#2 To Be or Not To Be (Fungible)
NFTs, HC2 Launch & 3LAU
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 🤔
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.
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):
3 Things To Check Out 🔍
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.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.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.
Great episode on all things NFTs with Gary V and the guys from My First Million:
The future is bright…
If you have questions or want to discuss further on any of this, book time in the HAX weekly AMA with me here.
Karthik was in Michigan this week so he and Adam met up IRL!!! And yes, pics or it didn’t happen:
Reminder: we have our Coinbase Vault session tonight at 8PM EST (see HAX calendar for details)
No podcast episodes this week, we’ll be back next week.
Until next time,