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I am, of course, more grid than cul-de-sac, but here is an interesting NFT art project that is launching on December 12, 2023 at 1PM EST. It's called Cul-de-Sacs:
“Cul-de-Sacs” explores the banality of suburban sprawl through the anachronistic stylization of American folk art. The algorithm generates flattened representations of suburbia at range of scales, interspersed with the remnants of rural life.
The starting price is 0.2 ETH and the resting price is 0.05 ETH. What this ultimately means is that these NFTs are being offered by way of a Dutch action.
Dutch auctions are a price discovery mechanism. They start with a high asking price and then gradually lower it until a price is reached where the quantity demanded equals all of the available supply.
In other words, it's a way to determine what the market thinks a particular thing is worth. In this case, though, the resting price is 0.05 ETH. Meaning there's a floor.
If lots of people are willing to pay 0.2 ETH for this art, it could sell out right away and that will prove to be the market price.
But if few people want to buy it, then the price will gradually fall to 0.05 ETH, and that is where it will hang out until all of the available supply is absorbed. If/when that happens.
Another important feature of this auction process is that if you buy early, and the price subsequently drops, you get a refund equal to the difference between what you paid and the final achieved price (thought to be the market price).
So there is zero incentive to wait for a possible price decline; everyone ends up paying the same price no matter what. You're encouraged to bid aggressively.
And because all of this is now happening on a blockchain and enshrined in code, you can be confident that this is exactly how the process will work and that you'll get any refunds that you deserve.
For those of you who are interested in crypto (and for those of you who aren't but are open-minded), Vitalik has just published this post talking about what in the Ethereum application ecosystem currently excites him. A lot of it is pretty technical, but the 5 overarching categories he talks about are: (1) money, (2) decentralized finance, (3) identity, (4) decentralized autonomous organizations, and (5) hybrid applications.
Money has always been considered the first and most important application of crypto. But there is no shortage of people who will tell you that it'll never work and that fiat currencies backed by a government will always be superior. Today I already think the answer is: it depends. So lately, I have been responding to this comment by asking: Would you rather own the Argentine Peso or would you rather own someting like ETH?
Here's how Vitalik talks about this same point:
When I first visited Argentina in December last year, one of the experiences I remember well was walking around on Christmas Day, when almost everything is closed, looking for a coffee shop. After passing by about five closed ones, we finally found one that was open. When we walked in, the owner recognized me, and immediately showed me that he has ETH and other crypto-assets on his Binance account. We ordered tea and snacks, and we asked if we could pay in ETH. The coffee shop owner obliged, and showed me the QR code for his Binance deposit address, to which I sent about $20 of ETH from my Status wallet on my phone.
This was far from the most meaningful use of cryptocurrency that is taking place in the country. Others are using it to save money, transfer money internationally, make payments for large and important transactions, and much more. But even still, the fact that I randomly found a coffee shop and it happened to accept cryptocurrency showed the sheer reach of adoption. Unlike wealthy countries like the United States, where financial transactions are easy to make and 8% inflation is considered extreme, in Argentina and many other countries around the world, links to global financial systems are more limited and extreme inflation is a reality every day. Cryptocurrency often steps in as a lifeline.
The other category that I find very interesting is that of identity. And it relates to a post that Fred Wilson also happened to share today where he talks about the importance of identity and the coming need for us to start cryptographically signing everything. In my mind, what this comes down to is proving things like who is who, who is doing what, and who owns what.
This may sound counterintuitive since crypto is often held up by the media as a way to obfuscate identity and conceal nefarious activities. But the thing is, as soon as you link a real human to a blockchain, you can now have identity and ownership records that are institution-independent and fully interoperable. One use case that immediately comes to mind is property deeds, which is of course already being done in some places.
For Vitalik's full post, click here.
I setup a new cryptocurrency wallet (offline hardware storage) this evening and then used it to buy brandondonnelly.eth using ENS (Ethereum Name Service). I don't know what the hell I'm going to use it for, yet, but I own brandondonnelly.com. So I figured I should grab the decentralized blockchain version of my name as well. Perhaps at some point in the future I'll be glad I did.
I plan to buy a bunch of other .eth domains in the near future as well. The costs are similar to registering a traditional domain.
Part of the reason why I'm doing all of this because I've decided that it's time to do a deep dive and better understand the possibilities of the blockchain (a decentralized vs. centralized internet). I've been following for a number of years, but it has been pretty surface level. It's time to get serious. And I must say that it felt pretty cool to use my new hardware wallet to buy something with ETH.
Overall, things started to really click for me when I saw the digital economy that was emerging with Ethereum (applications, NFTs, DeFi, etc.). Instead of just digital money, I could now see clear use cases and demand drivers for the cryptocurrency. Again, I used ETH to buy brandondonnelly.eth, which means I first had to be an owner of ETH.
If you're looking to better understand the possibilities of a decentralized internet -- specifically why non fungible tokens are bad ass -- check out this blog post by Albert Wenger. He uses the example of the Mona Lisa sitting in the Louvre to explain why NFTs are not a fad and, instead, a "fundamental and profound innovation."
I am, of course, more grid than cul-de-sac, but here is an interesting NFT art project that is launching on December 12, 2023 at 1PM EST. It's called Cul-de-Sacs:
“Cul-de-Sacs” explores the banality of suburban sprawl through the anachronistic stylization of American folk art. The algorithm generates flattened representations of suburbia at range of scales, interspersed with the remnants of rural life.
The starting price is 0.2 ETH and the resting price is 0.05 ETH. What this ultimately means is that these NFTs are being offered by way of a Dutch action.
Dutch auctions are a price discovery mechanism. They start with a high asking price and then gradually lower it until a price is reached where the quantity demanded equals all of the available supply.
In other words, it's a way to determine what the market thinks a particular thing is worth. In this case, though, the resting price is 0.05 ETH. Meaning there's a floor.
If lots of people are willing to pay 0.2 ETH for this art, it could sell out right away and that will prove to be the market price.
But if few people want to buy it, then the price will gradually fall to 0.05 ETH, and that is where it will hang out until all of the available supply is absorbed. If/when that happens.
Another important feature of this auction process is that if you buy early, and the price subsequently drops, you get a refund equal to the difference between what you paid and the final achieved price (thought to be the market price).
So there is zero incentive to wait for a possible price decline; everyone ends up paying the same price no matter what. You're encouraged to bid aggressively.
And because all of this is now happening on a blockchain and enshrined in code, you can be confident that this is exactly how the process will work and that you'll get any refunds that you deserve.
For those of you who are interested in crypto (and for those of you who aren't but are open-minded), Vitalik has just published this post talking about what in the Ethereum application ecosystem currently excites him. A lot of it is pretty technical, but the 5 overarching categories he talks about are: (1) money, (2) decentralized finance, (3) identity, (4) decentralized autonomous organizations, and (5) hybrid applications.
Money has always been considered the first and most important application of crypto. But there is no shortage of people who will tell you that it'll never work and that fiat currencies backed by a government will always be superior. Today I already think the answer is: it depends. So lately, I have been responding to this comment by asking: Would you rather own the Argentine Peso or would you rather own someting like ETH?
Here's how Vitalik talks about this same point:
When I first visited Argentina in December last year, one of the experiences I remember well was walking around on Christmas Day, when almost everything is closed, looking for a coffee shop. After passing by about five closed ones, we finally found one that was open. When we walked in, the owner recognized me, and immediately showed me that he has ETH and other crypto-assets on his Binance account. We ordered tea and snacks, and we asked if we could pay in ETH. The coffee shop owner obliged, and showed me the QR code for his Binance deposit address, to which I sent about $20 of ETH from my Status wallet on my phone.
This was far from the most meaningful use of cryptocurrency that is taking place in the country. Others are using it to save money, transfer money internationally, make payments for large and important transactions, and much more. But even still, the fact that I randomly found a coffee shop and it happened to accept cryptocurrency showed the sheer reach of adoption. Unlike wealthy countries like the United States, where financial transactions are easy to make and 8% inflation is considered extreme, in Argentina and many other countries around the world, links to global financial systems are more limited and extreme inflation is a reality every day. Cryptocurrency often steps in as a lifeline.
The other category that I find very interesting is that of identity. And it relates to a post that Fred Wilson also happened to share today where he talks about the importance of identity and the coming need for us to start cryptographically signing everything. In my mind, what this comes down to is proving things like who is who, who is doing what, and who owns what.
This may sound counterintuitive since crypto is often held up by the media as a way to obfuscate identity and conceal nefarious activities. But the thing is, as soon as you link a real human to a blockchain, you can now have identity and ownership records that are institution-independent and fully interoperable. One use case that immediately comes to mind is property deeds, which is of course already being done in some places.
For Vitalik's full post, click here.
I setup a new cryptocurrency wallet (offline hardware storage) this evening and then used it to buy brandondonnelly.eth using ENS (Ethereum Name Service). I don't know what the hell I'm going to use it for, yet, but I own brandondonnelly.com. So I figured I should grab the decentralized blockchain version of my name as well. Perhaps at some point in the future I'll be glad I did.
I plan to buy a bunch of other .eth domains in the near future as well. The costs are similar to registering a traditional domain.
Part of the reason why I'm doing all of this because I've decided that it's time to do a deep dive and better understand the possibilities of the blockchain (a decentralized vs. centralized internet). I've been following for a number of years, but it has been pretty surface level. It's time to get serious. And I must say that it felt pretty cool to use my new hardware wallet to buy something with ETH.
Overall, things started to really click for me when I saw the digital economy that was emerging with Ethereum (applications, NFTs, DeFi, etc.). Instead of just digital money, I could now see clear use cases and demand drivers for the cryptocurrency. Again, I used ETH to buy brandondonnelly.eth, which means I first had to be an owner of ETH.
If you're looking to better understand the possibilities of a decentralized internet -- specifically why non fungible tokens are bad ass -- check out this blog post by Albert Wenger. He uses the example of the Mona Lisa sitting in the Louvre to explain why NFTs are not a fad and, instead, a "fundamental and profound innovation."
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