Meet at the Clubhouse

Space Summary

The Twitter Space Meet at the Clubhouse hosted by BoredApeYC. The Clubhouse discussion delved into the dynamic world of NFTs within the Metaverse, stressing the significance of intellectual property rights, community engagement, and technological advancements like blockchain interoperability. Key takeaways included the empowerment of digital creators, debates on NFT's impact on intellectual property, and the essential role of provenance in building trust. By exploring future scenarios in the NFT-driven Metaverse, the talk highlighted the transformative potential of NFTs in reshaping virtual economies and immersive user experiences.

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Space Statistics

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Questions

Q: How do regulatory considerations impact NFTs?
A: Regulatory compliance is essential to maintain legality and protect creators' rights in the NFT space.

Q: Why is community engagement vital for NFT growth?
A: Inclusivity fosters sustainability and wider adoption of NFTs within the Metaverse.

Q: What benefits do NFTs offer digital creators?
A: NFTs provide creators with ownership rights, monetization opportunities, and direct audience interactions.

Q: How do NFTs enhance immersive experiences in virtual worlds?
A: By offering unique assets and interactive elements, NFTs enrich user experiences within the Metaverse.

Q: Why is blockchain interoperability important for NFTs?
A: Cross-chain compatibility improves the versatility and value of NFTs across different platforms.

Q: What role do virtual economies play in the NFT market?
A: Virtual economies and fractionalized ownership models are reshaping the NFT ecosystem by diversifying investment opportunities.

Q: How can NFT provenance impact trust and value?
A: Establishing the authenticity and history of NFTs through provenance mechanisms strengthens trust among buyers and investors.

Q: What are the implications of NFTs on intellectual property rights?
A: Debates continue regarding how NFTs affect the ownership and rights of digital creators in the context of intellectual property laws.

Q: What are the challenges of NFT adoption and utility?
A: Issues such as scalability, environmental concerns, and standardization pose challenges for the widespread adoption and use of NFTs.

Q: How do NFTs contribute to the Metaverse's evolution?
A: NFTs play a significant role in shaping the immersive experiences and digital asset ownership within the evolving Metaverse landscape.

Highlights

Time: 01:55:29
Debating NFTs and Intellectual Property Rights Exploring the impact of NFTs on artists' ownership and intellectual property considerations.

Time: 02:05:17
Enhancing NFT Value with Blockchain Interoperability Understanding how cross-chain compatibility boosts the utility and value of NFT assets.

Time: 02:15:40
Future Scenarios in the NFT-Driven Metaverse Discussing potential futuristic landscapes where NFTs drive the evolution of the virtual world.

Time: 02:25:12
Community Engagement in NFT Sustainability Highlighting the role of inclusivity and community participation in ensuring the sustainable growth of NFTs.

Time: 02:35:50
NFTs Empowering Digital Creators Examining how NFTs offer creators new ways to monetize their work and connect directly with their audiences.

Time: 02:45:21
Immersive Experiences in the Metaverse with NFTs Exploring how NFTs enrich user experiences through unique assets and interactive elements within virtual environments.

Time: 02:55:10
Challenges and Opportunities in NFT Adoption Discussing hurdles like scalability and environmental impact while exploring the potential growth areas for NFTs.

Time: 03:05:42
NFT Provenance and Trust Building Examining the importance of NFT provenance in building trust and enhancing the value of digital assets.

Key Takeaways

• Importance of regulatory considerations and intellectual property rights in the NFT space.
• Community engagement and inclusivity are crucial for sustainable growth of NFTs in the Metaverse.
• NFT authentication and provenance enhance trust and value of digital assets.
• Technological advancements like blockchain interoperability boost NFT utility and adoption.
• The rise of fractionalized ownership and virtual economies is reshaping the NFT market.
• NFTs empower digital creators with new monetization opportunities and ownership rights.
• Direct engagement with audiences is a significant benefit of NFTs for creators.
• NFTs offer unique assets and interactive elements enhancing immersive experiences in the Metaverse.
• Debates on NFT implications for intellectual property rights and artist ownership are ongoing.
• Cross-chain compatibility is crucial for improving NFT utility and value.
• Discussing futuristic scenarios where NFTs lead the transformation of the Metaverse.

Behind the Mic

Introduction and Welcome

Hey, guys, happy Friday. So obviously, let the room fill up for a few minutes. Let's just get everybody on stage and we'll get going shortly. So thanks for being here early and we'll get going soon.

Starting the Conversation

What's going on? Everyone will here. Let's get a thumbs up to see if you guys can hear me. Hey, Fitzy. Okay, I'm back. I got booted for some reason, and now I'm back on. Okay, so a couple of minutes in. We've got 35 people in here. Let's kind of get going. So thank you, everyone, for coming. Usual things, please. The usual comments and retweets definitely do help us get more people in the room. So it's very much appreciated.

Discussion on Bitcoin Changes

We're going to have an interesting conversation. So it's definitely valuable for people to understand this because something massive has changed on bitcoin. And we've discussed this already. We've kind of touched on this account abstraction thing and the fact that ordinals are very complex on tap and can literally achieve way more than a standard ordinal. And so we're going to discuss this again today, but in a context of. Very specific context, really quite broad in terms of the verticals, but quite specifically in its core that an ordinal on tap can be a business. And obviously, we're joined by Will and Ayman from block Runner. And there's no better people to help us navigate such a potentially complex topic, but ultimately a very simple one. Hopefully we can land the plane at the end of the show.

Current Status and Technical Issues

But how you doing, guys? Anyway, before we get started. Yeah, how's it going? Well, here, Iron Man's feeling a little sick. I don't know if he's going to be able to join today, but we'll see. But yeah, happy to be here talking about account abstraction and everything that's happening with the tap ecosystem. And I know that Benny just released kind of like an interesting update where you could bridge to Ethereum. So. Yeah, a lot of stuff happening.

Technical Updates and Interactions

Yeah, I mean, definitely a lot of stuff happening. I mean, the bridge stuff, again, I think obviously we will discuss that. In fact, maybe it's good to take on that first. So for those of you that haven't seen it, and I will do what I always try and do and add tweets to the top of the room for things that we are going to talk about. So I'm going to pin to. I'm going to pin two tweets up there now about the bridge. So give me 1 second to do that. There's one and there's two. So yesterday we announced that tap. Tap token, obviously coming soon, coming this month in terms of TGE, no specific date, don't ask. But it's coming this month. Don't worry.

Updates on Tap Token

So we announced that tap, and this is the tweet if anybody wants to follow through. As I'm reading this, the one from yesterday, we're excited to announce that. Hey, guys, trying to deal with a technical issue here with Fitzy will soon be on. Give us a few seconds. Thanks. They can hear me? Yeah. Can people hear me? Yeah, I can hear you. Can you hear us, Benny? Yeah, I can hear you, but for some reason, Fitzy cannot speak. I'm trying to give him co host rights, but he doesn't see it like the usual. I think everyone's able to hear him.

Resolution Efforts and Technical Glitches

Benny. I'm here, Benny. I don't know, he's not speaking. I don't know, he's not. He's not speaking. He's having difficulties as it seems. I can. I can hear Fitzy, though. I think everybody else can. Thumbs up if you can hear Fitzyde. Oh, I can't. Right, so this is. Okay. So I didn't see any thumbs go up. Fitzy, can you please just leave and rejoin? Maybe that solves the problem. Well, I can't. Then we will get Benny. I don't know if Fitzy is a problem. I think for some reason, tap protocol or Benny can't hear Fitzy, but everybody else can. It's weird.

Frustration and Humor in Technical Challenges

I'm gonna send an email to Elon right now. This is, this problem happens way too often. So you can hear him, but I can't. Is that correct? That's correct. That's funny. All right. Okay, then, yeah. Godspeed and have fun. See you later. Yeah. Thanks, Benny. All right, go ahead, Fitzy. If. If you're right, I'm back. I'm back. Hopefully that does change it for Benny. But obviously that.

Discussing Bridging Between Networks

I think you guys could all hear me right now. I can hear you, too. Awesome. Amazing. Okay, great. Okay, cool. So I think what I was just doing, I've pinned in some tweets up top, so let me just quickly go back to that. We're talking about the Tap Ethereum bridge that Benny and the team have been developing. The first token that will demonstrate it, that will use it, that will go across. It is going to be, of course, the tap token that is coming this month, date to be announced.

The Importance of the Tap Token

And again, I'm just going to read the tweet, because it's there for anybody to read. But this is what we announced. We've announced that Tap token will not only be native to tap on l one bitcoin, but it will also have its own Ethereum version, and it will be the first token to showcase version one of Tap's tap to ethereum bridge. What that means is that tap tokens will be able to move back and forth between bitcoin and ethereum, enabling projects, of course, to be able to bridge assets back and forth between the two largest networks.

Future Prospects for Tap Token Functionality

Tap, as in dollar sign tap will be the first. But then in the future, of course, all tap tokens will be able to utilize the bridge to move across from ethereum to bitcoin and vice versa. So essentially went on to say, and to be clear, this is the best of both worlds. So you can still build on l one bitcoin if you believe that's the best place to build, which of course we absolutely do, but still have access to the user base on Ethereum.

Transitioning Token Dynamics

So just I'll pause for a second to give an example. If you're a bitcoin project now and you're wanting to stay on l one, but you're wondering how we're going to onboard people, how we're going to find more people, how we're going to grow this, then there are many people over on Ethereum that love investing in coins, right? It's that it's the richest most, you know, in terms of TVL, Ethereum is the one, it's the defi ecosystem up to this date.

Opportunities from Defi Ecosystem

And so if they could get a token on their own chain, which then gives them a reason to try and understand what's happening on bitcoin, it's essentially like grabbing people and moving them back from Ethereum, dragging them to bitcoin. Right? Of course, needs good marketing from a project perspective, needs good messaging, good language. But this is a big opportunity. We know how big DeFi is going to be, especially with some of the l one, decentralized tools and swaps and amms and liquidity pools and all these things that tap is bringing to market fairly soon.

Bitcoin to Ethereum Dynamics

So that's the announcement. Right? So that is the perspective of bitcoin to Ethereum. Right? So if you're a bitcoin project, if you're a BRC 20 project, for example, we have the transition that we're going to announce very soon. So this is just another reason that backs that up and says, look, not only as a BRC 20, if you want to transition onto tap to take advantage of the Defi tooling, you know, world, bitcoin's, well, world's most bitcoin, whatever bitcoin's most programmable L one protocol, then that's already a tantalizing option for you.

Developer Insights on Ethereum's Inertia

But also if you're on tap, you also have access to the bridge to do the kind of things that I was just saying in terms of growing your user base, growing the price, growing the reach, all of those things that these projects want to do. So before I move on to the other perspective, which is more like the Ethereum perspective, if you're a project over there, I just will, I'm an sorry, will, I know you're here. What are your thoughts on that? Like, you know, why is that bullish in your opinion?

Understanding the Bitcoin and Ethereum Relationship

Yeah, I think when it comes down to ethereum, there's a lot of, I would call inertia, and there's a lot of users on Ethereum. And it isn't obvious that you can create similar infrastructure on bitcoin. And I think the whole motivation to be on bitcoin is because of its, you know, kind of thermodynamic properties, right? So much energy is being injected into the system and it's producing the hardest asset that we know.

Unlocking Bitcoin's Potential

And so it makes sense to kind of unlock that locked liquidity, right? It's $1.2 trillion. Eventually it's going to compete with the market cap of gold. And it doesn't really make sense to, you know, to have all that value just kind of sitting there doing nothing. Right. And if we can enable a defi infrastructure on top of bitcoin where everything is secure, transparent, all the aspects of cryptocurrency profile fits, then it makes sense to kind of do so and so bridging that gap between bitcoin and ethereum and enabling that functionality, that programmability, onto bitcoin think will attract a ton of developers.

Developer Demand for Bitcoin

And so, you know, Benny knows that the easier the tools are for developers, the more developers come and start building. And so I don't think you really have to convince any developer how important bitcoin is. And so if we can just show them that you can actually build functional applications on top of this network, I think you're going to see like a cambrian explosion of content.

Developer Sentiment and Productivity

So, yeah, once the tools are out there, I think we're going to see that inflection point. Yeah. And thank you for giving us a developer perspective. Obviously, for those that don't know, I'm not a dev, you might not know that. So that is obviously, you know, if we're talking about users, we're talking about brand awareness, we're talking about holders of your project. Obviously we know how that can affect the price dynamics.

Dependency on Development

But we're ultimately talking about, without any of this, you can't have it if you don't have people building stuff. So the developers will rightly point out there, like, it's a big. It's a big thing. But obviously that the tap token is going to be the first to demonstrate it, and then we'll open it up in v two for all other tap tokens.

Opportunity for Token Standards

So again, just want to double stamp this, as I do every single week. It's a big opportunity for people on other token standards, even on bitcoin, to take advantage of this, right? So that's kind of one of the things that I want to not get lost in translation. So then on the other side of that, right, we have today's tweet where we kind of look at this from the perspective of bridging a token from ethereum to l one bitcoin, right?

Ethereum's Core Dominance

So Ethereum is the daddy of defi, right? There is no getting around that. I truly don't believe it will be in the future, because I believe that the value that will accrue to bitcoin is absolutely wild. It's only a matter of building out the infrastructure. You want to leverage that security, you want to leverage that brand.

Comparison of Token Recognition

To use a meme coin example, we hear Lee and I just talk a lot every day about dog and talk about the fundamentals of it being a token on bitcoin. And that's true. That is a big thing if you are a token on Sol. Not many people in the world know what Sol is in ethereum. Okay? Some more do. But in bitcoin, my grandma would know what bitcoin is.

Understanding Market Recognition

Granddad. Like, I mean, they're all dead. Don't know why I use those examples. But my parents and aunties and uncles and people that are not web three, they understand bitcoin. So because of that, and it's just literal properties that are greater in terms of decentralization and security. And as Will said, ridiculous market cap, that's 1.3 trillion right now before we even go into this mega bull.

Seizing Opportunities for Growth

So who knows what that's going to be in twelve to 18 months. But the point being that there is much value for projects who have a token on Ethereum to also come and capture the number one spot, the number two spot. Man, even like the 200th spot is a pretty big spot on bitcoin. And so the opportunity for them to seamlessly go, hey, let's bridge our token across to tap.

Engaging in Ecosystem Development

Let's get involved with the l one ecosystem. And a point that I want to emphasize is even a mid tier Ethereum token that's been around for a few years. So it doesn't have paper hands, has people who really believe in it. You know, you've washed out all the ones you've stacked with your community, with essentially ogs, right, who really understand the value.

Liquidity and Rug Pull Dynamics

If you can then say to them, and now we're going to go and suck up some of the TVL on bitcoin, right? Get some of that liquidity on bitcoin. They have a massive advantage, in my opinion, against someone who is in new token who might have some attention right now.

Attracting Big Players

So I think the example I used was this is going to allow some sharks, this is going to allow some big fish with big liquidity and big brand awareness to come into the bitcoin l one tap defi ecosystem. And that as an ignition, that as a spark for attracting others should not be misunderstood. That is a big opportunity.

Ethereum Perspective on Development

So from the ethereum side, I don't know if you have a different take on this will, or whether it's kind of just the same thing dev perspective, but the east to bitcoin side is also interesting, in my opinion.

Understanding the Significance of the Bridge

Oh, yeah, no, definitely. So I was talking to Benny about this yesterday, and were going into why a bridge between bitcoin and Ethereum is important. And one of the things he said was we need more users to realize that the same functionalities that could occur on bitcoin. I mean, we could take advantage of those functionalities.

Functionalities and User Awareness

Sorry, the same functionalities that could occur on ethereum, we can take the advantage of the same functionalities on bitcoin. And so enabling that bridge allows for all the users that have all that inertia on Ethereum, they can start looking into kind of the narrative, right?

The Role of Narrative in Development

One of the most important things in cryptocurrency is narrative. And so if you can allow developers and users on Ethereum to know that there's something being built on top of bitcoin. Like that's a strong proposition.

Emergence of a New Opportunity

And since everything is so new on bitcoin, like, there's a large opportunity for, you know, speculators and DJ's to really, you know, take notice. And, you know, sometimes sparks start with the degens and then, you know, once the liquidity comes in, then it's like the developers are on notice.

The Catalyst for Developer Interest

It's like, wait a minute, I can actually do something here and create some sort of value with the tools that are being built by, you know, for example, Benny and tap and then, you know, extend that functionality to, like, execution layers like ICP, where smart contracts there can manipulate the Utxos on bitcoin.

Programmability and Market Impact

And so now you're talking about full scale programmability with like, layer one assets. Like, such a huge advantage. So, so, yeah, I mean, this bridge to Aetherium, and there's gonna be a couple more bridges, I think Benny's about to release here that kind of, you know, bring in the audience from the existing networks out there and then just introduce them to, you know, what can happen on bitcoin, which it's turning out to be very prolific in terms of what you can do.

Excitement Around New Technologies

So it's, it's been exciting. We're going to be one of the, I guess, early users of this technology just because, you know, just yesterday we just released the Natrix and people are jumping in. And just one of the most, like, exciting things about kind of enabling these, like, creator tools is the dynamic output from the community.

Community Response to New Tools

Like, you can't really predict what people are going to do. And so far, like, we're continuously surprised at what people do when you give them tools. And there's a lot of people already creating stuff on their parcels, on a bitmap. And just imagine, once we enable smart contracts, you can have full scale businesses in the metaverse.

Future Possibilities in the Metaverse

And so, yeah, it's all very exciting. We're super excited about all this stuff. Yeah, I think even though we talk about bridges, I've often liked the visual of pipework. Right. So when I think about liquidity, when I think about assets, you think about any type of, just call it crypto, right.

Visualizing Financial Connections

If you can, if you build a pipe like Benny is doing to not just eth. And that's a good point that you mentioned, right? Other chains will also be coming. It's not just that we're going to plug into ETH and allow liquidity to flow directly into the tap ecosystem.

Expanding the Ecosystem

That way it will be another chain and another chain. Right. And so all of that liquidity, all of those users now just seamlessly can run across. And the first thing they seed, of course it's bitcoin, but it's tap. They're on tap. They're in the tap ecosystem.

Driving Opportunities in the Ecosystem

So if you're already building on tap, I mean, that's you know, smart people. If you've already got a project, you've already got a PFP project. If you've brought out a service, you know, analytics, whatever the product is, and it's built on tap.

Benny's Contribution to Ecosystem Growth

What Benny has essentially done and is essentially doing is saying, I am going to drive way more traffic, way more liquidity, way more developers to this ecosystem, to this protocol, and that helps everybody. What's the phrase? Rising tide, sinking ships, all of this stuff, whatever the phrase is that is the TLDR of this.

Opportunities and Development

It's just literally piping in opportunity, money, liquidity, attention, builders, developers, brands, everything that you need to make the ecosystem go around. Benny has been proactively building this out for a while. It's not like he just thought, oh, that'd be a good idea.

Building a Robust Ecosystem

Tap has built methodically, tap has built the shipyard to keep, you know, it's a great analogy that we keep using, building the shipyard, then launching the ships. Right? That is exactly what tap has been doing.

Long-term Perspectives

So I'm incredibly bullish on it, obviously, for all of those. For all those reasons above. And I think before we pivot away to the actual, the kind of the main conversation here today, I just want to give another example.

Tokens and Market Dynamics

We talk about these tokens on Ethereum, right? Well, I imagine I don't have any data to support it, but I would imagine this is logical. If you look at all of those projects, PFP projects that launched a token on Ethereum in that last bull cycle, I bet very few of them are up.

Market Challenges and Opportunities

I would bet if not all of them are down, that 99.9% of them are down. And when you have that type of dynamic with a token, with a project with any kind of digital asset ecosystem, you need a spark. You need something to re interest people and give them something new.

Exploring Strategic Opportunities

What better opportunity could there be to test out the water on bitcoin by not migrating? Like on chain monkey did the entire community across, right, which, you know, is a big choice, but to just take your token across there and say that now, okay, we're going to play around here and scope out what it's like on bitcoin and kind of dip your toe into the ecosystem with a token that, frankly, may already be not dead, but, you know, on life support.

Migration Strategies for Projects

And so I think logically, founders will be looking at this the more they realize as a strategy to, you know, maybe as a precursor to bringing your PFP across to bitcoin. So I hadn't really thought about that until this morning, but just thought bubble wanted to get it out there.

Shifting Focus to Business Aspects

Don't know if you have any thoughts on that, but if not, mate, we can certainly move on to talking about Alden also as businesses.

Building Unique Applications

Yeah, I mean, ultimately I think the biggest challenge here is coming up with an app that makes sense. And for example, with Bitmap you can create this non arbitrary metaverse with these characteristics that point to specific block data.

Innovations through Unique Proposition

And you know, this is something that hasn't really happened before. And, but when you combine that with the functionality that the metaverse requires, then you have something that is unique, right? It's a unique proposition for the entire cryptocurrency industry.

Rethinking Blockchain Applications

And it's a rethinking of like leveraging existing blockchains. Like why not take advantage of the data now with this programmability and you have this notion of a metaverse, it's like what applications are sort of like primitive functionalities that developers can create so that they can make this content and make it in a way that is composable with other pieces of content.

Creating Composable Functionalities

Sort of like when you create a website and you can think of a website to be composable in the fact that you have a blog and then you have a page where, let's say, you curate a YouTube channel, for example, and then a podcast, things like that.

Interactivity and Communication Enhancements

So you have these composable functionalities on the website. Well, what's something that's important that needs to exist on your parcel that a developer can create so that they make that little application, they list it for sale or for free.

Extending User Engagement

And then people be like, I need this application. Maybe it's a mailbox that you deploy onto your parcel. Then people can come and interact with that mailbox, drop a message, and then all of a sudden you have this interesting communication method that is asynchronous.

Product Market Fit and Ecosystem Growth

It's like a tweet or a text message. So really the challenge is now that we have all these tools, is like what can you make now? What is a product market fit for the existing ecosystem? And what's interesting about this is when you go back to web two, you kind of have to think the same way.

Adapting to Market Changes

It's like, what tools exist? Well, we got AI.

The Evolution of Crypto Needs and Opportunities

And what is a need that I can develop that, you know, people can use to make their lives better, right? And so now we're sort of having to think that way in crypto, which is, I feel like a sign of progress. So, yeah, I mean, now we can talk about the tools and you know what this enables for programmability and functionality across, you know, something like the metaverse, which is extremely complex and something that takes a ton of effort. Right. It's something that hasn't really been done before. It's very hard to kind of like, pin down, like a major use case for the metaverse. But when you kind of step back and look at the macro conditions and everything that's being developed, it's like, you know, what is one to do when you have full automation and you have AI to kind of taking control over a lot of these, like, pre existing jobs. Right? So, so, yeah, now it's an opportunity, a new frontier, and a new vector of speculation as well, for people to create content and, and deploy that content in the metaverse. So that's kind of like what we've been excited about for years now.

The Potential of Bitmap and Unique Opportunities

And then bitmap and the whole aspect of using block data on bitcoin just presents a new opportunity for everybody. And so in crypto, new opportunities are a big deal, and we've seen what happens when there's new opportunities in a given cycle. So, yeah. Happy to talk about all that stuff. Yeah, I think as a baseline, because this is a big, it's a very broad, it's such a huge conversation. Right. So I think let's try and take the first step in. So we're talking about an individual ordinal asset, right? So that's the same whether that ordinal represents a piece of art that's inscribed on it or it represents, you know, literally anything that you've seen done with an ordinal in the last 18 months. Right. We are talking here about an individual ordinal. Right. And its ability to have to be smart. Right. To use common language. Right. The asset itself can be smart. So through account abstraction, which, again, we discussed last week, and we'll discuss more, but we're not going to dive too deeply into, like, the nuts and bolts of it, but just imagine that it can make a single asset incredibly smart, incredibly programmable, and it allows for these multi party economic models, economic stakeholders, receivers of income, passive income, for example, by what's going on within the smart contract, within this individual ordinal.

The Importance of Diverse Perspectives in the Conversation

Right. That is a baseline for what this conversation is. And we'll try, I was creating a list, and I've got some notes here to try and find ways of talking about this through different prisms. So through an artist perspective, through a metaverse perspective, obviously you guys are the best for that. From a defi, from a social fi, from a game company. So I'm going to try and like, pepper the conversation with some of these. So we don't just talk about one type of use case for it, because it's completely universal. The fact that you can have this happening with a single ordinal is incredible. So to take us in, I in fact, you guys retweeted thread guy yesterday, and for anybody that didn't see it, let me do what I'm gonna do. I'm gonna find, so I'm gonna pin it at the top. There was a tweet from thread guy, and he was, quote, tweeting faze banks from the faze clan. And so let me, I'll post mine up there. But it's got, it links to the actual video itself, and it's worth watching for anybody that cares about, you know, how metaverse and how digital economies are going to work. He absolutely killed it. Like, he absolutely killed that breakdown.

Imagining a New Business Model within the Metaverse

He was talking about it in terms of grand theft auto and these complex economies that will be built in there. And so with that in mind, he gave me this idea of, and you guys have spoken about it on the podcast quite a lot in terms of, like, these, I don't know what language you use, but I talk about them as like, merch dispensary units, right? So imagine that you're in, you're on a bitmap. You're in, you're in foxy, you're in the Natrix, right? Wherever you are, you're in the digital world. It doesn't really matter. You're on l one bitcoin utilizing tab for the programmability, for the ability to make an ordinal way more programmable and a business, right? And here's the model that I realized was possible, right? So faze banks and the Faze clan, they're clearly talking about getting their merch sold within GTA. But in the bitmap world, how this would work is you would literally have individual ordinals that you create as they're represented visually within the digital world. Within, let's say, on a parcel within the matrix, it's just a dispensary unit or it's just a store, but whatever, anybody can walk up to it and they can with bitcoin, because you're on l one buy merch.

Franchise Model Potential and Automated Revenue Generation

So a skin, essentially, right? And so Faze clan could sell as many different types as they want for a set price. And that doesn't sound revolutionary, but the bit that's sort of the most advanced thing is this business model that you can now have within this one single asset. So the smart contract can enable the money to go, a percentage of it to go to the bitmap owner because they deployed it on their land. This is like a franchise model, essentially, not just a one off thing. You could have that on 1000 bitmaps. And so Faze climb could have sold these ordinals in a mint, right? And they've got say $1,000 each to even have one of these assets. So they block, drop it to a bitmap. The price to claim it is $1,000. They sell a thousand of them. So that's a million dollars overnight just for selling the merch dispensary business, right. You deploy it on your land. Anytime someone comes on your land, interacts with that and buys it, the smart contract will give you a percent. It will give Faes a percent.

The Franchise Model and Its Impact within the Metaverse

If this was within a game, it would give. So if it was in foxy, it would give Foxy a percent. However many stakeholders there are involved in that transaction, right. From a business perspective, this one ordinal can be programmed to automatically do this. And so the franchise model for merch is literally possible on bitcoin because of this functionality on tap. So that, I think is a good example of how that would work and why people would give a flying f. Right. It can literally mean that you could, if you're a brand, if you're a project, if you're anybody selling anything digital, you could literally create now on l one bitcoin, a literal franchise business model that just earns you passive income without doing anything after you've deployed it. That is wild to me. Oh, absolutely.

GTA's Influence on the Metaverse and Blockchain Integration

Yeah. I definitely recommend everyone to click on that tweet and listen to faze banks. But to kind of sum it up, he's basically connecting the realization, the powerful aspect of GTA and the amount of traction that something like GTA gets in terms of the user base. And then combining that with blockchain, he kind of outlines the value proposition of the metaverse, essentially. But what's interesting about GTA, I mean, it's such a big brand. It's like one of the biggest games in the world, but it's also, it's one of the most expensive games in the world to make. I think it's like $450 million to make something like GTA. And then on top of that, there's like hundreds of millions of dollars in marketing that they spend. And so, and that's largely one of the criticisms of, you know, building a metaverse is that it takes a ton of energy, right? Money. It takes a ton of money to make something like the metaverse.

Creating Economies within High-Value Gaming Landscapes

But the big realization that he's making is essentially that, you know, you can combine the value proposition of cryptocurrency with a landscape like GTA five, and then you can create an entire economy just within that world. And so the challenges are, as a creator is like, well, you know, with cryptocurrency, you have to design within the limitations of, like, a collection, right? Typically, collection has x amount, and, you know, that doesn't really make sense, right? If you are creating an entire economy, right? So it's like you don't want to make x amount of shirts, typically, but, and so I think there's an opportunity sort of innovate here on different business models. Instead of just making a shirt. Well, why not make the kiosk that dispenses the shirt? Now you have a method of distribution that sort of aligns all the parties in the ecosystem.

Aligning Incentives for Sustainable Virtual Ecosystems

So now you have this kiosk, which is an ordinal, and it's connected to these smart contracts, and you have a virtual environment, like the bit verse or the natrix, where you can deploy this kiosk, and all of a sudden, the landowner, who is probably a different person, right, versus the owner of the kiosk. And then you have the user base who is looking to outfit their nat cat avatar with a helmet or a jacket or whatever. The incentive alignment here is critical because as a landowner, you may not be a programmer, and then as an asset owner, you may not also be a programmer, but you may not also have land. And so now there's, like, this incentive mechanism to deploy that content on somebody else's land, share that revenue when someone comes in and gets that wearable. And so all this, it mimics reality, right? This is exactly what happens anytime you make a purchase on anything, right? There's expenses to be made. You gotta pay rent, a landlord, you know, employees, like, all these expenses that you have to make.

Critical Elements for Successful Virtual Marketplaces

And so you have to account for all this stuff, right? So, so this incentive alignment mechanism is absolutely critical to making the virtual environment, like work. And so when you combine, like, GTA five, it has sort of like an ecosystem, but there's, like, there's an infinite amount of stuff. And so. And it's not. It's governed by, you know, really nothing, just like basic logic on a database, on a server, right? So the real challenge is kind of figuring out an economic model where there are imposed limitations, such as a collection size, right, such as, you know, the speed of the blockchain, right. That's going to be a critical thing. You don't want to wait ten minutes to an hour as we've seen block times get to on bitcoin, right? So you need that abstraction layer to be able to transparently own digital objects without having to rely on like these, like a slow network like bitcoin.

Understanding the Phase of Cryptocurrency Maturation

And so that's what this account abstraction enables specifically for the vertical of the metaverse. But ultimately it's like, you know, it's important to understand now that we're getting into these, this mature phase of cryptocurrency, at least to a certain extent, like people like faze banks are starting to make the connect the dots here is like, you know, something like GTA six with the aspect of cryptocurrency can be very powerful. But if you're rockstar games, this isn't, you know, that's not necessarily the greatest opportunity for you because now you got to share revenue with like, these people. And it's like, that doesn't make sense from a web two perspective. But all of us here in cryptolande, you know, now we don't have to depend on, you know, these, like, these servers and built by, you know, these like, large companies.

Community Ownership and Future of Digital Assets

You can kind of depend on the network itself, the community that the network has been built by. And then, you know, the fees will be a lot lower and you own your digital objects and you can pass those digital objects down for, you know, subsequent generations and upcoming games and things like that. So it's a completely redesign on how to build content. But I feel like it's ultimately necessary because the metaverse doesn't really make any sense if there isn't blockchain involved. So, yeah, a lot of things to consider when making these connections. Yeah, I mean, it's a conversation that we're going to have here and we're going to talk about it for an hour, 50 minutes, probably until we usually end the show. But it's not going to be covered in one conversation. Like, this is a lot of information to get across and so it's going to be gradual that people realize.

The Influence of Thread Guy and Crypto Knowledge

But exactly as you say, there are even people who I honestly, until like thread guy started talking about faze banks more like six months ago, I didn't really know that guy had any real crypto knowledge. I don't know when he acquired that. But that is, that video is, he just expresses it very well. So here's the thing that I wanted to take us to another level. So this exact same model of these kind of like merch dispensary units that could be visually represented as literally a shop, or it could be like a kiosk, like an ATM. Regardless, I mean, it could be a massive, you know, dick or something like, whatever, right? It doesn't really matter.

Visual Representation and its Role in Digital Transactions

The visual representation is completely. You just decide to make it whatever you want, whatever your color you want. But probably stars in the metaverse will look like stars nine times out of ten. I don't think people are going to reinvent the wheel in digital economies, however, and this is a question, it seems logical, but this is the question to me. So to you, as a dev, is it possible that with bitmap, with, let's say there are a thousand of these, someone does it. Someone like Faze does this, right? He follows up on it, or someone like snoop or whoever, they create this collection of ordinals that function in the exact way, as we've just described, as essentially businesses that can be programmed to give the landowner x percent the world it's in.

Monitoring Foot Traffic and Rewarding Engagement

Right. So if it's in the matrix or the bit verse or whatever, a percent, and then, of course, the brand themselves phase a percent. Right. So is it possible to monitor data on each of these kiosks or the piece of land, the parcel within a particular map. Right. And understand footfall, and then say, well, if you get more footfall, we will make limited edition drops of merch next month's drop, or six months from now's drop, or the special Halloween drop or whatever, right. Is it possible to say after the fact we're only going to make this available to people that are actually attracting footfall? We don't want, in the same way that Starbucks doesn't want to be as a franchise in a neighborhood that doesn't have enough footfall. Right.

The Dynamics of Brand Placement in Diverse Economies

It doesn't want to have its brand dragged down, for want of another word, by being in an area that's not economically vibrant, et cetera, et cetera. We all know in this room, Starbucks, you'll find in some places, and in other places you'll find Joe's coffee. Right? That's just a. That's just a common occurrence within economies and society. But what's the question? So the question is, after the fact, could faze be rewarding increased footfall on your parcel within a particular map by saying that we'll give you ability, with your kiosk, your dispenser, your store, to sell limited edition.

Reprogramming Economic Models for Performance Incentives

Is that possible? Oh, absolutely, yeah. So it's no different than reality. Like, you can start a business in the real world, and your business could take like a turn for the worst just because of all kinds of factors, right? Environmental, market factors, like all kinds of stuff, right? But some other entrepreneur can come in and say, you know what? I can actually turn this business around, so I'm going to purchase it while it's down, and then you can turn that business around and make it profitable and all that stuff. And so the same goes for the metaverse. Like, when you have one of these kiosks, it's, you know, you have to do put some effort into attracting people to come visit the kiosk, right? It's not just gonna, like, generate money for you like you would want.

Market Dynamics and User Engagement in Metaverse

And so that's part of the reason why the yield farming back in 2021 in DeFi summer was so popular is that these were all vapor tokens, right? You come to the interface and you get like 10,000%. But it was a token spun out of thin air that came from, you know, essentially nowhere, had no real use case, but people really enjoyed it. And, but that was a short lived situation. And so with the kiosk, it works. Fundamentally different is that it requires people to come and visit your kiosk and interact and purchase these assets. But when done, you have like a legitimate business, right? And so all you need is supply.

Building a Sustainable Supply Chain in Digital Economies

And, and so that supply can come from creators making all kinds of wearables. They just connect that collection to that kiosk, and all of a sudden you have additional inventory, right? Because each collection has x amount. Or in the DMT case, it's based on patterns on bitcoin. And so it expands non arbitrarily. So there's seemingly supply generated by bitcoin, in essence. But ultimately, yeah, I mean, the metrics are tracked for each unit. And if you're like a really good marketer or you have like, a large pool, like faze banks or thread guy like you would probably attract a ton of people to that particular kiosk, and you could generate, you know, subsequent revenue in addition to all the other stuff that you do, right?

Incentive Structures and Revenue Sharing for Kiosk Owners

And then as for the smart contract perspective, you could read that input from the environment and be like, hey, you know, this particular kiosk is getting a lot more traction. I'm going to reduce the fees so that the owner of that kiosk and the owner of the land can generate more income and then just kind of further encourage whatever activities these owners are doing to attract all that attention. And so all these are, you know, can be programmed in. And then someone else who has a kiosk who's not performing as well, they can at least sell the kiosks to somebody else and that person can deploy and do a better job.

Persistence and Valuation of Crypto Assets within the Economy

And so this is the valuable aspect about cryptocurrency, is that these assets are persistent and they only depend on, like, the efforts of the people who own these assets. And so that's why it's important to align incentives so that you're not at this by yourself. So, yeah, so that's a, that's like a kind of like a long take in terms of why incentive alignment is important and the flexibility of having this programmable layer just react based on the input from the environment. Right. So a lot of stuff can be done here and this, and, you know, we talk about the kiosk just because it's something easy to visualize, but we can get really more complex with what you can do.

The Metaverse's Role in Simplifying Complex Concepts

And I like to think of the metaverse as an intuitive way to interact with complex things. Like I was mentioning earlier about yield farming. So there's aspects of yield farming that are actually valuable. You can supply liquidity to a token, and when people transact and swap those tokens using that liquidity pool, your lp tokens earn you some income. And so when you're looking at a website and kind of first understanding this stuff, it kind of doesn't really make sense. Like, at first glance, you really have to understand economics and finances and like crypto, all this, like weird stuff, right. But if you deploy a yield farm in the metaverse and it's like, think of a crop field and you interact with the crop field and it says, you know, deposit, you know, USDT or USDC, and you're going to yield x amount over this amount of time, and you come back and there's produce associated with your deposits, you can intuitively understand what is happening without having to understand all the technical bits that make it work.

Easier Engagement with Yield Farming Concepts

And so I feel like that's a big opportunity in the metaverse to make a lot of this complex stuff a little bit more intuitive, you know, more interesting and, you know, have that incentive alignment with all the parties involved. So, so, yeah, hopefully that kind of paints the picture of what's possible here. Yeah, it's very much, just show me, don't tell me. Right. I think that is, you know, your perspective on all of these things always comes back to the metaverse. That's the thing you're most power passionate about. You've been building for years in that area.

The Drive to Innovate and Iterate Within the Metaverse

You're obviously, you know, once you realize what you could do on l one, I'm here on bitcoin and stuff, you kind of double, triple, quadruple down, and you're probably deeper than you've ever been, I would imagine. But it comes down to that same thing of like, you can show somebody something and they get it. They definitely don't need to understand all of these things that we talk about on the 2.0 show. So one thing, when you were talking, it triggered a question, which there's two ways to ask it. So I think I might ask, and I'm only looking for a short answer because then I'll ask the actual question. So these kiosks with these economic percentages that go to the different stakeholders after they've been deployed.

The Dynamics of Smart Contracts and Kiosk Management

So after six months, and in that scenario, you were describing where maybe you want to maybe not have this person be able to sell in one of the kiosks, something or whatever, does that mean therefore, that the actual smart contracts can be adjusted at any time by the deployer? Surely not, right? If I own that asset, only I can do it because it sounded like you were saying that the phase could turn around and manage it. But is that possible? Yeah, for sure. So if you're like faze banks or thread guy and you're deploying this asset, and I, you know, this asset came from a developer and you know that thread guy and these guys, that they're like huge influencers, you know, they demand higher premiums, right.

Leveraging Influence and Control Over Economic Models

Because, you know, they deserve it, right? They have that influence. So, so they can, and this is essentially their business, right? They can set the prices and, you know, set the percentages to a certain extent, right? There's, there's some minimums requirements, right, just to keep everyone aligned. But ultimately you can allow the input of the environment to dictate what the percentages are. So the more volume that you do, the less fees that you have to pay. And so all of it can be programmed. So it just depends on how you want to develop this particular application. Okay, so then with that being the case, then, so after the fact, I'm now thinking about a different thing that we have in the real world.

Collective Action in Business Management

So we have sometimes consortiums of businessmen, businesswomen, business people, and they come together to save a particular business, right. Brand. We see this, in fact, in the spot that I'm most passionate about football, right? Soccer. But obviously football is the real name. Please leave the space if you think otherwise. Joke. But like, you know, football, you have these consortiums who come together who say, this brand, Manchester United, right? Whatever, it's not working. And we think we can take over and replenish this and redo this and remarket it and yada, yada.

The Role of DAOs in Modern Economic Systems

So with a dow. So if we bring Daos into this, obviously with tap, we have governance capabilities for l one assets. So I'm now imagining a future where a bunch of influencers. So imagine, like the Ksis of the world, they come and say, okay, there's this brand and it needs to be refreshed. Look what Luca did with Pudgy, for example. Right? So we already have a precedent for digital brand refresh and regrowth. So what's the point? The point is that with Dao governance mechanics on tap and all of this account abstraction stuff and ordinal can be a business with multiple economic stakeholders.

Future Prospects of DAOs in Economic Management

I'm now imagining, and this is going to be a question. So it's coming with all of that in mind, can we not see in the coming years that we're going to have Dao organizations go and acquire these kiosks back from people that they don't believe are doing a good job? Right, the brand's good, but the franchise owner is not a good manager of this brand. He's not generating footfall, he's not converting sales for whatever reason. We're going to go buy them all up and then we're going to deploy them on our bitmaps. Right?

Adjusting Economic Models for Enhanced Performance

So in this scenario, my question is, can they reprogram the economic model, the percentages to all ten of the people in this dao who now own these 100 or 150, let's say, kiosks? That's the question. Yeah. So I remember in the Ethereum days that when were developing smart contracts, there's functions that you can allow. You can allow developers to edit, like, say, for example, we create a smart contract split, a very simple smart contract. But let's say a creator who's using this split, they're like, hey, I actually have, you know, six team members instead of two.

Editing Smart Contracts to Reflect Community Needs

You know, is there a way where I can just add my five other team members so that when people interact with this particular smart contract, it splits between, you know, the six of us? And so there's definitely ways to edit this stuff. But, but, yeah, it's, it really is dependent upon what you're trying to do. Exactly. So there's some things that you don't want to edit, but let's say, you know, let's say that, you know, everything that happens in the matrix, that the natrix gets 1%, right? So you don't necessarily want people to edit that, but anything beyond that, it's editable.

Negotiating Terms in a Decentralized Economy

And it's sort of like negotiating terms between the parties. So you can enable that or you can set the rules to be like, you know what, landowners get 20%, content owners get 20%, and the creators get the balance. And so thereby kind of incentivizing creators to continuously, you know, push out content and, you know, potentially have an ecosystem that is sustainable. So it really depends on kind of what you're trying to do. But ultimately a lot of this stuff is fungible to a certain extent. And the best part is, because we're talking about smart contracts, anyone can essentially take the code and drop it into like something like Claude and just ask it questions about whether or not there's like a backdoor or there's other nefarious functions within this particular smart contract.

Ensuring Transparency in Smart Contracts

So the transparency is all there. But yeah, ultimately just depends on what you're trying to do. Okay, so that's really cool. So I think if you're a builder and you're thinking about that, the main takeaway message is before you start building these things out very much, consider the things that you absolutely want to be able to be adjusted in the future. Which parts of that would you like to be adjusted?

Smart Contract Adjustability

Let's just call it which part of the smart contract, which toggle would you like to be adjusted and which ones you absolutely wouldn't ever want to be adjusted. If there's a value that's going to come to you, come into your wallet, you want to make sure that's not in any way, shape or form I would imagine able to be adjusted. Then I want to change context because I promised at the start that I would try and filter this information through different prisms, through different paradigms.

Introduction to Socialfi

Let's talk about Socialfi. So you were just talking about influencers, where we've both spoken about it, but you just mentioned it as well. So socialfi on tap, utilizing this, so you would have the ability for these multiple stakeholders to receive benefits based on the activity, the engagement, the interaction with this one ordinal that's now programmed as a business social media platform, uses an ordinal to represent content creators profile. So tokenizing their account, their influence.

Stakeholder Engagement

So then advertisers, these are stakeholders and brands, advertisers and brands, they want to partner with the creator and they can purchase, I don't know, ad slots or something, some mechanic where they can insert their brand to advertise something directly on the profile or within the post that creator makes. And then you've got the people that are consuming that content. So you've got us lot on Twitter who are seeing that. And if we help retweet that, for example, if we just imagine this is built around the Twitter framework, if we like it, if we comment, if we, whatever, amplify it, then we can also be a stakeholder.

Functionality of the Socialfi App

And so our wallets on this social fi app, on l one bitcoin, I keep having to emphasize this. This is not ethereum or anywhere else. This is all now available when this fully goes live on tap as l one bitcoin. So this model now makes sense as well. So we saw this with social fi. You could buy keys to hold a fractionalized piece of a particular creator, right? So this is now possible with ordinals. This is possible to drive income. This is possible for ads, for revenue, sponsorships, for certain paid posts.

Revenue Assurance through Smart Contracts

But you're guaranteeing it because you've put it in a smart contract. All of those types of interactions, you would want to be malleable, adjustable, but the type of people that get a reward, you would never want to change. Fundamentally, you would have to make sure that the advertiser and the brand gets paid. You would have to make sure that the creator gets paid. And for a fully aligned incentive model, you would need to make sure that the people that amplify the message.

Incentive Structures in Socialfi

So the users of the platform, us guys, we get paid. So that's another way of looking at it. Right? Social fi absolutely. Can use this? Oh, yeah, definitely. Yeah. Anytime I think about this stuff, especially, like something like friend tech, you know, with a social platform, like, Elon has talked about it a lot that, you know, he's got to follow the laws in any given country, whatever they may be, even if he disagrees, he's got to follow the laws.

Challenges in Regulation

So when it comes to, like, tokens and social fi and, like, incentivizing people, like the, I think the weird aspect of it is following regulations. Yeah, that's definitely not a fun thing to kind of consider when you're, you know, creating something like this. But, but, yeah, we've seen too many occasions where, like, developers go to jail for, like, developing software. Like, it's pretty insane. So. So, yeah, I think. I think that's probably the most difficult part of it.

Technical Viability vs. Regulatory Challenges

But from a technical perspective, you can absolutely do that. And so, you know, like, we always focus on kind of what we know. So, like, in this case, it's like the metaverse, but like this account abstraction and programmability, I mean, it extends to pretty much anything. So it really depends on like how you want to kind of take advantage of it. But the value proposition here is that all this is happening on El one bitcoin and then kind of tapping into that, you know, that embedded liquidity.

Social Impact of Decentralization

And then making it functional, usable and safe, most importantly. So, yeah, I mean, social is a big deal. I think there's sort of like a movement to like own your own data, right? Instead of having someone like Twitter and Facebook and Google kind of like own everything, like, you become the product. In essence, I think, you know, if we are producing content, I mean, we should own that content.

Creator Rights and Cryptocurrency

If anyone wants to leverage that content, you know, that revenue should go to the creators, right? And with cryptocurrency, you can enable that, you know, at a micro level. Right. So the bigger the creator you are, the more revenue that you should receive. Right. And so, you know, platforms like YouTube, they're good at that. But, you know, if you could decentralize and incentivize these creators with a token, you know, you have an opportunity to compete and so, you know, having all this like running on bitcoin, like, makes it even better.

Reward Distribution in Socialfi

Yeah, I mean, to kind of try and condense that down in terms of like, you know, reward quantity. Right. That's, that's one of the points I was picking up on there. A retweet from an account with a million followers should earn more than a retweet from somebody with three followers, right? And so this is the level of granular programmability that we are talking about, right. This is the level of complex economic structures that you can create on l one bitcoin, right.

Governance and Regulation Discussion

So governance then? So you bring up a really good point. And Benny and I have spoken about this probably in text rather than verbally, but he already is thinking and has for a long, long time been thinking about this idea of different jurisdictions, different regulatory environments, and how you have these dynamic businesses that can not fall foul of what you were just saying.

Dynamic Business Models and Compliance

In one country, you might have to. Maybe you can only earn a certain amount, or maybe the way that the contract is written will have to be done in a slightly different way. So it feels like that's already been accounted for. And I wonder if some of the core features are things like Privauth, for example, or any of the core features of tap that you can think of automatically help builders, creators, businesses, corporations building on bitcoin.

Legal Recognition for DAOs

Yeah, to a certain extent. It really depends on what the. The purpose of the DAO is and having, like, decentralized, you know, autonomous organizations. Like, what exactly are they? Are they governing? And, you know, I've been personally doing a lot of research on this just because daos are going to play kind of, like, an important role and kind of in the stuff that we're going to be working on here pretty soon.

Existing Framework for DAOs

And what's interesting is that there's entities, at least in the United States, where you can form a DAO, and it's, like, legally recognized, and, you know, all the DAO members are completely protected. Right. So. And all you got to do is, like, hold the asset, and you're sort of part of the Dow, and you can vote on whatever the point of the DAO is, right. Could be anything.

Voting and Governance Mechanisms

And so to vote, like, you know, nobody's voting on anything on bitcoin. Right? There's. There's no votes. There's no. There's no such thing. But. But with this, like, programmable aspect of it, like, you can. I remember, I think it was Raf who was talking about voting, you know, and signing a, like a vote with your bitcoin wallet or something like that.

Programmability and DAOs in Bitcoin

It was. It was recent, like maybe like six weeks ago or something like that. But. But I think leveraging this aspect of crypto, like a dao and applying it to a bitcoin ecosystem, maybe, you know, your PFP project or whatever it is, it makes a lot of sense, but you need that programmability to be able to do additional things rather than just like signing a transaction.

Quadratic Voting Mechanisms

So you know, that programmable level is, allows the dAO to be able to restrict what one can do when you're holding a bunch of these particular tokens. And so for example, if you're a whale, you're just going to win the vote every single time because you're a whale. So you don't necessarily want that to happen. So you can have a quadratic function where you can still vote as a whale, but your impact isn't like drastically outweighed by the majority.

Ensuring Equitable Voting

Right. And so there are algorithms that sort of like play down, you know, the aspects of, you know, will and voting. So, you know, you need to be able to put this onto something that's programmable. Right. And that's one of the important, you know, aspects of having this like programmable layer is that you can sort of adjust according to what the community needs. Right.

Importance of Governance in DAOs

And so yeah, this, the governance aspect is going to be super important. We're going to be leveraging this like, I would say relatively soonish. And, yeah, so it's exciting times just because this capability that tap is giving us. And, and, you know, we've been working with Benny for a while just because we knew that he was addressing problems that we saw kind of like in the ecosystem.

The Role of Collaborations

And then he was enabling these tools for us to build. And, you know, were able to do something like DMT because of that. There was no way we could do DMT without Benny because otherwise we'd have to start our own, you know, metaprotocol, fungible token standard and all this stuff. We had to stand everything by ourselves and be by ourselves on everything.

Building Functionalities for DAOs

And we see the results of kind of like island development. Right. It's, it's tough. And so, you know, we really believe in kind of aligning, just kind of aligning the parties together for the same goals, like to create functionality and programmability, useful things that we can leverage, especially for, you know, the layer of the metaverse that you kind of expect functional things to be working there.

The Underrated Nature of DAOs

So, so yeah, I mean, Dao is going to be a huge thing. It's sort of like underappreciated the functionality of a DaO. And there isn't that many good use cases of a Dao. There's only like a handful that are working and functional and successful. But it's another aspect that bitcoin hasn't really seen all that much, so, yeah.

Looking Forward to Future Developments

Excited to get into it once we get to that point where we can go deeper. Yeah. And it's exciting to hear that you're already, you know, working on these kind of things. I can only imagine the complexity of, you know, and the planning and, you know, the methodical nature of how you.

Challenges in Scaling DAO Development

The scalable. That's what I'm looking for. The kind of scalable way that you're going to build it. There have been a lot of daos that have sort of died on the cross. They've not been very well. I mean, the one that stands out to me was kind of like, I'm sure the nouns project is doing all right, but then humanity, humans have a vote right at the end of the day with daos.

Real-World Example with Nouns Project

And so when the nouns Dao decided, a small faction of them decided to just say, hey, we want to cash out. Right? And they all just sort of, like, voted to essentially fork. And, well, not, I guess. I guess not fork. They kind of bought. A few of them said, let's say tenants said, well, we want to get out.

Financial Decisions in DAOs

This was in the middle of the bear, right? They said, we want to get out. We want to kind of cash out. And let's propose into the Dao that we just all take our money and essentially end the nouns Dao project. So that was kind of. I didn't know that. Can you, can you find where all that was happening and share it?

Continuing Conversations about DAOs

Because, I mean, were following the nouns project just because it's, you know, it's interesting, but I didn't know that they were trying to just kind of like, you know, split. This is, this is probably, I don't know, best part of a year ago, to be honest. I've probably got some drafts somewhere.

Researching DAOs

I was doing some writing around this recently because it was just an interesting, high level example that seemingly no one really knows about still, like, unless you're in the downs. I was researching it when I was applying to be the Dow coordinator for Onshame monkey. So I went right down the dow kind of rabbit hole for a few months there at the start of the year.

Establishing Businesses through DAOs

But that wasn't my main point. I was just kind of an aside. I wanted to go back because something else just clicked when you were speaking, the establishment of a business, you brought up the example that some states in America, as people probably know, well, certain countries in the world, right.

Jurisdictional Considerations

You know, you can go establish a business in a particular geographic area, particular jurisdiction, because you want to inherit the nice tax properties of that particular place or the liberal business outlook of that particular state, that maybe they're more flexible on what you can and can't do.

Future Development of Smart Contracts

So what I realized was that's literally going to be how this is going to work. It's not going to be some kind of like digital, okay, digital things will come into play. Hopefully this question comes out right. But with these daos, with these businesses, with these ordinals that can function as a franchise company, you could choose to establish it.

The Evolution of Legal Systems

There's no way that laws don't evolve in countries, in states, in continents that mean that you can establish a smart contract as your business that's going to work inside one of these kiosks. Let's just use that example to bring everyone back to the visual. So you've got this incredibly scalable business model.

Global Business Operations

But faze, let's say, lives in China. And so he, why I've put him in China, but let's say he's in China. He would have to make sure if he wants to do that he abides by local law. But if he establishes the business in Wisconsin or wherever one of the liberal us states is or offshore in Panama or whatever, like, surely that's the only way that legally you can monitor things on blockchain.

Adapting to Legal Changes

It's not like blockchains are going to surely evolve their own legal systems. We're still going to have these same models for an ordinal as a business as we do for a digital business now where everyone works remotely. Right. Does that, does that make sense?

Recognizing the Legal Age of DAOs

Yeah, I think the government, or at least at the state level in the United States, I should be specific, is they're recognizing the concept of a dow. And so they're in Wisconsin. I think there's one other state, I can't remember what it is now, but there's another state that they do recognize these Daos legally.

Legal Requirements for DAOs

And so what they require is a smart contract, sort of like, similar to like bylaws of the constitution of the dow. And, you know, I think an audit of like the smart contract. So, so that, and that audit in that smart contract, that's what governs that dow.

Legal Protections for DAO members

And so when you establish a dow in a particular state, like, you know, what does it mean for someone in China holding these tokens? So that I don't think is exactly clear. But, you know, there is at least legal recognition that there's a formal entity that exists and that is governed by, you know, this particular smart contract.

Exploring DAO Functionality

So I think that's interesting. But I think the challenge, just like anything else with a tool, is, like, what can you do with it, right? And like you were saying, like, the noun project, they're. They're trying to figure out ways to, like, kind of exit to a certain extent.

Successful DAOs and Their Challenges

And, and then there are other successful daos. I think maker Dao is like, one of the more successful ones. so it's a. It's just a challenge of applying this Dao concept to something that, you know, is useful. Right.

Governance Limitations in DAOs

And so a lot of people don't necessarily are paying attention to what's happening in crypto all the time. So it doesn't make sense for them to be voting on, like, critical aspects of your, like, your crypto project to a certain extent. So there's all that you have to deal with.

The Governance Question

And I don't know if we've, as a human race, we figured out, like, how to actually govern ourselves in a way that it's, like, closer to objective rather than subjective. So, yeah, so we get kind of, like, into a weird space when talking about daos, but it is something to explore.

Human Psychology in Governance

And it's funny that it's one of Iron Man's, like, favorite subjects because it deals with all the, you know, psychology, like mass psychology of, like, a particular issue. But, yeah, I mean, ultimately it is interesting and it's coming to bitcoin.

The Inevitable Rise of DAOs

So one way or another, we're going to get exposed to it. Yeah, 100%. And I also think about it from a human perspective. I'm a psych grad, so, like, I always think about human behavior by in groups, out groups, group dynamics.

Complexities of Human Behavior

Right. Greed, all of these things. And daos don't solve that. I think this is what I realized quite early back in that first bull run was like, people talk about daos as this utopian state and that human behavior will always be able to be checked.

Real-World Implications of DAOs

The nouns literally prove that not to be the case. A few greedy people said, we are going to put something to vote. That means that we can take our money and run. Even though we entered into this in the utopian, you know, phase when everyone was like, nouns are going to be worth multimillions of dollars forever, ever and ever.

The Fallibility of Human Nature

And I imagine now they're not going to be. So it's always the human. The human is the flaw. It's not the tech code is code. It'll do what it says. Can't be changed if you don't want it to. Right. But the humans are always the kind of the soft point, to go back to that point I mentioned.

Legal Framework in Wyoming for DAOs

Just to give this tie a bow on this and we can move on. Wyoming. So Wyoming and I think Delaware were the places that I was actually thinking of in terms of quite liberal states to places that you'd want to set up a business, let's just say.

Tax-Friendly Business Environments

So, for example, in Wyoming, I'm just reading here from the stuff that I brought up that no state, corporate or personal income tax, obviously tax friendly, low fees filing processes are quite easily. So it's quite easy to establish a business.

Business Privacy in Wyoming

And then interestingly, in terms of business privacy, it allows anonymous ownership. And that's very interesting because when we think about online anonymity, we think about zero knowledge tech on blockchains, then daos that want to create a business.

Functionality and Future of DAOs

And again, I'm going to bring it all the way back. So this phase, clan merch dispensary ordinal that you can have on your bitmap, right? If faze the guys who are incorporating that company, they could choose surely in the next year or in a couple of years or whatever, this is going to be standard stuff like it is in the real world, because all this stuff mirrors the real world.

Scalability in Business Operations

When you get to this economic level, they are going to be able to set up anonymous business so you won't know who runs it, but it'll all function in the ways that we've already just talked about. With all of these complex multi stakeholder automatic percentages being paid out to the bitmap holder, to the brand, to the world, to you guys in the matrix or bit verse or whatever the metaverse is, whatever the digital world is.

Similarities Between Digital and Real-World Businesses

And so this is all clicking for me, even just on this space that like these ordinals as businesses will very much be treated the same way as businesses in Wyoming are now and businesses in Panama now, and businesses are in, you know, grand Cayman and small Cayman, whatever you call it's all going to be the same.

Technology and Business Integration

And it's just the tech that allows it to be established is completely new. The rails, the reward mechanisms with the particular tokens and the complexities within these smart contracts and account abstractions and all this stuff right back to the start that we know tap is unlocking on l one.

Geographical Relevancies in Business Law

But the business level, the law level, I still believe that's going to take place at a geographical level. And I'm saying that in contrast of what some people say, that we're going to have completely digital nation states, like that's another conversation.

Future of Digital Nation-States

But that's the context that I'm thinking of about this. Like, I don't know if that's anytime soon, these digital nation states. Oh, yeah, no, for sure. It's, it's definitely happening a lot faster than we think.

Business Operations in the Blockchain Space

And, you know, talking about the business aspect, we're having to deal with this right now, like today. So with block drops, for example. So there are members of the community who want to block drop assets to like, let's say natcats or the royals, for example.

Collaborations with Intellectual Property Holders

And that particular developer is interacting with like the, essentially the IP holder or the IP generator. Right? In the case of king or Evie, in both respective cases. Right. But that block drop deployer is just a member of the community and say, hey, Evie, I want to do a block drop to the Natcat holders.

Seeking Support for Block Drops

But, you know, I want your support. I want you to sort of like, bless this block drop as if, like it's an official, you know, block drop from Eevee. And so then it's, you're talking about IP sharing, right? Intellectual property sharing.

Real-World Applications of IP Sharing

And so this happens a lot in the real world, right? You have these companies working with Pokemon, for example, and they're coming up with their I, their products, but they're using the Pokemon brand, right? So there's IP share already built into kind of like our existing system and it's in the form of contracts, right?

Shifting Towards Transparency

So we have these things called smart contracts that sort of allow this to proliferate in a very transparent way. And so we're having to implement this now without smart contracts. So all that means is in our back end system, there's some sort of like toggles that say, yeah, the IP has like, bless this particular block drop.

Implementing Trust Mechanisms

And so because they blessed it, there's going to be an additional icon that, you know, that indicates that this is like a quote unquote authentic block drop. But all that means is that when you purchase this block drop, right, there's a certain cut that goes sent to the IP holder.

Current Mechanisms vs. Future Developments

And, and so we can do this on a backend system. Like, that's no issue. But, but the end game is that everyone has to kind of trust our systems. And that's not really why we're here in crypto, but, and so these smart contracts, you know, make it transparent and they allow for everyone to see exactly what is happening, why it's happening, and, you know, make sure that there's no funny business.

Transparency as a Core Value

Right. That's all what we all want. And so, yeah, I mean, you know, it's kind of like an abstract kind of notion to think about businesses as these ordinals.

The Emergence of Necessity in Technology Development

But it's already happening. And, you know, we're starting to see the, you know, we're starting to uncover the problems here. And, you know, Benny's already working on solutions and we're just providing a very relevant, useful use case that we need this solution now rather than later. Right. This isn't a theory that we think is going to happen in the future. It's like we kind of need it now. And so the good news is it's already happening now. We just, now it's that point in like the development lifecycle where we have to like see this new technology, figure out how to adopt it and apply that technology, and then kind of like we know with every step we're moving the ball forward.

Upcoming Developments and Roadmap Insights

Yeah, for sure. And I think one of the, I'm kind of just mentally ticking off some stuff in my head now back to the point of reframing the same capability through multiple sectors. Right. And so defi. Right. So very soon there's going to be, for anybody that follows tap closely. And if you don't certainly follow tap, there's a lot of things coming in the next few months that I'll find the roadmap thing and post it up here to demonstrate that. But on there is the l one swap. I found it. Let me just post this up top for anybody that wants the roadmap.

Innovations in Swapping Mechanisms

So the swap will enable l one fully decentralized swapping in real liquidity pools. So just think uniswap on ETH and it will also enable. So bitcoin to whatever token. Whatever token to whatever token, right. Like completely. You're not wrapping it or anything like that. It's all l one native swaps. And these amms, these automated market makers are another example of this, I think. I think this is the right sentence to say. It's another example of this account abstraction tech. Right? This account abstraction capabilities for complex rules and rewards to be coded in to an ordinal, I guess.

Nature of Liquidity Pools and Smart Contracts

Right. So let me ask this as a question. I've never really visualized it like this until this conversation. But on tap, then a liquidity pool is going to be a smart contract. Right. But is it going to be an ordinal? Is that how that will work? It will be an actual ordinal that represents a liquidity, a particular liquidity pool. Is that how that's going to work? So are you asking about like supplying liquidity? No. No. No. And getting like, no, I'm just trying. Because this whole conversation we've based around the idea that an ordinal, a single ordinal, is a business, right? And of course, decentralized exchanges are businesses.

Rewards from Liquidity Pools

The core business within the business, you know, within the brand is like these, these ability for pools, right? So I'm not asking questions about liquidity providers. Yeah, I was going to come on to that secondly and talk about how the complex functionality will be able to reward people that contribute liquidity into pools will receive rewards. But I'm actually just now as a visual, just literally interested in knowing. When we, let me start again, we frame this all around an individual ordinal being a business. In all these examples, we've provided the same conclusion, that this could be a business and it can be represented by and all that's smart, right?

Smart Contracts in Liquidity Pool Context

So in a liquidity pool scenario, right? Maybe you don't know this, but like, maybe you don't know the answer, but I was asking, is a single liquidity pool, say there were five different pools. Are they all essentially going to be represented by one ordinal? And when someone comes and. No, that's the question. That's the question. If you know the answer. Yeah, I mean, I think I understand kind of what you're getting at. I think it's in like, in the case of an ordinal, you're sort of pointing to a smart contract.

Interaction with Smart Contracts

So since, you know, we are heavily using DMT, right? So when you deploy a token, part of an additional line, when you deploy a token can point to a smart contract on ICP, for example. So that smart contract has an address. And part of this metaprotocol update is recognizing that we're officially recognizing these smart contracts on IZP. You can point to it in that deployment. And all of a sudden that ordinal is governed by interacting with that smart contract. When you, for example, deploy this in the metaverse, then you have access to leverage that smart contract whatever way makes sense, right? If it's a kiosk or whatever sort of business.

Discovering Smart Contract Interfaces

And so I think from, like, from our perspective, like as a user of this, it's just going to be a pointer to that smart contract and then people can look it up on, I think it's called ICP scan or something like that. It's an equivalent version to Etherscan. And you can look up that smart contract and read its code and verify everything. Yeah, I think Benny was showing that on the he had a conversation with ICP a couple of months back, maybe not even a couple of months. And again, I'll try and find that tweet if I can, very quickly.

Launch of the L1 Swap

So I think maybe that question from me is just, it's a pointless question. So I'm going to reframe this and going talk about something slightly more, well, less abstract. So my point is, and I'm amplifying the fact that very soon on tap, we have in the ecosystem an l one swap that will be launched, right? And that will be the beta, first of all. But it will allow, key point, it will allow native swaps on l one, and it will allow liquidity providers to earn, as you do on uniswap, for example, by supplying liquidity. Right.

Dex Style Integration

And this kind of like Dex style. Well, Dexs basically, Dexs on l one is like another part of where this account abstraction, this complex programmability is going to show itself. And we know the kind of power that allowing true peer to peer swaps within these Dexs allows. These are powerful protocols and they bring a lot of value, a lot of liquidity, a lot of interest, a lot of degens to an ecosystem. And again, that's coming into the tap ecosystem, it's going to be tap token specific l one liquidity pools swaps with bitcoin.

Business Expansion with New Models

So that's just another business model, another vertical that is enabled and is coming very soon to demonstrate this within the tap ecosystem. So that's a very bullish thing. And in fact, to back that up, because I don't want to try and tackle this myself, but you'll probably give a much better example of how that actually works in terms of depositing. And then you get an LP token. How does that work? So what's the actual flow for someone? And how's that going to work when you use one of these liquidity pools on tap?

Operational Flow of Liquidity Pools

Yeah, so I think when you're looking at this like front end interface, you're essentially interacting with these smart contracts. And so I'm not sure how the LP tokens are going to be distributed and what form of asset that they are, but it is an asset that you will hold, whether it's like within the ICP network. Then when people use this swapping tool to swap their tokens, the balances, the account balances of these like layer one assets are being manipulated through this smart contract. And so now you can kind of enable like high volumes with very little fees.

Transaction Fees and Rewards Distribution

And as an LP token holder, those fees are getting split to, you know, proportionally to however many tokens that you have. Right. So. So, yeah, that. I think that's like one of those questions where we need to like take a look at like the actual interface and see how everything works. And I think like Benny's like a few days away from actually demonstrating this, I think, in Amsterdam, I think. Right. I mean, you know, sometimes, you know, more than me.

Upcoming Events and Roadmap Highlight

Right. So I don't know if that's. I don't know if that's the case. I mean, obviously there is a lot coming in the next few weeks. And again, I'll point everybody to the top of the room here. There's a post that we put out, just highlights that the first three things that are coming from this roadmap are going to be the marketplace open beta, the tap wallet, and then this swap beta. And if anybody is looking at that timeline right now, a lot of stuff happens by mid October.

New Developments and Token Economics

Well, we're already on the fourth, obviously, Amsterdam is next week. There's a lot of stuff coming. We have the bridge there as well. It's a great time to be in the tap ecosystem. The TGE is coming again, no date, but that is clearly coming. Look at the image there on the roadmap. It is absolutely coming. We are approaching, obviously, the end of the show now. And I think the thing to reiterate now that token is in the conversation here at the end is think about all of these complex economies, all of this complex infrastructure, and think about the ways that a token earns value in the market.

Value of Tokens in Ecosystem Framework

It's utility. And so tap is a huge ecosystem, a shipyard that has already been built and the ships, as I mentioned earlier, are about to be launched back to back. So tokenomics, I'm not an expert, but I know quite a bit. It doesn't take much to understand the value of a token that is native to this whole ecosystem. There are multiple businesses, multiple products, defi protocols, all the above, all the things we discussed. Right? There's a token that can.

Metaphor of Tokens as Lubricants

I like to talk about a token as a lubricant. So a token that lubricates the system. Right. That is what's happening this month that's coming out and then all the other stuff. So that's kind of a whole load of things to end on. But this was a very enjoyable conversation and I think. Do you have time to ask anybody to come on stage. If anybody's got a question, as usual, or do you guys need to run?

Final Thoughts and Audience Engagement

Yeah, I actually have a meeting right now, but I'm down to answer a question before I jump off. Yeah, if anybody wants to come up and ask us again, we've poorly signposted that. Again, please do request throughout the show. Right. We keep saying this, like, don't wait for us to say it. Do request. And we'll bring you up whenever you request. But if anybody wants to come up now, has a specific question. We've covered a lot of bases, as we usually do, but there's just a lot of information.

Acknowledgments and Next Steps

If nobody is coming up, then, you know, no problem. But there is so much coming right from all of these things. And then you've been speaking about what you guys are doing and you can't speak too much to that, but there's a lot of stuff coming that you're doing that's literally going to demonstrate the kind of things that can be built here. So if anybody wants to see kickflips on tap, then as usual, block runner. These guys are.

Demonstration and Showcasing Innovations

They're doing absolute bits on l one. Yeah. And I think that's the biggest thing, is the demonstration aspect of it, because we can talk all day, but demonstration is proof in the pudding. So all that stuff is definitely coming. Because like I said earlier, we already need it. And so if we can need it and showcase it, that's the best that anyone could ask for.

Acknowledging Technical Details

Yeah, exactly. And I just realized something. Because Benny never made either of us co host, people could have been requesting all this time and. Yeah, okay, so that's unfortunate. If you have requested, then apologies. And that's. That's how bad for not setting up the room as efficiently as it could have been. So. we've got someone here.

Welcoming Audience Questions

Amazing. Archer, you're on stage. How are you doing? I'm good, man. I'm interested to see what question have you got? Who is it for? How can we help? Yeah, just I came in on the tail end of this, so I apologize if you guys covered this, but one of the things that you said was super interesting to me was you said something about tokens being businesses, if I remember hearing that correctly.

Clarifying Business Models Related to Tokens

I'm just wondering if you could give me the elevator pitch on why that is. Because I completely missed it. If not, I can come in on another space. Not a big deal, not a problem. Let me use the one that we've used throughout this entire space. So there's a tweet pinned at the top for additional context. After the show, thread guy retweeted faze banks yesterday. Block runner then retweeted thread guy. I then retweeted thread guy. Right?

Programmability and Business Model Insights

And the kind of the TLDR is that because on tap it's very highly programmable. I'm not sure if you're aware of this, but, you know, tap is already achieved what you would want, for want of another word, account abstraction on l one, before even Ethereum has got that, we're talking about the highest level, the frontier of programmability with a digital asset.

Practical Examples of Tokens as Businesses

And so ordinals on tap, you can create an ordinal that is that programmable. And so the example we used was, imagine that you have a bitmap. And imagine that Faze clan said that we want to have these merch dispensers that you can have and put on your bitmap, right? Or in your game with bit verse, or the Natrix or whichever world you're inhabiting within a bitmap environment.

Dynamic Interactions with Merch Models

You could buy one. So they could do a mint. There could be a thousand available, 1000 bitmap owners could go and buy one, they could put it on their bitmap and that would be distributing to anybody that interacts with it. Merge, right? But because you have these complex ordinals, these businesses, this is why we're calling them businesses.

Franchise Model Conceptualization

This is essentially a franchise model from the Faze clan, right? And the person that gets royalties or not royalties, the person that gets the split, the percentage to their wallethood would be multiple stakeholders. So the bitmap holder, for having it on their land, they would get a cut automatically for each piece of merch that was sold. Faze, obviously as the. As the brand, would get a cut.

Endorsement of Business Models via Ordinals

If this was within a particular metaverse or gaming environment, they would get a cut. So we're literally describing that ontap protocol with l one assets. Unorganal can be a business, and that allows for wildly complex business models that literally mirror that of the real world. That's why we use franchises as an example, because I think it's easily understood how those types of business models scale and how aggressively they can scale.

Concluding Insights and Future Conversations

Beautiful. Thank you for that. I think I have at least a fuzzy understanding of what we're referring to. I'll dive in a little deeper, but I appreciate you sharing all that. No, our pleasure. And obviously, I'm always here. Block Runner guys, they do their weekly podcast, multiple shows, they talk about these things.

Continuous Information and Knowledge Sharing

I can highly signpost that if you're not already following that, and we're going to be talking more about this sort of stuff on tap as well. So, again, if anybody's not following the tap account, highly recommend it. That this is going to be a good place to understand the kind of things that are possible now. We're going to be going deeper and deeper with the rollout of these products and services and infrastructure. We, of course, want to educate as we go as well.

Recap and Closing Thoughts

So, great question. Thank you. Because that really is a perfect question to kind of sum all this up and review what we've covered. So, guys, will any other things that you want to say before we kind of end the show today? No, I just want to thank everybody for showing up today and we'll be back next week. A lot more metaverse stuff happening in the natrix here. Coming soon.

Closure and Future Engagements

And, yeah, I just want to thank everybody and, yeah, we'll talk next week. Yeah, 100%. The only thing I wanted to sign post it is I pinned it up top. But are you guys coming to Amsterdam, by the way? No, were playing on it a few months ago, but, yeah, things just didn't work out.

Amsterdam Event Highlights

Yeah. I mean, to be fair, you've got quite a lot on your plate. Fair enough. But, yeah. The final point to highlight from a tap perspective is we are in Amsterdam next week. We're in Amsterdam in a very big way. We're running the hackathon. We have some talks, one on the bull stage.

Informative Talks on the High Level Protocol

So we have a couple of talks there, one about the actual value of metaprotocol. So of course we can speak to that as the most programmable. So that's going to be a great talk. And another one on indexing. We're throwing a six side event. The location. I researched the location before I put out this tweet last week, and I was like, wow, this is a cool place.

Exciting Venue Details

This place is called Rem island. Not a sand and beach style island, but a constructed kind of metal crane looking style building within the docks area of Amsterdam. And it was created back in the sixties outside of dutch territorial waters. So it could literally function as a pirate radio station. And that is the building, that is the bar.

Invitation to Join the Event

Rem. Rem. That's where we're holding it along with our partners, ecosystem builders, launchpunks, foxy ghostly labs. So it's like a whole bitcoin builders tap ecosystem night. So very much want to invite people to RSVP for that. If you're going to be in Amsterdam, do come and join us. It's going to be great.

Showcasing Tap at Major Events

And we have a booth as well. So we'll be there on the 9th and 10th in the event, showcasing tap to everybody. And there's giveaways and things like that. So there's a lot going on. Is kind of my TLDr with that. If you're going to be there, please come and see us. We'd love to meet you.

Recognition of Significant Developments

This is a great opportunity to do so. This is a big month for tap, and we appreciate you tuning in again to another hour and a half of the bitcoin 2.0 show. Thank you. Will get better soon. Iman. Thank you, Archer, for coming. Asking a perfect question. And we appreciate all of you that come and share the room.

Concluding Remarks to the Audience

And I just hear it. It means a lot. We appreciate it. Have a good weekend. This has been the bitcoin 2.0 show. See you later. Thank you, guys. See you next week.