Welcome to week 23 of Coffee with Captain. Biden rejects the SAB 121 bill, which seems like another blow for crypto innovation in America. We touch on raising funds in web3 and discuss the $20M Sandbox raise. We continue to discuss $MOTHER by Iggy and the potential of memecoins to onboard the casual user. Vitalik might have other thoughts after he goes after Iggy’s token, though he might have spoken prematurely. We can forgive him.
In case you missed any of the shows, below is a small recap of each day with links to the podcast on Apple and Spotify. Links to other streaming platforms can be found on our buzzsprout page. Check out the timestamp if you want to catch the specific interviews.
Monday
Crypto Politics + Digital Businesses
If you’re building a business in today’s world, then you need to be optimizing for the future of blockchain technology. This can give new businesses a competitive advantage against bigger companies who may be slow to adapt. It’s important to remember, not every company belongs onchain. However, retail is becoming more and more online, so founders must understand how the blockchain interacts with the user experience.
The political landscape in America continues to slow down the country’s crypto innovation. Joe Biden vetoed the SAB 121 bill once again sending pro-crypto lawmakers back to the drawing board. It’s quite possible that crypto plays a significant role in the election for the next US president. Both younger and older voters may come out if they feel alienated on the issue.
Check this episode out on Apple and Spotify.
Tuesday
Raising Funds in Web3
There were a range of topics on Tuesday’s episode. Base is coming out with new features that are primed to onboard casual blockchain users via text message. We did a flyover on the Dapper Lab’s settlement to confirm TopShot wasn’t considered a security. We also revisited the Blast model of rewarding content creators with a native token and if this will be the new norm.
Raising funds in 2024 is so much different than in 2021. Back in 2021, VCs were writing big checks at crazy valuations because cash was flowing so freely. Now, founders have to decide if they want to take VC money, but risk becoming a slave to their requirements for a product. And it seems like many would prefer a token with the product, which we know how that goes.
Would you give equity to holders? One Coffee with Captain contributor said no because that means giving up some control of the company. Riggs, a friend of the show, thought giving holders equity was a good idea a few months ago. Now, he believes there’s a “what’s next” down the line and that can put founders in a tough position.
Check this episode out on Apple and Spotify.
Wednesday
Vitalik vs Iggy Azalea & $MOTHER
Pirate Nation announced a token drop and people seemed extremely pleased with how the distribution will work out. Pirate Nation rewarded holders who actually participated in their ecosystem over passive holders of their NFT. Their model may need to be studied for any future games planning to launch.
Phantom released a job application for a full-time meme poster and reply guy for $120-140k per year. What does it take to be a top tier meme poster? Memes are such a massive part of our degen culture because they can connect people worldwide. A lot of people can be a reply guy, but not a lot of people can post top tier meme content.
Speaking of memes, Vitalik publicly dismisses Iggy and $MOTHER. The pushback was somewhat surprising, but may be an overarching issue with memecoins in general. People who haven’t listened to her talk don’t understand that her approach is different. Iggy already made millions on OnlyFans, so there was no need to create a token. People don’t know Iggy already used crypto before ever dropping a project and she’s already creating sinks for $MOTHER. I understand the skepticism though. There were so many celebrity rugs in the last cycle. Even celebrities that seemed genuine. I still haven’t bought or sold $MOTHER, but I enjoy watching the story unfold.
Check this episode out on Apple and Spotify.
Thursday
A Potential Memecoin Supercycle Incoming
It’s starting to look like a memecoin supercycle is inevitable. Crypto-curious individuals don’t want to buy overpriced NFTs, which require a deeper understanding of the technology to buy and sell. Memecoins are an easy trade to make and liquidity is instant. Are fans of celebrities following their heroes into the crypto environment? If so, how do we integrate more people into X and/or the crypto ecosystem? I’m not sure, but I think it will require a more individualized approach. OnlyFans and Reddit users are a particularly interesting group. I assume most people would want to remain anonymous. That’s the same type of crowd within the crypto sphere.
Check this episode out on Apple and Spotify.
Friday
Sandbox Raise + Base Onchain Summer
We start the show off with the founder from Quirk ‘N Co Donuts to honor National Donut Day. Then we move into a segment discussing the $20M raise by Sandbox at a $1B valuation. This sparked a lot of conversation from the Coffee Crew. What could possibly justify that number? Is the metaverse play still a thing? I was never really bullish on the “metaverse” narrative in the way it was portrayed in 2021=2022. Give me a real life Ready Player One scenario and then I’m in.
Base is primed to bring in new users. We had a group of Base users join the Coffee Crew to educate us on the chain. Base has one of the greatest funnels with Coinbase. Now, they’ve add the Smart Wallet and the ability to text friends memecoins. If you’re building a new business, then it’s hard not to take a good look at Base. Coinbase is making it easier to bring new users onchain. Now, the products just have to be something new users will benefit from over what they’re currently using.
Check this episode out on Apple and Spotify.
Wrap Up
That wraps up week 23 of Coffee with Captain. Iggy stays the topic of conversation for at least one more week, but we know crypto users will move their attention elsewhere soon. We also talked about VC raises in web3, which is always educational. Ended the week with a Base education was great for me. I’ve got some homework for this weekend so I can position myself well when Base starts cooking. Thanks for tuning in with us as always! If you missed week 22, make sure to check it out here.
Be sure to check out:
- The Everything Token: A Book on Web3 and NFTs
- Making Coffee: Our Official Coffee Partner
- Pepecoin: The Original Pepe
