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Markets & Business
TMW #29: Shiba Inu Coin Paws to the Top
In this episode of TMW, we cover the absurdity of another meme coin: 'SHIB'. Here’s a cryptocurrency named after a dog with absolutely zero utility.
So, why is it in the cryptocurrency top ten (by market cap)? This is actually all about the power of community and what they’re capable of....Tune in to learn more.
Web 3 is About Ownership and Community
As we’ve discussed before, Web 3 is the next evolution of the internet. Web 3 is crypto. Web 3 is about ownership, where everyone can participate. It’s about community, where the people can decide and band together to grow a network. It’s about membership - everyone belongs somewhere.
The language used in Web 2.0 is different. Web 2.0 was about acquiring users onto one of the major platforms (Facebook, Youtube, TikTok) and it’s all about engagement (or views) on those platforms. We are nothing but a metric. But in Web 3, we have an identity. We get to own a piece of the internet vs being a pawn.
Squid Game Cryptocurrency is a Sham
And of course, with all the great things happening in Web 3, we’re going to have scams. This is life. It happens all the time. How many phone calls have you gotten recently from someone claiming that your car warranty has expired?
After a while, we can recognize the bullshit. Do you know how hard it is to scam someone these days? Shit has to get super elaborate. I’m not speaking form experience, BUT if I was to scam someone, I better come up with a brilliant plan.
But even things that are created as a joke, can still have legs. I think it’s all about the community behind it. In this case, SQUID is more of short term scam than an elaborate con.
Bitcoin Went Through the Same Skepticism that NFTs Are Going Through
The lesson here? If you don’t understand something, and you’re annoyed by folks jumping on a bandwagon, don’t hate on it. Ask yourself, why are they excited about this? If the core group are smart folks who understand something that you can’t, maybe they are on to something.
Trust me, I roll my eyes all the time, but the future is coming and it’s coming fast. I DO NOT want to be left out in the cold. If you could go back to 2014, you know you’d buy as much Bitcoin as possible. I’m not saying the same about NFTs because you have to be passionate about what you’re buying. But there’s something innovative happening. So...how can you participate?
Here’s clue: look at Ethereum.
Everyone Wants to be in the Metaverse
It’s not only Zuck and Facebook. It’s inevitable that we are increasingly moving to a digital age. Everyone will be adapting to Web 3 and how to participate in it.
I think it can be overwhelming how fast things are moving. Don’t feel rushed and don’t get FOMO. We are still in the early days of all of this.
Coinbase is a Major Threat
We did a podcast on this when Coinbase first went public. I think this has the potential to be a $1T company. It’s opening up a whole new world to a massive amount of users. It’s only going to grow bigger and become easier to buy/sell crypto. But it’s not just that. Coinbase will be a big part of the NFT space and probably the Metaverse.
No bank or current financial institution will be able to compete with them. They are too slow and far behind.
Crypto Needs More Lawyers
Talent. This is what it comes down to. Web 3 and crypto are attracting talent from multiple industries. This will continue to happen. Think about when Google and Facebook first focused on engineers, but now holds talent beyond engineers. Talent would highly consider going to a Google or Facebook rather than Goldman or McKinsey.
If you’re in college right now, or early in your career, start thinking about how you can provide value in this space. It’s like teaching your relatives how to use an iPhone or set up a social media account. Soon, companies will need to adapt to the changing Web 3 environment, and there will be plenty of opportunities there.
That's all the news from this past week!
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