Top 12 Takeaways from Crypto Business Conference

Crypto Business Conference

Top 12 Takeaways-Dr. Mary Beth McCabe

October 2022

1.????We are in the Wild West times of Crypto.

Thought leadership is at a premium. The Renaissance and now are transformative times and there is a socio cultural transformation.

Ledger based technology which allows for new ways of ownership is the new technology, similar to the printing press and how it changed the world. It made the world hierarchy flatter.

We have outsourced our identity to a few companies. We get cool stuff. They get billions.

Permissionless protocol.

Code will be replaced with community.

Forkable code is coming. We don’t know when.

Expert: Josh Rosenthal, PhD

2.????Three main platforms are: Bitcoin, Ethereum, and Solana.

3.????DAO. Think of Clay. I can build ANYTHING. I can build it. Examples here:

DAO= Decentralized Autonomous Organizations (5-10 years from mainstream).

US Constitution DAO- Sotheby’s auctioned off The US Constitution. $20 million dollars was raised by a group of individuals formed to buy it, but a billionaire outbid this group. It’s an example of what could have happened.

Decentraland is a DAO, commerce inside the world.

MANA is the token name. Land. Vote. Resell stuff. Join the security council.

Is it Safe? No one is in control. Smart contracts on blockchain put no one in charge. The contract enforces the rules.

PizzaDAO was a centralized DAO, and it became the biggest pizza party in the world.

4.????What is blockchain? A block is stored information. Ex. Block 145. They are connected together. It’s like a storage unit with information inside. No one person has the key to all of the blocks. No one person controls all of the information. Transparent.

5.????Tokens: They can be earned, bought, sold or traded.

6.????The Crypto Social Media Platform of choice is Discord, with Twitter in second place for this Web3.

7.????Warning: There is a secondary market for NFT’s, but not every transaction awards the creator. There are work-arounds so that the creator does not get paid. This space is filled with landmines.

When you buy an NFT, it is more than an image, it is whatever the community decides it should/could be. It’s collectibles, and I am reminded of Beanie Babies.

Token-gating, or setting up exclusive access is the next level of this ledger technology.

8.????Who remembers AOL? If so, we are in the “dial up” phase of Web3 now.

Web 3 : an open movement. To broadly decentralize the internet, allowing for individual ownership of identity and data. Web 3 is the ownership economy.

Web 2: sign in with Google, Facebook, twitter.?The platform economy.

Web 1: AOL, email

9.????The metaverse is where we can live, work, interact and play, from anywhere and at any time.?You can have the same memories of the experience in real life.

Job postings in the Metaverse include:

Explorer/Tour Guides, Advertising Experts, Graduate school lecturer, brand storytellers,

Digital fashion Advisors, coaches, police

10.?Gartner’s Technology Innovation curve shows that we are very early here for crypto currencies and wallets. It’s about two years away.

11.?What is an NFT?

A digital asset that you can buy, sell or trade with crypto currency and lives on the blockchain.

What makes NFT’s valuable?

The value of an NFT is subjective based on supply and demand, marketing (hype) community and FOMO.

4 kinds of NFT’s

PFPs (profile picture) and avatars

Collectibles

Music nft

Gamified nfts

Example: 10K project.

Attributes to consider for your NFT’s

·?????Number of traits,

·?????Rarity

·?????Total number of NFT’s (scarcity)

·?????Price

·?????Randomness

·?????Inclusiveness

They have to be unique. Variations need to be unique.

11 backgrounds, 14 skin tones, 27 clothes, 25 hairstyles, 23 facial features, 13 face accessories, 17 pairs of earrings, 15 necklaces, 9 mouths, 7 lip colors, 28 eye combinations.

10,000

Build your community.

·?????Strong audience of supporters.

·?????Build trust and be transparent (not butterflies and rainbows)

·?????Show them why they should be excited to be in your community.

·?????Change the mindset: Who is already in that space and the tactics that work.

12.?If your business is not a crypto crowd, you will not win that space. Examples include:

NBA Top Shots: Own your favorite NBA memories. $1 Billion revenue by 500,000 traders. You don’t need a crypto wallet. Starting point for the sports industry. Top price paid was $280,000.

LIT Project Two: Motion. NFT is a Gif. Expression is the linked to the price of the NFT. Robert Dinero’s facial expressions. See the photos of him and purchase the NFT.

Jackson on Chain NFT: paint and the canvas fills up. You end up with a finished picture. Every time someone finishes a module on a course, they get a chance to earn points.

Two Degrees NFT: if global warming reaches 2 degrees above average, this NFT will burn itself.

Close Up toothpaste advertiser: Immortalize your love on the blockchain, City Hall of Love at Decentraland. They get a marriage certificate sent to your wallet. Closeup toothpaste is creating this. City of Love, MetaMask wallet.

Starbucks (token) loyalty program, Odyssey: They created a waitlist. Integrate in their existing loyalty. Nowhere do they mention NFT. No wallet needed. (Journey stamps, experiences)

Cryptokitties NFT: because cats were popular back in 2017.?They broke Ethereum. It was a fun game if you liked kittens, perhaps.

POAPS (Proof of Audience Participation) NFT: replaces your old memory box with tickets, boarding passes, etc. Now you have a digital version of the ticket stubs. You can send it to a wallet or keep off the wallet.

Bored Apes Yacht Club (BAYC) NFT: What they did worked. Crypto dudes were the segment focus. Alt coins crowd was the behavior targeted. Aped into the coin, mooned, super rich, super bored, on a yacht to have a party. This was in line with the culture they were already talking about. The heroes were the dudes. The audience identified with the apes.