Coachella NFTs and how gaming will bring the next billion DeFi users

Plus, how not to lose $500K

Inside.com Part of   Network February 02, 2022

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Hey everyone,  I'm Trevor Grant, and I will be heading the Inside Crypto newsletter going forward. Hello to any friends who followed me over from Inside VC! You can expect a lot of the same news analysis and curation you've been getting with a personal twist. Also, I will be hosting a ton of events around the space (like my upcoming talk with Bored Elon Musk: register here). I'm looking forward to dropping into your inbox daily! Also, feel free to reach out to me on Twitter with any questions, praises, complaints, or just to say gm. Trevor

FTX US and the Coachella music festival have partnered on three NFT collections dropping this Friday. The three collections include Coachella Keys, Sights and Sounds, and Desert Reflections. A portion of the proceeds will go to the charities Give Directly, Lideres Campesinas, and Find Food Bank. Coachella Keys (10 NFTs) — Holders of the collection will receive lifetime access to Coachella and a unique set of experiences at 2022's festival. Sights and Sounds (10,000 NFTs, $60 to mint) — Minters randomly receive 1 of 10 combinations of photos and soundscapes. Each NFT is redeemable for a physical art print. Desert Reflections (1,000 NFTs, $180 to mint) — Minters randomly receive 1 of 10 digital renditions of a Coachella poster. Each NFT is redeemable for a physical copy of the Coachella | The Photographs: 1999-2019 photo book. Good to know: You must have an FTX US account to participate. The NFTs are purchased with USD. There will be a secondary marketplace following the mint.  Check out the project's website to learn more.

Consensys: The gaming to DeFi funnel will onboard millions of users to Web3. The article displays how play-to-earn gaming is onboarding people into Web3 and turning them into DeFi Users. Full article TL;DR: Play-to-earn gaming exploded with the success of Axie Infinity — a project that surpassed 1 million users without being in the Apple App Store or Google Play store. Much of the growth in Web3 gaming is coming from the developing world. Why Consensys believes the Web3 gaming market will grow much more: The free-to-play model led to the number of users growing by >100% and aggregate usage growing by 34%. Why wouldn't a model that pays you for usage/attention experience the same magnitude of growth? Purchasing in-game assets will go from a consumption expense in free-to-play to a form of investment in play-to-earn. People are always willing to spend more on investments than pure consumption. The gaming market has over 3 billion users worldwide, doubling since 2014 as free-to-play games took off. The economics of play-to-earn could expand the overall TAM of gaming. How Web3 gaming creates DeFi users: Web3 gaming requires users have a wallet to earn and buy tokens associated with the game. Users start to need to swap these tokens for ETH and other digital assets to cover transaction costs and further interact with the game. These users will become increasingly comfortable with other DeFi primitives like lending, staking, etc. The kicker is that since gamers skew younger, many users will be exposed to DeFi before they can even open a traditional bank account.

A message from BOOKMATE Tax season is here – book a free consultation Trade crypto in 2021? Bookmate is a crypto tax firm that can help you file your taxes and minimize your tax payment. Bookmate can help you: Report personal crypto activity (NFTs, DeFi, trading, etc.) Select a crypto tax software and reconcile your transactions Report traditional asset classes like stocks, real estate, & business income File business returns like forms 1065 & 1120 Set up crypto business accounts and/or crypto business bookkeeping Bookmate's digital-first approach is simple and efficient, saving you time and money. Bookmate is offering a limited number of free consultations for Inside.com readers. Book a free consultation before the calendar is full! Book a call

A Reddit user allegedly lost ~$500,000 sending wrapped Ether (WETH) directly to a WETH contract address. Users can send ETH to the wrapping contract to receive the ERC-20 compatible WETH token, but it doesn't work the other way around. More: To unwrap WETH, users must swap it for ETH on a DEX like Uniswap. DO NOT send WETH back to the WETH wrapping contract, or you will lose it forever. Many point to the possibility of losing $500,000 by mistake as a user experience flaw in crypto that must be addressed for the industry to go mainstream. "When it's this easy to lose everything, there's no way your grandma is going to be using it." Others claim that if you don't understand the technology, you shouldn't be using it in the first place.

Sundar Pichai, the CEO of Google and YouTube parent company Alphabet, expounded that the company is "definitely looking at blockchain." Pichai called blockchain a powerful and interesting technology and claimed that the company is examining how it could be used to power computing and service layers for YouTube and Google Maps. More: Alphabet's Cloud team is reportedly looking for ways blockchain-based platforms can support customer needs. Pichai also expressed interest in web3's AR applications. Other than commenting on his pro-innovation approach, Pichai didn't provide further specifics on the company's use of blockchain.

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With the snapshot vote closing at 11:59 p.m. ET on Feb. 2, it's looking like ApeDAO will be liquidated. The vote to not liquidate the DAO was winning approximately 24 hours ago, but since then a major $APED holder has changed his vote to in favor of liquidation. The address dingaling.eth changed his 185,000 $APED vote to in favor of liquidation. Here is more on the ApeDAO drama.

Web3 tweet: a16z partner Sriram Krishnan on the migration of talent from web2 over to web3.

Quick Hits Experience the Adobe Commerce technology suite in an interactive simulation and learn how Adobe has set the standard for hybrid eCommerce.* Disney is hiring a Web3 expert. Binance enlisted Jimmy Butler to help spread the word to DYOR and not listen to celebrities. The Federal Reserve says stablecoins will be embraced by institutions if adoption rises. Greyscale debuted its digital asset ETF. T.V. Somanathan, the finance secretary for the Indian government, says crypto will never be legal tender. We all know stocks are a great way to grow your money. But they're not the only way. That's why we've been reading the Alts newsletter.* *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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