coinsights #3: witches
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Crypto Coven
One of the hottest NFT projects this week has been Crypto Coven, a collection of witches each with their own unique backstory. Projects like these highlight one of the real benefits of web3: getting creators paid for their work while also enabling them to curate a community of passionate fans through shared ownership. All witch owners get exclusive access to a virtual world created by the Crypto Coven team but are also free to resell their witch on OpenSea. Check out the site to learn more about each witch and the world they live in!
Web3, by an engineer
There are many summaries on the state of web3 at the moment, but we think this is one of the best. Dave Peck from PSL writes about how fundamentally, the internet is built on protocols. However, web3 is the first iteration where an asset class comes natively attached to the protocol (blockchain), enabling developers to "capture considerable value from their inventions." This new form of value capture stands in stark contrast to protocols like TCP and HTTP, as they provided immense value but never really transferred tangible benefits back to their original creators.
The second major point is what actually belongs on a blockchain. Dave writes, “unless (1) you need to shout to the world that action A took place at time T, and (2) the world cares enough to pay attention, you don’t need a blockchain.” Now this isn’t to say that some use cases won’t go on chain anyway (and still be successful!), but in a Twitter echo chamber where it seems like everything should be going on chain this seems like a reasonable assessment.
Finally, it’s early. NFTs don’t actually translate to “real-life” rights, a silly bug in a smart contract could mean losing millions, and simply setting up a (popular!) wallet like Metamask is a pain. There’s a ton of opportunity across almost every vertical, from regulatory to UX design, meaning you can make something impactful even if you’re not a distributed systems software engineer.
Read the full article: https://www.psl.com/feed-posts/web3-engineer-take
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