ROLLUP: Elon Twitter Takeover | Instagram NFTs | Art Gobblers & Goo | JP Morgan Crypto | Bitcoin's Birthday

1st Week of November, 2022 ------ 📣 Earnifi | Check For Your Unclaimed Airdrops, POAPs, & NFTs https://bankless.cc/earnifi ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/?utm_source=banklessshowsyt 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across 🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave 💠 NEXO | CRYPTO FINANCIAL HUB https://bankless.cc/Nexo 🔐 LEDGER | NANO HARDWARE WALLETS https://bankless.cc/Ledger ⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/Fuelpod ------ Topics Covered: 0:00 Intro 3:45 MARKETS 5:25 Fed https://www.cnn.com/business/live-news/stocks-market-fed-rate-hike/index.html 8:20 Political Will https://twitter.com/PauloMacro/status/1587899658038562821 11:30 US Savings https://fred.stlouisfed.org/graph/?g=VtLo 13:37 Layer 2 Transactions https://twitter.com/l2beat/status/1585981268348768257 16:55 Arbitrum Flippens Solana https://twitter.com/theempirepod/status/1587151305742594048 19:40 Elon Twitter Takeover https://twitter.com/davidfaber/status/1585785519933472771 22:00 The Bird is Freed https://twitter.com/elonmusk/status/1585841080431321088 22:45 Binance x Twitter https://archive.ph/3rfZB 24:00 Lords and Peasants https://twitter.com/elonmusk/status/1587498907336118274 28:20 Vitalik’s Take https://twitter.com/vitalikbuterin/status/1587593917197062145 29:50 Erik Voorhees Take https://twitter.com/ErikVoorhees/status/1587564882177585152 30:30 Entitled Elite https://twitter.com/DavidSacks/status/1588025594897346560 31:00 AOC Ratio https://twitter.com/elonmusk/status/1587911540770222081 31:45 Digital Identity https://twitter.com/owocki/status/1587602426106089472 34:55 Instagram NFTs https://twitter.com/Meta/status/1587929277864910849 37:55 Polygon https://twitter.com/sandeepnailwal/status/1587949120031006721 40:20 Arweave https://www.coingecko.com/en/coins/arweave 41:25 Art Gobblers https://www.coindesk.com/web3/2022/10/31/rick-and-morty-co-creators-nft-collection-sees-14m-in-trade-volume-hours-after-mint/ 42:55 Gobblers Analysis https://dune.com/pandajackson42/art-gobblershttps://dune.com/pandajackson42/art-gobblers 44:00 How it Works https://twitter.com/_Dave__White_/status/1569715399356485634 49:30 NEWS 50:50 zkSync Baby Alpha https://twitter.com/zksync/thread/1586053698672656384 52:40 Google Cloud Node https://decrypt.co/112954/google-launches-cloud-node-engine-for-ethereum-developers 54:05 RIP Nikolai https://cointelegraph.com/news/makerdao-co-founder-nikolai-mushegian-dies-at-29-in-puerto-rico 55:50 JPMorgan Using Crypto https://twitter.com/TyLobban/status/1587679344792829954 NFTs 1:01:20 Gamestop x Immutable https://twitter.com/0xferg/status/1587174624701255682 1:02:00 NFT Tweet Tiles https://twitter.com/TwitterDev/status/1585707921433923585 1:03:15 RTFKT Phygital Luggage https://thedefiant.io/rtfkt-vuitton-nfts 1:04:55 Budweiser FIFA NFTs https://nft.budweiser.com/ 1:06:25 OPJ in Puerto Rico 1:07:35 Bitcoin 14 Year Anniversary https://twitter.com/snowden/status/1587107723472211972 1:08:45 Thanks Gary https://twitter.com/GaryGensler/status/1587171919664746503 1:09:43 Miners Blowing Up https://twitter.com/cobie/status/1587087075752480768 1:10:45 Nifty Apes https://www.niftyapes.money/ 1:11:22 Zora Nouns Builder https://metaversal.banklesshq.com/p/zora-launches-nouns-builder 1:12:45 Jobs https://pallet.xyz/list/bankless/jobs 1:14:30 TAKES 1:15:30 Talk of the Town https://twitter.com/RonwHammond/status/1587443194945470465 1:20:40 Vitalik on Regulation https://twitter.com/vitalikbuterin/status/1586557896351186944 1:24:18 Verified Accounts https://twitter.com/TrustlessState/status/1587553632660201472 1:24:45 What David’s Bullish On 1:27:30 What Ryan’s Bullish On https://www.sound.xyz/user/0x3c2027f90b087ec509e533762a917e76e09b1d0c?tab=collection 1:32:35 MEME of the Week https://twitter.com/lopp/status/1583795567343243264 ----- Not financial or tax advice. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00David Hoffman?

  Elon Musk is finally in charge of Twitter.

• 0:06Ryan Sean Adams?

  Hey, Bankless Nation. It is November 2022 already. David, what time is it?

• 0:11David Hoffman?

  Ryan, it's the Bankless Friday Weekly Roll-Up, where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Yet, we persevere into the frontier of crypto nonetheless, with what, Ryan?

• 0:23Ryan Sean Adams?

  A cup of coffee. I'm drinking one. Do you have one?

• 0:25David Hoffman?

  No, I'm at my max.

• 0:26Ryan Sean Adams?

  It's just something you say? You're not taking your own advice, David?

• 0:29David Hoffman?

  No, I brewed one pour-over in my Chemex, and I drank the whole thing, and that's enough.

• 0:34Ryan Sean Adams?

  You gotta loot yourself. But like, a few weeks ago, you came in here with three.

• 0:38David Hoffman?

  Yeah, I drank like, two or three sips of the third, and I had to pour it out. It's like, this is gonna be too much. Yeah. Diminishing returns on the flavor.

• 0:48Ryan Sean Adams?

  The flavor, it's, yeah, and it becomes not even about the flavor. It becomes about the caffeine hit. And then you're like, you know, you start to know you have a problem.

• 0:56David Hoffman?

  And then you're just owned by the caffeine. And you know, on Bankless, Ryan, I'm just not about being owned.

• 1:01Ryan Sean Adams?

  The self-sovereign individual. You don't want to be owned by caffeine. You don't want to be owned by carbs. You don't want to be owned by banks. My god, what a freedom maximalist.

• 1:09David Hoffman?

  Get these dopamine hits out of my face, yeah.

• 1:12Ryan Sean Adams?

  Well, you didn't know you were signing up for an anti-coffee movement, but I suppose you are, even though David tells you to drink a cup of coffee with the Weekly Roll-Up. David, we've got some exciting topics for the week. First, Elon Twitter takeover, and what this means for crypto. We're gonna dive into that. What else?

• 1:27David Hoffman?

  Coming up after that, Meta and Instagram going full send into NFTs. What does that even mean? And then, of course, Ryan, we were talking about this before the show. You and I both like Rick and Morty. Did you know the Rick and Morty creator is in the world of NFTs in a big way?

• 1:44Ryan Sean Adams?

  Art gobblers, it's called.

• 1:45David Hoffman?

  Art gobblers. Gobble, gobble, gobble, gobble.

• 1:48Ryan Sean Adams?

  That was big. I feel like almost NFTs are back. We're gonna get into all of that, guys.

• 1:52David Hoffman?

  Yeah, it's not your typical NFT drop, that's for sure.

• 1:54Ryan Sean Adams?

  It's not, it's not. This is not your typical airdrop finder either. Want to tell you about our friends and sponsors at Earnify. There are some airdrop finders in the market, but they surface a whole lot of spam. What's an airdrop finder? You plug in your ETH address, or your Binance address, or your Coin. Cosmos address, any EVM chain, also Cosmos. And it will automatically check to see if you are eligible for cool stuff. Like airdrops, like NFTs, like Po apps. Also provide you some alerting for things like ENS. This is the way to find your unclaimed airdrops. David, I've had a lot of success with Earnify. Probably made me $10,000 plus.

• 2:34David Hoffman?

  Wow.

• 2:35Ryan Sean Adams?

  In perks. What you can do, David, is you can put your wallets inside of the Earnify tool and it will find you all sorts of airdrops that you can collect. Here's an ENS airdrop that I picked up. Some Po apps that I picked up as well.

• 2:48David Hoffman?

  Oh, did we, did we miss an ENS on the bankless multi-sig? That's what it says.

• 2:56David Hoffman?

  Uh oh.

• 3:00Ryan Sean Adams?

  Did we really?

• 3:01David Hoffman?

  Uh oh, we should have signed up for Earnify a little bit earlier.

• 3:04Ryan Sean Adams?

  Ah, man, that's sad.

• 3:05David Hoffman?

  Oh, we lost $4,500. Oh, no.

• 3:08Ryan Sean Adams?

  See what happens when you don't use Earnify.

• 3:10David Hoffman?

  Should have been using Earnify when we made the multi-sig. Damn.

• 3:14Ryan Sean Adams?

  Well, how should folks get started with Earnify? So they don't make the mistakes that Bankless has made in the past.

• 3:18David Hoffman?

  Yeah, because as we clearly have, we already knew this, but also just as a reminder, airdrops also expire, which is why you need an airdrop notification service to be the sentry for all of your wallets and all of your airdrops. So the link in the show notes, earni.fi, earni.fi. To get started, plug in your wallets, sign up so you can get notified. So you never miss an expiring airdrop like Ryan and I did on our bankless multi-sig. Whoops.

• 3:45Ryan Sean Adams?

  That's embarrassing.

• 3:46David Hoffman?

  That is embarrassing.

• 3:48Ryan Sean Adams?

  All right, Bitcoin price, what are we looking at this week, David?

• 3:50David Hoffman?

  Bitcoin started the week at 20,600, down 1.7 ish percent to 20,300. Not that much, not that much. That's noise.

• 3:59Ryan Sean Adams?

  Down a little bit. And how about ETH?

• 4:01David Hoffman?

  ETH flat, start of the week at 1550, ending the week at 1550.

• 4:04Ryan Sean Adams?

  1550, interesting.

• 4:06David Hoffman?

  1550 is the number.

• 4:07Ryan Sean Adams?

  Mean line number, 1550. And then, so what does that mean for the ratio?

• 4:10David Hoffman?

  Ratio is up 1.7% starting the week at 0.075, ending the week at 0.076.

• 4:17Ryan Sean Adams?

  Probably noise. I mean, ratio is still climbing a little bit, but like not much on the week. Does this mean anything to you?

• 4:24David Hoffman?

  I mean, we like that 0.75 and above number, that's for sure.

• 4:28Ryan Sean Adams?

  How about total crypto market cap? We above or below a trillion?

• 4:31David Hoffman?

  Above a trillion, 1.052 trillion, up about $10 billion versus last week.

• 4:38Ryan Sean Adams?

  The highs on that trillion is we got to 3 trillion last market cycle.

• 4:42David Hoffman?

  Wow.

• 4:43Ryan Sean Adams?

  Twenty, that was back in November 2021. Do you know that was the top?

• 4:48David Hoffman?

  Yeah, I'm reminded of that meme of Wolverine, just like longingly looking at that picture.

• 4:53Ryan Sean Adams?

  Yeah. Do you know, are you like, so I wasn't really excited about that.

• 4:59David Hoffman?

  You weren't excited at the top?

• 5:00Ryan Sean Adams?

  No, I just felt like there was still, like, there was a lot of froth. I mean,

• 5:03David Hoffman?

  Yeah, it felt dirty.

• 5:04Ryan Sean Adams?

  Luna the Algo, it felt dirty.

• 5:06David Hoffman?

  It felt dirty.

• 5:06Ryan Sean Adams?

  Just like the ICO mania felt dirty. It felt mania, it felt dirty in like late 2017 and it felt also dirty in like late 2021. Like I was happy about some of the, but there's, there's clearly so much that needed to be flushed out. And so, yeah, once again, this is kind of a healthy process. Let's talk about the Fed. It's what they're doing healthy. I'm not so sure. We'll see. Stocks tumble after Fed signals rate hikes are here to stay. So the Fed, of course, announced that they are increasing rate hikes. They're increasing interest rate by 75 basis points. That was pretty much expected. And just to go through a recap of history, the 2022 hikes so far, March, we went up 25 basis points of 0.25%.

• 5:51Ryan Sean Adams?

  In May, 50 basis points. And we had four straight basis point hikes of 0.75, 75 basis points. And so now the Fed fund range is 3.75 to 4.0%. That's where we are now. At first, stocks were excited about this and kind of happy, David. And then prices took a tumble, especially when, particularly when Powell said, we have a ways to go. This is not quite a direct quote. It's sort of a summary. He said, it's premature to think about pausing rates. The possibility of a soft landing is narrowed because inflation has not come down with the rate hikes.

• 6:34Ryan Sean Adams?

  That is what we're looking at. An analyst said, there were no hints of dovishness to indicate that the Fed may be poised to pause. What do you think about this?

• 6:44David Hoffman?

  Yeah, I mean, I think this is par for the course is more or less what we've been expecting. There's nothing really new here. I think the market is starting to get like fatigued about like asking the question pivot soon. And like, there's like, there's two players in the market. There's like, ha, like crypto prices went from 1300 to 1600, like, we're off the floor. It's like the bear market rally. And people are just like, all being super naive that like, the global macro economy is still kind of going to shit. And like, that is a long process, not a short process. So we're like punctuated by this overall bear market by like, short-term blips of like liveliness in markets. But then when we zoom out, we're like, oh, it's still bad, still pretty bad.

• 7:25Ryan Sean Adams?

  Well, what'd you think about our episode with Macro Elf earlier this week? Was that sort of, is that, was that what you expected? Or was that more bearish than you expected?

• 7:34David Hoffman?

  Yeah, that's kind of where I started to think like, God, like, there's, if you zoom in on the charts, things don't look so bad. Things look like kind of choppy with some ups and some things to be happy about. But if you, the more you zoom out, the more it looks like, damn, we are in a downtrend, and that downtrend has not been broken. And Macro Elf and other people are like, yeah, guys, the downtrend, it's going to continue being a downtrend.

• 7:54Ryan Sean Adams?

  Yeah, he's like, it's part of the cycle. And that's what 2023 is going to be as well. It's either flat or down. We're not going to recover.

• 8:00David Hoffman?

  It sounds like 2023 is flat is like best case scenario.

• 8:04Ryan Sean Adams?

  Yes. And then Macro Elf thinks that there could be a cyclical change, you know, starting around 2024, but we still have a ways to go, is the message.

• 8:12David Hoffman?

  The meme is like, yes, the pivot is coming. But

• 8:15Ryan Sean Adams?

  Not yet.

• 8:16David Hoffman?

  If the pivot's coming when like Bitcoin is below $10,000, who cares?

• 8:22Ryan Sean Adams?

  Well, you know, that might mark the floor. Here's a take from Pablo Macro. Okay, quickly on the Fed, no pause coming, harder landing is likely, is what was said among many other things. But what was unsaid, here's what was unsaid. Powell was asked about a plus 50 basis point in December, and he dodged, saying, it's about the pace, what level we got, we get to, and how long we stay there. But he left it open. But also, he left open 75 basis points, and he implicitly left 100 basis points open, in all caps here. He does not No, the road is wide open. So the chairman is leaving all possibilities on the table. No dovish talk. And he also talked about inflation is where it was a year ago.

• 9:06Ryan Sean Adams?

  If that is Powell, he needs to go to 8%, 3% real inflation, he will do it because he has an alphabet soup of programs he can use to pick up the pieces. He would rather break stuff and then patch it back together because that is easier than letting it get entrenched. So I think Paulo Macra here is saying that the Fed will, like, from everything that Powell is saying, he is incredibly hawkish and he wants to break the back of inflation and he's not going to change course until he starts to see inflation recede. And he'd rather get to the point of actually breaking things because it's easier to piece them back together than to cause kind of, you know, the precipitous, than to correct the precipitous problem of inflation, which we're

• 9:51Ryan Sean Adams?

  plagued with. So there's that take, David. I guess my only counter maybe to this take is just because Powell wants to break inflation and he wants to be hawkish, doesn't mean he actually gets to do that. So it's not like central banker Jerome Powell has infinite power and he's able to do exactly what he wants. There are constraints and one of the chief constraints is political will. So what happens if the politicians start to push him back, try to rein him in? We've seen reaction to the politics of the scenario from Powell before. And I think that could mean like, just because Powell is saying these things, just because this is his

• 10:35Ryan Sean Adams?

  intent, what he would do if he were emperor god king. He is not any of those things and has to respond to the political climate as well, which might mean a pivot will come sooner than he would wish. What's your thought?

• 10:47David Hoffman?

  Yeah, that was the other thing that stuck out to me about the macro Alf episode that we did. And it's just like so aligned with everyone who's in macro like Dalio, Lynn Alden, all these people that are like long term cycle focused people. There's this universal acceptance that like, once you go above the Federal Reserve, it's the people and it's the structures of power. And it's like, the people that are in power want to stay in power. And the only reason that they stay in power is they make like the plebs of the world not upset, which makes like Powell beholden to the emotional like aggregate of the entire economy. And so like the the riled upness of the people of the world actually does matter is like part of like fundamentals. It's like, how

• 11:32David Hoffman?

  riled up is the people?

• 11:34Ryan Sean Adams?

  Well, and that goes to kind of the next chart. We wanted to show this is a chart showing the personal savings rate. That's the blue line here that you see personal savings rate of citizens in the US. And then the red line here is the consumer loans rate. So this is credit cards, other revolving plans. And look at this, this is the past since since the early 2000s. So I'll scroll this all the way to early 2000. And you see the blue line, personal savings rate, you know, kind of like edging in between five and let's call it 10% or so. And then during COVID, look what happens stimulus checks 2022.

• 12:15David Hoffman?

  We shot up to

• 12:18Ryan Sean Adams?

  a personal savings rate of about like, close to 35% at its peak. And that was in March of 2020, Americans had a lot of money in the bank.

• 12:28David Hoffman?

  Plus, also, they started to pay off their credit cards and other debt. You can see like, as personal savings jumped up to like, basically, you know, all time highs since this chart shows, it's the one time you actually see consumer loans actually go down.

• 12:42Ryan Sean Adams?

  Yeah, so credit card debt is being paid off a little bit here. But what you see from March of 2020 up to now is this not not so gradual, I would say, pretty steep decline in personal savings rate, all the way, David, to where we are now. Is we have less than 5%

• 13:00David Hoffman?

  Lows since 2002.

• 13:02Ryan Sean Adams?

  3.1% personal savings rate. So we are

• 13:05David Hoffman?

  Meanwhile, the consumer loans line just skyrockets to all time highs. So now we're even in a worse place.

• 13:11Ryan Sean Adams?

  And to get a benchmark, this is kind of like, it's not necessarily all time, all time lows, but for the past 20 years.

• 13:17David Hoffman?

  Yeah, right.

• 13:17Ryan Sean Adams?

  We're, we're at the chart lows and this is lower David than or about the same as 2008. Okay. Which is pretty crazy to me. So at the same personal savings rate right now as 2008. And do you remember what 2008 felt like?

• 13:34David Hoffman?

  I mean, I was a naive little kid, so.

• 13:36Ryan Sean Adams?

  It did not feel like good times. It did not feel like good times. And so we're back there again. So this is what Powell, I think, has to, has to balance Fed actions and all politicians do is like, Americans, I think people around the world, but this chart is, is the US in particular, there's a lot of pain right now. People are out of savings. Look at this debt, David. This, the consumer debt is at all time highs as well.

• 14:00David Hoffman?

  That, that is the most aggressive line up into the right on this whole chart. And like, the thing is like, we're at this point now where we're like all, all time, like chart highs on consumer loans, loans, chart lows on personal savings rate. And if it just like stays here, if it stays flat, that's like, you know, the, like boiling the frog, like if it stays here, it's bad. Like, and it's, and it's trending upwards.

• 14:25Ryan Sean Adams?

  I mean, no wonder this is a, from our Ben Hunt episode, no wonder everyone's at each other's throats.

• 14:30David Hoffman?

  Yeah.

• 14:31Ryan Sean Adams?

  I mean, like,

• 14:32David Hoffman?

  We're not growing the pie, we're dividing the pie.

• 14:34Ryan Sean Adams?

  We're not growing the pie. We're absolutely dividing pie. That's what's happening right now. Uh, anyway, that's the macro situation. Looking a bit grim. Let's talk about some brighter news on the, the crypto side of things. And what's this number we're looking at?

• 14:46David Hoffman?

  Yeah, this is pseudo Theos tweeting out, the real flipping already happened. Layer twos now regularly execute more transactions than layer one Ethereum. The day has finally arrived. We got more transactions on Ethereum's layer twos than its own layer one. Arbitrum, leading the way with, I think, of past days, transactions per

• 15:07David Hoffman?

  Second 4.5 transactions per second versus Ethereum's 11, basically 12. But that's because Arbitrum's not even congested. I think the numbers for Arbitrum is Arbitrum has scale for up to seven Ethereum's 11 Ethereum's, although the technical teams will say that that metaphor doesn't make any sense, but it's still useful. And so coming up after Arbitrum's four and a half transactions per second, we have immutable's four transactions per second. Optimism's three and a half, DYDX is 2.6. When you add all these things together, Ethereum's layer two ecosystem has been doing more transactions than the Ethereum layer one. Cool.

• 15:45Ryan Sean Adams?

  And that's been the case.

• 15:47David Hoffman?

  Yeah, wow, that's been the case for a while. Oh, the reason why we know this is because Layer 2B, this website that we go to all the time, Layer2B.com shipped this new thing called Activity and this new tab called Activity. So we actually get to like consume this data a lot easier. So thank you Layer 2B for shipping such a great feature.

• 16:02Ryan Sean Adams?

  Yeah, the red line is Layer 2 transaction activity and the blue is Ethereum and it's been higher than Ethereum since

• 16:11David Hoffman?

  October.

• 16:11Ryan Sean Adams?

  Since October.

• 16:12David Hoffman?

  Almost a month now. Click on Arbitrum, see if we can see the transaction activity just of Arbitrum.

• 16:19David Hoffman?

  Activity? No, activity. Oh, yeah, activity. Alright. Oh, that is great. Oh, these are some great charts. So Arbitrum Activity looking like it's kind of coming to its, yeah, its all time highs. Hit that max, just make sure. Max number. Oh, yeah. Oh, that's a great looking chart. Nice job Arbitrum. Look at that. Look at that activity. That's awesome.

• 16:39Ryan Sean Adams?

  Arbitrum is like 62% I think of all Ethereum transactions right now. It's pretty impressive. When you add it all together, average transactions per second on Layer 2s are about 16 versus Ethereum that's 11. So this is how Ethereum is scaling right now. It's really exciting to see Layer 2s catch on like this.

• 16:59Ryan Sean Adams?

  Also, taking a look at total locked value, did you know, speaking of Arbitrum, Arbitrum just surpassed Solana in terms of total locked value. David, do you see this chart? What's interesting to you about this one?

• 17:11David Hoffman?

  Let's see. The interesting thing is that Binance Smart Train and Tron are such a goddamn large percentage. Binance Smart Train is okay, Tron's not. But Arbitrum, yeah, coming in bigger than Solana. There's a lot of old OG bankless theses finally coming into fruition here.

• 17:27Ryan Sean Adams?

  Yep. So it's fall, but I guess Layer 2 summer is finally here? Question mark, David? We've been calling it for a while.

• 17:33David Hoffman?

  Don't say it. Don't say it.

• 17:34Ryan Sean Adams?

  What do we got coming up next?

• 17:35David Hoffman?

  Coming up next, we got the Elon Twitter takeover and all the drama associated with that. Is Elon rumored, Ryan, Elon is rumored to be laying off 50% of the staff tomorrow, our tomorrow, listeners today. So we'll see if he follows through with that. Instagram and Meta full sending into NFTs. We'll talk about all the features and capabilities that they have unlocked. And art gobblers, you gotta feed the art gobblers their art. We're gonna talk about what the hell that means, all of this and more. But first, we're gonna talk about some of these fantastic sponsors to help you go bankless. Nexo is your financial hub for all your crypto needs. Nexo lets you buy crypto instantly with your credit or debit card or via bank transfer. And they also have an awesome advanced

• 18:17David Hoffman?

  trading platform, Nexo Pro, where you can get the best possible prices and trade with 50% discount on fees. And Nexo also lets you earn interest on your crypto in Bitcoin, ETH, or other assets. And they also give you an instant crypto line of credit with as low as 0% APR. And they also give you access to a crypto-backed mastercard, of course earning you more crypto when you use it. So enhance your financial life with Nexo, who ensures all credit lines are overcollateralized with insurance on all custodial assets. Nexo, the right place for your crypto. So click the link in the show notes to join over 5 million users who are getting the most out of their crypto. If you've been listening to Bankless, you know that we're fans of the modular blockchain thesis. The idea that blockchains will separate execution from data availability and consensus,

• 19:02David Hoffman?

  allowing all three to become the best versions of themselves. And Fuel has built the fastest modular execution layer in the industry. By supporting parallel transaction execution, Fuel unlocks significantly faster throughput for the web3 world. Fuel also goes beyond the limitations of the EVM with its own Fuel VM, which is more efficient and optimized, opening up the design space for developers. And lastly, Fuel brings a powerful developer experience with its own domain-specific language, Sway, and a supportive tool chain called Fork. With Fuel, you can have the benefits of smart contract languages like Solidity while adopting the improvements made by the REST tooling ecosystem, letting the Fuel development environment go beyond the limitations of the EVM. If you want to learn more, there's a link in the show notes to see how you can get involved with a Fuel network.

• 19:45David Hoffman?

  Elon Musk is finally in charge of Twitter. This was happening while we were recording the weekly roll up last week, but we knew there was gonna be a bunch of drama over the next five days, so we decided to wait. So Elon Musk coming in hot into Twitter, firing people left and right, pew pew pew. He's fired Agarwal, the former CEO. He's fired the previous chief financial officers. He's fired the head of legal. He's fired the general counsel. He's fired so many more other people. And like I hinted.

• 20:13Ryan Sean Adams?

  I feel fired as you're talking. Did he fire me? I saw my Twitter account, right?

• 20:17David Hoffman?

  Well, he says, he says, he was, did say he's going to fire 75%. He's pared that back to just 50%. He's gonna fire, of all Twitter staff, he's gonna fire on Friday, tomorrow, our tomorrow listeners today. So that's what he said.

• 20:31Ryan Sean Adams?

  Did you see all of these memes about people like fake memes of people getting fired? Like leaving the building?

• 20:37David Hoffman?

  Yeah. So like apparently people like put up like, they like, some people like showed up outside of Twitter headquarters with like boxes and they put like their office equipment, but they actually weren't employees, they just posed.

• 20:48Ryan Sean Adams?

  And they got like mainstream media to report that they were being fired. Okay.

• 20:52David Hoffman?

  And then, okay, but in addition to that, Elon Musk says, has reportedly brought in over 50 Tesla engineers.

• 20:59Ryan Sean Adams?

  Really?

• 20:59David Hoffman?

  Into Twitter to bring Tesla's talent into Twitter talent. And I think that what he's thinking is that like, you know, Elon Musk is just like, if you work at Tesla, like you perform, like that is the, that is the expectation. Same thing with SpaceX. And that, so I think the vibe is that like Elon thinks all of the Twitter engineers are just like lazy and they've just been like lazing around for the past like years and years and years. So he wants to bring his like, you know, super military engine, here's people, his like super.

• 21:27Ryan Sean Adams?

  This is what private equity always does, right? They'll acquire and then they'll like fire all of management and bring in their people to run things. He's kind of doing a private equity play here, right?

• 21:35David Hoffman?

  Yeah, it kind of sounds like that. Like I've, I've heard that there's like certain features that he's put deadlines on and whoever doesn't like ship and get that deadline done is like fired. So like, yeah, coming in, coming in hot into Twitter.

• 21:48Ryan Sean Adams?

  He's also ending all remote work, which is an interesting thing for a tech company to do, requiring remaining employees to show up at their offices. People are gonna hate that.

• 21:58David Hoffman?

  Yeah, the people are not gonna like that. Anyways, he tweets out, "The bird is freed." And he's just been tweeting on Twitter, which is now his company, all about like, "Oh, freedom of speech. We can talk about carbs now." That's an inside joke if you saw that tweet. But just like how like there's not gonna be, there's gonna be like less like content moderation. But anyways, there's a lot of chaos going on. People don't really know exactly what the net effect of all this is. We're still kind of waiting and seeing. It's still pretty early.

• 22:24Ryan Sean Adams?

  I mean, first of all, like I would say, it's like Twitter is kind of like crypto's governance engine in a way.

• 22:29David Hoffman?

  Yes, this is why Twitter is so important now.

• 22:30Ryan Sean Adams?

  This is where we have the public discussion, but there are certain questions of what does this have to do with crypto? And can crypto help solve some of the problems that Twitter is facing right now? Maybe Web 3 identities, maybe other things. But this was interesting, this from Binance. What are we looking at here, David?

• 22:47David Hoffman?

  Yeah, Binance Twitter account says GM Twitter, and then it's a picture of CZ buttoning up his suit. And then a picture of Elon poking through a little Twitter logo window. The reason why this tweet exists is because Binance put in $500 million towards Elon Musk acquisition of Twitter. So through Elon, Twitter, Binance owns $500 million of Twitter equity. Wow, that's a lot.

• 23:14Ryan Sean Adams?

  I heard this was, you know, I guess Twitter, Elon and the Twitter deal took CZ's money, but didn't take SBF's money. That at least is the rumor. So SBF apparently wanted it.

• 23:24David Hoffman?

  They declined SBF's money, yeah.

• 23:25Ryan Sean Adams?

  But he took CZ's money. I wonder if there are strings attached to that. But here's a headline from Bloomberg, "Crypto exchange Binance is creating a team that aims to help Twitter with things like bots." So Binance may be CZ sending his army to go help Elon as well. What do you think about that?

• 23:42David Hoffman?

  That makes sense. I don't know what to think about that.

• 23:47Ryan Sean Adams?

  Bots are definitely a problem.

• 23:48David Hoffman?

  It would just be, bots are a huge problem. Is that why Binance is involved though? Because Binance has like bot expertise? I'm not sure.

• 23:55Ryan Sean Adams?

  I don't know.

• 23:55David Hoffman?

  Anything I say is speculation.

• 23:57Ryan Sean Adams?

  Yeah, for sure. We'll have to see how it plays out. But how about this tweet, David? I want to get your thoughts on this. This is Elon Musk. "Twitter's current lords and peasant system for who has or who doesn't have a blue checkmark is bullshit. Power to the people. Blue for $8 a month. Blue checkmark." So for people who aren't into Twitter, David, what is the significance of a blue checkmark? What is kind of like the status quo of how you get a blue checkmark? And what is this $8 per month thing that Elon is talking about?

• 24:26David Hoffman?

  The blue checkmark is a verified account and it's really been reserved for high-profile accounts that we need to have this mechanism to easily verify that that is the authentic, real account. So that has been the purpose of a blue checkmark. I think the main, the main point is to like, if you are a high-profile account, somebody will make like replica accounts and like, like impersonate that high-profile account to do whatever, influence, scam, fish. Like Ryan and I each have like hundreds of fake accounts that are impersonating us. And so the idea of the blue checkmark is just to make it easy to verify who is actually the real one and who's not. The problem with that is that it doesn't really work like that because of how corrupted it is.

• 25:12David Hoffman?

  If you want a blue checkmark, you can buy one in like back alley Twitter channels with Twitter employees for $25,000 ish, you know, I don't know what market rate is. But like, oh God, yeah, you got some, you got some bad one, bad impersonators. And so like the Twitter blue checkmark thing has kind of turned into just like a celebrity like Chad thing, but that you can buy your way into. It's not really, it's no longer working as

• 25:35Ryan Sean Adams?

  More like a social signal?

• 25:37David Hoffman?

  It's a social signal. Yeah. And also, it's just like completely fallen apart in the past like two months or so.

• 25:42Ryan Sean Adams?

  It's also impossible to get. I've tried like five times. And I think like you and I, many people in crypto have a valid case in that like there's going to be

• 25:49David Hoffman?

  We have the most valid case. We have the most impersonators.

• 25:51Ryan Sean Adams?

  There, there are many impersonators and like these impersonators are causing harm to people where like fake Ryan Adams, I don't know how many times I, a day, literally, I get DMs from people

• 26:00David Hoffman?

  Once a day, I probably, I

• 26:00Ryan Sean Adams?

  Telling me, hey, there's a, there's a fake Ryan out there. And like, he just DM'd me, is this you? And he's like, ask them something about

• 26:07David Hoffman?

  Your trading strategy?

• 26:08Ryan Sean Adams?

  Their financial history, trading strategy. It's, you know, super lame. I'm like, no, I don't, I wouldn't talk like that. But also, no, that's not me. But it's impossible to go through the process and get a blue checkmark. Been denied like five times, don't know why. Just goes into a black hole. So what is the $8 a month? Where does that come in?

• 26:24David Hoffman?

  Yeah, we don't really know. That's that this caused a bunch of consternation, a bunch of confusion. Because the point of the checkmark is that you can't get it. You have to be like given a checkmark by people that verified you. And so like blue for $8 a month. First, there's this thing called Twitter Blue, which is the thing you pay for, which I pay for, which gives you some extra perks. You can get your NFT profile picture there. You can like edit your tweets, stuff like that. What Elon seems to be implying is that for $8 a month, you can get a blue checkmark. But then that kind of defeats the point of the blue checkmark. There's a lot of details that we need to figure out.

• 26:58Ryan Sean Adams?

  Why do you think it defeats the point of the blue checkmark? I mean, my take on it was

• 27:03Ryan Sean Adams?

  it costs money to do identity checks, right, for individuals. Right now, it's just a black hole. You try to go through a process, you try to submit, you never hear back, you don't know why you've not been submitted. And so for $8 a month, you can go through the process and it can be funded to do the identity check. And so it's just like they're creating a funding model for it and it's easier to go through that process. Now, you know, skeptics would say, well, now, rather than having a bunch of fake David Hoffmanns, you're gonna have a fake, a bunch of fake blue checkmark David Hoffmanns. So what have you accomplished? But I guess like one minor counter to that would be to say, well, are all of these bots going to pay $8 a month?

• 27:46Ryan Sean Adams?

  So there is some like proof of stake, skin in the game of like at least $8 a month. And then plus, in order to get a blue checkmark, I assume you still have to go through some sort of like human slash algo verification check. And presumably those other fake David Hoffmanns wouldn't be able to meet that mark. That's at least how I interpreted this.

• 28:07David Hoffman?

  Yes, if that is how it is, then that is great. I think there's a lot of like speculation as to what this will be. If that's what, if that is the net effect of that, then I'm 100%

• 28:17Ryan Sean Adams?

  It's better at least, right? It's not perfect, but maybe it's better.

• 28:21David Hoffman?

  Yeah.

• 28:21Ryan Sean Adams?

  Well, let's read out Vitalik's take on this about the $8.

• 28:24David Hoffman?

  Yeah, Vitalik says, "How well this works depends on exactly how much due diligence is done to make sure blue checks are who they say they are." Yeah, pay $8 a month and call yourself or whatever would damage the blue checks anti-scam roll. But if there's more actual verification, then the result is very different. Yeah, sounds like what we were saying.

• 28:40Ryan Sean Adams?

  Yeah, pretty measured. Maybe I stole from Vitalik.

• 28:44David Hoffman?

  So this caused like a ton bunch of controversy.

• 28:46Ryan Sean Adams?

  Everyone's angry about it.

• 28:48David Hoffman?

  Everyone's have has an opinion about it, right? And so Elon Musk says, to all complainers, please continue complaining, but it will cost $8. So Elon just turns into like complete troll mode, which he's fantastic at.

• 29:01Ryan Sean Adams?

  Well, what's interesting, it's like, why are people complaining, do you think? Is it because they, is it people who have a blue checkmark are complaining because they don't want to pay and they just think it should be sort of a public good, you know, for like journalists and for high profile people who need it? Are they mad that it's like previously been a social status thing and now that's getting rescinded and it's becoming more more common? Or do they just hate Elon Musk? Just they hate the guy? I think there's a lot of that going around. It's kind of like narcissistic billionaire, trying to like promote free speech in quotes, take over social media. And it's kind of like a political left versus right thing. What's your take on that?

• 29:43David Hoffman?

  The answer is definitely yes.

• 29:45Ryan Sean Adams?

  Yes to all.

• 29:46David Hoffman?

  To all of them, yeah. People just want to complain. That's what Twitter is. It's a platform for complaining. Anyways, here's Erik Voorhees take. He goes, remember that Elon Musk charging $8 for a premium Twitter experience means Twitter becomes the product again, instead of you. And if a day dollars is too much, you remain as the product, which I think is a good take. Yes. If we have to access Twitter with eight for $8 a month, that makes us the, the people that are important rather than the advertisers. However, a large part of Twitter is like, let's make sure everyone has a voice here. So like, there's a, there's an interesting line that needs to be walked between not being the product and creating a free and open platform.

• 30:25Ryan Sean Adams?

  Well, I mean, that is the point. How much, how much are you paying monthly for your attention when you are the product? Like, how much does Twitter harvest from you in the same way Meta does and other social media sites? And that's Eric's point here is there's less of incentive to do that.

• 30:37David Hoffman?

  Yeah, this is David Sacks from the All In Podcast, uh, who's also pushing back on the pusher backers and says, the entitled elite is not mad that they have to pay $8 a month. They're mad that anyone can pay $8 a month. Uh, yeah.

• 30:53Ryan Sean Adams?

  Look how many likes these things are getting.

• 30:55David Hoffman?

  Well, it's about Twitter, right? So like literally everyone on the platform is it's relevant towards. AOC comes in to give her take and goes, Lamau at the billionaire earnestly trying to sell people on the idea that free speech is actually an $8 a month subscription plan, to which Elon Musk replied, your feedback is appreciated. Now pay $8.

• 31:18Ryan Sean Adams?

  That's funny. And look, CZ weighing in here too. Freedom and free and price are different concepts. You can choose not to pay and still use Twitter or not use it at all. Sometimes I wonder if part of the funding of Twitter was just like to be in the cool clubs, the cool kids club.

• 31:32David Hoffman?

  Yeah.

• 31:32Ryan Sean Adams?

  Right? So now CZ definitely gets to weigh in on this as a leader of Twitter.

• 31:36David Hoffman?

  He gets to ride on Elon's like troll coattails.

• 31:40Ryan Sean Adams?

  Yeah. It's like you get to be in Elon's like maybe text list or something where you can just, you know, ping him.

• 31:46David Hoffman?

  Pay for access.

• 31:47Ryan Sean Adams?

  My larger question is this, David, I want to get your take here is why is this so, why is it so hard on Twitter to prove person? Why do we still have all of the spam accounts? Like, why haven't we solved the blue checkmark thing before? And like, why haven't we solved digital identity, decentralized digital identity yet? So why is proof of personhood and digital identity so hard? The bots are swarming us. It's impossible to tell who's a human, who's a robot. We have no defense. The world is begging for a solution. I want to sign my tweets with private keys. What's taking so long? I actually don't understand this. I'm, it's just like, this is, people are like, oh, this is rich coming from, from somebody who doesn't, you know, code and like, you know, build things. And I get that perspective, but also people have been talking about digital identity,

• 32:31Ryan Sean Adams?

  decentralized identity for so long.

• 32:33David Hoffman?

  Since before crypto.

• 32:34Ryan Sean Adams?

  Right? Why isn't it here? Like, how have we not solved this problem? And especially, in my opinion, I think it's a national defense imperative.

• 32:42David Hoffman?

  Hmm.

• 32:43Ryan Sean Adams?

  Right? If state sponsored bot armies can sow division among our social networks, democracies themselves become very fragile. Like even from like national security, they're talking about banning TikTok. The US is talking about banning TikTok. Why not be proactive?

• 32:59David Hoffman?

  And make identity systems?

• 33:00Ryan Sean Adams?

  Yeah. And help make identity systems. Right? Like, it seems to me that would be a solution to this problem of nation-state-sponsored bot attacks. What do you think about this?

• 33:09David Hoffman?

  I think that's right. And my quick, from-the-hip take is that, like, a lot of people don't know how to, didn't know how to think in Web 3 terms before Web 3 was in existence, right? Obviously, it's an obvious statement. Like, we had ideas around decentralized identity and identity systems since before crypto, but we have now, like, this whole crypto corner of the internet that is like, this massive rabbit hole that's a huge nerd snipe, and everyone kind of goes down the rabbit hole and they come out, understanding what Web 3 values are. And that can now be, these lessons and memes that are now in these people's heads, can now go back to Web 2 and be like, "Hey, Web 2, you don't have to, you don't have to build Web 3, but let's take some Web 3 principles like community governance and community identity,

• 33:54David Hoffman?

  and apply that to our Web 2 platforms." And there were some takes I saw, like, out of Kobe, right? Kobe had this take where he was like, "A, like, a green checkmark to signal support for climate change, or like, an orange checkmark to signal your support for, like, Bitcoin, and a, you know, certain colored kind of checkmark to signal your tribe here. Make them all pay $8 a month or something." But like, have more community-aligned identity systems, when, that'll come to a take that I have later on in the show. But I think because we now know what crypto is, we can talk, take some of that crypto philosophy and apply it to our Web 2 apps. But without having crypto, I don't think there was enough people out there to really think in these Web 3 ways.

• 34:35Ryan Sean Adams?

  It seems like the biggest problem that we're facing right now on the internet, honestly, in social media, right? I mean, I feel like the first 10 years of crypto was about solving the whole money thing.

• 34:44David Hoffman?

  Mm-hmm.

• 34:44Ryan Sean Adams?

  And like, it's continuing to do that. But I'm hopeful this decade, we can start to solve the digital identity thing. Like, that being the next step, decentralized money, and then decentralized identity. And I do think crypto will play a big role here. But, getting into our next item of the week. Web 2 app. Try to keep up, Elon, because Meta, particularly Instagram, is now allowing Mint and Sell functionality.

• 35:13Ryan Sean Adams?

  For NFTs, right? David, a few weeks ago, we displayed on Meta on Instagram, view functionality so you can view your NFTs. This is the next step, and this is a massive next step, because it means every Instagram user can now become a creator of NFTs using Instagram. The ability to mint and sell NFTs on Instagram, massive, absolutely massive. And this is being deployed right now on Polygon. It's not live yet, but this is a tweet from Meta. Do you want to read this out?

• 35:46David Hoffman?

  Yeah, Meta says, "Soon you'll be able to make and sell NFTs on Instagram, starting with Polygon. You can also connect to Solana and Phantom Wallet and see more information about OpenSea Collections." And so some of the features that are coming out here, they continue and say, "We are adding new ways for people to show appreciation for their favorite creators through expanded access to Instagram subscriptions, gifting on Instagram reels, and updates to Facebook Stars." So not only is there just generalized NFT integration with Polygon and Solana, but also they're just doing a platform revamp to allow for creator monetization, creator business opportunities. And so in addition to that, Meta has also pledged that neither creators nor collectors

• 36:28David Hoffman?

  will have to pay for gas fees, which just shows the importance of scale. And they also gave a step-by-step video to CoinDesk, and CoinDesk reported that it appears that NFT creators will be able to choose their royalty percentage between 5% and 25%. Creators can then link their bank accounts or PayPal accounts to get paid if they are still banked. I wonder, I'm hoping that they can also link their wallets and just get paid directly in crypto. I'm assuming that's going to be the case.

• 36:55Ryan Sean Adams?

  Obviously, that's the next step, and I do think that will be the case. Pretty amazing on Polygon as well. Did they mention that they were adding any sort of App Store-type fee? Do you remember the news last week was Apple wants to charge its 30% tax on everything? I don't think Meta is taking that approach. Did you see any details about that?

• 37:14David Hoffman?

  I would love to see Meta go after Apple, should not pay that fee. Facebook versus Apple over the 30% tax, that would be awesome.

• 37:23Ryan Sean Adams?

  Fight it out.

• 37:24David Hoffman?

  I just want to say it, Ryan. Like, I'm gonna plant this flag. Meta is now, or at least Instagram, is fully Web3. I mean, maybe not like fully, like can't sign in with your Ethereum address, but minting and selling NFTs natively in the application,

• 37:41Ryan Sean Adams?

  That's what we're hoping for.

• 37:41David Hoffman?

  That's what Web3 is.

• 37:43Ryan Sean Adams?

  Yeah. And, and using, okay, and not using some meta proprietary tech stack to do that, but securing that with a property rights system based on, based on crypto.

• 37:56David Hoffman?

  Yeah.

• 37:57Ryan Sean Adams?

  That's what's important here. And I know, you know, Polygon is, some people will say, well, it's proof of stake. It's more side chain than it is layer two. They have ambitious layer two plans, I tell you.

• 38:09David Hoffman?

  That's not, that take's not going to last.

• 38:10Ryan Sean Adams?

  That take is not going to last, regardless of what you think about that. But like, rather than, I mean, there was a few years ago, Meta was talking about like, we'll just create our own blockchain. And then I guess the world will trust Meta as the property rights layer of the internet. No. And what do we say? It's like, some people are like, but, but Meta is bad, David. Why are you support like Meta is evil, Bankless? What are you talking about? They like, they're part of the surveillance capitalism. They're, they're preying on their users and, okay, sure. Yes, I agree with, with many aspects of that. But as we say so often on Bankless, if they adopt crypto protocols, they adopt crypto value. And now what we've done is we've gone underneath Meta and sort of forced Meta

• 38:52Ryan Sean Adams?

  to build on top of blockchain, secure, open, permissionless, uh, freedom technologies. That is just such a massive leap forward. And let me remind you, Meta has 2.5 billion users, monthly active users. That's absolutely huge.

• 39:11David Hoffman?

  Yeah. I would like to do a dive into the actual smart contract that is the minting contract of these NFTs and see like what kind of powers and features they have there. Not that I will be able to do that. I'll need somebody more technical to do that. If it's just a normal ERC 721 token, like that is the new power. Uh, Meta adheres to the ERC 721 token standard, open, free, public permissionless, can go across chains, can do whatever you want. The power from Meta to the token owner.

• 39:39Ryan Sean Adams?

  I'm not going to say that this is the biggest thing that's happened this year, but like.

• 39:42David Hoffman?

  It's a, it's big. It's funny that like this like doesn't really land for.

• 39:46Ryan Sean Adams?

  I don't know why.

• 39:47David Hoffman?

  Both people outside of crypto, people outside of crypto are like, great. I don't care about NFTs. And people inside of crypto are like, great. I don't care about Instagram. There's no one in the middle who's like, I'm so stoked for this.

• 39:58Ryan Sean Adams?

  Yeah, I think, I think what'll happen is it'll be kind of quiet launch. No one will really notice. And then they'll start to, to, to notice some sort of influence or some sort of Instagram account. They follow doing this, using it and it'll spread that way. By the way, everyone's also like, well, NFTs aren't cool anymore. NFTs are so, okay, no.

• 40:16David Hoffman?

  Also not going to last as it.

• 40:17Ryan Sean Adams?

  That's not going to last either. I mean, we'll see how well that ages. So massively for it. Also, Rweave was up mysteriously.

• 40:23David Hoffman?

  Yeah, Rweave, Rweave up 50% because Rweave, it's like a modular data storage blockchain solution. So you can put a bunch of data there. It's part of the integration of Meta. So they're putting NFT data on Rweave. I mean, I would assume that's the actual like, if it's like the image JPEG or if it's a movie, that, that part of the NFT goes on Rweave, which like, yo, that's not like, that's a big deal. They're not, Facebook isn't storing the data themselves about the NFT. They're putting the data of the NFT on Rweave, a public and open system. So it can truly escape from Facebook's clutches, which is why this is such a huge step forward for Facebook from a web two app to a web three app. That's huge.

• 41:02Ryan Sean Adams?

  By the way, a friend Anatoly at Solana wanted to emphasize too, that there's, it's also possible to view NFTs using Solana. This is not just a Polygon story, apparently, although Polygon is the only one with the minting and selling functionality, but now you can also view.

• 41:19David Hoffman?

  Where, where did, where did he say that? He wanted to have some.

• 41:21Ryan Sean Adams?

  Oh, in my tweets. He was just like, you, you didn't say the S word. Happy to say the S word, Anatoly.

• 41:27David Hoffman?

  Solana, Solana, Solana, Solana. Oh shit, it's Anatoly.

• 41:31Ryan Sean Adams?

  Exactly. No, if you don't say it, then he pops up.

• 41:33David Hoffman?

  Then he pops up, yeah.

• 41:35Ryan Sean Adams?

  Yeah. Alright, tell me about Art Gobbler's. Alright.

• 41:38David Hoffman?

  Okay, my god.

• 41:39Ryan Sean Adams?

  I'm a huge Rick and Morty fan, and I can't believe I missed this. And this is what I feel like I've heard everyone saying like, oh, this was so obvious and I missed it. Because Art Gobbler's were on a rampage this year. And what is the project? Something to do with Rick and Morty?

• 41:52David Hoffman?

  Yeah, okay. Brand new NFT project called Art Gobbler's from the Rick and Morty creator, Justin Roiland. In like a very strong partnership with Paradigm. So this was like a joint project from-

• 42:03Ryan Sean Adams?

  Paradigm, the VC company.

• 42:05David Hoffman?

  Paradigm, the VC company, specifically Dave White, mechanism designer researcher at Paradigm. So collaboration between Justin Roiland, the artist, and Paradigm, the mechanism designers. So yeah, we're watching a movie, Rick and Morty fashion styled movie. It's kind of like debuting what are Art Gobbler's? And there are these weird creatures. And there's like this goo that is oozing out of like a hose that's in there. They're bleeding goo. They're just like goo faucets. And this like guy is like tied up by the Art Gobbler's. Like it's giving the context or the lore or something. Basically, alright, so you ready for me to go into the mechanism of how this works?

• 42:44Ryan Sean Adams?

  Yeah, let's, well, actually, can we look at the art first? A little bit more?

• 42:47David Hoffman?

  It's just Rick and Morty art. It's just even more just like weird and surreal.

• 42:52Ryan Sean Adams?

  Wow.

• 42:54David Hoffman?

  Yeah.

• 42:54Ryan Sean Adams?

  I do like this art style, by the way. I just like, maybe it's just me.

• 42:59David Hoffman?

  First, we'll talk about some of the analytics. There's 2,000 Art Gobbler's that were able to be minted in this first wave. There's going to be 10,000 total eventually. There's a little bit like a Bitcoin issuance curve. High at the beginning, slow, it tapers off over time. Current floor price, 15 Ether. 15 Ether, not a low floor price. Currently, 1,887 Gobbler's are out there. Every time, there are 10 legendary Gobbler's that exist. Every time 581 Gobbler's are minted, a legendary goes up for sale. But like the sale price, there's been as high as 40 Ether sales. The volume on this thing is just like super crazy, just like a ton of activity going on. This is still permissioned.

• 43:43David Hoffman?

  So you needed to have signed up to be on the mint list. I don't know how you got there.

• 43:49David Hoffman?

  But yeah, just like it's taken part of the NFT world definitely by storm. But also just like this is a high effort NFT project. This is not just like an NFT. So like, because there's mechanisms behind this. This is not just like buy your art Gobblers. This is not a collectible. Art gobblers do things. They're actually productive assets. Wait, you can draw? You can draw stuff. Okay, so in order to explain this, we have to go through the mechanism design for how this whole thing works. The paradigm, the big brain stuff. Yes, okay. So actually, yeah, let's scroll down because there's like a tweet that kind of shows everything. So here's how this works. Art gobblers, Ryan, can gobble art. And the art is called glaminated pages. And so, once a glaminated page has been gobbled,

• 44:31David Hoffman?

  it is displayed on the art Gobblers's stomach forever. And so, the art Gobblers is, so like, for the people that are listening, think about like Dr. Seuss's snooze. What's the story of the Dr. Seuss with the stars on their belly? Oh, Star-Bellied Sneetches? Exactly, that one. Think, like, start with that with your mental model, but like, think Teletubby TV belly. So like, we got a TV belly on these like weird gar- Ginormous belly, a lot of space, Care Bear style. And so, once an art Gobblers gobbles some art, that art becomes displayed on its belly. So, an individual art Gobblers, Ryan, is itself an art gallery. And so, since there's eventually going to be 10,000 of them, the meme is that they are, it's a decentralized network of art galleries. Each one is an art gallery.

• 45:14David Hoffman?

  And so, the people who own these art gobblers can gobble art to curate their art gobble- gobblers' gallery. But the thing is, Ryan, there is this thing called goo. There's an ERC20 token called goo. What? And gobblers produced goo. So, gobblers- On some kind of recurring basis? Yes, like, it's a productive asset. So like, not only is a art Gobblers a gallery to display your art that the art gobble gobbles, but they produce goo. They have this little pipe, this hose in the back of their backs that like, put out goo.

• 45:50David Hoffman?

  Like tokenized goo. The goo is a token. The goo is an ERC 20 token. So this thing like Ether, staked Ether, mints Ether, and gobblers mint goo. Same, same. Exactly the same. Ultrasonic goo. Ultrasonic goo. And so you need to consume goo to make the art, the art gobblers gobble. And so there are these things called blank pages, blank there in NFT. When you combine goo plus a blank page NFT, that is called glamination, AKA the minting of gobble-able art, of a glaminated page. And so you have these page NFTs, you spend the currency goo to add art onto a page NFT.

• 46:35David Hoffman?

  So it goes from a blank page to a glaminated page, which is a gobble-able. And then once there's art on the page, it can be gobbled. And anyone can draw anything. There's like this like Windows Paint kind of like factory where you can like put in art and make your art. And then have that be gobbled by the art Gobblers. And the page becomes a permanent part of the Gobblers's stomach. So once a Gobblers gobbles some art, it's one way. It's permanent, forever. Just like a tattoo. Just like it's a tattoo. It's a tattoo forever. It's irreversible. And the point of this is to make like, you know, people want to have intention about like what they put into their art Gobblers. Like we could buy an art Gobblers for the low, low price of 15 ETH. And then we could start to put stuff in. Tattoo bankless on it? Sure.

• 47:21David Hoffman?

  If we wanted. The bankless art Gobblers. That would add value, maybe subtract value. So I think the idea is like, a lot of these gobblers will start to like differentiate themselves as to like the art that they have in their belly. So it's no longer about the properties like, oh, my NFT has like a golden crown and it's shiny. And no, it's about like, all right, like what art has your art gobble gobbled?

• 47:43Ryan Sean Adams?

  This is awesome. Like, I mean, look, it's kind of a fun idea, right? But like, you can see a lot of thought went into that. This is not the type of project that we saw in the late-stage NFT market.

• 47:53David Hoffman?

  No.

• 47:53Ryan Sean Adams?

  This is fresh, this is new, it's building something. I don't know, are NFTs back, David?

• 47:59David Hoffman?

  Well, remember, remember my take, my big takeaway out of DevCon is like gamification works. People, the reason why there's a 15 ETH floor is because people want to play the art gobbler game.

• 48:09Ryan Sean Adams?

  The art gob, it's an economic game, it's a social status game, it's just a fun internet thing.

• 48:14David Hoffman?

  We would have previously have called it a futility token. These, GU is a utility token, but it, when you pair it with an NFT, it like works better.

• 48:24Ryan Sean Adams?

  GU is money, question mark?

• 48:26David Hoffman?

  For, in the art gobbler ecosystem, GU is money, yes.

• 48:29Ryan Sean Adams?

  Gobbler economy.

• 48:31David Hoffman?

  In the art gobbler metaverse, GU is money.

• 48:34Ryan Sean Adams?

  This is hilariously fun, and I do like the art. Big brains at Paradigm, and maybe that's the team up. Artist plus big brain equals a really good project if you spend some time on it. Clear that they spent some time on this one.

• 48:46David Hoffman?

  Yeah.

• 48:46Ryan Sean Adams?

  That's great. All right, David, what do we got coming up next?

• 48:49David Hoffman?

  Coming up next, nothing, nothing is cool as art gobblers, let me tell you. JP Morgan fulfilling the DeFi mullet prophecy. They once hated us, yet now they have a mullet. We're going to talk about that. The odd death of a MakerDAO founder, not Rune Christensen, and GameStop launching something cool. So all of this and more, as soon as we talk to some of these fantastic sponsors to help you go bankless. The Layer 2 era is upon us. Ethereum's Layer 2 ecosystem is growing every day, and we need Layer 2 bridges to be fast and efficient in order to live a Layer 2 life. Across is the fastest, cheapest, and most secure cross-chain bridge. With Across, you don't have to worry about high fees or long wait times. Assets are bridged and available for use almost instantaneously.

• 49:31David Hoffman?

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• 50:16David Hoffman?

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• 50:58Ryan Sean Adams?

  ZK Sync just went to mainnet. This is the first EVM to mainnet, so says ZK Sync. Baby alpha is here in the tweet. We are proud to announce that today we hit our baby alpha milestone. We've begun the march to fair onboarding alpha and full-launch alpha. Three different alphas there, I counted, David. This is the roadmap that we're looking at. What part in the process of ZK Sync going to mainnet are we in? It still feels like early days. I think like only a small permission team can actually access the alpha on mainnet. So we're not at full-launch on mainnet yet, but this is an important milestone. What's your take here?

• 51:36David Hoffman?

  Yeah, so it is live on mainnet without access. So that has caused some controversy, because what does it mean to be live on mainnet if people can't touch it? Apparently, the ZK mainnet is only touchable by the Matter Labs team, according to an Optimism governance delegate. So there's caused a little bit of controversy, but that's because what ZK Sync has done is they've broken this apart into a number of like- Launches, right? So they have fair onboarding, full, full launch, alpha, like, and then they have like decentralization, layer three. So they have like, they're rolling it out in stages, which is why they're calling it baby alpha. So like

• 52:17Ryan Sean Adams?

  It makes sense. Like, I see the stages. It makes sense. But there's also probably an element of

• 52:22David Hoffman?

  Then why did you

• 52:22Ryan Sean Adams?

  Got here first.

• 52:23David Hoffman?

  Why?

• 52:23Ryan Sean Adams?

  Me first.

• 52:24David Hoffman?

  Yes.

• 52:25Ryan Sean Adams?

  Got it. Like, they were all

• 52:28David Hoffman?

  The brother like licks the piece of candy. So this, and so the So the sibling can't have it. As a brother who's done that before, I can, I can relate. Yeah.

• 52:36Ryan Sean Adams?

  That's what's happening. But we should also mention, we are advisors on ZK Sync. Of course, you'll find that out in our disclosures. Fan of the project as well. Good to see some progress there. Google is launching a cloud node engine. For who? For Ethereum developers? David, I've been growingly impressed with this cohort of Google engineers that are on the Web three crypto train, particularly in their cloud services division, I believe. But what does this mean for developers?

• 53:05David Hoffman?

  I think it's mostly just a statement, and we already knew this about Google, but a statement from Google that they are here to support Web three. Like, there was this other, like, I can't remember this other cloud providers, like Hertzell or something.

• 53:18Ryan Sean Adams?

  In Germany?

• 53:19David Hoffman?

  In Germany. Yeah, that actually, the, the news that we actually didn't include this week is that they're like, a bunch of Solana nodes went down because Hertzell just kicked them off or whatever.

• 53:27Ryan Sean Adams?

  Well, now we included it, David.

• 53:29David Hoffman?

  Now we included it. Yeah. And so in stark contrast to other NGMI cloud providers, Google definitely GMI because they're supporting like notes. And say, they say officially, officially called a blockchain node engine, and Google's offering a fully managed service, meaning customers won't have to hire their own teams to maintain or monitor their nodes. Instead, Google says will actively monitor the nodes and restarts them if anything goes wrong. So in stark contrast to the node operating company that I can't remember that is kicking off nodes. Hertz something, I don't know. NGMI cloud operator. They are helping node operators operate their nodes. So thank you, Google. Thank you for your service.

• 54:08Ryan Sean Adams?

  That's cool. This is some sad news coming out of the, the maker community. David, we don't have a lot of details here, but why don't you just read the headline?

• 54:15David Hoffman?

  Nikolai, people just know him as Nikolai. Nikolai Mushigian died at 29 in Puerto Rico. He was found just like washed up. The current allegedly, the Puerto Rican current took him. People are confused about this. There's a bunch of conspiracy stuff, not enough for us to really go into. Nikolai has been around for a long time. Before MakerDAO was a thing, he was a part of the BitShares community. Same thing with Rune Christensen. OG member of MakerDAO. Sadly, Ryan, I was actually in DMs with Nikolai in Telegram a couple of weeks ago about a potential Layer Zero with him. Looks like I was, didn't do that fast enough. So I'm bummed about that.

• 54:55Ryan Sean Adams?

  Yeah, very sad and rest in peace Nikolai. I think the community will definitely miss you and your contributions to the space. Very sad story.

• 55:04David Hoffman?

  Anytime I ever heard of a MakerDAO friend, Mariano Conti, so many others, talk about Nikolai, it was in just extremely high regard. He was one of those guys that was, you know, considered a giga brain. Saw crypto before, before anyone else, saw, saw what it could do. Committed to that ecosystem, contributed not just to MakerDAO, also Balancer. I think he had a very, very strong role in actually writing the Balancer White Paper along with Fernando.

• 55:27Ryan Sean Adams?

  Fernando?

• 55:27David Hoffman?

  Yeah, exactly.

• 55:28Ryan Sean Adams?

  Far too young, 29.

• 55:30David Hoffman?

  He'd like donated a bunch of money to, I can't remember, some like academia to like, to do DeFi research. I think he, I think he made the WETH contract. So he made WETH, which means like you've all touched, you've all, we've all been touched by Nikolai, by if you've interacted with WETH. So Nikolai, sorry, brother.

• 55:53Ryan Sean Adams?

  Rest in peace. JP Morgan, trading on the public blockchain in this monumental step. I love that the headline has a picture of Jamie Dimon, the CEO. It's famously called crypto, Bitcoin, all of these things, a scam. And here they are using it. David, I think it might be helpful to kind of walk through what exactly is happening here.

• 56:15David Hoffman?

  Details in the fine print, walk us through it.

• 56:16Ryan Sean Adams?

  Yeah, this is a tweet from Mihalo from, from Polygon. By the way, I had a big week with the Meta NFT minting stuff, but JP Morgan. Morgan executed the first live trade on public chain and it's on Polygon. They used AVE, first ever tokenized deposit issued by a bank on-chain, verified with W3C's standard verifiable credentials. We like the VCs. Pretty cool, verifiable credentials, that is. This is Ty Loban, who is a developer, I think, at JP Morgan, saying they've executed their first live trade on public blockchain, everything that Mahalo just said. What did they do here? First, they used Polygon for the trade because they wanted to do it on Ethereum. They need cheap gas fees, that's checking out so far.

• 57:01Ryan Sean Adams?

  Second, they used AVE so that they could leverage their permissioned pools concept. We deployed a modified version of AVE ARC. That's what they did, a modified version of AVE, so they could set certain parameters such as interest rate and FX rate. Third, they issued a tokenized Singapore dollar deposit. So this is a stablecoin, not of US dollars, but of Singapore dollars. This is a deposit token, which is a general liability of JP Morgan. It's a native token giving stable on-chain value without the scalability issues of stablecoins. This is the first issuance of tokenized deposits by a bank, in particular, on a public chain.

• 57:42Ryan Sean Adams?

  You can click here on Polyscan and see the tokenized deposit contract for Singapore dollars. And then fourth, and I think this is kind of cool, they used verifiable credentials. This is the first time I've seen VCs really out in the wild, solving a big use case. "Verifiable credentials," Ty says, "give us much more fine-grained control than just allow listing addresses, risk limits, asset limits, et cetera, is all possible. And we built on-chain verification of verifiable credentials." He says, "Verifiable credentials are huge. Brings composability to identity. You can have these little verifiers that know how to verify certain things and use them across DApps, bringing further standardization and portability to identity."

• 58:25Ryan Sean Adams?

  By the way, this might be a way Twitter gets out of its current setup of paying $8 a month for blue checkmarks and moving to something decentralized. Verifiable credentials are hugely bullish technology for that. He says, We, as a sidebar, by the way, if you're like wanting to know why verifiable credentials, why identity is so important, because it's JP Morgan. I mean, they're a bank. As a heavily regulated bank, he says, "We cannot enable money laundering, must undertake KYC, using verifiable credentials and allow this was crucial for enabling us to use DeFi pools with certainty on these points." Institutional DeFi, exclamation point. This is probably

• 59:04Ryan Sean Adams?

  what it looks like when regulated banks start using DeFi. And I think that this is going to become a trend in the future. And JP Morgan, despite what Jamie Dimon is saying, is doing big experiments in this world. I think it's pretty bullish. This is not the bankless future that we all like signed up for in the self-sovereign future, of course. But again, I go back to kind of the meta thing. When they adopt crypto protocols, they adopt crypto values.

• 59:34David Hoffman?

  Also, you can build a banked system on top of a bankless system.

• 59:37Ryan Sean Adams?

  Of course you can.

• 59:38David Hoffman?

  That's what we're doing here. And like you said, the word experiment, this looks much more than an experiment. This is like, this is production level stuff. This is a means to an end. They used AveArk and Polygon and verifiable credentials to get something done, and then they did it. That's huge.

• 59:56Ryan Sean Adams?

  Enterprise blockchain, David. Do you remember that was a big thing back in 2016?

• 59:59David Hoffman?

  It's called Polygon.

• 1:00:01Ryan Sean Adams?

  I mean, but this is enterprise blockchain, this is doing something for a bank. Like, this is, this makes total sense to me. So I'm starting to see like these enterprise blockchain use cases that I'm like, okay, fine, we're getting there. We're making some progress.

• 1:00:13David Hoffman?

  I would like to take a quick victory lap for the world of verifiable credentials. People think soulbound tokens are super cool, but a lot of the reasons why they think soulbound tokens are super cool are actually like the domain of verifiable credentials. It's basically a soulbound token that's not on a blockchain, and it can do so much more by not being fixed down to the blockchain. If you listen to the, our soulbound episode with Vitalik Putin and Evan McMullin, there's like, there's like these two tribes. There's like the soulbound token folk who like tokens. There's a verifiable credential folk who like privacy. I would just like to say-

• 1:00:46Ryan Sean Adams?

  Can I be in both tribes?

• 1:00:47David Hoffman?

  Okay, well, I am a, in the, a firm VC tribor, and I'm taking a victory lap.

• 1:00:54Ryan Sean Adams?

  All right. Well, you take that victory lap, and I will also join you in that because I'm part of that tribe, but I'm also in the soulbound tribe.

• 1:01:00David Hoffman?

  I don't know if you can do that.

• 1:01:03Ryan Sean Adams?

  I think they're different for two different sets of use cases. And I definitely think that

• 1:01:06David Hoffman?

  Yes, yes. And I 100% agree with that. And I will say that the soulbound token tribe is putting too many use cases into soulbound tokens. In the same way that Bitcoiners think that Bitcoin is going to solve like the food system.

• 1:01:19Ryan Sean Adams?

  David, trying to get all tribal around identity already. It's too early for the tribalism. We at least need tokens to fight over, okay?

• 1:01:27Ryan Sean Adams?

  All right. What else we got? Robbie Ferguson tweets out, thrilled to finally announce that GameStop NFT marketplace is officially live on immutable. This is a huge step in making true ownership real for hundreds of millions of gamers. We knew this was coming.

• 1:01:45Ryan Sean Adams?

  GameStop first integrated LoopRing, I believe, is their first layer two. And now they're integrating immutable. Any thoughts on this?

• 1:01:52David Hoffman?

  Nope. We, GameStop is very intentionally going after NFTs in the same way Meta is now. I mean, just add another one to the list of people that are doing NFT stuff.

• 1:02:04Ryan Sean Adams?

  Another thing to add to the list, I think, is Twitter doing NFT stuff. So gotta keep up with Meta. Now testing NFT tweet tiles. This is a feature for Twitter. David, what are we looking at?

• 1:02:14David Hoffman?

  This is like a small update. There's already NFTs in Twitter, right? Like our profile pictures. But they are being given like a more of a first class citizen in tweet, embedded into tweets. So if you post like an Instagram or a YouTube link, or like, they will treat links differently based off of what they are.

• 1:02:35Ryan Sean Adams?

  Sure, like a preview kind of window.

• 1:02:37David Hoffman?

  Right. A specialized preview based off of like the URL. So if it's a YouTube, it'll give you a YouTube preview. If it's an Instagram link, it won't give you any preview because it doesn't want you to go there. But they are giving special previews towards NFTs that like, so they manifest in a specific way. And so the NFT here is like rocket to the moon created by Twitter with a button to say see on marketplace. And I would imagine that that marketplace button takes you to Rarible, Magic Eden, Dapper Labs, Jump Trade NFT, wherever they have like these custom fit links. So just NFTs are being given first class treatment inside of Twitter.

• 1:03:10Ryan Sean Adams?

  I think what Meta and Twitter are doing, this is like the NFT space race it's beginning.

• 1:03:14David Hoffman?

  Dude, this is the NFT bear market. This is the build market, for sure.

• 1:03:17Ryan Sean Adams?

  They have to, they have, all these social media apps have to keep up with this.

• 1:03:21David Hoffman?

  Yeah.

• 1:03:22Ryan Sean Adams?

  Artifact. Fidgetal luggage flies off the shelf. Did I say that right? Fidgetal? What is fidgetal luggage?

• 1:03:29David Hoffman?

  Fidgetal is this hybrid word between digital and physical.

• 1:03:35Ryan Sean Adams?

  Oh, I love it.

• 1:03:36David Hoffman?

  Yes. I think everyone hates this word, but it's pretty damn sticky sadly. So there is physical, there are digital renderings of luggage, Ryan, luxury luggage. That is cool. And there are, I think, 888 NFTs that represent luggage.

• 1:03:59Ryan Sean Adams?

  These things?

• 1:04:00David Hoffman?

  Yes.

• 1:04:01Ryan Sean Adams?

  Dude luggage is boring, like in real life. Why, why are we like collecting it?

• 1:04:07David Hoffman?

  I don't know, Ryan, but the reason why we're talking about it on the weekly roll up is because 1.7 million dollars worth of volume was exchanged on OpenSea alone, pushing it to the top of a 24 hour leaderboard. Yeah.

• 1:04:19Ryan Sean Adams?

  David, this is not a bear market. If we could sell, how much millions of dollars? If we could sell millions of dollars worth of digital luggage pictures, like, look at these. These are literally just images of, look at this.

• 1:04:33David Hoffman?

  I mean.

• 1:04:34Ryan Sean Adams?

  It's like my carry on.

• 1:04:35David Hoffman?

  People, for some reason, there is like this like luxury luggage like world out there. I don't know.

• 1:04:41Ryan Sean Adams?

  Is that, is that like sneaker heads? There's like luggage heads that collect these things?

• 1:04:44David Hoffman?

  The most niche community we've ever talked about on the show, that's for sure.

• 1:04:47Ryan Sean Adams?

  I bet we offended a bunch of luggage collectors right now.

• 1:04:51David Hoffman?

  Dozens of them.

• 1:04:53Ryan Sean Adams?

  Oh, dozens of them. But enough to like spur on a multimillion dollar market. It doesn't feel like a bear market.

• 1:04:58David Hoffman?

  But we're not done with NFTs.

• 1:05:00Ryan Sean Adams?

  Yeah.

• 1:05:01David Hoffman?

  Budverse, nft.budweiser.com. The Budverse NFT collection is coming during the FIFA World Cup. There is a mint now button. Budweiser, like, remember, it was like a couple of weeks ago, maybe four or five weeks ago, whereas like NFTs won this week in the weekly roll up. They won again. NFTs won again. A huge week for NFTs, like Budweiser, they were already in NFTs. I don't even know what this is, but like digital collectibles to go with the FIFA World Cup. You can select your team, you can mint some stuff.

• 1:05:31Ryan Sean Adams?

  Do you know, David, minting is not enough for me anymore. I need to gobble after the art gobblers. I want mint and gobble functionality. I'm not buying it.

• 1:05:40David Hoffman?

  Okay, so here's what you get. You can follow your team through the World Cup. You select and represent your team in your specific Budverse FIFA World Cup Live scoreboard NFT. This is the first ever NFT where you can see your team's progression to greatness in real time. Your Live scoreboard NFT will also get you exclusive Budweiser football merch. Cool. Access to holder-only Discord channels for an always-on game time community and also access to the Budverse Penalty Kick mini-game.

• 1:06:08Ryan Sean Adams?

  May I just remind you, and this was from our so rare episode, 2.5 billion people around the planet are going to be watching the World Cup. If just 0.0001% of them pick up a Budweiser NFT, I'm not doing the math right now, but that's a lot of people. What's our friend Carly Riley? She just released this documentary that she's been working on for a while about her experience in Puerto Rico in the art and NFT community. What are we looking at here, David?

• 1:06:40David Hoffman?

  There's been a bunch of controversy in Puerto Rico about all the crypto people that have like invaded the island. But Carly wants to tell a different story because there's parts of Puerto Rico, Puerto Rican locals who are using NFTs inside of their community to do stuff, to do cool stuff. And so Carly went to Puerto Rico, boots on the ground, to tell that story of how NFTs are helping fix stuff in Puerto Rico and how different people are doing different things, leveraging NFTs to help the island. So very cool story, very cool documentary out of Carly Riley.

• 1:07:11Ryan Sean Adams?

  Also, like probably the most well-produced piece of video from a crypto content creator I've seen. Like she really spent time talking to locals and like getting this right. So fantastic video. Go and watch it. It's 30 minutes. Yeah, drop your Netflix show and watch that this weekend.

• 1:07:28David Hoffman?

  She's turning into the Anthony Bourdain of NFTs. He's like going around the world and doing NFT things.

• 1:07:33Ryan Sean Adams?

  I think that's it. She went to the rainforest, too?

• 1:07:35David Hoffman?

  Yeah, she went to the Amazon to talk about NFTs.

• 1:07:38Ryan Sean Adams?

  Carly, incredible. Bitcoin stuff. All right, David, happy 14th anniversary for Bitcoin.

• 1:07:45David Hoffman?

  Happy 14th anniversary.

• 1:07:47Ryan Sean Adams?

  We are huge Bitcoin fans. Like, I'm saying that with no satire, no disrespect. Bitcoin got me into crypto. I will forever be excited about Bitcoin. I will forever hold some Bitcoin. I'm like 14 years old. That's what kickstarted this entire revolution. Incredible. This is a tweet from Edward Snowden with a screenshot of Bitcoin, a peer-to-peer electronic cash system. This is the original white paper from the great, the mysterious Satoshi.

• 1:08:16Ryan Sean Adams?

  14 years. That's pretty crazy, David.

• 1:08:18David Hoffman?

  Yet he is still anonymous, Edward Snowden says. Remarkable. Yes, it is indeed remarkable. Staying anonymous is a hard thing to do. Craig Wright comes in hot into Edward Snowden's replies and says, "I was never anonymous, you traitorous scum."

• 1:08:34Ryan Sean Adams?

  What a waste. God, what an asshole. This is a man who, by the way, if you're not familiar with this, a man who's literally claiming he's Satoshi and is obviously not. He's obviously a fraud.

• 1:08:43David Hoffman?

  He's also claimed he's got like 14 degrees or something.

• 1:08:46Ryan Sean Adams?

  Okay. What a waste. Anyway, I'm chasing some clout for Bitcoin's 14th birthday.

• 1:08:54David Hoffman?

  The second person to chase clout after Bitcoin's 14th birthday, Gary Gensler. Gary Gensler says, "Happy 14th birthday to Satoshi Nakamoto's white paper. Not even to Bitcoin. It has led to innovation and crypto asset investing. Let's make sure as crypto enters its 15th year that investors get proper protection." Absolutely F off, Gary.

• 1:09:17David Hoffman?

  God damn it. Protection from what? The 3 trillion? Well, only 1 trillion. The 1 trillion dollars that has been created?

• 1:09:24Ryan Sean Adams?

  Why don't we give a charitable view of this? Maybe Gary just wants to extend an olive branch to the Bitcoin community and just say, "Happy anniversary, happy birthday, Bitcoin white paper."

• 1:09:35David Hoffman?

  He knows that this phrasing would take off, piss off all of us.

• 1:09:39Ryan Sean Adams?

  "As crypto enters its 15th year, that investors get proper protection." How about a Bitcoin ETF then that is spot traded? Bitcoin miners blowing up simultaneously. Not great. So Bitcoin price is down. That leads to minor blowups. They become less profitable. Yeah, what's happening here?

• 1:09:59David Hoffman?

  So this is not yet a blow up, but Dylan Leclerc, who works at Bitcoin Media, says Bitcoin miner Argo Blockchain, negative, down 41% today at the open. Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations. This is what happens during bear markets. We've seen this before. The less efficient miners get washed out because of competition for mining Bitcoin. The more efficient miners can last through the bear market. And so every single bear market, there's consolidation. The least profitable, most inefficient Bitcoin miners lose, and the more efficient Bitcoin miners stick around.

• 1:10:42Ryan Sean Adams?

  When you say consolidation, I hear centralization. Is that what's happening too?

• 1:10:46David Hoffman?

  Are we doing this on Bitcoin's birthday, Ryan?

• 1:10:48Ryan Sean Adams?

  Ah, no. Happy birthday, Bitcoin. Let's go. All right, let's get to releases, David. This is Nifty Apes, pretty nifty project. Liquidity for your NFTs. What does this do? Just released.

• 1:10:59David Hoffman?

  Yeah, borrowing for your NFTs. So I loaded up my wallet and I got like a three or four offers on different NFTs that I own about like how much ether I could borrow over for what percentage over what period of time. Nifty Apes dot money, if you would like to see the offers that the market might give you based on for your NFTs. It's a normal NFT borrowing and lending service.

• 1:11:18Ryan Sean Adams?

  But be careful, those could get liquidated.

• 1:11:20David Hoffman?

  And also disclaimer, Ryan and I are angel investors in Nifty Apes. So that's our disclaimer. Go check it out.

• 1:11:26Ryan Sean Adams?

  This is cool. Zora is launching nouns builder. So you're familiar with the nouns project and maybe familiar with the DAO mechanism around nouns. It looks like they built a tool so you could spin up noun-style DAOs. What are the details behind this, David? Nouns builder?

• 1:11:41David Hoffman?

  Yeah, I think it's just a big aha moment with nouns. It was first the mechanism itself was very cool, but then people realized it has actually nothing to do with nouns themselves and it's more of a generalizable mechanism. So Zora has produced a build a noun, build a noun project. And so you can kind of tinker with the levers, tinker with the dials, create your art, and build a nouns-like DAO. So it's like a DAO system, DAO in a box with a nouns mechanism. So the idea is that We can make a lot more noun like DAOs and have cool things.

• 1:12:12Ryan Sean Adams?

  David, if I was a 14 year old kid, like this would be a playground, like an absolute playground for me. Could you imagine like creating like, like turning your gaming clan or whatever?

• 1:12:20David Hoffman?

  All the tax liabilities you'd be able to make?

• 1:12:21Ryan Sean Adams?

  Oh shit. Stop with the taxes. Why am I the guy telling you to shut up about taxes? I'm 14. I don't care about taxes. I don't know they even exist. So I'm playing with this tool and I'd like set this up for a clan or something like I would. I mean, it would be so much fun. Just have a disk, create my own DAO. I mean, how incredible.

• 1:12:40Ryan Sean Adams?

  Kids these days have a lot of opportunity in crypto.

• 1:12:42David Hoffman?

  Can't wait to report on some IRS suing some 12 year old kid for millions of dollars of unpaid taxes.

• 1:12:48Ryan Sean Adams?

  No, no one wants to hear about taxes, David. Let's get to jobs. All right? Because there's opportunities for you to get a job in crypto. It's our weekly time to remind you that crypto is hiring and you should stop what you're doing. You should take a look.

• 1:13:01David Hoffman?

  Get a job.

• 1:13:01Ryan Sean Adams?

  Consider getting a job in crypto. Uh, number one, Bankless Script Writer. I'm going to read a few of these out. Number two, Swell Network. They need a Senior Smart Contract Engineer. Swell also needs a front engine and engineer and a back end engineer. Uniswap Labs needs a Director of Product Management. OpenHedge, a Senior Front End Engineer. Optimism, Head of Security. Optimism, Senior Infrastructure Engineer. I could go on, but I don't need to because you can get these in your inbox. If you subscribe to bankless.pallet.com/jobs, uh, you can see all of that. David, what do we have coming up next?

• 1:13:34David Hoffman?

  Coming up next, we got takes of the week, some more Twitter takes, uh, but also some legal takes as well. Some regulatory takes, uh, and then we got what we are bullish on. And Ryan is bullish on something that perked my ears.

• 1:13:46Ryan Sean Adams?

  So we are going to stick around for all of this and more.

• 1:13:49David Hoffman?

  Right after we talk to some of these fantastic sponsors that makes the show possible. In all of my years in crypto, I have never been hacked, scammed, or lost money to a thief. And a lot of that credit goes to my Ledger hardware wallet. The Ledger Nano X and the Ledger Nano S plus hardware wallets allow users like you and me to secure and manage all of our crypto assets and our NFTs, all with the security of storing users' private keys offline and out of reach from hackers. The Ledger Nano X is the perfect hardware wallet for managing your crypto and NFTs on the go because it connects to your phone. With Bluetooth and has a nice big screen for easy transaction readings. Ledger has also upgraded the iconic Ledger Nano S and made the new Ledger Nano S device more DeFi and NFT friendly, making it the perfect hardware wallet for beginners. Ledger has truly maximized for both ease of use and security.

• 1:14:34David Hoffman?

  So discover which Ledger device is best suited for your journey by going and visiting shop. Ledger.com Arbitrum One is pioneering the world of secure Ethereum scalability and is continuing to accelerate the Web three landscape. Hundreds of projects have already deployed on Arbitrum One, producing flourishing DeFi and NFT ecosystems. With a recent addition of Arbitrum Nova, gaming and social dApps like Reddit are also now calling Arbitrum home. Both Arbitrum One and Nova leverage the security and decentralization of Ethereum and provide a builder experience that's intuitive, familiar, and fully EVM compatible. On Arbitrum, both builders and users will experience faster transaction speeds with significantly lower gas fees.

• 1:15:15David Hoffman?

  With Arbitrum's recent migration to Arbitrum Nitro, it's also now 10 times faster than before. Visit Arbitrum.io where you can join the community, dive into the developer docs, bridge your assets, and start building your first app. With Arbitrum, experience Web three development the way it was meant to be. Secure, fast, cheap, and friction free.

• 1:15:34Ryan Sean Adams?

  We're back with the takes of the week. This is a tweet from Ron Hammond. David, this is based on our episode, which I feel like was the episode watched around the world, listened to around the world. Our debate on bankless between SBF and Erik Voorhees. If you haven't caught that, go listen to it. Podcast, YouTube.

• 1:15:50David Hoffman?

  60,000 people have watched that so far.

• 1:15:52Ryan Sean Adams?

  Yeah. And I think the where it's echoed and where it's influenced has also been pretty crazy. This is a tweet from Ron Hammond about that episode. This week in Congress and crypto, it is not too often a podcast is the talk of the town in DC, but the bankless debate between SBF and Voorhees was just that. As a former Hill staffer who worked on crypto legislation and current lobbyist, that's who the originator of the thread is, Ron Hammond, here are some thoughts, he says. Number one, there are a number of reasons why crypto policy realm is unique on Capitol Hill, but one element that I can see time and time again is the pop culture. Fast paced nature of it. Bankless team did a great job. Marketing this is the can't miss

• 1:16:33Ryan Sean Adams?

  event and few did. I agree. Everyone in crypto still all the all the sudden. No, I mean, all the settlers, everyone is still here in crypto. Watched that episode. After chatting with a few staffers and DC policy folks over the weekend, the general consensus was that at a high level, both did a good job. That's both SBF and Voorhees representing the two camps in crypto on the DCCPA, crypto regulation generally. Many found their views in the middle of the two. That is interesting. Some things that resonated, Voorhees said, "If you aren't at the table, you're on the menu." Actually, I think you said that, but that is largely true. And the industry has recognized that since the infrastructure bill, the number of resources has tripled in a year. Crypto lobbying is a stronger force. Ooh, love that.

• 1:17:17Ryan Sean Adams?

  SBF made a good point on lobbying efforts in the past, like Bitlicense. Most times, a lawmaker will tell staff, "I want a bill that does XYZ," and the staff engages with the industry and others to craft it. Policy folks work to improve the bill, but rarely do they write it. Did you know that, by the way? I do not know that. Yeah, the lawmaker just goes, "I want a bill that does XYZ," and the staff is actually the one that writes it and they engage with industry in order to do that. That's how bills actually get made in the trenches. Many in the industry tend to go straight to the lawmaker for tweaks to the bill, but most times the member doesn't grasp everything because he, she is extremely busy and it is a complex topic. Usually it is just one or two staffers in their twenties or thirties who hold the pen. Do you know that, David? Is that comforting to you? That's not comforting.

• 1:18:01Ryan Sean Adams?

  But maybe it is in a way, right? Because like we have like a largely geriatric set of lawmakers and then we have those in their twenties and thirties who are holding the pen. Millennials whispering in their ear, I guess. I mean, these are Zoomers. If you're in your early twenties, some industry folks refuse to engage. That's not comforting.

• 1:18:18Ryan Sean Adams?

  Oh, man, there's some generational maximalism here. Some industry folks refuse to engage on any sort of crypto legislation that's potentially detrimental because it is easier to fight someone, something than to work to improve it. That is usually a bad tactic because the issue area is so tough. Many times there are unintended issues. Therefore, while engaging with staff, being respectful is important. SBF This well, I think that is one thing SBF emphasized David was he is kept saying Eric was about respect and Eric's like, but you're compromising too early. And he's like, but you have to show respect and you have to show that you're willing to compromise in order to get that seat and earn that seat at the table. Ron says, it may sound weird, but the hill does have its own language. Similar to how crypto Twitter has its own language and culture. Did you know that's an interesting point? This thread was extremely informative.

• 1:19:03Ryan Sean Adams?

  Education leads to good policy staffers have a lot of other issues in financial services alone to deal with, like fiscal policy, budget, bank regulation. To bring everyone up to speed in a week before a vote is tough. So you got to educate early and often. I think we are doing that. Finally, there are a lot of conversations in DC regarding extremes staffers hear all the time. If this bill is signed into law, X disastrous thing will happen. These arguments are always worst case scenario and after a while fall flat saying this will kill DeFi won't help. That's interesting because I do say that. And Eric said that because I feel like that's a legit take. But also, if it get I get the point. If a take is overused, then it starts to fall. Cause imagine a whole bunch of lobbyists from

• 1:19:45Ryan Sean Adams?

  every industry saying anything that you propose will kill your industry. Right. They hear this all the time. The sky is falling. Exactly. When staffers hear that kill DeFi talking point, they naturally go to what is DeFi? I know that may sound trivial, but for a committee that largely deals with rural development, biotech and forestry, that's the ag community, by the way, this is where the DCCPA bill originates, the ag committee agriculture. DeFi isn't common, that common of a topic. Anyway,

• 1:20:15Ryan Sean Adams?

  this last, this last tweet maybe was, was the most fun of this thread is worth commending those involved with the podcast, bankless, et cetera, for facilitating a great dialogue. This is it. Weird to think that this podcast was a hot topic in DC this weekend, but in the words of an overhearing staffer, not sure what y'all said, but sounds cool. Now I want to work on crypto. Yes. Nice. Yes. Good memes. Good memes. Means incepted in the brain.

• 1:20:43David Hoffman?

  Now I want to work on crypto. Welcome.

• 1:20:45Ryan Sean Adams?

  Yeah, Vitalik had some takes about regulatory too. Do you want to read out what he said?

• 1:20:49David Hoffman?

  Yeah, this was Vitalik's kind of response to this like conversation about regulation. And he goes, should I publicly blab my opinions about crypto regulation more? Feels unfair to let other people get attacked by crypto titter, but never actually poke out my poke out my head. And so everyone obviously wants.

• 1:21:07Ryan Sean Adams?

  Yes, we do want your takes.

• 1:21:08David Hoffman?

  We do want that. He's actually decently up to speed with like regulation and like legal theory. And so like Vitalik can speak legal.

• 1:21:17Ryan Sean Adams?

  He's up to speed on almost everything.

• 1:21:19David Hoffman?

  This is true. This is true.

• 1:21:20Ryan Sean Adams?

  Do you want to read out his takes here? Cause he puts.

• 1:21:22David Hoffman?

  Yeah, sure. I'll keep on going. So first he says that he's already given out his take on mixers and privacy in a recent Coinbase podcast two months ago around the block. So there's that. He goes, another maybe controversial take of mine is I don't think we should be enthusiastically pursuing large institutional capital at full speed. I'm actually kind of happy. A lot of the ETFs are getting delayed. The ecosystem time needs time to mature before we get even more attention.

• 1:21:44Ryan Sean Adams?

  That's interesting. What do you think about that?

• 1:21:46David Hoffman?

  He gave us that take on a recent podcast. I think it's a fair take. There's trade offs. There's trade offs.

• 1:21:53Ryan Sean Adams?

  So Gensler, keep doing what you're doing, man.

• 1:21:56David Hoffman?

  Well, no, I don't want to say that.

• 1:21:59Ryan Sean Adams?

  What's next?

• 1:21:59David Hoffman?

  Basically, especially at this time, regulation that leaves the crypto space free to act internally, but makes it harder for crypto projects to reach mainstream is much less bad. Then regulation that intrudes on how crypto works internally. I definitely agree with that. The KYC on DeFi front end idea does not seem very pointful to me. It would annoy users, but do nothing against hackers. Hackers write custom code to interact with contracts already. Exchanges are clearly a much more sensible place to do the KYC. That's already happening. That is a great take.

• 1:22:28Ryan Sean Adams?

  That's a sensible take. Very practical and pragmatic.

• 1:22:32David Hoffman?

  KYC on front end only hurts the least technical people of the world. The most technical.

• 1:22:39Ryan Sean Adams?

  The people who need an interface.

• 1:22:41David Hoffman?

  Yes, the people that need help, the people that don't need help, the people that have the capacity to do harm, don't need the interface. That's a great point.

• 1:22:48Ryan Sean Adams?

  So you're just blocking the people that need help. It was not a point that explicitly Voorhees made, but I think is a fantastic follow-up point.

• 1:22:56David Hoffman?

  Regulations on DeFi front-ends that could be more helpful may include limits on leverage, requiring transparency for what audits or other security checks were done on contract code, and usage gated by knowledge-based tests instead of plutocratic net worth minimum rules. I love this. I love the idea of a totally permissionless, fully-on-steroids, full-tilt DeFi app have a front-end gated where like, this DeFi app will let you take 1,000x leverage, but the front-end only lets you take 3x. And so like, if you want to take 1,000x, you have to go like, actually get technical and go do it yourself. I love that. I love that idea.

• 1:23:33Ryan Sean Adams?

  Yeah, I think that makes more sense. And then, of course, like, you know, the plutocratic net worth, right? Accredited investors, unless you're a accredited investor in the US, unless you have a million, over a million dollars in net worth, you can't get in a whole bunch of the deals. It's just a plutocratic gate. Why not make the gate more like, education-based, right? That's what he's saying here, too.

• 1:23:53David Hoffman?

  Yeah.

• 1:23:54Ryan Sean Adams?

  Last take. Also, I would love to see rules written in such a way that requirements can be satisfied by zero knowledge proofs as much as possible. ZK proofs offer lots of opportunity to satisfy regulatory policy goals and preserve privacy at the same time. We should take advantage of this.

• 1:24:07David Hoffman?

  Oh, that was such a soulbound token, Maxi, take.

• 1:24:10Ryan Sean Adams?

  Oh, gosh, come on. These are great takes. And, you know, Vitalik is always this reasoned and measured, and I would like to hear him publicly blab on his opinions about crypto regulation more, so I'm glad he did.

• 1:24:20David Hoffman?

  I'll take any public Vitalik blabs.

• 1:24:23Ryan Sean Adams?

  What you got here, David? This is a take from David.

• 1:24:26David Hoffman?

  Here's my blab, unrelated to legal stuff. I say, "The future of verified accounts," this is going back to the Twitter checkmark, "is not going to be a top-down, centrally permissioned system. The times, they are a-changing. Bottom-up, community-oriented mechanisms are in."

• 1:24:43Ryan Sean Adams?

  All right, Bob Dylan. Bob Dylan, "The future of verified accounts." Let's go. All right, what are you excited about this week? David, what are you bullish on?

• 1:24:52David Hoffman?

  I am bullish on, Ryan, the OP stack. Because you know how Ethereum is going modular?

• 1:24:57Ryan Sean Adams?

  Yes.

• 1:24:58David Hoffman?

  Doing the whole modularity thing? Well, so is all of Ethereum layer 2s. And the OP stack, Ryan, is like-

• 1:25:04Ryan Sean Adams?

  Optimism is what OP stands for.

• 1:25:07David Hoffman?

  Layer 2s, my idea, my claim, and this is what I'm bullish on, is that Layer 2s are also going modular. And the OP stack is going to be the great motivators to get this done. So Layer 2s are also going to be broken apart into their component parts. And this is what the OP stack is. It's like the scaffolding.

• 1:25:24Ryan Sean Adams?

  For people who don't know, OP does stand for optimism.

• 1:25:26David Hoffman?

  Yes, yes, it does. OP stack. The optimism OP stack is this scaffolding for modular Layer 2s. And so the idea is, the secret sauce of all these Layer 2s are going to be broken into little modules. Like Arbitrum's fraud proofs, Optimism's fraud proofs, ZK Sync's prover. Where's the data held? Is it off-chain on our weave? Is it on-chain like a rollup? And so all of the ingredients that make up a Layer 2 are going to be broken apart into little modules.

• 1:25:55Ryan Sean Adams?

  L2 Legos?

• 1:25:56David Hoffman?

  L2 Legos, L2 chain Legos. And OP, the OP stack is like the Build a Bear workshop, the Build a Layer 2 workshop, for stitching all of these Layer 2 modules into each other. And so it's like this abstraction layer that allows the modules to interoperate with each other on a seamless way. And so what's happening here is we're breaking Layer 2s into their minimum viable component parts, like tiny little genes, some genes, and these genes are going to compete. And so this is a reference to Richard Dawkins' selfish gene. Like, once we can break apart Layer 2s into their modules, it's not the Layer 2s that fight anymore. It's not these monolithic, very vertical Layer 2s that fight in these Layer 2 wars. It's the modules that fight, the little genes that fight.

• 1:26:39David Hoffman?

  And like, these Layer 2 teams are just competing to put out the best genes into the marketplace.

• 1:26:42Ryan Sean Adams?

  And that's better because we get progress that much faster.

• 1:26:44David Hoffman?

  Faster evolution, faster progress. The OP stack is like the ERC 20 token standard of Layer 2s. And so I'm bullish on this Cambrian explosion of many different Layer 2s from all of these different permutations of modules that can be put together. And that's what really just gets my juices flowing, Ryan, is when I see like...

• 1:27:05Ryan Sean Adams?

  This is David's next money Legos.

• 1:27:07David Hoffman?

  Bio mimicry, exactly. Bio mimicry, composability, and competition in the market, which is what DeFi is. It's like the biggest competition marketplace of all time. And it's the same thing as the survival of the fittest. But now we have modular Layer 2s, and the little modules can fight over each other.

• 1:27:22Ryan Sean Adams?

  You like little things fighting, don't you? Like little tiny Legos.

• 1:27:26David Hoffman?

  Yeah, this is Ethereum. It's like, oh, all you little DeFi apps, fight over my E.

• 1:27:29Ryan Sean Adams?

  Fight, fight for me.

• 1:27:31David Hoffman?

  Fight, exactly. Fight for my money. Anyway, that's what I'm excited about. What are you excited about, Ryan?

• 1:27:36Ryan Sean Adams?

  Music NFTs, David.

• 1:27:37David Hoffman?

  No fucking way.

• 1:27:39Ryan Sean Adams?

  I'm excited about music NFTs this week. So David, the Bankless team put together a newsletter issue titled, a Bankless newsletter issue titled, "Finding the X Copy of Music NFTs." X copy, of course, is famous NFT artist sells one of ones. And the question is, if like, it's so early stage in music NFTs, can you find the next X copy? Oh, by the way, I watched this video too. By my friend David Hoffman also made me bullish on top of this, but I watched that video after I read this post and made some purchases. "Finding the X Copy of Music NFTs." And so I decided to do some exploration myself. I went to Sound, I researched some of these artists, and I found some things that I liked.

• 1:28:16David Hoffman?

  Yeah?

• 1:28:16Ryan Sean Adams?

  Yeah, largely they were suggestions on this article. Okay, so I'm still curating my own taste. All right, so I'm aping the taste of others as a first step. But it was really fun. Like, the process of going to Sound and OpenSea and actually purchasing some NFTs, like, here's kind of an NFT wallet I have and a few, you know, collection that I'm starting to build. It was fun, it was easy. When you pair that with what your video was saying, what Cooper was saying about like, a stock market for music NFTs and for artists, another mechanism for compensation. Like, I was researching these artists. I mean, these are not like the Taylor Swift's of the world. These are kind of like, small-time artists with like, fantastic music.

• 1:29:00Ryan Sean Adams?

  And what they can do is they can use Web2 and Spotify as the distribution mechanism, but use NFTs as part of their monetization mechanism to find their true fans. I'm just repeating back what you're saying to me, I feel like, and what Cooper is also saying. But I guess there's a difference between hearing it and actually doing it and building a collection. And, I don't know, it just feels like one of those things that's obvious. And it's obvious because it was fun, I'm convicted, there's a monetization mechanism, I think this is gonna be big. And when that tweet was put out, I think Bankless put out the tweet, and a bunch of people are like, "I don't think NFTs are gonna take off at all." Like, why?

• 1:29:43Ryan Sean Adams?

  Because the only reason JPEGs have taken off is because they're So easily shareable on like social media on Twitter and they're viral and sound requires like a music NFT to, you know, it's a three minute song or whatever else. Like I, it just echoed of what I've heard in the past of like all three years ago, two years ago, all the 10,000 reasons why JPEGs would never take off in the NFT world, the exact same sorts of arguments, right? And I don't know. So I feel like it's super obvious. I've, I've switched on to bullish maybe because I've built my own, uh, starting to build my own collection. And it's just like a lot of fun, honestly. So, um, the most fun I've had in crypto in the last month, I would say that's why.

• 1:30:22David Hoffman?

  Hey, fun is a huge alpha indicator. So if you're having fun, like that's how you know, like I, I, I was definitely one of those people that was like music NFTs are just bearish in comparison to JPEGs because JPEGs you can see all like that, all like instantaneously, right? Pictures worth a thousand words. You see the picture and you like the picture. And but like for music, you have to listen to it for three minutes to determine if you like the NFT or not. And so that's too slow. That's not viral. I used to be one of those people. But then like the response of like, bro, it's music. Like

• 1:30:54Ryan Sean Adams?

  Don't overthink it.

• 1:30:55David Hoffman?

  When you and I are not in Zoom, Ryan, doing Pinkless stuff, there's music playing in my apartment.

• 1:31:00Ryan Sean Adams?

  Oh, yeah.

• 1:31:01David Hoffman?

  All of the time.

• 1:31:01Ryan Sean Adams?

  Yeah. And you're attached to these artists too.

• 1:31:03David Hoffman?

  Yes, yes. And so like

• 1:31:05Ryan Sean Adams?

  Is there any creator that you're more attached to? Any artist that you're more attached to than

• 1:31:09David Hoffman?

  There's no visual artists that I'm more attached to than, and like my top 50 music artists.

• 1:31:15Ryan Sean Adams?

  Totally. It's not even close.

• 1:31:16David Hoffman?

  That's all, that's all it takes, right?

• 1:31:18Ryan Sean Adams?

  You want a piece of that. You want a piece of their community. You want to bet on these artists too, like your tastes.

• 1:31:22David Hoffman?

  Right.

• 1:31:23Ryan Sean Adams?

  Like David has great taste in music, right?

• 1:31:25David Hoffman?

  I do.

• 1:31:25Ryan Sean Adams?

  And so he knows he does. So now you can bet on it. We'll see what the rest of the world thinks.

• 1:31:31David Hoffman?

  I think the rest of the world likes the Sheepdogs. So I have my NFT frame and I have to go turn on my NFT frame to, to, uh, to go look at my, my visual NFTs.

• 1:31:40Ryan Sean Adams?

  Yeah.

• 1:31:41David Hoffman?

  And like, I mean, I'll go do it. I also have to go turn on like my speakers to listen to music, but I turn on my speakers every single damn day.

• 1:31:47Ryan Sean Adams?

  Yeah.

• 1:31:47David Hoffman?

  And so like, again, like, don't overthink it. It's music.

• 1:31:50Ryan Sean Adams?

  Well, here's the

• 1:31:50David Hoffman?

  There's a reason why we call it the Billboard Top Charts. Like the Billboard Top Charts is just like the precursor of the future stock market for music.

• 1:31:58Ryan Sean Adams?

  Guess what I was doing in 2020, uh, when we had those episodes and people were giving us the bull case for NFTs, like before they were a thing, before Jimmy Fallon or anyone in the world cared, right? I was overthinking JPEGs.

• 1:32:09David Hoffman?

  Yeah.

• 1:32:09Ryan Sean Adams?

  A lot.

• 1:32:10David Hoffman?

  Yeah.

• 1:32:11Ryan Sean Adams?

  And I was like, but right click, save.

• 1:32:14David Hoffman?

  Right.

• 1:32:15Ryan Sean Adams?

  You know, and then I'm not going to make the same mistake, right? Like, this is just, it's fun, right?

• 1:32:21David Hoffman?

  It's, it's pretty easy.

• 1:32:22Ryan Sean Adams?

  Gobbling art is fun, goo is fun, this is fun, music NFTs. Anyway, bullish this week, David, you got me.

• 1:32:30David Hoffman?

  Should we be the first ones to make, uh, music gobblers?

• 1:32:34Ryan Sean Adams?

  Music gobblers?

• 1:32:36David Hoffman?

  Music gobblers.

• 1:32:37Ryan Sean Adams?

  I don't have any music, this is not my talent. But we'll do a podcast NFT that can gobble other podcasts.

• 1:32:42David Hoffman?

  Yeah.

• 1:32:43Ryan Sean Adams?

  We do that?

• 1:32:45David Hoffman?

  I think we can.

• 1:32:45Ryan Sean Adams?

  All right, it's meme of the week time. You've heard what we're bullish about. What, uh, what is this from? Jamison Lop, the good old Bitcoiner.

• 1:32:51David Hoffman?

  Jamison Lop, yeah, this is the, the shrew meme and it's the European Union.

• 1:32:55Ryan Sean Adams?

  Wait, the Gru meme?

• 1:32:56David Hoffman?

  What did I say, shrew?

• 1:32:57Ryan Sean Adams?

  Yeah.

• 1:32:57David Hoffman?

  This is Gru. The Gru is the European Union pointing to his poster saying Bitcoin is too volatile. Also saying, next panel, Bitcoin cannot be a currency. The EU finishes the third panel saying, our job is to maintain the value of the currency. And then the fourth panel is a chart of the euro to the dollar and it is down bad, down real bad. And it's probably more volatile than Bitcoin these days because Bitcoin is super steady.

• 1:33:24Ryan Sean Adams?

  We're not finding risk-free money anywhere these days. There's volatility all around. All right, risks and disclaimers, guys. End of the show, thanks for hanging with us. Of course, gotta let you know crypto is risky. You could lose what you put in, but we're headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.

• 1:33:44David Hoffman?

  Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcast and community as a Bankless premium subscriber to get the most out of your Bankless experience. You'll get access to our market analysis, our alpha leaks and exclusive content, and even the Bankless token for airdrops, raffles and unlocks. If you're interested in crypto, the Bankless community is where you want to be. Click the link in the description to become a Bankless premium subscriber today. Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders,

• 1:34:25David Hoffman?

  Ask Me Anythings and weekly rollups where we summarize the week in crypto and other fantastic content. Thanks everyone for watching and being on the journey as we build out the Bankless nation.