When asked the question “what do you do” I always take a moment. A beat to consider… what am I doing? And who is the audience I’m addressing? And what type of conversation am I signing up for?
Projects, products, and organizations have similar questions of description. How they articulate themselves says a lot about the motivation.
So at a party sometime over the past few years when asked “what do you do” I’d say something along the lines of “I work on making tools for funding and sustaining creative practice in new ways.” “Well how are you doing this?” Well… so much of culture is distributed digitally, but to fund it requires making it physical in some form, or limit access by putting it behind a paywall, or native UGC ads, etc…
After orbiting around the question we’d often arrive at a moment of realization. “So… like NFTs?” I’d cringe and say, “uh… yeah.”
Crypto is synonymous with bad behavior. Scams, shilling, deception, get rich quick, etc… All of this is true, but it’s not the full story.
I truly believe in having a native store of value in media objects. The internet is not just a distribution mechanism—it’s an environment we inhabit. That we must exit it to transact and trade adds unnecessary degrees of abstraction. It can be far more direct and efficient.
I don’t think speculation is fundamentally bad behavior. It’s intrinsic to life. We make optimistic decisions constantly based on limited information.
When things get muddy is when speculation is purely financial. But that isn’t a technology problem—that’s human behavior.
The technology does not demand a specific use. But the platforms creating the technology are continuously shooting themselves in the foot by leading with financial speculation—even if it is under their breath. I truly believe it drags the entire space backwards, and is extremely short sighted.
While there are plenty of scams, I believe most product teams are well intentioned and simply navigating their way through an emergent and particularly noisy ecosystem.
This was the case at Mirror, a long-form publishing platform centered on novel ways of funding and sustaining writing… Or was it a crypto sandbox for experimenting with web3 mechanics that just so happened to use writing as a distribution mechanism? It remained a question over the course of the project. Products are continuously in a state of uncovering what they are over time. But there was perhaps a missing unified vision.
That it ultimately was acquired by an organization that had a bar minimum focus on the user was unfortunate considering our position as a focal point within the space. This isn’t to mention the core team being a product mafia that continues to shape the ecosystem.
Speaking of, one of the core product mafia at Mirror, Saarim, is now taking exactly the approach I find most promising. Focusing on the people an not exclusively leading with the technology. Big shoutout to ITM.
Stablecoins are a point of current interest for me. They don’t suffer from price fluctuations, preventing the bottom falling out as you see in memecoins, as well as runaway price speculation. What they retain is the utility—the ability to move small amounts around quickly, permissionless composability by being on-chain, and all the rest.
I fully expect to see primitives from web3 continue to be adopted (perhaps subversively) through platforms like ITM over time. Projects focused on short-sighted returns are—you guessed it—NGMI in the local parlance.
In the meantime there is plenty of room to do meaningful work, as always.