Of course, the difference now is that no one needs to believe that cryptocurrency is good business. This is already a trillion dollar industry that has spawned dozens of giant companies, created dynastic wealth for early adopters, and attracted many of the best and brightest minds. in Silicon Valley.
And as I look beyond the decline in New York, I can see Web3 threads starting to intertwine with things real people might want.
For example, on Monday night, I went to Greenpoint, Brooklyn, to attend a party hosted by Friends With Benefits, a new kind of leaderless crypto club called an “autonomous organization.” decentralized” or DAO. Right now, DAO – described as a “group chat with a bank account” – is primarily a test game. But optimists think they could one day become a way in which businesses and communities organize themselves.
Instead of selling normal tickets to the party — which featured a performance by Russian punk protest group Pussy Riot — Friends With Benefits required attendees to scan their crypto wallets at the door. If you own at least $5 of FWB – the group’s membership token, which costs about $140 per person as of the time of the party – then you’re in. Bring the claim plus one for $75 FWB, or about $10,000. (There’s a way to bypass this line entirely: win an auction for the party’s official NFT, even though that result has sold for more than $50,000, making it a bad choice. for the budget conscious raver.)
All this velvet exclusivity seems counterintuitive to crypto enthusiasts’ claims that Web3 is a democratizing force that will expand access to financial services, leveling the playing field. play and eliminate legacy middlemen. And I wondered, sometimes, if the Web3 kids were trying to tear down the old social hierarchy, only to replace it with a new coding system, in their place.
But this arrangement seems to work for everyone – at least until around midnight, when the place is packed and $FWB token holders are stuck on the sidewalk unable to get in. again.
“I paid $600 to come to this party,” grumbled a man in the line. “Oh, at least the token can go up.”