Good Things Come In Threes
(and not always PFPs)
Ryan used the word “trilemma” this week, to describe the three-pronged problem facing Layer 1 chains. That problem is why Layer 2 solutions exist (Nerd Alert below!).
NFTs may face their own trilemma, though. People often want all three of these things:
Value
Utility
Community
Sometimes they’re the same: providing one also provides the others. Other times? They are three separate things, all desired.
And so the problem is how a project—a business—can be, or provide, all three to its customers. You’ll recall the discussion last week about customers versus true fans; maybe true fans exist where brands have solved the trilemma. Maybe the web3 brands that truly break through will be the ones deep enough, in time, to do the same.
One thing is certain: they will not always look like PFPs.
A reminder, if this missed you:
What Did We Learn?
Security: Pocket Universe joined on January 27th—download their easy Chrome extension for a layer of security before you sign any wallet signatures. 💪
Thoughts from j1mmyeth on the emergence of web3 native brands, with the entry of gamers into web3:
Nerd alert January 23: Soul Bound Token (SBT): An SBT is a type of NFT linked to a specific person. It cannot be transferred or traded. Uses cases include:
certificates and credentials that are unique and verifiable
access rights to physical or digital assets, like keys, tickets, or parking spots
supply chains: represent physical assets like products, parts, and raw materials, allowing for traceability and reducing fraud & counterfeit
Thomas Mancini from wgmiio, and now Floor, guested on Jan 24th, and shared his view on how Floor could win the information attention war:
“Your keys, your conversations.” Matt Galligan joined on Thursday to talk about XMTP, a real-time encrypted web3 messaging protocol. In Matt’s words:
“If you look out at the web3 landscape, we’ve seen a lot of trends with NFTs and DeFi and permissionless asset movement. And while I can transact with someone, I can’t communicate with them.” XMTP enables web3 messaging.
Example use cases:
Protocol upon which web3 social networks could build
Simplify direct communication to token holders
Manage support from a dedicated .eth address (vs. Discord DM)
Nerd Alert January 26th: Layer 1 (L1) and Layer 2 (L2). Layer 1 is the term for underlying main blockchain architecture. ETH, SOL, Flow, and Cardano are examples. L2 is an overlaid network that helps scale the blockchain. Examples are Polygon, Arbitrum, Optimism. The trilemma (three-pronged problem) is that we want fast, cheap, and secure, but L1s don’t offer all three. L2’s help solve it.
What Did We Love?
Ryan stated plainly the Daily Dose values: Kindness, Friendliness, Creativity, Hard Work, & Integrity 💊
The diversity of responses to January 23rd’s question “What is your full-time job?” was stunning. Here a gif to recap some of them:
All of this from Kal. All of it. It’s a lonely world. People want more:
The inspiring responses to the January 25th question: “what is something, or who is someone, that you’re proud of?” Just a very small sampling:
Around the Community
Daily Doser talent runs deep. 🎵🔥 Check out Tito’s band on Spotify if you need some new music!
OG Eren is building banners: 💊
The first London Daily Dose meetup is a wrap!
And huge congratulations to TodamoonOnARock!
