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The Tim Ferriss Show
#542: Chris Dixon and Naval Ravikant — The Wonders of Web3, How to Pick the Right Hill to Climb, Finding the Right Amount of Crypto Regulation, Friends with Benefits, and the Untapped Potential of NFTs
Oct 28, 2021
02:31:55
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Quick takeaways
- Web 3 introduces digital private property and composability, revolutionizing the internet and creating new economic models.
- NFTs enable artists to monetize their work, maintain control over their creations, and redefine the distribution of value in the digital landscape.
- Web 3 provides a fertile ground for experimentation, rapid creation, and collaboration, allowing for innovative projects like the board ape yacht club.
- The future of Web 3 holds vast possibilities as it evolves, democratizing the internet and reshaping power dynamics across industries.
- Web 3 offers decentralization, direct ownership, increased monetization, and a reduction in centralized dominance, empowering creators and individuals.
- NFTs unlock unique digital ownership, foster creative expression, and pose challenges in security, regulation, education, and messaging.
Deep dives
Web 3 Revolution: Ownership and Control
Web 3 is a revolutionary concept where the internet is owned and controlled by users and builders. It introduces digital private property and brings the power of open source code to web services. The concept of composability allows different applications to plug into each other like lego blocks, creating a network of interconnected apps. NFTs (non-fungible tokens) are a key aspect of Web 3, enabling ownership and value to be assigned to digital assets. Composability extends beyond software to media, allowing artists to give commercial rights and community participation in their creations. Web 3 represents a shift towards decentralization, where users have more control over their data, code, and platforms, giving rise to new economic models and innovative experiments.
Evolution of NFTs and Cultural Value
NFTs have become a significant aspect of Web 3, allowing creators to assign value to digital assets. Through NFTs, artists can monetize their work and create direct connections with their fans. The concept of composable media enables the creation of narratives and cultural artifacts within communities. Ownership of NFTs provides a way for collectors to participate in and contribute to the value of a digital asset. The cultural value attached to NFTs allows artists to maintain sentimental and creative control over their creations and resist the pressure to sell for financial gain. NFTs represent a unique form of digital ownership and cultural expression, changing the way we perceive and distribute value within the digital landscape.
Fostering Innovation and Experimentation
Web 3 promotes innovation and experimentation due to low barriers to entry and the ability to quickly reach escape velocity. The open and composable nature of Web 3 allows for rapid creation, collaboration, and recombination of different applications and ideas. Creatives, authors, musicians, and other content creators can leverage NFTs to connect with true fans, provide commercial rights, and enable value accrual in secondary markets. The possibilities for experimentation are vast, with examples such as the board ape yacht club demonstrating how digital assets can inspire real-world businesses and cultural movements. Web 3 provides a fertile ground for creators and innovators to redefine ownership, distribution, and monetization models, making it an exciting revolution within the digital landscape.
The Broad Future of Web 3 and Its Implications
Web 3 is still at its early stages and its future is vast. The concept of composability, NFTs, and ownership in Web 3 will continue to evolve and unfold. As more creators, developers, and users participate in the Web 3 ecosystem, the democratization of the internet will reshape power dynamics and economic structures. The ability to connect, create, and own digital assets empowers individuals, removes intermediaries, and allows for the exploration of new economic and cultural models. The potential for Web 3 to revolutionize industries such as finance, gaming, art, and media is immense, and its impact will continue to expand in ways that are still unimaginable.
The Benefits of Web 3
Web 3 offers numerous advantages, such as decentralization, ownership of digital assets, and increased monetization opportunities for creators. It enables individuals to directly own and control their digital property, whether it's art, music, or in-game assets. This allows for better distribution of wealth and reduces the dominance of centralized platforms. Web 3 also empowers creators with new revenue streams and the ability to establish direct relationships with their fans, bypassing middlemen and traditional gatekeepers.
The Potential of NFTs
Non-fungible tokens (NFTs) have emerged as a powerful tool in the digital world. NFTs enable the ownership and verification of unique digital assets, which can range from artworks and music to virtual in-game items. Creators are able to sell their work directly to fans and monetize their creations more effectively. NFTs also offer new possibilities for creative expression and experimentation, as artists can explore different ways to use and interact with their digital assets. Furthermore, NFTs have the potential to foster a sense of patronage, where fans can support their favorite creators in a non-transactional manner.
Challenges in Web 3
While Web 3 holds great promise, there are several challenges that need to be addressed. One of the key concerns is security and user-friendliness. As individuals become their own banks and own digital assets, it is crucial to develop secure and user-friendly solutions to protect their investments. Another challenge lies in regulatory frameworks and government response. The current regulatory landscape is often ill-suited to handle the unique characteristics of Web 3, leading to uncertainties and potentially stifling innovation. It is essential for regulators to understand the benefits and potential of Web 3 and create a conducive environment for its growth.
The Importance of Education and Messaging
Education and clear messaging are vital in the adoption and acceptance of Web 3. Many misunderstandings and misconceptions surround the technology, partly due to the rhetoric of certain community members. It is crucial to effectively communicate and educate regulators, policymakers, and the broader public about the benefits and possibilities of Web 3. This includes providing accessible resources and materials to help stakeholders understand the fundamentals and potential impact of Web 3. By fostering a better understanding, we can overcome resistance and create an environment that nurtures innovation while addressing legitimate concerns.
The Potential of Bitcoin for Renewable Energy Storage
During the podcast episode, the guest speaker discusses how Bitcoin can potentially serve as a way to store energy from renewable sources with high volatility, such as wind or solar. This would allow for the utilization of excess energy even when it is not being consumed, presenting an interesting application of Bitcoin beyond its conventional use as a digital currency.
The Role of Policy Makers and Regulators
The conversation also touches upon the importance of policy makers and regulators in the crypto space. While some speakers commend the forward-thinking approach of certain individuals such as Patrick McHenry and Christian Sinema, there is a clear call for more clarity and guidance from regulators. The current lack of clarity in regulations and enforcement actions makes it challenging for individuals and businesses to navigate the legal landscape of the industry.
The Evolution and Potential of NFTs
The discussion explores the potential of non-fungible tokens (NFTs) and their ability to revolutionize various industries. NFTs offer programmable and unique digital assets that can represent ownership, access, royalties, and more. The guests highlight the possibilities for artists, musicians, and creators to directly interact with fans, bypassing intermediaries and enabling direct support, royalties, and participation in the success of their work. The evolving nature of NFTs and the multitude of applications they can facilitate are seen as promising for the future of creative industries.
The Benefits of Decentralization and DAOs
The conversation focuses on the value and potential of decentralized autonomous organizations (DAOs) in the crypto space. DAOs create communities that possess resources and the ability to take action. They allow for greater participation, governance, and economic involvement among community members, whether they be artists, developers, or enthusiasts. DAOs are seen as a new way to organize and incentivize collective efforts, offering opportunities for creative expression, governance, decision-making, and economic distribution.
20.
A New Way to Think About Building a Game, and Something You Couldn't Have Done Without
3min
Brought to you by UCAN endurance products powered by SuperStarch®, Theragun percussive muscle therapy devices, and Tonal smart home gym.
Chris Dixon (@cdixon) is a general partner at Andreessen Horowitz, where for the past six years he has been an active seed and venture-stage investor.
Previously, Chris co-founded and served as the CEO of two startups, SiteAdvisor and Hunch. SiteAdvisor was an internet security company that warned web users of security threats. The company was acquired by McAfee in 2006. Hunch was a recommendation technology company that was acquired by eBay in 2011.
Chris has been a prolific seed investor, co-founding Founder Collective, a seed venture fund, and making a number of personal angel investments in various technology companies. Chris started programming as a kid and was a professional programmer after college at the high-speed options trading firm Arbitrade. He has a BA and MA in philosophy from Columbia and an MBA from Harvard.
He has written about his theories and experiences as an entrepreneur and investor on Medium and before that at cdixon.org. His a16z Podcast appearances can be found here.
Naval Ravikant (@naval) is the co-founder and chairman of AngelList. He is an angel investor and has invested in more than 100 companies, including many mega-successes, such as Twitter, Uber, Notion, Opendoor, Postmates, and Wish. You can subscribe to Naval, his podcast on wealth and happiness, on Apple Podcasts, Spotify, Overcast, or wherever you get your podcasts. You can also find his blog at nav.al.
For more Naval-plus-Tim, check out my wildly popular interview with him from 2015—which was nominated for “Podcast of the Year”—at tim.blog/naval. We also had a second long-form conversation in 2020, and you can find that here. His most recent appearance was helping me interview Ethereum creator Vitalik Buterin here.
Please enjoy!
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This episode is brought to you by UCAN. I was introduced to UCAN and its unique carbohydrate SuperStarch® by my good friend—and listener favorite—Dr. Peter Attia, who said there is no carb in the world like it. I have since included it in my routine, using UCAN’s powders to power my workouts, and the bars make great snacks. Extensive scientific research and clinical trials have shown that SuperStarch provides a sustained release of energy to the body without spiking blood sugar. UCAN is the ideal way to source energy from a carbohydrate without the negatives associated with fast carbs, especially sugar. You avoid fatigue, hunger cravings, and loss of focus.
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This episode is also brought to you by Theragun! Theragun is my go-to solution for recovery and restoration. It’s a famous, handheld percussive therapy device that releases your deepest muscle tension. I own two Theraguns, and my girlfriend and I use them every day after workouts and before bed. The all-new Gen 4 Theragun is easy to use and has a proprietary brushless motor that’s surprisingly quiet—about as quiet as an electric toothbrush.
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For show notes and past guests, please visit tim.blog/podcast.
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Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.
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