After some initial banter about their fashion choices for todays show, the panel gives us some insight into the recent PROOF offsite where over 30 team members participated in activities aimed at strengthening the company as an organization and addressing uncertainties in this space head-on.
They discussed their biggest fears about building within this new ecosystem and strategized ways to become a nimbler team capable of executing multiple projects simultaneously. The question “What would you build if you weren’t afraid?” became key during these discussions because fear often compromises risk-taking when reactionary responses take over strategic planning due to unanticipated issues or missteps.
Web3 Innovation: Azuki Project Analysis
Web3 projects like Azuki often face critique as they explore new grounds – it’s part of innovation. Criticism comes with each leap forward, but every stumble is a lesson learned.
The Azuki Elementals drop had its hiccups. While their art is intriguing, the similarity between their two collections fell short of creating pre-launch excitement. The team aimed to balance mystery and transparency while attracting new collectors; however, they clearly misjudged some aspects.
Perfection is expected in this market since minor flaws can lead to negative community reactions difficult to recover from quickly. However, well-done changes could be beneficial—as planned by altering Azuki’s background visuals preserving collection integrity while distinguishing them from originals.
Criticism will always exist given Twitter’s public discourse nature where few dissenting voices gain attention easily. High price tags escalate stakes. Investors become more critical alongside our success which might backfire during bull runs because the price inflates prices rapidly. This obviously adds tension when things don’t unfold as planned hence necessitating recalibration going ahead.
Mythics Interlude
Glitch Gallery’s CryptoPunks Exhibition Announcement
Derek is excited to announce that his Glitch Gallery in Marfa, Texas, is preparing for the Artblocks weekend from September 21st-24th. Their first initiative called ‘Every 30 Days’ partners with Canvas for an interactive exhibition that include a digital live stream, written piece, and a complimentary digital poster – available at their gift shop every thirty days.
Two successful editions have already taken place: Xcopy with Cozomo de’ Medici and Claire Silver’s Genesis collection featuring Flamingo DAO. He then goes on to unveil the third edition which will showcase the widely recognised CryptoPunks collection owned by SnowFro. This engaging exhibit can be accessed both in-person at Marfa or online via Glitch’s website for thirty consecutive days starting this Saturday. To keep up-to-date with all things Glitch follow them on Twitter @GlitchMarfa!
Exploring On-Chain Monkeys’ Progress and Future with Danny Yang
I thoroughly enjoyed listening to Danny Yangs story of On-Chain Monkeys being the first NFT collection to be put onto the Ethereum blockchain in one single transaction and setting a precedent for fully on-chain NFT collections.
Danny’s interest recently shifted towards Bitcoin Ordinals for its elegant protocol atop the familiar Bitcoin blockchain. He mentions that the potential value of Ordinals lies in their recursion ability – the re-use of data to minimize the file size. Recursion enabled him to create interactive art which adjusts to your display resolution, but it obviously also has limitations such as high cost implications using bitcoin storage space for high-resolution images/videos hence. That’s why Ordinals are especially useful when dealing with generative art code like Artblocks does.
When Ordinals launched, there was an immense rush of people and transactions skyrocketed, creating a backlog on Bitcoin. This raised concerns about potential bottlenecks if the demand for this technology continues to grow exponentially. However, Danny sees it as a beautiful example of free market dynamics at work; high demand drives up fees which in turn boosts miners’ income and incentivizes worthful activities.
The inherent security and permanence of the Bitcoin chain makes it appealing for storing work. But the question remains why one might choose to inscribe on Bitcoin over alternatives like Ethereum down the line. High-value NFTs tend to gravitate towards Bitcoin due to its unique properties compared with Ethereum. For large files like photographs or movies though, IPFS would be more suitable hence favoring Ethereum. Platforms such as Solana might be chosen for high-performance NFT movements due to lower transaction fees.
We are currently at a stage reminiscent of CryptoPunks’ early days where we are figuring out what exactly constitutes an NFT on Bitcoin by trying various techniques Bitcoin offers natively along with features seen in other chains but executed in a uniquely “Bitcoin” fashion.
Outro
What starts out as banter in form of an NFT bingo card for Dereks most used phrases at the end of the show, quickly turns into a super interesting discussion as Sam questions Derek about his deliberate use of terminology.
Derek explains, that this isn’t just random – it’s designed to keep people anchored to our main focus amidst all the other distractions. There’s so much talk about various projects launched during the week or discussions on current events like SEC charging Coinbase for running an unregistered securities exchange. But what matters are core principles that draw more builders into this space over time. While we certainly enjoy our collectibles and other fun elements of this field; they’re part of a robust technology whose impact will reverberate through generations.
Watch the whole show here: