🤔 An AI selfie NFT generator...but why?
Wall Street Oasis sent this email to their subscribers on June 1, 2023.
In today’s edition:
- Would You Bank With Home Depot? That’s (Kind of) a Thing Now...
- The AI Powered Selfie NFT Generator That No One Asked For...
- RESOURCE: Ordinals Protocol Explained (in 4 mins)
- Turn Your Web3 Fans Into Referral Sources [sponsored]
- Good News and Bad News for NFTs and Ordinals
Terms used (click for translation):
Crypto Wallet, Web3, NFTs.
Want a simple explanation of other Web3 terms/concepts?
Ask Web(GPT)3!
Would You Bank With Home Depot? That’s (Kind of) a Thing Now...
Convincing new users to set up a crypto wallet is like trying to sell them a Ferrari.
Is it easy to use? No.
Is it something I'll use daily? Doubt it.
Will it do everything my existing solution does for me? Unfortunately not.
The thing is, crypto wallets and Ferraris both do one thing, really well.
Ferraris go fast and wallets store crypto securely.
They're each an ideal product for a tiny segment of the overall consumer market. Ferrari doesn't need to change this. But crypto wallets do.
So what's the solution?
Give them a 'starter car' - a wallet that they can set up just like they would any other online account: with an email or phone number, using an online portal from a company they already know and trust.
What does that look like exactly?
...how about an example?
There's this 'wallet-as-a-service' provider, called Magic, which has just raised $52 million in a new funding round led by PayPal Ventures.
Basically, Magic allows existing company's to add a 'create wallet' page on their websites - it's how Macy's and Mattel have been able to offer free crypto wallets to their customers.
(See how we landed on this article's title? This technology allows any brand to become a pseudo-crypto-bank in its own weird way).
It's not sexy, and it's sure as hell not a long term solution (because who's going to want to log in at Macy's to manage their money??).
That said, here's what we love about this kind of solution:
It takes the "spray n' pray" approach.
By allowing any legacy brand to offer easy wallet creation services, it opens more and more avenues for new users to easily onboard into Web3 & crypto.
Users enter through a branded site they already know/trust → they sign up with an email.
Smart!
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The AI Powered Selfie NFT Generator That No One Asked For...
This feels...dumb.
Find Satoshi Lab (FSL) just rolled out an AI powered NFT generator, called GNT V3.
The idea is: you take a selfie → the AI renders it as a digital illustration → it's minted as an NFT.
Which, to us, is akin to selling an armor plated Toyota Corolla to someone that's just looking for good gas mileage.
(We're on a real 'car analogy' tip today, huh?).
Is it cool? Absolutely!
Is it needed? No (storing your selfies on an immutable database that'll most likely out live humanity, it ah...it feels a little excessive).
FSL pitches the NFT generator as "pushing the boundaries of digital self-expression."
...but Instagram, TikTok, YouTube, Twitter, etc. are already solid platforms for digital self-expression - we're not sure that bringing NFT selfies into the mix is going to move the needle for consumers, or Web3.
Or maybe we're just being curmudgeons?
In that case, let's balance things out, by arguing against our own conclusions:
Any technology that allows users to easily create/launch NFTs is a good thing in our minds (whether the NFTs represent art, community access, loyalty rewards - whatever).
And hell, that Lensa AI trend was everywhere on Instagram at the end of last year! What's to say this couldn't be the Web3 version of that?
Either way, any consumer friendly Web3 application is a step in the right direction at this point.
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Good News and Bad News for NFTs and Ordinals
We have good news and we have bad news.
The good news (and the major insight for this article) is that this is another classic case of innovation continuing in the Web3 space.
The bad news: well, the innovation is kinda half-baked.
All the talk this year has been about the Ordinals protocol.
They're like NFTs on the Bitcoin network, allowing people to store pictures, text (and more), on Bitcoin rather than a purpose-built network like Ethereum or Solana.
And on Monday, the number of Ordinals in existence hit 10M!
Today's innovation comes in the form of a random collection of letters and numbers: the 'BRC-721E' token standard.
Put simply, BRC-721E lets NFTs that were originally minted on Ethereum move over to the Bitcoin network.
Ready for the kinda half-baked part? Once moved, it's permanent.
In order to move NFTs from Ethereum to Bitcoin, they need to be sent to a 'burn' address (permanently destroying them), and the same data is then recreated on the Bitcoin network.
So, as we said, innovation continues in Web3 - heck, until January this year Ordinals didn't even exist!
While this is a one-way road for now, I'm sure it's not too far in the future before Ordinals are able to be sent over to the Ethereum network.
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🧪 Your Daily Dose of Web3
- 🐧 Pixel Penguins, an NFT Charity Scam, Shows Dangers Of NFT Influencer Culture
- 🪙 USDC Issuer Circle Has Ditched All U.S. Treasuries From $24B Reserve Fund Amid Debt Ceiling Showdown
- 🚘 Mercedes NFTs: Embracing Web3 With ‘Maschine’
- 💪 Down But Not Out: The Staying Power of NFTs Amidst a Market Slump
- 🌏 'Another World' Will Let You Bring Your NFT Avatars Into a 3D Metaverse
Alright, that’s it for today!
Love to the family,
P.S. Want to learn how to research and value cryptocurrencies? We have a bi-weekly publication that does just that.
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