
different
parts
of
that
stack
from
the
video
encoding
up
to
the
you
know,
distribution
and
the
kind
of
the
the
ip
and
clearly
there
may
be
an
opportunity
to
give
more
of
the
long
tail
of
creators
a
chance
to
participate
in
the
success
of
these
platforms.
That's
that
makes
sense
that
economics
makes
sense,
but
there's
also
an
opportunity
to
think
about.
E
You
know
which
particular
creators
just
couldn't
operate
without
this,
so
it's
got
to
be
a
more
binary
question
and
I
think
that's
where
the
entrepreneurial,
you
know
hard
work.
The
entrepreneurial
struggle
has
to
come
in
to
really
get
close
or
luck
frankly,
to
see
that
opportunity
and
and
or
and
then
have
the
now
the
smarts
to
say
I
can
see
that
really
would
make
a
binary
difference
that
particular
segment.
D
Yeah,
so
this
is
something
that
reminded
me
of
was
yeah
when
I
first
got
into
into
crypto
many
years
ago,
there
was
sort
of
crypto
was
sort
of
going
after
every
industry
and
saying
the
solution
was
just
crypto.
It's
just
blockchain
a
fire
and
it'd
be
great,
and
obviously
there
were
dozens
of
projects
that
went
after
supply
chains
and
went
after
loads
of
big
mega
industries
and
realized
that
the
slowness
and
the
transaction
costs
were
the
solution.
Wasn't
the
technology
they
fundamentally
misunderstood.
D
You
know
the
things
that
we're
going
after
right.
So
it
sounds
like
what
you're
saying
is
the
the
kind
of
the
defy
intensity
and
the
of
innovation
around.
There
is
creating
a
bit
of
a
kind
of
like
a
melting
pot
whereby
some
of
these
ideas,
or
some
of
these,
like
toolkits
and
come
out
with
them,
really
start
to
go
after
other
industries
and
disrupt
them
in
more
meaningful
ways.
Rather
than
just
shouting
blockchain
everything
and
hoping
somebody
buys
it
yeah.
E
There's
many
more
tools
in
the
in
the
in
the
toolbox
for
sure
already,
and
I
think
we
see
derivatives
and
things
like
interest
rate
swaps,
you
know
being
built
on
the
d5
side
of
things.
We
see,
you
know
more
complex
and
sophisticated
approaches
to
creating
a
synthetic
digital
assets,
and
you
you
know,
takes
it
at
stable
coins.
You
know
all
of
these
will
be.
You
know
super
useful
to
entrepreneurs
who
who
are
close
to
a
particular
vertical
and
go
on,
want
to
go
and
solve
those
those
problems.
E
I
mean
the
the
way
we
see
it
at
at
fabric
is
we
we
think
about
the
open
web,
open
finance,
open
media,
open
healthcare
and
then
over
even
work
or
kind
of
learning
and
learning,
and
we
feel
like
the
first
three
have
happened
to
some
reasonably
significant
degree.
We
think
the
next
two
are
kind
of
you
know
coming
to
pass,
but
we
see
all
of
them,
iterating,
there's
still
more
infrastructure
being
built,
there's
still
be
more
more
being
built
on
the
open
finance
space.
There's
still,
you
know
a
lot
of
work.
E
E
You
know
it's
a
major,
interesting
concern
to
to
government
how
to
deal
with
the
the
market
power,
the
concentration
of
market
power
in
you
know
the
web
to
tech
titans,
and
I
guess
you
know
we
ended
by
kind
of
wondering
well
agreeing
that
probably
we'll
just
have
to
meet
in
the
middle
we're
trying
to
tackle
that
challenge
in
a
different
way,
they're
going
to
tackle
them
in
their
own
way.
It's
going
to
take
a
little
while,
but
that
little
while
it's
going
to
take
is
is
an
opportunity
for
entrepreneurs
out
there.
E
D
Yeah,
so
something
you
mentioned,
that
kind
of
came
to
mind.
Was
this
idea
like
it
was?
Would
you
yeah
if
I
was
to
ask
for
a
piece
of
advice
from
you?
If
I
was
starting
something
for
myself,
would
it
with
a
fair
piece
of
advice,
would
be
to
sort
of
the
the
culture
of
this
space,
which
is
to
build
on
top
of
what's
already
there
rather
than
trying
to
completely
reinvent
the
wheel,
let's
say
so.
D
Would
a
good
piece
of
advice
be
like
to
sort
of
see
this
as
a
collaborative
opportunity
to
to
work
with
other
teams
and
projects
in
this
space
to
build
some
of
what
they've
done,
rather
than
I
guess
what
the
sort
of
the
web
2
world
did,
which
was
get
very
siloed
very
quickly
and
trying
to
build
high
walls
between
projects
is
crypto's
kind
of
the
answer.
To
that,
to
going
to
be
much
more
collaborative
in
nature,
do
you
think.
E
I
mean,
I
think
it
is
definitely
intrinsically
much
more
like
that,
and
I
think
we
we
refer
to
you-
know
crypto,
the
open
web
as
the
the
fourth
and
golden
age
of
open
source
development
and
not
just
that
it
kind
of
gives
a
business
a
model
for
open
source.
I
mean
I,
I
can
remember
first
using
open
source
and
the
products
that
we
took
to
market
in
the
mid
90s
and
people
thinking.
E
We
were
crazy
to
to
actually
try
to
use
open
source
in
a
kind
of
an
industrial
enterprise,
little
and
sort
of
carry
grade
environment.
And,
of
course,
it's
proven
to
be
the
case
that
open
source
is
exactly
the
right
software
for
doing
that,
and
now
we're
taking
the
principles
of
open
source,
which
is
openness
and
collaboration
and
applying
it
much
more
broadly.
E
You
know,
there's,
I
think,
there's
all
this
opportunity
around
dow
decentralized
autonomous
organization
infrastructure
that's
being
built,
and
you
know
that
is
a
very
complex
problem,
not
just
not
the
software
just
but
obviously
the
very
essence
of
human
decision
making
individually,
let
alone
you
know
collectively,
but
I
think
it's
very
you
know
in
solving
it.
In
particular,
particular
use
cases
you
know,
even
to
a
to
some
degree,
is
incredibly
valuable
and
potent,
and-
and
I
think
you
know
it's
interesting-
to
speculate
what
this
next
wave
will
bring.
E
You
know
we
we're
had
in
2013,
you
know
quite
a
kind
of
bull
market
associated
with
you
know
bitcoin
and
a
few
alt
coins.
But
you
know
and
centralized
exchanges,
I
think
predominantly
then
we
had
obviously
the
the
ico
and
the
rise
of
an
alternative
to
you,
know
utxo
chains
and
and
and
and
at
least
move
towards
smart
contract
capability
with
ethereum
in
2017,
and
that
was
the
powerful
and
then
following
on
from
that
the
development
of
a
lot
of
eth
eth
2.0
competitors,
let's
call
them
killers.
E
I
think
this
can
be
room
for
quite
a
few
players
and
but
you
know,
people
contemplating
at
least
some
new
blockchains
for
every
many.
Many
many
different.
You
know
use
cases
and
again
we'll
be
talking
about
the
d5
primitives
that
I
think
have
been
fueling.
This
next
shift,
and
then
you
know,
of
course,
we've
been
talking
about
nfts.
I
think
you
know
dows
are
definitely
a
candidate
in
maybe
in
combination
with
social
tokens
and
our
infrastructure
for
opportunities
in
this
next
wave.
We're
already
over.
E
E
You
know
that
that's
that
shift
not
just
in
revenues
but
also
in
terms
of
the
users
combined
with
all
of
these
building
blocks
that
are
out
there
once
again.
Does
something
dispels
a
fantastic
opportunity
for
anybody
anywhere
who
has
an
insight
into
you
know
a
precise
insight
into
a
problem
that
should
be
solved
and
can
really,
you
know,
think
boldly
about
how
big
that
could
become
over
time?
If
you
then
take
it
to
to
market
it
kind
of
in
a
smart
way
and
probably
in
a
very
community
driven
way.
Indeed,.
D
Yeah,
it's
fascinating,
and
I
could
I
could
talk
to
you
all
day
on
this
sort
of
thing
and
just
sort
of
like
to
to
bring
things
to
a
close.
What
do
you
see?
You
know
this?
This
year's
been
a
one.
This
would
have
been
a
big
ball
cycle
sort
of
semi-bear
cycle.
Can
we
call
it
and
it
seems
things
seem
to
be
returning
back
to
you
know
the
balls.
What
do
you
see?
You
know
happening
over
the
next
12
months
in
terms
of
the
broader
market.
E
E
You
know
more
people,
you
know
into
this
this
domain
with
a
better
understanding
and
we
learn
from
them
and
they
learn
from
from
those
who
already
part
of
it,
and
you
know-
and
that's
a
good
thing.
I
think
you
know
I've
been
through
a
few
different
ways,
so
we
try
and
keep
my
sport
was
rowing
and
trying
to
keep
your
eyes
on
the
boat
and
just
think
of
you
know
who
are
the
great
teams
out
there?
You
know
what
are
the
problems
that
really
deserve
to
be
solved.
E
What
what
are
the
super?
Smart
approaches
to
doing
it?
Who?
Who
who
the
folks
that,
when
you
really
dig
deep
into
the
technology,
have
got
a
fundamental
you
know
edge,
and
you
know
that
that's
what
we
focus
from
on
from
our
perspective
and
I
think
the
mirror
side
of
that
is
what
entrepreneurs
should
focus
on.
E
You
know,
I
think
you
know:
we've
never
had
a
technology
market,
that's
turbocharged
by
this
direct
link
between
the
technology
and
the
you
know
the
ticker,
if
you
will
and
and
so
that's
both
a
blessing
and
a
curse,
I
think
there's
you
know,
organizations
that
have
done
well,
be
it
apple
or
some
others.
I
won't
mention
by
name
but
in
our
market,
really
encouraging.
You
know,
folks,
on
the
team
not
to
look
at
the
stock
price.
E
The
ticker
you
know
is
to
you
know,
focus
in
on
what
you
need
to
do:
one
foot
after
after
another.
That's
what
I
would
urge
that
that
we
do.
But
if
you're
talking
about
the
emotions
of
markets
and
and
so
forth,
it
feels
like
there's
a
little
way
to
run,
but
at
some
point
it'll
run
out
of
steam
and
we'll
you
know,
come
back
down
again
and
and
we'll
go
and
repeat
so:
that's
the
there
is
an
extra
challenge
we
haven't
talked
about
that
much
I've
been
alluding
to
it.
E
Even
if
you're
involved
in
many
other
ways
to
to
also
to
to
take
liquidity
for
your
investors,
you
know
that's
an
additional
skill
and
challenge,
I
would
say,
and
that's
where
some
of
the
market
fluctuations
do
do
come
in,
but
fundamentally
at
fabric.
You
know,
we've
got
a
actually
a
brand
new
130
million
dollar
fund
and
we're
you
know
we're
focused
on
the
5
10
15
year.
You
know
time
horizons
for
the
projects,
we're
we're
backing
and
just
working
very
closely
with
the
founders
to
be
as
supportive
as
we
possibly
can.
D
F
F
G
F
G
Crypto
voxels
is
this
metaverse
built
by
a
developer
named
ben
nolan,
who
spent
a
long
time
just
really
fascinated
with
graphics
and
meta
versus
and
kind
of
how
to
improve
the
experience
and
how
to
have
real.
You
know
how
to
how
to
how
to
bring
like
a
digital
world
to
life
like
one.
We
can
actually
spend
time
in
so
within
crypto
voxels,
you
get
dropped
in
as
an
avatar
and
you
build
with
voxels
right.
G
So
basically,
it
looks
like
minecraft
almost
where
you
have
these
little
blocks
and
if
you
own
a
parcel
of
land,
the
parcel
of
land
is
an
nft.
If
you
own
this
nft
parcel,
then
you
have
the
right
to
build.
On
top
of
it
and
the
really
cool
thing
is
people
have
built
these,
like
just
mind-blowing,
fantastical
things
these
buildings,
some
of
which
allows
you
to
teleport
from
from
room
to
room,
some
of
which
are
almost
mazes
with
secret
rooms
that
you
can
discover
it's.
G
G
I've
tried
it
with
I've
tried
it
with
an
oculus,
it
was
pretty
fun.
It
was
a
little
bit
hard
to
navigate,
but
I
also
did
that
you
know
six
months
ago
and
I
bet
the
the
team
six
months
to
a
year
ago.
I
have
no
concept
of
time
in
the
crypto
world,
but
time
moved
so
differently,
but
it
was.
It
was
fine.
It
was
a
little
hard
to
navigate,
but
you
can
see
the
the
promise,
but
normally
I
usually
just
actually
use
it
in
a
web
browser.
F
G
B
G
The
that's
the
interesting
thing
with
nfts
right
where
it's
like.
You
almost
feel
this
compulsion
and
it
it
seems
like
why
you
know
why
am
I
doing
this,
but
I
think
that
that
like
desire
to
to
actually
own
and
purchase
and
create
on
top
of
it
is,
is
like
worth
digging
into,
and
I
think
that's
what
makes
nfts
this
really
emotional,
this
really
community
driven
financial
product,
but
regardless
I
bought
parcels
right
now.
G
G
F
F
G
F
Right,
great,
okay
and
then
what's
I
know,
like
I
remember
when
electric
capital
launched,
you
know
I
talked
to
about
one
of
your.
I
don't
know
if
he's
the
founder
of
a
co-founder,
but
he's
who
I
talk
to
the
most
often
there
and
his
whole
thing
at
the
time
was
it
was
all
about
money
on
the
internet,
sort
of
the
larger
idea
of
money
on
the
internet
so
connect
that
to
nfts.
For
us,
if
you
don't
mind.
G
Yeah
yeah
yeah,
absolutely
so,
avitrel
garg
and
curtis
fencer
they're,
the
founders
of
electric,
the
electric
thesis
always
was
around.
You
know,
crypto
and,
and
we
were
founded
back
in.
You
know
back
in
2018,
so
remember
that
crypto
wasn't
really
all
about
money
before
right.
It
was
like.
Oh,
you
could
be.
You
know
a
supply
chain
infrastructure.
You
could
be
a
database
like
you
know.
There
was
a
lot
of
debate
around
what
crypto
could
evolve
into
now.
G
I
think
people
are
pretty
like
honed
in
on
the
financial
use
case,
but
it
really
really
was
not
the
case
before,
but
our
thesis
from
the
very
beginning
was
crypto
could
be
used
in
certainly
in
a
variety
of
ways
as
a
distributed
database.
Perhaps
if
you
wanted
to,
but
the
the
asymmetric
opportunity
here,
especially
for
a
fund,
would
be
to
invest
in
the
financial
use
case,
which
would
be
by
far
the
biggest
market
and,
in
fact
there's
this
possibility
that
we
could
build
a
financial
parallel.
G
Financial
infrastructure
rebuild
our
entire
financial
infrastructure
in
a
crypto
native
in
an
internet
native
way,
with
crypto
with
blockchain.
So
we
were
always
very,
very
honed
in
on
financial
products.
We
invested
in
a
lot
of
later
ones
and
defy
because
crypto
is
programmable.
Money
and
nfts
to
us
is
actually
it's
they're
they're
programmable
assets,
right,
they're,
digital
native
crypto,
native
assets
and
assets,
are
inherently
financial.
You
have
in
the
real
world,
you
have
real
estate
as
assets.
You
have
music
masters
as
assets.
You
have
certain
rights,
you
have.
G
F
F
G
I,
like
that
yeah
I,
like
that
name.
You
know
when
I
first
got
into
crypto.
It
seemed
so
obvious
to
me
that
defy
was
going
to
go
mainstream.
I
was
like
wow,
we
have
such
high
yields.
You
can
take
out
a
loan
in
a
decentralized
way
without
any
sort
of
intermediary
you're.
Just
you
know,
you're
interacting
with
the
contract
everyone's
going
to
be
on
this
everyone's
going
to
start
participating,
and
I
just
kept
waiting
for
the
crowds
to
come
in
and
it
just
never.
G
It
never
came
and
we
we
had
defy
summer
right.
We
had
a
lot
of
like
crypto
people
or
finance
people
start
being
really
attracted
to
these
products,
and
certainly
we
saw
a
lot
of
engagement
and
you
know,
like
uniswap,
does
almost
as
much
as
coinbase
and
volume
now
so
so
there
you
know
absolutely.
There
is
some
adoption,
but
it
didn't
really
reach
the
mainstream.
The
way
that
nfts
did-
and
I
think
you
know
it's
really
like
nfts-
really
put
the
emotional
aspect
on
top
of
on
top
of
financial
products
right.
G
F
F
F
Yeah-
and
I
feel
like
that,
you
nifty
is
still
kind
of
playing
around
with
like
farming
ideas,
so
so
that's
still
out
there,
but
it
seems
like
today,
more
of
the
nft
defy
marriages
are
more
kind
of
starting
more
from
the
basics
of
finance
like
lending
or
fractional
ownership.
I
don't
know
if
there's
anything
in
those
spaces
that
you've
been
interested
in
or
excited
by
are
those
topics
you
like.
G
Yeah,
no,
I
mean
absolutely,
I
think,
there's
there's
one
really
really
big
obstacle
in
the
nfc
space
before
it
can
really
take
off.
I
think
the
special
thing
about
nfts
is
that
you
know
communities
natural,
naturally
aggregate
around
them.
You
have
these
huge
discord,
servers
with
thousands
and
thousands
of
people
waiting
for
drops
and
that
that's
like
a
very
common
phenomenon
and
the
other
really
kind
of
superpower
for
nfts
is
that
they
can
is
that
there
there's
there
exists
a
defy
stack
that
they
can
theoretically
plug
into
right.
G
We
have
all
the
infrastructure
for
swaps,
we
have
all
of
the
infrastructure
for
lending,
but
there's
kind
of
this,
like
this
middle
thing,
that's
missing.
There's
like
a
step,
two,
that's
kind
of
missing,
and
it's
the
that
thing
is
really
that
there's
no
liquidity
or
it's
very,
very
difficult
to
get
liquidity
for
nfts
crypto
punks,
you
know,
has
has
probably
the
most
liquidity
and
then
some
of
these
top
collections
like
board
apes
or
you
know,
cool
cats
or
gutter
cats.
G
Right
right
and
I
think,
fractionalization
well-
liquidity
and
pricing
are
kind
of
two
sides
of
the
same
coin.
Right.
If,
if
you
have
more
liquidity,
you
can
price
these
assets.
If
you
can
price
these
assets,
you
have
more
liquidity
and
fractionalization
is
probably
the
best
solution
so
far
that
we
come
to
to
really
solve
this
problem,
I'm
not
sure
if
it's
100
there,
I'm
not
sure.
G
If
there's
some
tweaking
of
the
mechanism
that
we
need
but
effectively,
we
take
something:
that's
non-fungible
by
design
which
is
nfts,
we
make
it
fungible
through
fractionalization
and
then
turning
it
into
erc20s,
and
then
these
er
c20s
can
can
theoretically
seamlessly
plug
it
into
the
d5
stack
right.
But
I
think
still
the
problem
is
that
pricing,
the
underlying
asset
is
very
difficult,
and
so
you
know
I
I
think,
there's
still
some
stuff
to
be
figured
out
there,
but,
but
I
I
think
you
know
your
question
around.
G
Do
I
think
interesting
stuff
is
happening
around
fractionalization.
You
know
the
answer
is
absolutely.
I
think
that's
one
of
the
key
unlocks
that
we
need
to
develop
in
order
for
for
nfts
to
I.
I
don't.
I
think
we're
still
like
everyone
feels
like
nfts
have
taken
off.
Everyone
feels
like
we're
like
already
riding
this
huge
wave.
I
think
once
we
unlock
the
pricing
and
liquidity
stuff,
it's
like
we
haven't
even
seen
what
nft
can
do.
F
Yet
yeah
I
talked
to
the
nftx
founder
this
just
this
week
about
some
of
this.
Actually
because
I
was
doing
some
similar
reporting
and
for
folks
who
don't
know
how
how
that
works.
Is
they
create
indexes
for
nfts?
And
so
you
stick
an
nft
in
like
say
a
basic.
It
has
to
be
like
a
basic
crypto
punk,
just
like
nothing
like
the
most,
the
least
rare.
F
Well,
you
don't
you
don't
have
to
do
that,
but
it
wouldn't
be
smart
to
not
do
that
and
so
you
drop
it
in
there
and
you'll
get
one
punk
token
back
and
then
yeah,
like
you,
said,
punk
punk
is
trading
right
now
on
uniswap,
so
there's
always
a
price
for
the
most
basic
punk.
You
know,
and
so
that's
great
because
there's
you
have
an
ert20
price.
It's
up
to
the
minute.
F
You
know
you
can
look
when
the
last
trade
for
anything
was
and
so
they've
got
it
but
is,
but
as
he
explained
to
me,
he
was
like
look.
We
like
our
products,
but
it
really
is
only
good
for
floors.
It's
only
good
for
the
most
common
stuff
right
now,
they're
they're
working
on
derivatives.
That
would
that
would
make
it
more
sophisticated
and
they're
excited
about
that,
but
but
yeah
he
would
agree
with
you.
He
he's
psyched
about
a
marriage
of
an
ft
g5
and
he
feels
like
he
can
feel
it.
G
Yeah
yeah,
I
think
everyone
is
kind
of
circling
around
different
solutions
that
can
happen
because
everyone
is
super
excited
about
what
happens
when
nfts
truly
truly
merge
with
d
phi
in
that
in
that
way,
that
we
want
it
to
yeah.
Crypto
pumps
have
have
definitely
the
most.
The
crypt
of
punk
floor
has
definitely
the
most
liquidity.
It's
really
funny.
B
G
F
G
It's
it's
really
funny
that,
like
we've,
we've
kind
of
unlocked
the
floor
for
certain
collections,
but
yeah
I
mean
how
do
you
sell?
How
do
you
find
liquidity
for
like
a
four
million
dollar
crypto
punk,
you
really
can't
you
just
have
to
hope
that
someone
buys
it
from
you
or
you
can
you
you
can
fractionalize
it.
You
know
as
well,
and
I
think
that's
what
that's
what
that's
what's
super
interesting
about,
fractionalization.
G
F
F
If
it
works
for
that,
I
think
it
might
work,
for
I
don't
know
if
it
would.
I
know
axes
actually
infinity
the
game
kind
of
has
a
funky
setup.
So
I
I
don't
like
it.
They
have
a
whole
way
in
which
people
can
borrow
nfts
and
that
works
well
for
them
and
that's
huge,
but
I
don't
know
if,
because
of
the
way
they
did
that
setup,
if
reynolds
would
work,
but
you
could
imagine
a
world
in
which
it
would
make
sense
to
rent
a
game
character.
G
Stoner
cats
is
honestly
a
great
example
where,
like
you,
might
actually
want
a
short-term
loan
on
a
stoner
cat
just
to
watch
the
video.
I
know
people
who
are
like
you
know.
I
are
participants
in
dows
and,
like
the
dow
owns
a
bunch
of
stoner
cats
and
then
no
one
can
watch
it
because
it
you
know
it's
just
locked
in
place
so
so
yeah
I
mean.
I
think
that
that
ability
would
be
super
interesting,
I've,
I'm
actually
I've
had
two
instances
now
where
one
instance,
where
someone
lent
me
something.
G
So
I
you
know
earlier
this
year,
I
kind
of
I
lost
my
board
ape
someone
from
the
board
ape
community
actually
was
like
here.
Let
me
loan
you
my
ape
until
you
find
a
new
one
and
they
just
sent
it
to
me
right,
and
that
was
like
a
that
was
very
like
very
much
like
a
good
faith
transaction.
I
could
very
well
just
never
give
that
back
and
so
and
then,
more
recently,
I
sent
someone
the
three
axes
that
I
own
so
that
they
could
get
started
playing
and
again.
G
That
was
also
like
a
good
faith
transaction
where
I'm
just
hoping
that
they
they
bring
it
back,
and
they
probably
will,
but
you
know
it,
it
means
that
you
can't
rent
things
on
at
scale,
and
so
I
I
absolutely
agree,
I
think
something
that
allows
you
to
rent.
It
would
would
unlock
this
kind
of
behavior
at
scale.
G
Account
no
so
there's
there's
kind
of
the
way
that,
like
like
yield
guild,
does
it
and
kind
of
like
oxy?
Does
it
through
through
these
sort
of
programs
like
these
scholarships,
where
you
can,
they
lend
you
axes
and
then
you
earn
yield
guild.
For
example,
like
you
know,
any
anything
that
you
are
in
any
slp
and
access
that
you
earn.
You
retain
seventy
percent.
Your
community
lead
takes
twenty
percent
yield
guild
takes
ten
percent,
but
I'm
it's
it's
an
interesting
question.
G
F
What
I
thought,
what
I,
what
I
thought
they
told
me,
was
because
they
have
this
funny
setup.
You
can
give
someone
your
axey,
but
you
still
get
the
money
and
that's
why
owners
are
able
to
guarantee
that
people
give
their
axes
back
because
they're
like
yes,
I
will
pay
you
your
cut,
but
if
you
refuse
to
give
me
my
axes
back
then
I
won't
you
know,
I
won't
send
it
to
you.
So
sorry,
that's
just
a
minor
aside.
The
thing
go
ahead.
Sorry.
G
Oh,
no
I'm
saying
yeah
totally
I
mean
they
would
need
to
have
some
some
sort
of
setup
like
that,
because
they
give
out
loans
at
scale.
For,
for
my
case,
it
was
just
one
person
who
I
knew,
who
wanted
to
play
axle
infinity
so,
instead
of
kind
of
like
a
you
know,
trying
to
trying
to
make
it
a
more
complex
setup,
I
just
set
the
axes
to
him.
F
The
thing
I
think
is
interesting
about
lending
to
me
I
feel,
like
you
know,
we
went
through
this
big
cycle
where
people
got
really
into
nfts
and
the
price
went
up
a
lot
and
then
there
was
a
lull
in
the
market
and,
of
course,
mainstream
started,
making
fun
of
it.
Of
course,
this
bubble
popped.
It
was
never
real
anyway,
and
now
you
know
it's
back
in
a
big
way,
but
to
me,
when
lending
really
becomes
big
and
people
hold
things
as
collateral
for
a
while.
F
F
G
Yeah
that
that
actually
really
ties
into
your
questions
about
fractionalization
as
well,
so
partydao
is
kind
of
this.
You
know
they're
a
group
of
developers
and
they
created
a
product
called
party
bid
and
partybid
allows
people
to
bid
on
nfts
as
a
collective.
So
rather
than
you
know,
so,
the
the
thing
that
really
went
viral
was
a
zombie
punk
which
would
have
gone
for
millions
of
dollars
right.
So
it's
you
know
it
tradition.
G
Traditionally
you
know
you
would
have
to
have
rich
individuals
or
rich
dows
come
in
and
say:
hey
here's,
you
know
here's
a
million
dollars
and
then
everyone
bids
up,
but
party
dow
basically
asks
the
question.
You
know:
how
can
everyone
participate?
What
if
we
all
pull
our
money
together
and
participate
in
this
bid?
So
they
created
this
really
cool
ui,
where
you
know
when
you
hop
in
like
you,
can
see
everyone
else's
cursor.
So
it
really
feels
like
you're
in
this
like
crowded
chaotic
room
and
you
lock
your
funds.
G
So
you
connect
your
wallet
and
you
connect
you.
You
lock
your
eth
and
and
anything
that
gets
used
in
the
auction.
Obviously
that
eth
is
gone.
Any
ease,
that's
beyond
the
auction
price
gets
returned
to
you,
but
effectively.
What
it
does
is
it
just
bids
on
on
the
asset,
so
you
create,
like
a
party,
so
party
of
the
living
dead
was
the
party
that
was
created
around
this
zombie
punk.
G
F
F
G
G
I
think
there's
going
to
be
maybe,
like
you
know
three
big
questions.
One
is:
how
do
you
associate
rights
with
nfts
right
now,
if
you
own
commercial
rights,
for
example,
with
board
apes,
you
own
commercial
rights
and
that's
just
something
that
the
website
says:
you're
like
oh
okay,
I
own
commercial
rights
but
like
how
do
you
actually
represent
that
on
chain
right?