No. 20 — Web3 Will One Day be Chain Agnostic. Take Advantage of Some Great Discounts Before the World Catches On.
Omnichain future, Tezos NFTs, Objkt, gm, Web3 Communications
Here’s my regular round-up of Web3 findings and insights for creators and artists.
Web3 Will One Day be Chain Agnostic. Before the World Catches On, You Can Take Advantage of Some Great Discounts.
A few weeks ago I wrote a Twitter thread on the deep discounts for art on the Tezos blockchain as compared to Ethereum.
Well, just a couple week later, it seems like people are catching on. At the time, there were absolutely beautiful paintings by artist Michele Petrelli selling for less then $100 and in many cases below $50 when pieces of similar quality were going for thousands on Ethereum.
When I revisited the Tezos collection over this past weekend I saw those same pieces snatched up and most of the work is now listed in the thousands.
I wrote that thread around the same time Cozomo de’ Medici published a newsletter sharing that Michele Petrelli is one of his favorite artists on Tezos… so the price spike for that particular collection is not a coincidence.
Nonetheless, I stand by my conviction — Art on non-Ethereum blockchains are available at deep discounts. The current price difference is arbitrary and based on the volume of users and transactions currently happening on Ethereum.
In the future, the specific blockchain won’t matter. Sending and receiving NFTs and other transactions will seamlessly flow between blockchains one day.
I say this with confidence due to the following trends:
Omnichain protocols are coming to Web3
Meaning, one day your information on a SOL metaverse will be accessible from an ETH wallet. Right now each blockchain contains its own universe and while the data can be viewed from anywhere there is limited interoperability. Many existing organizations and newly formed startups are working to tackle this challenge. There is already some promising progress from organizations like LayerZero Labs and Axelar.
Multi-chain NFTs are becoming more prevalent
Recently, I shared about the Gh0stly Gh0sts omnichain NFT that launched through the LayerZero protocol. Since then I found others like omni chicks and Kanpai Pandas. I’m sure there are many more out there and I only expect this trend to continue.
While I haven’t done the leg work, my hunch is that we’ll eventually find a way to send most NFTs between blockchains even if they weren’t specially intended to be omnichain.
New payment rails allow seamless switching between currency types
Right now you can buy an item with USD, send it across the BTC network, and the merchant can collect the money as EUR through Strike. Crypto exchanges already work in a similar way and protocols like this will become ubiquitous in Web3. It’s not hard to imagine a near future where currency type starts to become arbitrary. I imagine regulatory issues may be the biggest hurdle here, but I don’t think it will be long before mainstream payment rails start adapting blockchain networks for sending money.
Teams are tirelessly building cross-chain messaging
Imagine receiving a direct message from an Ethereum wallet straight to your Tezos wallet. That’s something I expect to happen sooner than later. I would be surprised if we don’t see cross-chain messaging by early 2023. Countless teams are working this opportunity including Router, Nomad, LayerZero Labs, and many others.
Web3 is trending towards a chain agnostic future.
At some point, the world will catch on, but until then it’s your opportunity for deep discounts. You won't find many quick flips this way. But when the world adapts to seamless omnichain transactions, you'll be ahead of the game.
Tezos has become my go to blockchain for quality undervalued art, but many others like Solana, Near, Binance, and Vechain also have innumerable opportunities.
Finding Quality Artwork is Difficult. Here’s a Guide to Help Find Some Gems on Tezos.
It's hard to find great art in NFT marketplaces. Especially when you're a new collector.
Here’s how I’ve managed to find some hidden gems and discover great artwork on Tezos (XTZ). It started with learning to navigate Objkt — The marketplaces that aggregates all Tezos NFTs.
Not only does Objkt aggregate the artwork, but also the users. The best way to find great art is by following great collectors — many of whom are artists themselves.
The collectors listed below have helped me navigate the NFT labyrinth and find some jewels.
Cozomo de’ Medici, who I’ve mentioned many times. He’s a must follow on Twitter, but in this case, it’s his collection on Objkt that you want to watch. He has a small selective collection on Tezos with just over a hundred pieces.
John Karel is amongst the most established artists on Tezos and also a great patron. John specializes in colorful low poly 3d art that evokes a spirit of 60s pop art and boasts a diverse collection of over 1,000 NFTs.
Laurence Fuller is an actor, producer, and writer who has collaborated with many Tezos artists. Not only has he made a splash in the community through collaboration, but also by building one of the largest Tezos NFT collections with over 2,000 works.
Adam Disbrow is an American Expressionist Painter and cryptoartist who has been minting NFTs since March 2021. His diverse collection of over 1,000 NFTs includes paintings, photography, and digital art.
XCollabz coordinates collaborations between many of the great artists minting on Tezos. In this case, I would recommend looking at their created works and collaborators to discover some of the best out there.
Kevin Rose is an entrepreneur and investor working in Web3 and recently launching the Moonbirds NFTs. He has a small collection of over 50 pieces on Tezos. He regularly interviews artists on the Proof podcast and is bound to uncover new hidden gems.
Following these accounts will give you plenty to discover. Take your discovery one step further by visiting the history section of any piece that captures your eye. You'll learn how the price has fluctuated and the numerous owners of the piece.
A New Alternative to Discord is Emerging in Web3 Called gm. Here’s What You Need to Know About it.
Web3 lacks a strong communication tool.
The platform has a Twitter like interface and has best been described as a cross between Twitter and Reddit. Instead of logging into endless and hard-to-follow chat streams, you log in and see posts and articles created by community members.
On Discord, regardless of all the community management and instructions, It's just hard to find an entry point. Conversations move on and it's all about live participation. Gm on the other hand makes it easier to track topics by moving the most popular to the top.
Other key features include:
Login through Ethereum wallet
Ability to create public and private communities
General public feed accessible to anyone
However gm still has a ways to go to supplant Discord as the go to for Web3 communications.
Discord works because real-time chat is critical.
Discord has a mobile app.
Discord allows for voice communications.
By leveraging the structure of Twitter and Reddit, gm is already taking advantage of some of the most proven and time tested community building systems.
While there's a ways to go, the future is promising.
gm is built for Web3, but it's not yet decentralized.
The team is taking an approach they are calling 'progressive decentralization' and starting out with a Web2 tech stack on AWS.
It's a common approach in Web3 right now due to the lack of reliable infrastructure (and ambiguous regulations).
Gm doesn't have an existing monetization structure and their approach will not involve advertising or selling data. They're still figuring that out.
Mike McGuiness has been making his rounds on podcasts to promote gm recently and you can check out the interviews below for more information.
As I dig deeper into Web3, the discussion will involve cryptocurrency and I want to make sure to include this disclaimer. This is not financial advice and is intended for informational purposes only.
As a disclaimer, I have no background or expertise in finances. law, or economics. This article explores new technologies like NFTs and cryptocurrencies and the potential uses for artists and creators. This is for informational purposes only. It is not offered or intended to be used as legal, investment, financial, or other advice.