Follow along as I explore Web3 & the #metaverse
The Matrix, Warner Bros.
Hi, for those of you who don't know me, I'm Amy. I'm the founder of the Launch Box where I serve as a Fractional CMO, Advisor and Mentor to startups of all shapes and sizes. I'm also an aspiring millionaire (aren't we all) who is constantly on the lookout for new opportunities to both grow my business and help more people! Which brings me to the point of this blog ... sort of ... in that I've suddenly become obsessed with the idea of taking the Launch Box into the metaverse (#tlbmeta) to see what opportunities exist. And, while I mostly think this is a grand idea, I also feel a bit like Neo before he took the red pill - which is to say it's all a bit outside of my realm of understanding right now.
I am however committed to following the white rabbit, which is the real point of this blog: to share the story of what I / Neo / Alice get up to while exploring wonderland. I will undoubtedly make some mistakes as I try to figure this all out, so I hope everyone is as excited about getting lost inside the matrix as I am. Please keep your arms inside the vehicle and get ready to laugh with (and resuscitate) me as needed. See you on the other side!
Side note - I'm also a film and TV junkie and I've just decided to see how many pop culture references I can fit in one blog. Apologies in advance for the really bad ones.
Sam Bankman-Fried, CNBC
Chapter 2 (Stardate 03.25.22): In for a penny, in for a pound!
There's a shiny new thing in town (ApeCoin), so I have to get some ... and, to balance it out, I am getting some Etherium, which is my attempt to buy what is / was deemed one of the more established crypto-currencies.
Time Spent: Minimal
Cash Invested: $25 ($30 Total)
Portfolio Value: $55.24 ⬆️ (or, more importantly, more than my nephews current portfolio. #winning!)
Chapter 3 (Stardate 04.01.22): My 1st NFT
As I mentioned at the end of Chapter 1, I was anticipating receipt of a free NFT from a business group I joined and can officially confirm that I got it. The experience however was altogether unexciting as I am now the owner of a digital graphic that sits inside of an app that I am locked out of because I got a new iPhone. Goodbye Metamask.
Side Note: This is something else I believe I mentioned in Chapter 1 (well, I am sure I mentioned something similar) - I absolutely detest when an app doesn't automatically autofill the ridiculous password I had to set up to log into it the first time, and then, after spending 10 minutes locating the password I wrote down on my super secret document, tells me it doesn't recognize me. I seriously do not have time for this!
Inventing Anna, Netflix
Time Spent: More than Necessary
Cash Invested: $0 ($30 Total)
Portfolio Value: $58.86 ⬆️
Chapter 4 (Stardate 12.19.22): The Crypto Collapse, Part 1 & 2
Part 1. Crypto is free fallin' (thank you Tom Petty)!
Apparently crypto isn't the gold mine everyone thought it was going to be. Is anyone honestly shocked? I mean, I'm sad that it hasn't made me any money, but I'm not shocked. That said, I've only invested a total of $30, so how sad could I be anyway.
I did however really like that Tik Tok song 'I don't care about your crypt-boy'. It was catchy. SRSLY. You can check it out here.
Part 2. FTX what and Sam Bankman-Fried who?
So, if you haven't been following the crypto news, and I honestly haven't been in months, you may or may not have heard about this guy Sam Bankman-Fried who is currently being called the Bernie Madoff of the crypto world.
Sam Bankman-Fried was the one in charge of the much-heralded crypto exchange FTX that just declared bankruptcy. Oh, and did I mention he's also been arrested and charged with fraud by the SEC?
Uh-oh! Really glad I stopped paying attention (and investing money) in crypto -- though I am certain I need to be paying more attention to the metaverse.
Time Spent: None
Cash Invested: $30
Portfolio Value: $17.29 ⬇️ ⬇️ ⬇️
Side Note: I'm pretty sure I secured a 2nd NFT sometime between April 1 and today, and I'm afraid I have no idea where I got it or what platform it is stored on. I have a passing thought that it is related to a fast food promotion and looks cooler than my other NFT, but I have absolutely no proof of either point. Sorry!
Investor Note. For anyone that is interested, here's some information our friends over at Nerd Wallet shared in a recent article about "How to Navigate a Crypto-Crash in 2022".
> Has crypto crashed before?
Yes, multiple times. For example, Bitcoin recorded a previous record high of nearly $20,000 in December 2017, but by December 2018 was trading below $3,500. It reached an all-time high of about $69,000 in November 2021 and in the year since dropped by more than 75%.
> I’m worried about keeping my crypto with an exchange. What should I do?
Consider moving your digital assets to a separate crypto wallet. Most exchanges allow you to transfer assets to these wallets, which can be online (on a separate platform) or offline (on a thumb drive with added security features).
> What are the risks of buying crypto?
When crypto is crashing, someone who's been intrigued from the sideline might think this is the time to get in and "buy low." But while prices can recover — and have done so in the past — the recovery could take months or years. Conditions might also get worse before they get better. Following a major crash, prices could also continue to go down for some time, especially if the event causes financial troubles for other exchanges or currencies.
Unlike traditional financial exchanges, crypto markets don't have circuit breakers, which automatically pause trading when prices dive too quickly. This means prices could plunge much faster than traditional investments. There's also a chance any given cryptocurrency could go to zero, or close to zero, following a massive sell-off. Such was the case with Terra and Luna.
Feel better yet?
I hope you, like me, did not over-leverage yourself in crypto and can laugh about how crazy the headlines got this year. If that isn't you, I'm very sorry.
The closing bell just rang on 2022. Please check back with me in the new year to see if I have better luck embracing the metaverse than I did crypto ...
GLOSSARY OF TERMS
Augmented Reality: Augmented reality (AR) is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli delivered via technology.
Blockchain: A blockchain is a distributed database that is shared among the nodes of a computer network.
Cryptocurrency: A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Metaverse: The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually.
NFT: Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
Virtual Currency: A virtual currency is a digital representation of value only available in electronic form.
Web3 / Web 3.0: Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the Internet (a term often used interchangeably with the web) with which we are all familiar, while Web 3.0 represents its next phase.
References:
