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Thanksgiving NFT starter pack

Some talking points to help you navigate your Thanksgiving convos!

William M. Peaster's avatar
William M. Peaster
Nov 25, 2021
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Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles


Dear Bankless Nation,

Today crypto and NFTs will come up during Thanksgiving dinner conversations for more than a few of us. 

It can be hard to explain, right. And there’s a lot to explain. For those of us here sometimes it’s felt like a decade just passed in the span of the last year. Where to start then? 

Keeping things simple and using broad strokes is probably your best bet, of course!

Accordingly, below I’ve put together some “big ideas” and helpful resources that can help you get the conversation rolling while the gravy’s flowing. 

-WMP


🙏 Sponsor: Zerion—Your Gateway to the Metaverse✨


How’s crypto doing?

Well! Earlier this month the market capitalization of the cryptoeconomy — BTC, ETC, everything — hit a new all-time high of $2.8T. That said, Bitcoin remains the largest crypto per market cap, though its activity levels have been dwarfed by Ethereum and a handful of Ethereum apps in recent times. 

This is because while Bitcoin does one thing well — decentralized payments — Ethereum now does many things well in facilitating decentralized payments and decentralized apps of all varieties. 

This dynamic has led to Ethereum becoming the main public goods infrastructure for decentralized finance (DeFi), decentralized media (NFTs), decentralized organizations (DAOs), social tokens, and beyond. The combination of these fields of interest is “Web3,” and their user-controlled possibilities have been generating massive demand lately.

Extra resources:

  • The State of Ethereum | Q3 2021

  • Ethereum Roadmap Update | End of 2021

  • The best product of the decade

What are NFTs?

NFTs are non-fungible tokens.

In other words, they’re media or products — think art or virtual land — whose ownership and provenance are tracked on a blockchain like Ethereum. 

Over the past two years, the NFT ecosystem has rapidly evolved and activity levels around NFTs have increasingly boomed. The idea and appeal of NFTs being “programmable culture legos” has attracted mainstream interest in a way nothing else in the cryptoeconomy has before! 

However, the NFTs are like a “blank canvas” technology and the ecosystem remains very young. As such, over time we should expect to see NFTs branch out into many more use cases, including more mundane and traditional things like car titles and real-world mortgages on the blockchain. 

Extra resources:

  • The World’s Greatest NFT Portfolio | DC Investor

  • How Long Will the NFT Bull Market Last? | Andy8052 & DeeZe

  • How to bid on NFTs with your friends

  • Axie Infinity Economics 101

What is the metaverse?

The metaverse is when the web becomes a giant virtual universe composed of many virtual spaces instead of a bunch of flat, static webpages. 

Twitter avatar for @WPeaster
William M. Peaster 🦇🔊🦃 @WPeaster
My thesis: Ethereum (L2s, DeFi, NFTs, etc.) is the socio-economic infra that will best connect metagalaxies into an open metaverse over time
Twitter avatar for @WPeaster
William M. Peaster 🦇🔊🦃 @WPeaster
🌍 Virtual world = single VR space (e.g. Fortnite) 🌠 Metagalaxy = an interconnected group of VR worlds (e.g. Cryptovoxels, Decentraland, Somnium Space, Webaverse) 🌌 Metaverse = the universe of metagalaxies, one day with browsers/UI capable for easily surfing it to and fro
10:43 PM ∙ Oct 29, 2021
46Likes10Retweets

Lately you hear about the metaverse in the context of Ethereum and NFTs because these Web3 technologies are increasingly being viewed as the open economic railing that can connect many virtual worlds into an open metaverse.  

To be sure, the metaverse is more of an ideal than a reality at this point. Yet it’s clear we seem to be accelerating towards it at this point via NFTs and so forth. 

Extra resources: 

  • Ethereum is metaverse infrastructure

  • Connecting metagalaxies with Ethereum

Should they invest?

The short answer? No, not until they’ve done some preliminary research and have some foundational knowledge about the basic topics of interest, e.g. blockchain, smart contracts, etc. 

At the end of the day, though, all you can do is try and guide your family and friends in the right directions. That means keeping things simple at first, like initially steering them to the main assets like BTC and ETH as well as user-friendly marketplaces like the upcoming Coinbase NFT platform. 

Also, if any of your close ones do dive in deep, guide them toward best practices like hardware wallets and beyond! 

Extra resources:

  • Ultimate Guide to Ledger

  • How to invest in crypto & sleep comfy

What comes next for crypto?

Further mainstream adoption, that’s what!

Seriously though. It’s difficult to convey to beginners in a short amount of time the full range of technical circumstances leading up to this historical point, though we can try. And in that regard I’d say welcome to the rollups revolution!

Indeed, over the next few years we’ll see layer-two (L2) “rollup” scaling solutions make super fast and super cheap transactions a reality for many millions of international users. These are the blockchain infra “level ups” that will take DeFi, NFTs, and DAOs straight into the heart of the mainstream, and we’re seeing the beginnings of this playing out now!

Ultimately, we’re not dealing with fads here — we’re dealing with socio-economic revolutions powered by unprecedented kinds of technology. And now our tech is on the verge of offering these possibilities to billions of users. 

Extra resources:

  • Ultra Scalable Ethereum

  • The best ways to invest in Layer 2

  • The best comparison on zkRollups today


Action steps

  • Watch What’s Going on With The Apes? | Recap #2 by Overpriced JPEGs

  • Watch pppleasr | Layer Zero by Bankless


Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.


🙏Thanks to our sponsor

ZERION

With Zerion, you can invest in DeFi from one place—now fully revamped for your NFT collection!

So you spent months building up your collection, but you’re still viewing your NFTs on a website that looks like it’s stuck in 2015? Have some fun with Zerion – send NFTs between wallets, convert them to iPhone widgets and flex them on your Apple Watch - all alongside your entire crypto portfolio.

👉 Look out for Zerion’s L2 Support & Cross-Chain Composability.

👉 Connect Your Wallet & Show Off Your NFT Collection.


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.


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Zora V3 is 🔥
Zora’s new protocol infra is a step forward for the NFT space!
Jan 25, 2022 • 
William M. Peaster
47

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Bored Ape Mutation Madness! ⚗️
BAYC introduces Mutant Apes, leading to a fun NFT mutation frenzy!
Aug 31, 2021 • 
William M. Peaster
25

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Why Right-Click Savers Flunk NFTs ❌
French philosopher Jean Baudrillard would tell right-click savers they have NFTs all wrong!
Sep 8, 2021 • 
William M. Peaster
24

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Why Right-Click Savers Flunk NFTs ❌
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