So I did. I put my headphones on and started listening to The
Metaverse (by Matthew Ball)
And what's the best way to revisit what you've learned?
Explain it to someone!
So I'll try to explain the Metaverse to you.
OK. Let's start with the basic definition and in the next editions of Bored Founders News, I'll continue.
One-sentence definition of the Metaverse.
A massively scaled and interoperable network of real-time rendered 3D virtual worlds that can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence and with continuity of data, such as identity, history, entitlements, objects, communications, and payments.
I’ll try to break it down for ya.
The key components of the Metaverse are:
Unlimited Users and Individual Presence
I'll explain each of the components in plain English in the next emails.
You’ll finally understand what the hell is the meaning of the buzzwordy
SHILLING NFTs WARNING FOR CELEBRITIES
The consumer watchdog group called “Truth in Advertising” warned 17 celebrities regarding their NFT advertising practices. If bad habits continue, there could be official involvement from the Federal Trade Commission (FTC).
Shilling is a term used in crypto and NFT to promote a project.
Probably, you want to ask what could be wrong with the promotion?
The main problem is the way the promotion is conducted. It’s done on various social media platforms. Celebrities do not recommend a product directly. They simply say how much they like a project or how much they earned on it.
Often celebrities have a connection with a project. It violates the FTC guidelines if it is not disclosed.
Who is on the list?
DJ Khaled, Drake Bell, Eminem, Eva Longoria, Floyd Mayweather, Gwyneth Paltrow, Jimmy Fallon, Logan Paul, Madonna, Meek Mill, Neymar Júnior, Paris Hilton, Shaquille O’Neal, Snoop Dogg, Timbaland, Tom Brady, and Von Miller.
A lot of names are well-known NFT investing celebrities.
What behaviors can be considered NFT Shilling?
If you are a celebrity and bought an NFT, even for your own money, you have influenced people, and you have a “real” connection with a collection. You own the NFT, which value will rise after you share with others that you bought it.
If a celebrity is given a free NFT from the collection owner and will not let know that it was free, it is a shilling. Even if celebs are joking about a collection in a TV Show, it could also impact NFT collection value.
It’s not easy to be a celebrity these days.
There are three options if you are a celebrity:
Don’t promote NFT,
Don’t buy NFT,
Make everything (all information) about your NFT public.
It's a warning, but a similar warning about promotion in SM was sent in 2016. It ended with a letter from the FTC a year later and many new regulations after all.
Do you think that NFT promotion will be regulated?
TORNADO CASH CASE UPDATE
The Tornado Cash was super hot news last week. Now we know more, but the whole case is still unclear. We prepared some updates for you.
We asked Bored Founders what they think about the arrest of a Tornado Cash developer:
"My understanding is one developer helped facilitate criminal transactions, so let's put that one man on trial and not ban entire Tornado Cash. Some amount of anonymity is needed by Web3 (and by the world in general, I'd say), with a perfect example being Vitalik donating to the Ukrainian army using the same solution."