YouSaid · the spoken record

Alex Masmej

lines on the record: 16
first: 2021-04-03
most recent: 2021-04-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“What we don't know is like will the economics work? I guess one counter argument would be this such an exceptional blog post be worth a lot, but the average stuff won't be. The counter argument is the average person doesn't usually need that much money. It's sort of the substack effect, I think of it as, whereas if you take a writer with a million Twitter followers who is getting paid X amount per year and they go on substack and they get a thousand people who are really excited they can make 10x per year even if it's not all some famous artifact like if it's enough to fund the writing that could just be enough to transform that industry and the creative activities there.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Owning that blog post is sort of like owning a kind of signed copy of the blog post, so to speak. It's the cryptographically guaranteed one, maybe kind of analogous, you know, if I don't know, Thomas Edison had a, I don't know if they have it, but like his original notebook, that type of artifact, right?”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they have skin in the game. That's one of the remarkable things about crypto tokens over a trillion dollars in value, lots of successful companies, exchanges and such. And no one ever spends money on paid marketing because it's all just done through kind of skin in the game, peer-to-peer marketing, right? So now musicians can tap into that. Musicians, creators can tap into that energy, right?”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“The fans have skin in the game, the fans become evangelists. And instead of doing all these old school things of like advertisements and other sorts of things, promotions and all the things they would do in the old days to promote various kinds of creations, now the fans become the promoters, right?”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Come in, they kind of bid up the price. That, in turn, in your model, right, funds the actual musician to make music, which in turn feeds the fandom, right? So the investment kind of activity and the fan activity and the creator activity have this really nice kind of triangular feedback loop. And it's the very fact that they're the same thing as opposed to kind of, you know, the old school model where you have sort of the investor comes in, gives money to the musician. buys up copyrights, then sells a different thing to the fans, right? The fact that the same kind of, you see what I'm saying? To me, that's a very big difference from the old world and a very powerful difference.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, they're not punctual, but they create a community of 10,000 people that feel an affinity for one another. You're either in the punk community or not, right? So yeah, I was pushing back on your point that it's because of regulatory constraints and things that people tilt towards NFTs. I think there's a bunch of reasons. I think one of the really interesting things that goes on with social tokens, right, is that there are multiple uses. So you could want a token for your favorite band to get backstage access. You could want it to be able to buy NFTs and make donations participate in the kind of economic life of the community or completely different motive. You could want it because you see yourself as a modern day A&R person who is going to predict the next ban and make money off of it, right? And it's the fact that the very same token has those multiple purposes is very important, right? Because then you have the possibility for people to, the ANR folks, the people that find these early bans.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Counterguy argument is like crypto punks. Like, that's a great way to organize a community, right? And so it's 10,000 punks. They look different, but it gives it this character and this, right? I mean, I think for a lot of people, that kind of metaphor is a better way to organize 10,000 people than 10,000 indistinguishable, boring. It's YouTube versus Excel or something.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't totally agree, Kevin. I think it depends on the community. I think there's a lot of people. I think we all come from technical financial backgrounds. I just find people like that just kind of have a natural affinity for fungible tokens. I think a lot of the world isn't like that. I think a lot of the NFT appeal is just that like it's a picture. It's a movie. It's accessible. And it's interesting and it touches on culture and not just kind of numbers.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Taking care of the metadata properly. There's a whole bunch. We need more entrepreneurs because there's so many great low hanging fruit ideas.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“And then application developers would come up with new clever stuff, and you'd very quickly be back up to not $10 gas fees, $5 gas fees, right? I mean, look, you just pay all the above. You pay an inherent overhead for a blockchain, right? The game theoretic consensus mechanism just makes it slower than traditional centralized system. The specifics is you raised Jesse, like, you know, how do you preserve provenance across chain is really interesting? I think you're going to see, I think, it's a lot of entrepreneurial opportunity for abstraction layers. So like a stripe for minting NFTs seems like a no-brainer idea, like stripe for NFTs, whatever you want, for minting and read, write, and it abstracts away the underlying blockchain.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Guess the way I think of it is you'd have different blockchains with different trade-offs, right? So, like right now, Ethereum is clearly the non-Bitcoin programmable blockchains is clearly the highest security blockchain, right? But you pay for it. You pay $10, if not much more, to do stuff, right? On per transaction per gas fees. So you could imagine a world where the actual game activity is happening on rally or flow or something else. But then as it appreciates, you put it in the quote vault on Ethereum, right? And I would also say like, I think a lot of times people frame this as either or, like Ethereum versus Flow. If you look at every computing resource of history, so internet bandwidth, PC, CPU power, just go through, like demand outstrips supply by 10x. And right now, you could imagine a world where tomorrow you snap your finger, Ethereum has sharding, proof of stake, all the good stuff. Optimism launches, you know, all the other layer two launches.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yeah, and I think when people start to really get a tangible feel for it, it'll make a big difference. So, right now, if you're buying a piece of art on foundation or something or you're buying a basketball moment on top shot, you basically can use it in that context, right? But because they're blockchain objects that are portable, third parties will start creating experiences around them. I think you'll very soon see companies that get funded that let you do games and social experiences and other things with all of these assets. And kind of the broader thing, right, is you're inverting the polarity where what the earlier web was built around applications. The next, the web three will be built around these user-controlled objects that are primary and then the applications come secondary and serve them.”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Will it an nft? Will it just be like in a digital equivalent of a backstage pass or will it? I mean, I find one of the interesting things about NFTs is that they can be multi-purpose. Like it could be both a beautiful picture and a backstage pass and an investment opportunity, right? Is that right?”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Which is cool. So, Kevin, what does this mean in practice? Can you just kind of walk through what the user interaction is? Like, what will people encounter this and what will their experience be?”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“But what they're doing is that's the virtual, they're monetizing the complement, right? So they're using the internet as the free part and the offline is the premium, right? to analogize to like productivity software and freemium models but there's no reason they couldn't have a scarce resource on the digital side as well right exactly”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source
“Last 10 years in the gaming world are now propagating out. Rest of the The open internet, and that of course is going to have some similarities, including Lot of design overlap, I think, but also differences in the sense that these crypto blockchain concepts exist on the open internet and not within silos. That's where I feel like we are. And I think the first bit of the kind of sunlight has broken through and the NFTs and people are starting to see it, but there's a whole bunch more hopefully coming in the near future. Maybe you could describe how you think that might evolve over the next year or two”
2021-04-03 · a16z Podcast · The Creator Economy: NFTs and Beyond · IDENTIFIED FROM THE TRANSCRIPT · source