#173 - Web3 threads 🧶 of the week

GM daily-ers!

Author

joe hitchcock
March 18, 2023

GM and welcome to Decentra Daily.

We're the newsletter that ends every week by rounding up the best web3 threads.

We'll try not to include too many threads on GPT-4 today, promise. 😜

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Today,

@huntersolaire_ explains why you shouldn't feel too bad about Instagram scrapping its NFT support

Kicking off this week – the news that Insta is shutting down NFT support less than a year after it launched.

Why? According to @huntersolaire_, it's because Meta is not a web3 company, no matter how hard they might try to convince you otherwise.

Instead, they're an opportunistic web2 organization, who are only interested in web3 and NFTs if there's potential for ⬆️ profits and a better brand image.

@huntersolaire_ thinks this decision gives the space much-needed time to improve NFT safety and user experience before Meta starts sniffing around again.

@TheManMikeTan explains why SVB went down in simple language for us dummies

Need a simple, clean take on what caused the SVB bank run? Here's @TheManMikeTan with a no-jargon explanation.

According to this thread, SVB became used to receiving lots of deposits from well-funded startups and locking them into safe bonds and low-yield mortgage-backed securities.

But in the post-COVID financial environment, many startups wanted their deposits back, while interest rate hikes decreased the value of SVB's investments.

SVB needed their client's cash, so they sold their securities at a $2 billion loss.

Cue: unrest, panic, mass withdrawals, and a steep downward spiral.

@Dunks077 shares their tantalizing Wolf Game returns

I love my PlayStation, but it's never generated $29.5K per year for me.

Wolf Game, on the other hand, offers skillful players the chance to strategically invest in gameplay assets to produce real-world rewards.

One such pro-Wolf Gamer is @Dunks077, who shows off their winnings in this thread.

By spending $45K on Farmers, Barns, and Bathhouses to protect and care for Sheep, they're generating a 65% return on equity.

Wolf Game's $WOOL token has been struggling recently, but "The Shepherd" has announced upcoming token burns, which should help things along.

On the web3 wire

Coinbase considers opening an overseas trading platform 🌎It would be a big change for the exchange, which has so far operated under US jurisdiction.

BTC breaks $26K in a YTD high 📈The federal response to SVB's collapse helped raise the overall crypto market cap. 

"Bank balances and money itself are effectively illusions" 💭Reserve co-founder Nevin Freeman writes a thinkpiece on the state of trad banking.

@ethernaz relives the "good ol days" of predictable NFT lifecycles

😂 In this thread, @ethernaz looks back at the hype and chaos surrounding NFT projects in the last bull run.

You know how the story goes: first comes the alpha, then the discord spamming for allowlist spots. You spend a horrific amount on gas and ride high while the project outlines a roadmap more ambitious than Musk's trip to Mars.

Then comes buying the top, then comes silence, then comes @zachxbt to out the founder as a scammer...

@bentossell lists some impressive early use cases emerging as people test-drive GPT-4

First GPT-4 thread.

Here, @bentossell outlines what a post-GPT4 landscape could look like.

So far, we've seen examples of people using the technology to code virtual assistants, teachers, drug chemistry modifiers, customer service helpers, quality assurance tools, Decentra Daily newsletter writers, lawyers, app developers, website cloning tools, childcare advisors, etc. etc.

And @mortenjust uses GPT-4 to turn their idea for an app into reality

Along the same lines, here's @mortenjust with a deeper dive on how to use GPT-4 to make a bespoke iOS app with minimal coding experience.

In this thread, @mortenjust shares how they created "WatchMate", an iPhone app that gives daily movie recommendations and trailers, by asking GPT-4 to act as their coding and programming assistant.

@BanklessHQ brings the deets you need on the upcoming $ARB airdrop from Arbitrum

The Arbitrum project has announced its long-awaited airdrop, which will be launched on March 23rd.

$ARB will be distributed to the platform's users, investors, treasury, and DAO – and will be used to facilitate governance participation.

@BanklessHQ has loads of coverage on this story, so check them out for more details.

@alex_valaitis reviews the sorry state of US Crypto regulation – and warns the Fed represents a real risk to US web3

Lots of short threads this week. Here's a longer one.

@alex_valaitis explains how the situation around US crypto regs is probably worse than you realize, with the Biden administration making it clear that they intend to take down the crypto industry – and replace it with their own central bank offerings.

The plan of attack? Remove easy onramps to crypto, shut down banks that work with the industry, and scare off builders by classifying blockchain assets as tightly-controlled securities.

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@Hercules_Defi on how to quit your web2 job and find a totally safe and stable role in a web3 company

What if you'd just received a salary from your favorite pfp project, instead of riding the highs and lows of investing in their NFTs? 🤔

@Hercules_Defi compiles this megathread on how to land some of the most in-demand web3 positions, such as moderators, community managers, developers, and smart contract auditors.

@RogerDickerman shares some views from Beeple Studios' recent show/party

In this thread @RogerDickerman, Head of Web3 at Aku, shows us what went down at Beeple Studios' first public show, featuring a shedload of video artists.

Loving the half-gallery, half-club vibe!

And finally, @waleswoosh on the most savage, sassy NFT founders

In honor of Poopie's latest piece of excellent social media communication, @waleswoosh posts this Greatest Hits of founders getting wild on Twitter.

The takeaway? You can only push an NFT founder so far before they freak out, post an emotional 100-tweet thread, and use the community treasury to check into an Arizona rehab. 

 I'll see you in the next Decentra Daily 👋

Meme of the day

No one is safe.

What we're reading this week

business x blockchainweb3 topics & the companies evolving them
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