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Hey friends, how are ya doing out there?
Remember, you spent 10 years believing in Santa 🎅 – you can spare 10 seconds to believe in yourself!
Estimated reading time: 8 mins
Today's stories:
BAYC & Howey tests, by @cryptonesy
tokens since 2017, by @TuongvyLe12
reading crypto markets, by @swmartin19
Pixar & storytelling, by @dickiebush
Beeple’s new warehouse, by @beeple
a degen view of $$, by @punk6529
De-news on the Daily…
We're back with another weekly roundup of interesting web3 threads.
What should we name this series? Thread of threads? Threadception? Yarn balls?
Apparently, one way to keep yarn tidy is in a shape called a Twisted Hank
I hereby christen this series: Twisted Hank’s Weekly Threadception 🧵⏰💤🔫
Please send better names before next week’s edition.
…anyway, on with the threads!
on the Howey Test, BAYC & the SEC, from @cryptonesy
Can’t say @cryptonesy didn’t warn you:
coindesk.com/policy/2022/10…
— CrypTones (@cryptonesy)
4:54 PM • Oct 11, 2022
The Howey test is a well-known way to judge if an asset (business investment, plot of land, NFT) counts as a security.
Securities = stocks, bonds, options
Commodities = gold, oil ...bitcoin?
Right now, the SEC is investigating Yuga Labs' to determine whether any of their projects pass the Howey Test and should be classed as securities.
The test has 4 criteria. Something is a security if it involves:
an investment of money by a person
in a common enterprise
where the person is led to expect profits
derived from the efforts of the project's promoters
And according to cryptolawyer @cryptonesy, there's a good chance at least one Yuga project, the Otherside, passes the Howey test. 🕵️♀️
hey I’m new! what happened here?
There is a *tense* relationship between the U.S. Securities and Exchange Commission & crypto/NFT projects
Many feel the SEC are desperate to miss-classify projects as securities, bringing them under fed control
Now, the SEC has one of the biggest web3 studios in their sights: Yuga Labs – creators of Bored Ape Yacht Club, ApeCoin & the Otherside metaverse
Nobody thinks all blockchain projects are securities – but where to draw the line?
Not everybody likes the Howey test as a definition of securities, especially now that web3 projects are pushing current legal concepts. But the SEC sure does!
It's also important to get the full picture with big stories like this.
As @CapetainTrippy notes, the BAYC investigation is technically part of a wider probe into NFTs the SEC started back in March:
Lots of click bait headlines about @yugalabs specifically getting probed, but now seeing info it’s actually just part of a wider probe into NFTs the SEC started back in March.
— CaptainTrippy.eth 🍌 (@CapetainTrippy)
1:17 PM • Oct 13, 2022
on how tokens have grown and evolved since 2017, from @TuongvyLe12
Back in 2017 when I started working on crypto @SECGov, we saw mostly ICOs that looked like IPOs: teams selling tokens to the public to raise money to build protocols or apps that didn’t exist yet, w/ little to no disclosures so the public could know what they were getting into.
— TuongVy Le🗽 (@TuongvyLe12)
6:27 PM • Oct 13, 2022
Seeing our tokens all grown up makes me so proud 🥲
Ok, at this point I’m scared to ask but, what’s this talk about tokens?
Token standards are voluntary agreements about how different types of assets/contracts should be represented on blockchains.
They're important for compatibility, keeping developers, protocols, and marketplaces on the same page
For example, Ethereum NFTs are made according to the ERC-721 token standard
As @TuongvyLe12 says, the number of innovative ways projects are using blockchain tokens just keeps increasing – making the commodity vs securities question ever more complex (or irrelevant?)
We think one of the most interesting token use cases is for governance, giving communities a mechanism to participate in projects. Hands up for a $Decentra Token in the near future?..
how to read the crypto market, from @swmartin19 via @blockworksres
6 high-level market metrics that provide valuable insights into the world of crypto
🧵 by @swmartin19
— Blockworks Research (@blockworksres)
1:59 PM • Oct 12, 2022
Struggling to keep up to date with the ups and stay down with the downs of the crypto market?
@swmartin19 thinks you can get a decent idea of how crypto is fairing by keeping an eye on these 6 metrics.
hey I’m new! What are stablecoins and DEXs?
A stablecoin is a cryptocurrency that's tied to another currency or commodity, usually USD. That means its value goes up and down with some asset outside of crypto markets.
A DEX is a decentralized exchange. DEXs are places where users can transfer or buy crypto without the need for middlemen to manage transactions or hold their assets.
Want more charts on the state of web3 assets? Here’s 120!
1. There's been a lot of FUD about web3 and digital assets recently. Bear market vibes.
Here is a compilation of ~120 charts that put where we are into context.
The State of Web3 and digital assets as of Q4 2022.
— Joel John (@joel_john95)
1:50 PM • Oct 12, 2022
on how to infuse creative storytelling into your project, from @dickiebush
The most creative company of the last 30 years:
Pixar.
Back in 2011, Pixar storyboard artist Emma Coats shared their "22 Rules For Storytelling."
And the rules are a must-read for writers, entrepreneurs, and anyone who wants to tell captivating stories.
Here's the breakdown:
— Dickie Bush 🚢 (@dickiebush)
2:10 PM • Oct 28, 2021
Pixar has long been considered the storytelling GOAT by many creatives.
@dickiebush thinks you don't need to be a writer or filmmaker to benefit from the company's storytelling tips.
Follow the lead of today's revolutionary web3 companies and narrativize your next project, pitch, email, tweet, thought...
hey I’m new! Why do I care about storytelling?
“Storytelling NFTs" has become a recent meme for the way many NFT collections casually throw around the phrase.
But it reflects a wider web3 belief that products, projects, and our daily communications can be more fun and meaningful if we narrativize them
That means thinking about businesses as epic journeys and activities, assignments, or chores as gamified tasks.
on Beeple’s new physical space, from @beeple
now is the time to BUILD. 🧵
— beeple (@beeple)
2:38 PM • Oct 13, 2022
If you've been following Beeple over the past few months, you'll know he's been busy investing his art sales and reputation in a new physical studio & gallery space for himself and the wider NFT community.
As usual, Beeple is going BIG with this project. We're excited to see his vision for "experiencing digital artwork IRL."
who’s Beeple?
Esquire describes him as "a dad from Wisconsin who drives a piece of shit Corolla."
Otherwise known as Mike Winkelmann, Beeple is one of the most famous and prolific digital/NFT artists around.
His Everydays collection made headlines when it sold at auction for over $69 million.
Beeple has been "creating a picture every day and posting it online for over ten years without missing a single day."
Who wants Decentra Daily to send a correspondent down to Charleston to cover the grand opening?
and finally, about the way degens think about money, from @punk6529
1/ On Is Money Just A Game?
tl;dr
For most people, it is a huge struggle, but the people who make the most money tend to think of it as a game.
Can we thread the needle and figure out why both people are right?
We will try! Off we go.
— 6529 (@punk6529)
7:13 PM • Oct 9, 2022
That’s it for now. Have a great weekend! See you guys next time 🥰.
Oh, and... do you want to get involved with Decentra Daily?
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That means, if you read Decentra Daily, you should get all the info, alpha, and entertainment you'd find in any good newsletter.
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