The Birth of A New Industry

It’s been a little over a month since my last post. Not more then a week after the Ethereum hit it’s all time high, did the market begin it’s most volatile correction the following Sunday. Starting with Elon’s tweets about the sustainability of Bitcoin. Then the news from China made it’s swift appearance further crashing BTC.

As a long term bull, I’m even more quelled to say otherwise that no matter how much the manipulation drives down the price of this digital gold, the interest and adoption is there and can no longer be swept away by even the most damaging news.

Another believe I have, is that defi is here to stay too. In amongst the bear market, it created it’s success stories in the form of non-fungibles, crypto yield farming and much more. My believe is that this is a new creative industry in the making. The innovation that has occurred within decentralised finance in these few short years has been the building blocks of what future creative and content creators will use to build their own projects on and earn a new income stream. The very reason why I’ve called this post: “The Birth of A New Industry.”

In 2017 the first NFTs they had were cryptokitties and breadability. Today, we have an existential collection of projects that lead many to believe we are building Web 3.0 within decentralised finance or fintech for short. From the likes of Paris Hilton and fashion houses wanting to build unique collections as non-fungibles amongst musicians creating individualised private concerts when the pandemic – in sighting reckless havoc, among these independent businesses it seems as luck would have it, a plethora of opportunities to be found within the unlikely underdog of our modern times of technological advancement,  it is a miracle that these NFTs seem to have adapted themselves as a new way for what would otherwise see an end to such long standing arts establishments. As I write this, Memeability is the new fast developing trend. 

What’s With The Fud… ?

Understanding meme culture. When tokens are backed by their community it is often why we witness such humongous gains in the crypto market, weather expected or not, it is the so called tiktok generation creating FOMO (Fear, Over, Missing, Out.) that has the enviable position of driving abandoned projects such as the DOGE Project that garnered massive adoption. Thanks to Elon Musk and his barrage of followers aped in and six months later from an investment of $500 to $50000 plus. This type of hype mechanism is nothing new. As street artist Banksy, soon found out that being a pseudonym seems to drive popularity into overkill. Street artists reached a popularity of their own when his painting sold then devoured into nothing after being shredded automatically upon the sales bidding ended and became an overnight success. Artists were able to command hefty profits for their own work. 

A simple google search for Satoshi Nakamoto translates from Japanese to English as Central Intelligence. It doesn’t take much to begin to realise that the identity from this otherwise invisible mastermind created a practically new industry. We are only now in 2021, just beginning to see real adoption and use cases that will become a new world of finance. 

Born out of desperation during the 2008 crash, led to many asking why humanity in itself didn’t have a plan b for when economies fall. Since the late eighties, a group dubbed cypherpunks created a mailing list. They had a goal of utilising cryptography and privacy-enhancing technologies. 

Nick Szabo created an early version of Bitcoin. Dubbed Bit gold. He is also instrumental in today’s Smart Contracts. The E coding programmable language. Szabo is often credited as a ‘potential Nakamoto.’ By creating these ‘Highly evolved practices of contract law and practising the design of e-commerce protocols,’ the modern day use, is the Ethereum network although first created by Vitalik Buterin, Smart Contracts on the ERC20 token is the main currency for most decentralised finance projects and furthermore encompassing the ERC721 token, being the NFT.  

Cipher + Turing = Cryptography

Cryptography itself, was first engineered during the World War Two era. Although Cipher Cylinders have been used since Ancient Greek times. Often during war times. As a way to pass on messages that hid locations of injured soldiers and much more information in encrypted messages on a parchment wrapped around a cylinder. Known as a Ceaser Cipher. 

Turing went on to develop the Bombe. He envisioned a strip of 1s and 0s deciphering the German machine Enigma’s code. This invention sees Turing as the godfather of cryptocurrency. The term, Turing Complete/Turing Incomplete refer to a blockchain being able to understand smart contract technology as Turing Complete, if not then it becomes Turing Incomplete. Ethereum is an example of being a Turing Complete blockchain. It is alas, the only one of it’s kind in Crypto today. It has already developed a new way of  banking with twenty-first century tech. Not only with the invention of Defi, where you can earn up to a hundred APY (Annual percentage yield,) or more through mechanisms like staking tokens over a number of days or months, but you can farm tokens creating a multi faceted layer of ingenuity that regular banking seldom offers such rewards. Creating envious returns it is in twenty-twenty one just starting to take real notice. Added to that, the explosion and subsequent expansion of non-fungibles, creates a unique momentum of truly a once in a generation opportunity that has the ability to create rags to riches tales unlike even the American Gold Rush saw. 

MetaPurse

It’s not of interest to me that I write about crypto like that. It’s enjoyable and engaging in a virtual world vastly developing at unheralded speed. Though some turn their new found wealth into new pioneering spaces in the industry. Much like that of MetaKovan. Owner of Beeple’s Everydays. Now living in Singapore originally from India, Kovan has established with his business partner a unique concept of MetaPurse. A crypto exclusive fund specialising in early incubator projects across various fields of the blockchain. The duo want to help push the NFT space into an era of experiences and consumption. 

MetaPurse as they put it, ‘ serves as a Beacon for NFT projects that want exposure’ in the wider arena. 

Another such project SHIBA, is establishing a unique SHIBASWAP project after creating an amazing community, the project speaks for itself. An excerpt from the article reads…

Woof-Paper Legacy

Another hype has since exploded even in one of the worst crypto corrections that wiped out fifty – seventy percent of the entire cryptocurrency space. Thanks to numerous tweets by the likes of technology savvy innovator Elon Musk. 

Mr Musk, has a mammoth following on social media. Particularly, Twitter. Although, crypto was invented as a hedge without Musk previously involved in any part, it is his stature as a key player in technology that helps create and push Bitcoin to wider adoption in general. With Facebook. Google, Visa, & Apple all making announcements to purchase the asset through his influence playing some part in retail investment. 

He has recently been pushing the otherwise abandoned project of the meme coin DOGE that has a rough supply of one hundred and twenty nine tokens plus. Deemed as a project long since forgot and a momento to the owner of his much loved family pet, was left aside. Only, until recently with Musk taking a liking to the project where we have since seen massive gains on multi projects much like that of SHIBA. Where tokens network with influencers who have a large social network to help push the token. Most are creating opportunities through their own Swap.  A swap being where you invest through staking your native token in exchange of another asset. By Pooling or NFTs. 

Farming with Eddaswap

I found through research a unique opportunity of a token and swap creating high end artworks where you staked through investment of the native token in this instance called EDDA. From EDDASWAP. Overtime you earn Samurai points that up to a value of 0.5 samurai from one EDDA token staked you can earn in a space of twenty four hours. It is a project backed by GEMINI. A business owned by the Winklevoss brothers in the USA. Although educated here in Oxford University. The Winklevoss twins are infamous in their involvement with Facebook. They are today heavily involved and believe in Bitcoin as the future. 

Through withdrawing the Edda NFTs available in their numerous pools available, you can spend your earned Samurai and withdraw through a cost. After that, you are able to resell the token on any NFT site, though most use Opensea. 

One particular token sold for a whopping five-hundred thousand plus. A limited 1/1 edition of DEFI Godfather Andre Cronje digital artwork. Pictured his 3 dimensional self dancing around his bank tokens on the moon and in space suit too. A much admired figure for his innovation of yield farming in crypto. His token YFI gained massive attention when it went from thirty dollars, to fourth-three thousand dollars as a micro cap supply of thirty thousand proved his believe of small supply assets give greater value yield. Within a span of two months. 

Although, there is a state of consolidation happening in NFTs, with the various tokens and creative industries looking at making cryptocurrency their future, I strongly believe that we will see the space develop to the point where everything is tokenised. For artists and creatives a like, it’s an alternative income stream albeit passive income where most receive royalties from ten percent or more on various platforms. 

There continues to be a high demand for influencers across any social platforms helping create unique tokens in the space. This is the early innovation stage so the prices fluctuate dramatically. Although, crypto is well know as high risk, high reward. It is starting to be realised, that when you are one who independently researches, are used to the space, there is ample opportunity and it certainly isn’t a get rich quick scheme. In times of corrections, crypto demands you work for your money. As in any job. The hype will not stick around forever, but not will the paper hands. It’s projects where there is strong marketing, great community and a useful product will stick like glue. 

In another case we are only just beginning to see what NFTs how and can be used. A former Ethereum developer is now creating the next chapter by merging a distinct future for high end artworks and masterpieces developing unique code that guarantees authenticity of the artwork is what the NFT is all about. Though, when looking into other artworks such as Eve Sussman’s project eight-nine seconds Atomised,  from Brooklyn based startup, will be the first such project where the video has been broken down into what is called ‘Atoms’ creating a unique opportunity to go on living with the artists permission. It has been broken into two thousand three hundred and four ‘Atoms’ where each piece of these atoms will be tokenised. 

Lastly, Kalmer.io is raising funds for it’s Decentralised bank with up to Three hundred percent annual yield. Through NFTs. In exchange swapping them for real usage. 

It is clear by now, we are seeing endless possibilities of non-fungibles. If your really curious, a great Augmented Reality project, is Decentraland. You can buy up land through NFTs and create your own unique world of these one-of-a-kind assets. Walk around the Main Street in your own avatar explore museums and much more. 

Art is really only the beginning, there are high-end fashion projects in the works already. With the likes of Paris Hilton already certain NFTs are the future, it’s only a matter of time, before everyone will be making their way into the decentralised world. To put it like this… who really wants a world where rules can’t be broken? Where we can make our own dreams a reality. Even if it’s augmented we still get to create the way we want. Where it’s run by people and built for people. Decentralised.