Murtaza Hussain on Warpcast

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Murtaza Hussain

I like crypto and am glad that the prices have gone back up. I HODLd and tend to mostly buy what you could call the "blue-chip" cryptocurrencies whose performance and valuation I am satisfied with. I can't help but ask, however, what happened to all the people who were convinced to buy "real-estate in the metaverse" or were told that it would be a good investment to pay tens of thousands of dollars for images of a cartoon ape? I do not hear much about these narratives anymore and I have not heard of any recovery in values, though I am sure some credulous people lost quite a bit for trusting these stories a few years ago. There needs to be some self-policing and accountability not just of the fringes but the mainstream of any industry in order to build and deserve public trust. I highly recommend reading the book "Narrative Economics" to understand how good storytelling can be used to drive unwarranted increases in asset prices. https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics

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@promptrotator.eth

What is your key takeaway from this book?

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𒂠_𒍣𒅀_𒊑

👋 the risk, ultimately, will yield practical insights that provide some public good.

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punks and apes will have their novelty and value as historical artifacts over time, but not sure how many others will. these are clubs, and clubs are only as valuable as their current membership. digital art has some value but it has to compete with what’s free. digital real estate is only as valuable as the eyeballs (foot traffic) it gets.

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I guess those people just got a very expensive investing lesson. In the end, no one forced anyone to pay north of $50k for a JPEG, so I'm not sure if it would be the right move to hold someone - especially the whole industry - "accountable" for something like this, besides the "investors" themselves. And the self-policing mechanism is that most of the people (eventually) won't value this stuff that high ever again, effectively rendering them a failed experiment, thereby stopping future builders and entrepreneurs from launching similar "products" going forward.

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There's only one /bleu chip Murtaza 🤣🐘 Le bleu elefant

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The thing about metaverse "real estate" is that many of those projects were like Earth 2, selling you virtual space of real world locations. It sounds great until you realize there are 5+ other platforms doing the same exact thing... so which will be "official" ? For me, actual metaverse real estate is simply owning a space in a desirable game/social platform. Second Life walked so platforms like Decentraland, Crypto Voxels, Sandbox, and OnCyber could fly! The true "metaverse" though, is simply a... world wide web 😏 of different worlds for people to explore. Each of the named platforms are just one stop in a likely infinite future of stops, and what blockchain enables is the ability for a virtual legacy... ownership and provenance! As for the jpg cartoon animals and other random pfp projects, many were just another copy of the meta that the market understood at the time. Only a few of these projects and/or their communities still have runway and utilities to show for the amount of funds they pulled.

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Ive been in the space since before Ethereum, every bull cycle there is a bunch of new ideas that people get excited about. Tokens, mechanisms, L1's etc. I remember back in the day, I had some Namecoin (2011 era version of ENS) and Peercoin (one of the first PoS chains) and Mastercoin (one of the first programmable chains, was an inspiration for Ethereum). All of those instances are irrelevant today, but the ideas were live on: ENS, PoS, proper smart contracts, etc. I'm not sure if any particular JPEG is a great investment but I have no doubt the core concepts of NFTs will live on, and even the metaverse in some shape. But that is the nature of being an early adopter (or trying to find x1000+ returns, I suppose). We find an instance of something that might have some great ideas inside of it, and we get involved. Maybe that's not the instance that ultimately thrives, though.

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Daniel Fernandes

I think the "bored ape" phenomenon was completely explained by (1) wanting to be in the same club as NBA players like Steph Curry (and NBA players were turned on to crypto from NBA TopShot) and (2) hypebeast collectors that are also into hype streetwear brands like Supreme and rare sneakers etc, basically they are just trend collectors. This argument is made in this (long) video essay: https://www.youtube.com/watch?v=yH2t4ayYGDI

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Sean Wince 🎩

I still think scarce metaverse "land" or other assets could be a huge market, much farther into the future. But it probably won't look much like the ugly 3D/VR worlds that were hyped a couple years ago. 420 $degen

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