Vitalik Buterin is concerned about crypto

Plus, Yuga Labs pitch deck leaked

Inside.com Part of   Network March 22, 2022

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Ethereum co-founder Vitalik Buterin graced the cover of Time Magazine. The piece is worth the ~10-minute read, but here is the CliffsNotes version. He is worried about a few things in crypto: Investors are getting burned by betting more than they can afford on things like NFTs and altcoins. The high transaction fees limit ETH to finance and speculation. The perception of crypto is tarnished by people flaunting wealth. About Vitalik: Ethereum is technically a non-profit; thus, he can't directly steer its ship. He was a whiz kid growing up: Using Excel by 4; Knew 100 digits of pi by 7; His dad showed him Bitcoin when he was 17, and he founded Ethereum at 19. He freelanced for Bitcoin Weekly for 5 BTC/article ($4 at the time) and then founded Bitcoin Magazine.

Yuga Labs' entire 93-page pitch deck detailing its metaverse plans has leaked. The firm is looking to build a gaming platform for the metaverse. More: The plans call it MetaRPG. The company is selling 200,000 land plots for ~1ETH each. Land sales will account for over 66% of net revenue. [Read the whole deck here]

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The National Football League is granting its teams permission to entertain sponsorship deals with blockchain companies. Promotion of specific cryptocurrencies and fan tokens is still prohibited. More: Any deal with a blockchain company and an NFL franchise can not exceed 3 years. The NFL is opening to selling its league-wide blockchain rights to a company as well. The NFL lobbied the SEC in February to learn if blockchain could become integral to its business.

14% of Yuga Labs' ApeCoin went to venture investors a16z and Animoca Brands, providing them a potential windfall effectively for free. The distribution will give these investors an outsized say in the decisions made by ApeCoin's governing body, ApeCoin DAO. More: At ApeCoin's current price, a16z and Animoca's APECoin holdings are worth ~$2B. Bored Ape Yacht Club's creator received 15% of the total drop, with its founders taking 8%. With a large proportion of control held by a select number of individuals, DAOs are starting to resemble SPACs, according to crypto investor and writer Aaron Brown.

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Web3 Tweet: Why DAOs need to solve supply and demand before launching token incentives.

Quick Hits Struggling to hire? Download Checkr and Everee’s State of the Worker Report to learn what drives employees to leave their job and what candidates are looking for in a new role.* Edith Yeung, general partner at Race Capital, does not think VC investors are prepared for placing bets in a Web 3.0 world. Dave, a publicly-traded banking app, took a $100M investment from FTX Ventures. Crypto reclaimed a $2T market cap. CryptoDickButts moved to Creative Commons Zero (CC0). Grayscale launched a smart contract platform fund. 75% of businesses in the U.S. are underinsured by 40% or more. Find out if you’re one of them.* *This is a sponsored post.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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