All-In with Chamath, Jason, Sacks & Friedberg E94: NFT volume plummets, California's overreach, FBI meddling, climate change & national security
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Sep 1, 2022 The conversation opens with a humorous debate about Burning Man. There's a deep dive into the plummeting NFT trading volume and its implications. California's new fast food wage legislation sparks debate about government regulations and market effects. The podcast touches on Zuckerberg's troubling admissions of FBI influence over social media narratives, particularly the Hunter Biden story. Finally, the challenges of balancing climate action with economic stability are discussed, emphasizing the need for pragmatic approaches amid rising energy costs.
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Sacks' Glamping Experience
- David Sacks recounts attending Burning Man with a well-prepared group.
- Their 'glamping' setup, complete with yurts and running water, was criticized in the New York Times for 'ruining' the Burning Man experience.
NFT Market Crash
- OpenSea's NFT trading volume plummeted 99% since its peak in May.
- This drastic drop signals a potential downturn in the NFT market.
NFTs and Market Narratives
- Friedberg likens NFTs to other market bubbles driven by narratives and collective beliefs.
- The narrative fuels speculation, focusing on future resale value rather than underlying asset productivity.