Reacting to unpopular hot takes from NFT Twitter.
follow me on twitter:
0:00 start here
0:24 PFPs can’t ship real games
2:45 I’m tired of WAGMI influencers
5:09 Otherside is a grift/ponzi
7:42 PFPs are dead
9:27 Pixelmon was not a rug
12:41 Run away when they say ”blue chip”
Hey guys it’s Giancarlo so we’re gonna Do things a little differently today Okay I recently put out a tweet asking For some of your unpopular opinions when It comes to nfts your hot takes and your Theories and I’m just gonna go through Some of them and do a little react Content which of course is a staple here On YouTube so let’s see how this goes And if you like it maybe we’ll do these More often as a series so go ahead and Like And subscribe just do all the Things and let’s get started okay hot Take no current profile pic slash Collectible project that exists at the Current moment on any blockchain will be Able to ship a real game that one sees Any level of IRL adoption two gets Non-nft people playing it and three Isn’t just a way to sell more nft slash Promise a utopian future okay we’re Starting off strong what I’ll say is That in general people vastly Underestimate what it takes to make an Actual good game right I suspect that Was true before I got into nfts but now Having been in nfts and seeing people Just go batshit crazy over and over Again at the you know slightest teaser Of some visual asset or when founders go On Twitter spaces and they claim that They’re making the next Super Smash Bros The next World of Warcraft now I can Confirm yeah people just don’t know what
Has to go on behind the scenes in terms Of game development the truth is that Gaming is a very top-heavy industry and The vast majority of attention goes to It’s a small number of Highly produced Titles typically they’re released by AAA Publishers that have huge treasuries an Army of developers and they take years To make right and yeah there are Exceptions and some indie games have Made it really big like Minecraft and Stardew Valley but generally these are Exceptions to the rule and the space Just works on a typical power law you Know we talk about nfts for example Having that 99 failure rate well I think Indie games are not too far off right You know most of them don’t even make a Profit let alone take this phase by Storm which is you know what a lot of These Founders are claiming that their Game is going to do so yeah I don’t know If I would make a blanket statement like None of these projects will be able to Make a good game especially since we’re Seeing more top veteran developers enter The space you know recently you had Kay Bladen who raised 200 million dollars For Digi daigaku full disclosure I own a Digi but there are going to be just more People like him that enter you know Every month and over the years and so That statement is just going to be less And less true over time but generally I
Would agree that when in a random nft Founder that doesn’t have that track Record starts talking about making a Game that’s when I’m heading out the Door unless of course it’s like a social Game or a puzzle game or something like That then maybe but if they’re talking About like a virtual massive multiplayer PC game yeah lose my number okay I’m Tired of influencers and people on Twitter with a seemingly Self-congratulatory if you’re still here You’re gonna make it I’m so proud you’re Still here who is still here and if the Artists aren’t the same as crypto Investors people are always going to Create regard regardless of conditions So what you have to understand is crypto Is a very emotional place right you’re On the verge of making generational Wealth and or going bankrupt at any Given moment and you’re also at the edge Of this new technology where you’re like Standing side by side with scam artists And some of the worst kinds of people And sometimes that can inflict damage on You and all of this can just tear a Person down ladies and gentlemen and I’ve seen two extreme reactions to this Kind of atmosphere like if you look at OG crypto Twitter you know the people That were raised with icos and you know All those altcoin scams in 2017 their Reaction is this like toxic negativity
Well a lot of them turn into like trolls And overly pessimistic people who poke Fun at anyone that is trying to like Build in good faith uh and they think There’s everything is a Ponzi and There’s this vibe that they just want to See the world burn well then on nft Twitter you get the polar opposite which Is toxic positivity and this is like the Land of the wag me and both Vibes are Partly defense mechanisms but you know Obviously they’re there to farm Engagement as well and I would agree you Know I think it is annoying when you see This always uppity bubbly behavior and They’re telling you to keep your chin up And just have some patience but I would Say that there is some truth in the Sense that you know if you are here Spending time and learning for years I Don’t see how you wouldn’t have an Advantage if you have just like a Minimum skill set you would have an Advantage over anyone that comes into The space later on as crypto grows 100x Or whatever I don’t see a way you wouldn’t right Like how could you not right there’s Gonna be so many companies that are Going to be hiring for roles that Require some web free knowledge and if You’re here now when everything is like Very raw and you’re in ether scan and You’re using this metamask wallet you’re
At least going to be learning some of The inner workings better than somebody Who comes in later when all this Technology is just pushed behind the Scenes right and the consumer experience Is way smoother at least you know a Little more about how all this works and I think that should be a benefit Board Of Yacht Club’s other side is a huge Griff the mint numbers don’t make sense Not even taking into account the extra 100 000 plots left to be minted there’s No way for mentors to ever get return on Investment back on those plots unless The game somehow turns into a giant Ponzi that’s popular enough with retail Next nft Bull Run it’d be in a Ponzi However would mean that it crashes and Never comes back at some point yoga laps Of zero at some point damn now we’re Getting spicy I mean before we were like People saying wag me a little too much And now we’re at you know I think other Side is a Ponzi for those that don’t Know other side is the massive Multiplayer game that Yuga is developing And really we don’t know much about how The game’s gonna work and what the Business model is going to be and Whether or not it can be sustainable It’s possible they use a model that We’ve never seen before right and the Only really at least temporarily Successful crypto game that we’ve had so
Far has been axi infinity and that one Was very unsustainable partly because They were using that play to earn model That I think Yuga has observed and They’re probably going to try to avoid That but the question is are there Scenarios where an other side land Holder can still get a return on their Investment without turning the game into A giant Ponzi and in my opinion the Answer is yes that is possible one Example of how this can work without Ponzanomics is if the land holders could Earn some kind of a percentage of the Commerce that is related to that land And here’s what I mean so if you think Of like World of Warcraft and those old Marketplaces in game where you’d Approach an NPC and you say like hey can I buy that Magical Hammer or whatever Except you now you’re using real money Well imagine that that Commerce a Percentage of the the sales goes to the Landowner and from the user perspective You don’t really know or care if that Money is going to Yuga or if it’s going To Blizzard or whoever it is in this Case or a third party you know you’re Still enjoying the game it’s just that On the back end The nft Collector is Earning a reward from your transaction Of course now you’re getting into like Securities territory and it’s not clear Whether you can legally sell an asset
That does give you dividends like this But I do think that we’ll see games in The future where they use nfts to Fundraise the game and then the nft Collector owns a part of the game that Does give them a percentage of the Transactions and the player is not aware Of that right it doesn’t affect their Enjoyment of the game at all and so Here’s how you can get a return on your Investment without the game itself Needing to feel like a Ponzi now Obviously the game still needs to be fun But at least this paints a scenario for How this could possibly work cartoon Animal Profile Pics won’t be a cultural Norm and will be seen as an easy way to Identify the weird nerds on the internet So there were a few comments like this That basically suggested that profile Pics were simply a fad and I think this Is an overreaction okay yes there is one Model of profile pics that have been The Meta over the past year that is Declining pretty hard right now and That’s the model where you start with Like 10 000 generative basically similar Looking NPC characters and then you try To create a brand out of that that model Is if not dead it’s in extreme pain Right it’s like not eating solid foods It’s like leaning back and it’s rocking Chair just waiting for its time but Profile Pics can come from anywhere okay
It doesn’t have to come from a Collection like that you know you can Have like a game that people enjoy let’s Say Halo and the master chief character Would be the nft and the profile pic That people desire and so in general I Think because we’re spending way more Time online and and on social media Platforms and a non-culture is taken Over right there’s a lot more people That just want to be anonymous Especially in younger Generations that Profile picks are just going to be up Only in value okay and you know just Yesterday someone bought one for four Million dollars and I don’t think it’s Impossible that in the future someone Might buy one for hundreds of millions Of dollars okay and if you think that’s Crazy this crypto Punk was worth only a Thousand dollars a few years ago so this Jump would be even smaller than that one Now look this is coming from a guy That’s using a boomer profile pic on Twitter okay I’m 100 bringing that LinkedIn energy but I can still tell you Where this is all heading and in my Opinion profile pics and identity Digital identities in general are going To be one of the biggest parts of this Whole movement pretty much forever it’s Just a way that we create meaning for These identities will be different than What you’re seeing today Pixelmon will
Become the first actual enjoyable nft Game Pixelmon is not a rug Pixelmon is a Blue chip So let me give you some extra context Here okay A little tail from behind the Scenes if you don’t remember what Pixelmon is it was that gaming nft drop That raised 70 million dollars earlier This year and then had that hilariously Bad reveal where you know they were Actually using art that wasn’t even Licensed for this type of project and The art just looked nothing like what The teasers were okay and since then Pixelmon has generally been seen as a Rug and not just that it’s usually the Go-to meme whenever you see another Project that under delivers okay it’s Like oh you just got Pixelmon and so I Tweeted VCS acquired 60 of Pixelmon Nothing like getting paid for the same Rug twice and surprisingly I gotta reply To that tweet from one of the VCS that Actually acquired Pixelmon and he Reached out and said let’s get on a One-on-one call so I did and I actually Spoke to him last night and yeah they Are a legitimate VC slash Studio based In Singapore they do believe in web 3 Gaming and I think they got a good deal On Pixelmon that included the 50 or 60 Million dollars that is still there in The treasury from the original mint Which partly explains the interest that
They might have had in that brand in the First place and I think the original Founder just wanted a quick way out that Original founder cybern is now just a Minority owner and the new Studios Running the show they’ve moved 20 Developers to the Pixelmon project and They’re taking a real swing at it but Obviously the brand reputation is in Shambles and you know you could look at The original launch from two different Angles right you could say on one hand Oh maybe this was just a young Inexperienced founder that got in way Over his head maybe he was just trying To make an indie game and it came out There in a bull market and people were Just spending a lot of money on mints at The time so he raised a lot more money Than he expected and he just fumbled and Maybe the evidence on your side would be That he didn’t take all the money and Just run away and and all most of that Money is still there on the other hand You could say that this was Reckless Behavior and probably there was a lot More dishonesty than the team is ready To admit and yeah maybe he didn’t take The money that that is true but it’s Possible that he didn’t take it because Maybe he was afraid of legal Ramifications and so maybe it was closer To a classic rug than not either way the Fact is that many people did get burned
From this mint and the stain of that you Know rug reputation is going to be Nearly impossible to recover from and I Told him this right it’s like I’m sure People are watching this right now and Shaking their head at the fact that I’m Even entertaining the possibility that This was not a rock like the reputation Is that bad but it does seem like the Owners are acting in good faith and you Know they do have some Innovative Mechanics that they’re going to use to Maybe make this a popular game keep in Mind this is based on just like one call It’s not like I’ve been spending all This time doing due diligence on it so Do your own research uh but yeah if You’re the kind of person who likes to Make contrarian bets and go against the Grain uh there’s not many more Contrarian bets than this one but I wish The owner as well because if they are Able to turn this into a comeback story And give the original mentors The game that they actually wanted I Mean this is like Netflix tier story Lines there are no reliable stable Investments in nfts if you hear the term Blue chip nft run away I would agree That the term blue chip is way overdone At this point in nfts and honestly if You’re saying it with a straight face That’s kind of cringe and for those that Aren’t aware the term blue chip comes
From the stock market and it’s meant to Label you know high quality companies That have consistent cash flows steady Growth they’re very big and you know Usually more stable than like a typical High growth Tech stock right and there’s Also a time element to it so you don’t Say that app on Google or Blue Chips Because they just had a solid year Usually they’ve been doing it for a long Time in some cases for decades but when It comes to nfts there aren’t any Consistent cash flows and even if there Were that doesn’t necessarily mean that It’s going to flow through to the nft Holders and we’ve seen big Brands like Bud Light launch nfts that completely Flopped if they were made by anyone else You’d actually call some of these rugs And so you even though Bud Light is this Big brand that has all this money that Doesn’t necessarily mean that their nfts Are blue chips now the main reason Blue Chips doesn’t work with nfts is because Of how new they all are okay so like Take moombers which is a project that People often refer to as a blue chip This is only six months old okay six Months is nothing in a lifetime of a Company you know you’re like still in Startup mode you have like Jeff Bezos as A nobody sitting in an office somewhere The idea of a jack Bezos is just a Glimmer in his imagination at that point
So it’s just way too early to be able to Say that an nft is stable and any less Risky than any other one you need time To build stability and right now every Nft is essentially highly speculative Still and we’re seeing that even the Ones that we consider to be the best Ones can often get the rug pulled from Underneath them if the market goes sour But we still have to have a term that Helps us distinguish between high Quality projects and low quality Projects and when it comes to nfts you Know the currency that we’re after is Attention so really where you’re trying To find is the difference between a Project that can momentarily get Attention versus one that has this Repeatable process for getting attention Consistently over time and I think Really we can only say that maybe you go Labs and board of Yacht Club have been Able to do that but still we need a term That can help us filter that so if you Have a catchy name in mind let me know In the comments below alright guys That’s it for today I hope that was fun Kind of this like bear Market type video Let me know if you liked it and we can Do this more often all right take care Guys
Why Oil Prices Dropped and How They Affect The Market – Explained in Just 10 Points
Why Oil Prices dropped? How is going to affect us? Is it really a good thing? And a final note on how oil prices can bring about recession.
Tips For Selecting the Best Investment Company
You can double or triple your current finances by making investments. Be reminded though that this option has some risks involved. Work with reputable companies now.
What Would Negative Rates Mean for You?
It used to be that you worked hard, saved your money, and then when you retired, you lived off the interest of your savings. Today, global central bankers are changing the landscape, where already in 15 countries, the term negative interest rates is a reality.
The Smartest Ways You Can Invest Your Money
How much have you saved until now? What are you saving for?
Equity Crowdfunders Or Investment Bankers?
Has crowdfunding become institutionalised? More and more businesses are being turned down to raise finance and the industry could be becoming more like the banks. This is the opposite of the markets intentions and could cause a drop in projected growth.