Fed Up

Welcome to the Web 2.5 newsletter featuring news, content, musings, and memes at the intersection of Web 2.0 and Web 3.0.

Hi, it’s Dana again, sharing some thoughts this week about the “who” in web 2.5. Despite the bear market, web2 brands continue to jump into the space. And a big piece of a web3 strategy is not only WHAT your business goal is, but WHO you’re targeting. And inevitably, it comes up every time — should a web2 brand entering into web3 build & market their offering to their existing web2 customer base — or should they go after a new web3 audience. 

I’m convinced that the answer to this question lies in a viral social meme. Remember “The Dress” — the one from 2015 where some saw white + gold and others saw black + blue?! And remember again Laurel/Yanny in 2018, where the country was split on which name we heard? And yes it was back AGAIN in 2020 with Green Needle / Brainstorm. You get the idea. Basically every few years, we are reminded that the same thing can look or sound convincingly different to two different people.

I believe the best web 2.5 customer strategy is in fact what I call the “Laurel/Yanny” approach. The most successful projects will build and promote their offerings to BOTH web2 and web3 audiences, at the same time, and in such a way that everyone only sees it “their way.” Here are a few examples:

1. Terminology. I expect projects to position themselves as BOTH a “digital collectible” AND as an “NFT.” Or an “immersive experience” AND a "metaverse experience.” Both approaches can and should co-exist, with each message appealing to its intended audience without alienating the other.

2. Marketing channels. Brands will take a “both” approach to channel strategy as well. They will continue to market to web2 customers like they always have — leveraging owned, earned, and paid channels. But they will also navigate marketing the “web3 way” through community events (e.g., Twitter spaces), web3 collaborations and partnerships, and even working with the web3 press and influencers.

3. User Experience. Lastly, it will be imperative that the user experience appeals to both audiences at the same time. For example we’ll see fiat currency, credit cards, and custodial wallets (e.g., Crossmint) in the minting process alongside traditional crypto wallet integrations (e.g., Metamask and Ledger) when it comes to payment collection.

The key to all of this will be doing all of the above, but in an integrated way, where everyone will hear and see what they want. When in doubt, I think a Laurel/Yanny mindset will help brands make sure they have have it both ways — with the widest market appeal possible.

And with that, we’re off to the news…

This week in Web 2.5

Let’s start with the market. It’s been a doozy this week.

Here’s a snapshot from Coin360 this morning showing 7 day performance.

Plus, it’s been a busy week with the Feds. The White House just released a framework for regulating digital assets. The US Department of Treasury is asking the public for input on a series of 23 questions in order to craft crypto regulations. The SEC is claiming that the US government has jurisdiction over the entire Ethereum network. And the latest draft of US crypto law would temporarily ban stablecoins.

So buckle up, if you’re still here, for the ride. It’s pretty bumpy out there.

Can We Skip to the Good Part

Jimmy Fallon is going to the Metaverse. The Tonight Show / NBCUniversal is partnering with Samsung to launch “Tonight at the Rock,” an experiential version of Rockefeller Center and the set of The Tonight Show in Fortnite.

Who says Fly Fish Club has all the restaurant fun?! Turns out there’s a new NFT restaurant, Vinyl Fish Club, opening in Palm Beach, Florida. You’ll need an NFT to get in and there are only 50 available.

Digital collectibles are now coming to golf. The PGA Tour is teaming up with Tom Brady-owned Autograph to create an NFT platform that enables fans to own moments of golf history.

Helium and T-Mobile are teaming up to launch a crypto-powered 5G mobile service.

Robinhood listed USDC as the first stablecoin on its trading platform.

A Bored Ape NFT owner is launching a real-world yacht club.

NFT project Okay Bears signed a licensing deal with IMG.

Universal Studios is planning for a Halloween-themed NFT scavenger hunt.

So Everything is Great

Ethereum’s energy usage and carbon footprint are down 99.99% after the merge: Report. Decrypt.

Snoop Dogg, The Weeknd, and Diplo are still buying NFTs in the crypto winter — Here’s what their purchases tell us. Billboard.

Creating the internet we deserve: The case for web3. VentureBeat.

A web3 record label plans to redefine how you experience music. NFTNow.

How web3 is creating space for a 'phygital' experience. AdWeek.

But Everything is also Terrible

JPMorgan CEO Jamie Dimon slammed crypto as dangerous - and called bitcoin a Ponzi scheme. Yahoo.

At New York Fashion Week, fashion struggles to figure out where web3 fits. Vogue.

The SEC charges crypto influencer Ian Balina over an unregistered offering in 2018. Decrypt.

A 23-year-old, self-described 'Crypto King' reportedly had his Lamborghini, BMWs, and McLarens seized after investors sued him claiming he stole $35 million. Business Insider.

Major crypto trader Wintermute is hit by a $160 million hack, CEO says. Reuters.

But at Least You Can Still Raise $$$

A16z leads a $51.5M round for web3 fraud protection startup Sardine. Coindesk.

SoftBank, Deutsche Telekom back a $300M fund with a web3 component. Coindesk.

Tres raises $7.6M to help web3 teams manage their financials and crypto data. TechCrunch.

Trademarks Don’t Lie

Two great ones this week: Teenage Mutant Ninja Turtles and Christina Aguilera.

The Most Web 2.5 Story of the Week

You can buy a Ledger wallet in a Best Buy store.

Jobs of the Week

Nike Virtual Studios - Sr. Director, Community & Go-To-Market, Nike. Apply.

Associate General Counsel, Consumer Digital Legal (Virtual Goods), Nike. Apply.

Policy Advisor, Digital Assets and Blockchain, NYC Department of Information Technology & Telecommunications. Apply.

Head of Gaming, Magic Eden. Apply.

Director of NFT Strategy & Operations, Saatchi Art. Apply.

Web2 Me vs Web3 Me

My web2 Google search:

My web3 Google search:

Yes, you can now get married in the metaverse.

And finally…

And that’s a wrap! Stay safe out there. See you out there in the interweb3s. And thank you so much for reading the Web 2.5 newsletter

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DISCLAIMER: This newsletter is strictly educational. None of this is financial or investment advice — and not a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always Christian DYOR (do your own research).