#2 To Be or Not To Be (Fungible)

NFTs, HC2 Launch & 3LAU

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Welcome to the 2nd edition of HAX Weekly, a private community newsletter delivered right to your inbox every Tuesday AM to help make you a more knowledgeable investor.

As a reminder, our “1-2-3” format will make investing easy & fun to learn (plus help you crush):

  • 1 investing/crypto concept explained in a way a 5 year old can understand

  • 2 themes that we can’t stop thinking about

  • 3 things (articles/tweets/memes/podcasts) that really hit the spot

  • PLUS community updates

1 Concept 💡

NFTs stand for Non-Fungible Tokens. Wait, what?

Let’s start by defining what fungible means - something that is fungible means it can be exchanged with an identical item. For example, cash is fungible: if the vending machine isn’t accepting your crumpled-up dollar bill, you can exchange it with your friend’s crisp one. Most cryptocurrencies work the same way: I can exchange 1 BTC with any other 1 bitcoin.

However, something non-fungible means it’s unique and can’t be replaced. Airline tickets offer a good example: each ticket represents a unique combination of flight and seat. Other examples include property, such as real estate or art.

NFTs = a file on a blockchain that represents a non-fungible asset. Today, NFTs largely represent digital art + collectibles, but in the future, they can (and likely will) represent anything non-fungible including real estate, college diplomas, or employment contracts.

Why are NFTs powerful? Because blockchains allow for public access and uncensorable private ownership. Instead of relying on a central authority to validate if you own a property, if you are employed, or graduated from a certain school, anyone can go to the blockchain and validate this fact instantaneously. Boom!

What other things do you think would be interesting to NFT? Reply to this email or comment in Geneva!

2 Themes On Our Mind 🤔 

  1. HC2 (HAX Crypto Cohort #2) is launching TODAY (see tweet below)! I am so proud of all the amazing progress the HC1 crew made (I posted metrics in our Geneva HQ) - excited to run it back and grow our community. If any of your friends would be a great fit for HAX, I’d love to meet them - please send them my way! FYI, the course starts on 9/9 with sessions taking place twice a week (Tues + Thurs) from 6-730PM over 2 weeks.

    Twitter avatar for @karsenthilKarthik SΞnthil @karsenthil
    Drop time ✨ We're excited to open up applications for our 2nd cohort to @learnhaxdotxyz's crypto investing course. Our first cohort blew away our expectations (highlights/stats below) - so we can't wait to run it back! Check out 👇 for deets on the course and how to apply...

    August 17th 2021

    1 Retweet

  2. We’ve all thought “I wish I was alive / old enough to be an early part of the next era of computing, whether it was PCs, internet, or mobile”. Well, you’re in luck - it’s here now so take action (great thread by the one and only Chris Dixon):

    Twitter avatar for @cdixonChris Dixon @cdixon
    1/ Topic: Blockchains are the new app stores 🧵

    August 17th 2021

    141 Retweets

3 Things To Check Out 🔍

  1. 3LAU is ahead of the curve, but once music artists figure this out (plus community social tokens), R.I.P. record labels. It wasn’t MP3s that killed record labels, it’s gonna be crypto.

    Twitter avatar for @3LAU▽ @3LAU
    If you own one of my NFTs today, You’ll get to own rights in my music, Which also means you’re entitled to cashflows from that music… Soon.

    August 11th 2021

    889 Retweets
    Twitter avatar for @cdixonChris Dixon @cdixon
    9/ Today there are over 8 million musicians on streaming services, yet less than 15,000 musicians (less that 0.2%) make more than $50K/year. That’s because the vast majority of the revenue is kept by the streaming services and music labels.

    August 12th 2021

    51 Retweets
    Twitter avatar for @cdixonChris Dixon @cdixon
    10/ With NFTs, musicians keep over 90% of sales. By cutting out layers of intermediaries, musicians can credibly support themselves with just a thousand true fans:     NFTs and A Thousand True FansChris Dixon’s blog.cdixon.org

    August 12th 2021

    53 Retweets

  2. Great episode on all things NFTs with Gary V and the guys from My First Million:

  3. The future is bright…

    Twitter avatar for @gabuschGabby Dizon @gabusch
    @gregisenberg My 12 y/o: - Started playing Axie for SLP (2020) - Swapped SLP to ETH - Got the UNI airdrop - used UNI to buy AXS at $0.12 - sold AXS at $48 to buy YGG at $1 He has way more money than I ever did until very recently, is in 7th grade, and plays Genshin Impact all day.

    August 15th 2021

    178 Retweets

If you have questions or want to discuss further on any of this, book time in the HAX weekly AMA with me here.

Community Happenings

Listen 🎧

No podcast episodes this week, we’ll be back next week.

Until next time,
Karthik

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