Chainforest Weekly Recap (10/21/22)
Chainforest Weekly Recap
Greetings Rainmakers! ⛓️🌴
Welcome to the latest edition of the Chainforest Weekly Recap, where you’ll find up-to-date information on upcoming events, new members, and a round-up of the most exciting happenings in our Discord this week.
In the past week, 11 new Rainmakers have joined the forest.
The top three channels were: 💬│general-chat, 🦄│gen-nfts, and 🌱│share-deal-flow.
Discord Highlights 👀
Rainmaker’s share their thoughts on optional royalties on Magic Eden 🌟
Amit believes this is a fundamental challenge of crypto, low barriers to entry, and compressing margins. Amit points to a potential digital mechanism to solve this - check it out here
Jay Jay thinks royalties will be a very small subset of NFT trading in the future and notes that the biggest benefit for creators is not royalties. Here are the biggest benefits for creators according to Jay Jay:
Keeping your community engaged through ownership & a sense of community
Ability to get more granular with your community (ex.: proof of attendance)
Cameron imagines banks following a similar business model down the line as well. Essentially transitioning from providing the base layer deposit accounts and loans (nft selling/trading) as their main business model and moving more towards supportive services and platforms that round out the user experience
Ben provides a summary of the NFT Royalty Debate podcast on Unchained 🔥
Amit views this as a big blow since Magic Eden and OpenSea are two of the only examples of valuable, cash-flowing businesses in the space, enabling a new market
Amit adds if every project can get its margin compressed to zero, very few founders will spend time here. It will be impossible for investors to justify spending money
Jordan notes from a fungible token perspective, it feels like a face to zero with liquidity being the only real on-chain differentiator (hence the Uniswap v3 concentrated liquidity innovation blowing the fungible token market wide open). Jordan adds he would think the Uniswap fee situation is actually more comparable to the platform service fees, which to his knowledge, aren’t really in jeopardy, outside of the downside effects of any creator blacklisting fallout this creates
The community shares their insights on connecting real-world assets (RWA) to blockchains 🌎
In reviewing An Unreal Primer on Real World Assets, Vasanth finds the argument for “inside-out” adoption by frontier-focused Fintechs to dominate in 2023 (Flexport: From RWA to DeFi) to be compelling
Vasanth argues it will be difficult to accomplish in the time frame suggested (2023) for a few reasons:
It is unlikely that Flexport will allocate resources and attempt to innovate in a space that is far removed from the break and butter of their logistics business
While he is not sure how pricing works when institutions sell sophisticated financial products to other institutions, Vasanth does not think the average retail crypto investor is going to be the country part in the transaction
Regulation - especially since this would involve the packaging/selling of these products internationally
Community members react to Soona’s thread on what to expect when crypto markets turn apathetic, through several lenses ✨
Several Rainmaker’s are not excited about a shift from consumer to infrastructure
How valuable could a new infra play be?
Derek says potentially very (AWS was late to the game, for example). The odds are just slim
Derek adds the real play is to figure out the next value prop (financial speculation and disintermediation being the first). He bets the next censorship is resistance
Abraham states that censorship resistance is a low priority for the average participant in the crypto ecosystem
Amit says the truth is infra is always changing, Snowflake, Cloudflare, etc. It is not going to stop in web2 and won’t stop in web3 either
Upcoming Events 🗓️
ETH Lisbon Hackathon - an Ethereum-focused hackathon bringing together the best Web 3.0 builders to the crypto capital of Europe. Join us for 3 days of non-stop building
When: October 28-30, 2022, in Lisbon, Portugal
Details: here
Breakpoint 2022 - where the builders, enthusiasts, and dreamers making the future come to work, learn, and play
When: November 4-7, 2022, in Lisbon, Portugal
Details/RSVP: here
Southern California Blockchain Conference - aims to bring the blockchain community of Southern California together to further the development of blockchain technologies and solidify LA’s position as a Web3 hub
When: November 10-11, 2022 (location will be noted on the listing and in your confirmation email)
Details/RSVP: here
New Members 🎊
Bernat Nacsa | Guild.xyz
Confused Collector | GrailersDAO
Derek Brown | Bunches
Francois Le Nguyen | Staging Labs
Georgia Messinger | Everyrealm
Jeremy Penn | Degen Arcade
KC Chen | See DAO
Leanne Bats | Tres Cool Labs
Shawn Lim | Artichoke Capital
Simon Yi | Myosin.xyz
TJ Kawamura | Everyrealm
Interested in joining Chainforest? ⛓️🌴
How to apply: You can apply to become a member by completing our application on Typeform. We will review your submission and grant access after approving your profile.
Apply here: https://chainforest.typeform.com/apply
I hope you enjoyed this week’s edition of the Chainforest Weekly Recap!
Till next week,
Sloan (sloan#5762)