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https://opensea.io/collection/zorbs-eth
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Coop
@coopahtroopa.eth
Tons of really healthy convo on the timeline about the new @zora model. Really enjoying the debate play out in real time between people like @zinger and @kyle (some of the best traders on FC) and creators like @jessepollak and @dwr.eth doing it for the love of the game. What's clear to me is that people who are super used to trading are highlighting the inability for most posts to reach sustainable market caps. Speculation will come way down in the short term as very little (if any) posts are able to hold above $1m cap UNLESS they are launched by highly prominent individuals. On the other side I've appreciated @jessepollak commentary that you have to launch a few coins for it to stick as a creator. You'll likely receive a token of backlash for the first few which requires a very specific type of creator to be tolerant of this behavior and want to keep minting their content. So it leaves us in this interesting middle ground where most coins are *not* meant to be speculated on.
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Coop
@coopahtroopa.eth
While this feels bearish for traders in the short term - I do think its a healthy reset of the expectation for every coin to be something that's meant to reach a $1b market cap. I think coins are much easier to distribute in small amounts for value added actions - but we haven't reached that part of the puzzle yet in mass so right now its hard to see them as anything beyond a memecoin worth buying and *hopefully* selling for a gain. I struggled with this a lot as we launched our first song coins on cooprecs.fun It's clear that most holders have an expectation of consistent buy backs, shilling the ticker, and other normalized coin behaviors. If price goes down - you are doing bad by your holders. The new Zora is challenging that notion - but it will take a post going up slowly and naturally over time (hopefully with its virality in the real world) to really see this vision come to life.
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Coop
@coopahtroopa.eth
Lastly the biggest thing I'm still trying to wrap my head around is creator monetization. If putting your work onchain is meant to pay you more than anywhere else - this needs to be true not only for the major outlier coins, but for small independent creators where making $100 or $250 on a piece of content (art, podcast, song whatever) is meaningful. In the current model this implies either a) $1m+ of volume or b) selling your own coins. I don't like this being the primary way a non-crypto savvy creator makes their money, but maybe it can be learned in time. Most crypto users are so hard coded to erc20s being memecoins to speculate on. Meanwhile its really hard to explain coins to new users in a way that's not completely financialized. Still a ton of design space here but I find this whole convo to be extremely productive and look forward to seeing what the outcomes are!
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The Gardener 🌱
@thegardener
Well written
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