S16: Web 3

positioning for web 3

NEWS

Welcome to breakfast with blockchain series 16, just like yesterday we started this event with no proper layout. we knew there is a need for a community where you can look up to, to fill up the gap of curiosity. we do not know how we are going to structure it, but we started anyway.

My name is Kayode, I am the host of this event, and I am also widely known as Sirflex. this event is solely driven by Sirfitech and its ever-progressing team.

I am using this medium to appreciate those who keep joining and enjoying this event. for the question, and contributions we duly appreciate you Breakfast with blockchain is for everybody interested in bitcoin & cryptocurrency at large, from beginners to experienced investors & enthusiasts. We will cover a wide range of topics including investment advice, portfolio management, cryptocurrency trends, and blockchain use cases.

We will feature guest speakers, panel discussions, and Q&A sessions, where you can engage and ask questions.

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Major news of the week

Crypto market has been tanking, in the past 7 days, the market cap of cryptocurrency has lost about $86bn tracked on coinmarketcap. This lose is due to FUDs upon FUDs

failed SVB

what is SVB

Silicon Valley Bank (SVB) has been a cornerstone of the venture capital and startup ecosystem. It has provided banking services to countless startups, helping them grow and thrive.

how did it fail?

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation.

the largest financial crisis been The great depression of 1929 and it last 10years.

other major crypto event is silvergate financial crisis. silvergate has been the cryptocurrency friendly bank since the days stable coin and commercing was introduced to cryptocurrency world. the provide USD pairs to major crypto exchanges and pairs. now they declared they are folding up. this will lead to major shift in the market. if you invest in the long term. you have nothing to worry about.

platforms like Binance have adjusted as they announce the introduction of stablecoin pairs on their platform. like TUSD, USDC, and USDP respectively.

Film Crowdfunding

a question was asked in the last series. that what is the relationship between film crowdfunding, cryptocurrency, and NFTs

Answer

to answer the question correctly, we need to understand the idea of crowdfunding.

Crowdfunding is the idea of funding a project by raising many small amounts of money from a large number of people usually over the internet. and this is one of many ways to finance a project. in the instance of filmmaking, it is called film financing.

Film is not just the characters and storyline that you watch, it also involves unpopular stuff like flashy high-resolution cameras and expensive casting, insurance, location permits, transport, and catering.

cryptocurrency crowdfunding works by the filmmakers issuing tokens that can be bought and sold on any cryptocurrency exchange. for example, a filmmaker can launch say 350,000 tokens and sell each unit at $0.50. if they successfully sell all the units, they will have $175,000 to fund their movie. the economics around the film launch adds up to the market capitalization of the movie. and the reward can be paid directly.

the benefit is many film crowdfunding

1. it helps to create independent filmmakers

2. it helps you invest directly in a film that you believe will do well and you earn a reward directly.

3. it gives a sense of belonging to the film and its success story.

Film Crowdfunding and NFTs

Just like cryptocurrency, NFT can also be launched and allow interested people in the community to purchase them. It gives the same result as cryptocurrency but with uniqueness. Participants will own a unique piece of the film project and its success story. Issued NFT can provide access to the early version of the completed film before it is launched or premier to the general public.

With NFTs, the sense of ownership and contribution to the success of a film is more true as compared to traditional way of financing.

Imagine Black panther was crowdfunded, it made $181m in the first day of launch and made about $800m top within the box office life cycle. Or imagine alakada reloaded or jennifer’s diary

At the end, film crowdfunding is going to be a big threat to big companies like Marvel. Except they drive the ideology of film crowdfunding themselves.

The biggest crowdfunding platform right now in the cryptocurrency world is

1. Wefunder: with over $250m raised since 2012

2. Republic: they have crowdfunded about $22m from 16,000 investors and one of their popular project is metamask

For film crowdfunding

1. Cinemonic crowdfunding,

2. Another good one is First flight 3.

LET'S GET STARTED

the biggest question is how can we position ourselves for web3 evolution which is the internet of ownership.

the evolution of Web 1.

the read-only web. it allows computers to talk to each other and people can only read on the computer. for example, when you visit the internet in those days, you can read about a company. there were no interactions or summiting of any kind of form.

The evolution of Web 2.

the evolution of web 2 introduces writing to web 1. it means you can now interact with other people that share the same platform as you. more like you are interacting via a computer with another person. there is however a need for a middleman to store information, and allow you to access them via a username & password. and you can see it on Facebook today, Twitter that we are currently using, banking apps, and so on and so forth.

The evolution continues to Web 3.

the evolution of ownership, it introduces ownership to web 2 evolution. instead of having a central person that owns whatever you upload to them, it allows you to own anything that can be digitalized or that can be transmitted over a communication channel. starting with cryptocurrency. the true idea of owning your money in one form or the other, with full control and how you want to transact with them. we have seen many trends of web 3 evolution.

it is so amazing that combined with other technological advancements, you can create your own world. if you can imagine it, you can achieve it.

DeFi is one of them.

NFT is another,

Metaverse is another great one.

many of the web 2 platforms are already integrating web 3 little by little

for example, Twitter allows you to add your bitcoin wallet and receive tips from your community

Twitter, Facebook, and Instagram allow you to use your NFT as display pictures.

within the buying and selling world, you will be able to drive cross-platform ownership.

How do we position ourselves?

the evolution has described itself. ownership. own your money, own your pictures, own your domain, own your life.

1. look at what happened in Ukraine. life moved from grace to grass, I only saw that in a movie, people who own houses, cars, and much money on the traditional system became refugees in another man's land.

2. Bank failed. look at the ordinary small policy of controlling the circulation of the Naira in Nigeria, Banks are fucking up.

3. Look at what happened with the consensus of the presidential election in Nigeria, an organization's inconsistency or incompetence could cause division. since the election last week, there have been many disagreements on the outcome of the election, we have seen protests, virtual meetings, and angry masses. meanwhile many DAO community vote on different ideas almost weekly without dispute in the crypto world. in the future, we will see many communities that won't be only but will integrate the same models as DAOs. where you can participate in the voting decision-making. the time to start positioning yourself is now.

Yes, you can argue that the space is new, I will say you have a valid point, but also the space is here to stay. they can only crack down on it, they can't kill it. this is why some crypto OGs are prioritizing decentralization over the other 2 trilemmas of Blockchain technology namely scalability and security.

another way to position yourself is by investing in a good project. and diversify as you invest. many platforms that started in the 2000s are nowhere to be found, but Facebook is still here today, Amazon is still here today, and this is the importance of doing due diligence. it is not just about investing, it is about investing rightly. and you can't invest rightly if you can't do correct due diligence.

One other way to position yourself is to start looking at options available to migrate your business to web3. give your customer a more engaging sense of ownership, and allow them to make contributions to the progress of your business. you won't make money if you don't have customers, and you will make more money if you allow them to make more impact on your business.