Crypto Cabal: How to Get Started
Posted March 16, 2021
Chris Campbell
For 3.5 billion years, life on earth consisted of a primordial soup of single-cell creatures.
Then, in a relative flash, during what’s known as the Cambrian Explosion, the beginnings of nearly all life we recognize today emerged in a fantastic variety…
And eventually out came everything from the wildebeest to the honey badger to the spiny lumpsucker to... you.
Today, we see the same thing happening, but in the virtual world of bits and bytes.
Beneath the surface of the info-jungle, underneath the mostly nonsensical screeching, howling, and hooting…
The Internet is growing a decentered digital mycelium of cryptographic proofs -- the cryptocosm. This mycelium-like framework can be used for an entirely new way of organizing societies, economies, and communities.
Eventually, this new architecture will find translation into the real world.
By way of example, one possible avenue of interest is what’s called cosmopolitan localism, or “cosmolocalism.”
In essence, cosmolocalism means “build local, design global.”
An article in The Alternative UK reveals the importance of this potential economic trend in the face of weak, sloppy, and inefficient global supply chains and faltering centralist systems.
Cosmolocalism also represents a potential “third thing” solution to the Left/Right divide.
When the tension of the opposites (left and right) becomes too great, the only way out is a creative solution that transcends and integrates both opposites…
The third thing.
Cosmolocalism has this quality in spades.
But more on that in tomorrow’s episode.
First, let’s zoom in and focus on how you can get started in this weird and wild world of early cryptographic creatures.
Today, we’ll cover:
1.] How to get FREE crypto by smashing through the most significant barrier to entry in crypto; knowledge.
2.] Why mass adoption is nigh & a refresh on NFTs: why they’re pretty useful (hint: it has nothing to do with HomerPepe)
3.] A local NFT side-hustle idea: How to bet on Main Street, catch the NFT wave in your local town, and make your local businesses (and yourself) some extra moolah.
4.] A quick update (and refresh) on our favorite NFT Golden Goose: ECOMI.
Onward!
1. Getting Started in Crypto
There are plenty of ways for the “uninitiated” to get started.
For example, you can earn free crypto by learning how many of these projects work underneath the hood.
- On the Coinbase Rewards page, Coinbase gives you FREE cryptocurrency for taking mini-courses on featured projects.
All you have to do is sign up for an account and watch a few short videos. (You can then, if you’d like, exchange these tokens for our Golden Geese projects.)
The big question on the minds of the cryptonauts: HOW will cryptocurrency reach mass adoption.
That’s simple.
Most people won’t know they’re using crypto. It will be so familiar and simple to them, it won’t matter either way.
The projects which crack this nut will lead the way. And it’s already happening.
2. Mass Adoption is Already Happening
Last week, I revealed an NFT project that’s set itself up for prime-time mass adoption.
I’ll give you a quick update on this project in a moment.
First, one thing you should know.
In Crypto Cabal, we’re not interested in the short-term golden eggs. We want to capture the Golden Geese.
For example, Homer Pepe, which recently sold for over $300,000, is a “golden egg.” The platforms behind these absurdly expensive NFTs are the Golden Geese.
NFTs, or Non-Fungible Tokens, are encrypted proofs designed to show unique ownership of a specific real-world or digital item.
Time will tell how NFTs will change the way we “Internet.” But, make no mistake: change is coming.
NFTs, for one, are bound to shift the way “influence” happens through social media networks. Creators will care far less about follower counts and more about the earning power of what they create… and the earning power of their audiences.
Opportunity: Our current social media platforms are not built for this. And I don’t think they’ll catch up in time. Especially not with the coming regulatory havoc NFTs are about to cause. Social media platforms will probably take the first blows, only speeding up the rise of decentralized social media platforms.
NFTs have vast potential in “meat-space,” too.
Decentralized ledgers are “truth machines.” They are immutable, transparent ledgers that cannot be fudged by even the most creative of accountants. You can trace any NFT back to the original creator, whether it’s a clearinghouse, a real estate agency, or an artist.
(REAL Potential Use-Case Examples: NFTs are a GREAT technological advance for artists. They can be used to automatically streamline royalties for songs, music, photos, digital art, and videos. They can also be used as digital proofs for credentials and certificates from online courses and universities. They can be used as a second layer of proof-of-ownership for cars, trucks, houses, and other assets. They can be used to track products on the supply chain to combat counterfeit and fraud. And on.)
Yes. I think NFTs, in their current form, as digital collectibles are largely a gimmick.
Yes. They are also in a bubble.
But does that mean, long-term and short-term, there aren’t massive opportunities in the digital collectible space?
Not at all.
3. Local NFTs: Side-Hustle Opportunity
First of all, NFTs provide some interesting side-hustles on a local level.
Consider: NFTs are becoming VERY easy to make. One potential project is to approach local breweries/artists and offer to make NFTs of their artwork.
Many local “craft” breweries pride themselves on the original artwork displayed on their cans… but haven’t yet monetized this art.
IDEA: Offer to make NFTs of their artwork. You take a cut of each sale. A local brewery could put a QR code on each can that says “Own this artwork. Scan this code.” Boom. Breweries could also sell a print, or even the original work, alongside the NFT, with a QR code on the back leading to the NFT as proof-of-ownership.
That’s just one example of how you can turn the NFT craze into a potential side-hustle.
Now, let’s zoom out to the big picture.
4. Think Global: ECOMI Moonshot?
Only a few projects in crypto will make it big on the global stage.
They will NOT be cryptocurrencies.
They will be technology companies with a crypto component.
The value provided by the technology company -- which solves one or many problems that centralized systems cannot -- is what will give the cryptocurrency value.
Furthermore, thousands of lesser tokens (along with their market caps) will eventually migrate to the biggest chains. Since everything is open-sourced and will become interoperable, this is not difficult to do.
Hence…
The NFT King(s), Redux
As said last week…
The project with the most Golden Goose potential in the NFT digital collectible space is ECOMI (OMI).
(And, to a lesser extent, WAX. For different reasons entirely.)
And, get this…
Last week, ECOMI’s VeVe app hit #4 Top Grossing app in the Entertainment category of ALL apps. And whenever they drop a new NFT, it is instantly sold out.
ECOMI is lightyears ahead of other NFT projects.
Plain and simple, it has the most mainstream potential right now of any NFT project. And will lead the way for NFT mass adoption.
Anyone can download the app and buy licensed NFTs of their favorite brands.
ECOMI has over 100 licenses with companies like Marvel, DC, Back to the Future, NFL (HUGE!), Adventure Time, and much more.
Users can buy limited digital crypto-collectibles (NFTs) with fiat through the app. When they do so, they will have their own vault to showcase, sell, and trade their digital collectibles.
They can also use the Augmented Reality (AR) function to put their collectibles in places their friends (with the app) can find.
For example, users will soon be able to park a Delorean NFT in their driveway.
In buying these digital collectibles, users own digital assets on the blockchain… without necessarily needing to know they’re buying into crypto.
Meanwhile, the OMI token is sitting at 0.007 cents.
Though there are a LOT of OMI tokens in the circulating supply…
Whenever an NFT is sold, OMI tokens are taken out of circulation and “burned,” making OMI a deflationary and potential long-term play.
That said…
ECOMI is nothing compared to the projects I’ll talk about in future Crypto Cabal episodes.
Stay tuned.
[Ed. note: And, while you’re at it, check out my colleague George Gilder’s recent TECHX talk. In it, he shows the tiny technological tour de force that could help radically change the entire world wide web -- and make early investors a small fortune. Click here to watch our in-house futurist doing what he does best -- helping us peer into the future.]
Until tomorrow,
Chris Campbell
Managing editor, Laissez Faire Today