THIS WEEK I OPENED UP A PHANTOM WALLET, FUNDED IT AND STARTED WATCHING SOLANA. THE BIG LIQUIDITY EVENT WAS A COIN CALLED SPX6900 WHOSE BIT IS FLIPPING THE S&P500 AND GOING PARABOLIC. IF SPX6900 IS A CULT, IT’S LEADER IS A DUDE NAMED MURAD WHO GAVE AN INTERESTING TALK AT TOKEN 2049. THE CRUX OF HIS THESIS IS THREE PRONGED: MEME COINS GO CRAZY IN 2025, EVERY COIN IS A MEME COIN (ALT COINS, INFRA COINS, NFTS ETC) AND COINS PROVIDE VALUE IN THE FORM OF COMMUNITY.
I AGREE WITH ALL OF THESE TO AN EXTENT. TO SAY THAT EVERYTHING IS A MEME COIN IS CUTE, IT’S SIMPLE, HIGHLY PORTABLE AND COMFORTING TO ME, SOMEONE WHO DOESN’T UNDERSTAND HOW ANYTHING ACTUALLY WORKS. MORE THINGS ARE MEME COINS THAN WE ADMIT. MORE COINS WILL FUNCTION AS MEME COINS AS THE MEME OF MEME COINS GAINS LIQUIDITY AND MINDSHARE. MEME COINS DO HAVE THE POTENTIAL TO RUN THE FIRST HALF OF 2025.
MURAD ARGUES THAT MEME COINS HAVE THE POTENTIAL TO MAKE GOOD ON THE PROMISES OF DAOS IN 2021. AS SOMEONE WHO SPENT A COUPLE YEARS LIVING AND WORKING IN A DISCORD WITH A SHIT COIN, THIS MAKES SENSE TO ME. WHAT MADE $FWB BEAUTIFUL WAS ITS CHAOTIC SPONTANEOUS ENERGY. IT WAS THE HIGH AND LOW CULTURAL ICONS COMING TOGETHER TO DECIPHER ETHERSCAN’S HIEROGLYPHICS. WE HELPED EACH OTHER LAUNCH WEIRD PROJECTS, TAUGHT EACH OTHER, BECAME A SIGNAL TO THE SPACE AND A PLACE OF PROFIT AND FRIENDSHIP - SQUADS WITH BANK ACCOUNTS. THEN WE FOUND OURSELVES ON THE RIGHT SIDE OF THE MEME CURVE. WE STARTED OVERTHINKING IT. WHAT WAS ONCE FLAT BECAME STRUCTURED. WHAT WAS SMOOTH BECAME RIGID. I WILL NEVER TALK ABOUT GOVERNANCE AGAIN. GOVERNANCE, LIKE LEADERSHIP, IS BETTER PRACTICED THAN DEBATED. DISCOURSE WAS WIELDED RECKLESSLY, TEACHING ME BOTH ITS POWER AND ITS COST.
$FWB WAS MY FIRST EXPERIMENT WITH A CULTURE COIN BUT IT WOULD NOT BE THE LAST. IN MARCH OF THIS YEAR I FOUND MYSELF IN A CHAOTIC TWITTER DM WITH THE SPACE’S BEST ARTISTS, GRAPHIC DESIGNERS AND MEME-ERS. THERE WAS A BEAUTIFUL SERENDIPITOUS MOMENT WHERE THREE OF THEM REALIZED THEY HAD DROPPED OUT OF THE SAME ART SCHOOL. IT WAS SO MUCH FUN. WE MADE MEMES, DID OUR BEST TO SUPPORT EACH OTHER AND DROVE LIQUIDITY AND ATTENTION TO 747 AIRLINES. WE MADE CATALOG RADIO EPISODES, ORIGINAL SONGS AND FANCAMS, ZINES, THEORY. WE MADE A GAME. WE’RE WORKING ON AN APP (SHHH!). IT FELT LIKE FLYING. AND OF COURSE WE BURNT OUT. WE GOT FRUSTRATED WITH OTHER PROJECTS COPYING OUR STYLE (WE SHOULD HAVE CELEBRATED THIS TBH). THESE THINGS ARE CHALLENGING TO SUSTAIN, BUT I BELIEVE THAT 747 AIRLINES WILL FLY AGAIN.
DAOS ARE DEAD BECAUSE WE HAVE YET TO FIGURE OUT HOW TO MONETIZE INFIGHTING ABOUT PROCEDURE AND GOVERNANCE (STUDY LAWYERS). NFTS ARE DEAD BECAUSE THERE IS NO SECONDARY MARKET FOR NFTS. SECURE LIQUID SECONDARY MARKETS ARE BEST SERVED BY COINS. THE INFRASTRUCTURE IS BUILT AND READY TO BE USED. LAUNCH PADS ARE THE PRIMARY MARKET FOR TOKENS. EXCHANGES ARE THE SECONDARY MARKET. I’M UNDER THE IMPRESSION THAT WE’VE BASICALLY SOLVED FOR PRIMARY MARKET SHENANIGANS BUT THE SECONDARY MARKET REMAINS CHAOTIC AND FULL OF BAD ACTORS. IT IS THE KIND OF STRANGE DARK FOREST WHERE FORTUNES ARE MADE, LARPED AND LOST.
IF YOU’VE READ THIS SITE BEFORE, YOU KNOW I’M NOT REALLY HERE TO HOLD YOUR HAND AND BEMOAN HOW YOUR BELOVED NFT CULTURE HAS BECOME HYPER FINANCIALIZED. LOOK OUTSIDE YOUR WINDOW, THAT SHIP SAILED A LONG TIME AGO. YOU ARE STILL ALLOWED TO MAKE ART, NOBODY IS STOPPING YOU. IF YOU BELIEVE, YOU WILL FIND A WAY. IF YOU DON’T, YOU DIDN’T BELIEVE. SIMPLE. IF IT HURTS TO READ THIS, TAKE A WALK.
MOST OF THE MEDIA PINNED IN THE TOKENS WAS ACTUALLY PRETTY MID (SORRY!). THERE ARE EXCEPTIONS, AND IF YOU TALK TO THEM, THEY WILL TELL YOU THAT MOST OF THE MEDIA PINNED IN THE TOKENS WAS PRETTY MID! I TALKED TO MANY OF THEM! MANY OF THEM GOT TIRED OF THEIR WORK BEING DISPLAYED NEXT TO RACIST ANIMALS! MANY OF THEM GREW TIRED WITH THE NARRATIVE INCONSISTENCIES AND SELF SERVING LOGIC OF THE SPACE! SOME OF THEM GOT RICH AND ARE NOW JUST CHILLING WITH THEIR FAMILIES WHICH I THINK IS BEAUTIFUL.
WE WERE GONNA FIX THE CULTURE INDUSTRIES WITH THE GIANT EXCEL SPREADSHEET IN THE SKY. AND LOOK, IT COULD STILL HAPPEN. IT COULD ALL STILL HAPPEN. BUT WE DON’T CONTROL THE TIMING OF THIS SPACE, WE NEVER WILL AND RIGHT NOW, WE ARE IN THE CHAOTIC CASINO TIMES AND I SUSPECT THINGS GET WAY MORE CHAOTIC BEFORE THEY STABILIZE. LIFE MAKES WAVES, SURF OR DROWN, RIP VIRGIL.
Artist: inpublic
Date: Oct 10, 2024
Market: https://artrun.io/c/k6a9hm
