(UPDATED) 🎁 Wrapped: The Weekly Web3 Newsletter (Edition #12)

*Hunter got a little excited and sent out our newsletter before I had finished it :) This version should be better :)

Elon Musk, Jack Dorsey, and plenty of artists are all calling Web3 a bunch of BS. They’re not wrong. A lot of what they perceive as ‘web3’ is a bunch of BS. At least right now. What they fail to realize is that web3 is not a finished product, nor will it ever be. If you think web3 is a fully decentralized immersive online utopia and it’s coming soon, you are mistaken. 

Web3 is a philosophy, not a product. Focusing too much attention on potential end results will get a lot of people absolutely rekt. Web3 is a work in progress. It’s a messy & chaotic environment, but it is real. 

Web3 is the opportunity to rebuild our digital world and allow all to benefit, not just those at the top. DAO’s, DeFi, Bitcoin, Ethereum, & NFTs are all part of the equation, and are already impacting society in profound ways. If you don’t see this, or don’t believe it, that’s fine. Continue to enjoy those hefty bank fees, zero-yield savings, ‘value’ stocks, and by all means keep allowing old finance/tech giants to rule your life. We’re busy working on something better over here in web3 land. The old system is broken and we’re building a new one.

“I’m gonna show them a world without you, a world without rules and controls, without borders and boundaries… a world where anything is possible. Where you go from here is a choice I leave to you.”

-Neo

Although the crypto & NFT markets have seen a lot of chop lately, money is still flooding into the industry. Top signal, or just the beginning? The optimist in me says we’re still early, but it’s wise to be cautious when so much money is being thrown around. The good news is that we’re also seeing top talent leaving the old tech giants for this new world. These are great signs and incredibly positive for web3 in the long run, here are a few funding announcements from last week:

Market Vibes 

High-end remains stagnant, while a few of the mid-tier projects saw a nice bump on the week. Art Blocks is beginning to show some signs of recovery after months of down only. Is the NFT market finally starting to, dare we say, mature? Expect to see increasing separation between successful projects and all the rest. And if Adidas is just the tip of the spear, it would be wise to hold on to some ETH as other powerhouse brands enter the space.

Top performers of the week:

🚨DISCLOSURE: I own NFTs! I own punk #2971 if you’d like to dig around.