- Good Time for Builders
Good Time for Builders
Looks like we’re in a bear market which typically means less flashy headlines, less focus on short-term gains, and more focus on real value delivered to users. This is a good time to be building useful products.
Two big things.
1) Major drop coming early next week with Billboard ChartStars. Stay tuned on socials.
2) There’s only a few hours left in our special giveaway to those who had issues collecting the Pepsi Billboard ChartStars drop during the BBMAs. The marketing only targeted those users, but as a reader of our newsletter I’ll give you a tip. Go here to claim and cement this moment in history.
Story of the Week
NFT markets have been trending down the past couple months.
The bigger context: Times have changed. During the NFT bull market of the past year, seemingly every week there were headlines about newly minted unicorn companies and viral NFT drops. Not so much for the past month. Now we hear about the declining market, lay-offs, and regulatory actions. While painful, there are benefits to a down-cycle. It means more attention on real product-market fit with revenue and engaged customers. It means less competition for talent. It means more appropriately valued companies and assets. Less distraction, more focus on the meaningful metrics. It’s a good time to build.
Stat of the week
FedEx, UPS, Walt Disney Company, HP, Charles Schwab, Coors, Costco, GM, Proctor & Gamble, United Airlines, Microsoft, LinkedIn
Some businesses started during bear markets. Source: Obstacle is the Way.
Web3 Topic: Proof-of-Stake and Ethereum’s Ropsten Testnet Merge
This week Ethereum completed a major milestone by transitioning one of their testnets from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism.
Why this matters: PoS is a more scalable and energy efficient consensus model for blockchains. Ethereum and Bitcoin today use PoW, but most of the newer blockchains use PoS (e.g. Flow, Solana, Polygon). To address the scalability issues, Ethereum is undergoing a massive update to transition to PoS. This will be one of the biggest stories to watch as they advance to converting their mainnet in Q3/Q4 after many years of research and planning.
See you next week!