What The Hell Is Web3?

June 2022. I waltzed onto the blockchain, wide-eyed and bushy tailed, hungry for a taste of NFT money.

Bitcoin was breaking resistance at $24,000 every few days, and my former uni roommate kept telling me about how he made easy money flipping JPEGs online — life was good. I had a couple thousand bucks to play with, so I thought ‘Sure, why not?’

My life was about to change, and I didn’t know it.

Before you read any further, perish any thoughts of a happy ending. No, I didn’t make life-changing money. Heck, my first NFT mint was a rug (pictured below). But that’s a story for another day.

It’s been a wild ride since June. I have gotten lucky with a 150x play, had my wallet drained by clicking a phishing link, bought and minted more rugged NFTs, connected with amazing people, investigated and exposed some bad actors, worked with brilliant builders, worked with founders who abandoned their projects, launched an alpha group, and here I am: writing newsletters about my experience.

My perspective is one that has endured several paradigm shifts. For ease of digestion, I have broken it down into separate cycles.

Of course, this is just my personal opinion, informed by first-hand experience. I am not an authority on web3 so please, don’t quote me.

Stage 1: Speculation

Everybody has to start somewhere, and they always start here — low on information and high on hopium.

You religiously like, retweet and tag 3 frens on every engagement farming post, hoping to win a MEGA GIVEAWAY.

You believe everything crypto Youtubers and Telegram handlers tell you about the secret money-printing coins you should BUY RIGHT NOW.

You’re in 98 discord servers, grinding for a WL.

This is a dark, dark place to be, my friend. It’s where you will find the most vulnerable subset of the crypto community, shadowed by bad actors who are more than happy to capitalize on their ignorance.

I’m sorry to break it to you, but most crypto influencers are paid to create an echo chamber that creates so much noise, you’d get lost if you don’t know how to do research and build the right network of people.

It’s easy to see how a total noob would fall victim and end up like this guy.

Good news: This doesn’t have to be you. There are people who focus on creating value to help level out the playing field, so that you don’t have to end up being exit liquidity for smarter money.

The main purpose of documenting my experience and sharing insight is for others to start their crypto journey with an informed opinion, written in relatable language by someone who’s been in your shoes. So stick with me and keep reading.

Stage 2: Enlightenment

Ignorance is bliss. You don’t know how screwed you are, until you realize you’ve screwed up. It’s a zero sum game. You need battle scars in order to earn your stripes, soldier.

When I started incorporating research into the process of building my portfolio, I discovered how flawed my initial approach was. The average crypto retail trader is a degenerate gambler.

This mindset is a 100x more rife in the world of NFTs, such that people proudly identify as ‘degens’.

In a bull market, the ugly consequences may take longer to come full circle (i.e., better odds of getting lucky) but in the current bear market you WILL get rekt in no time if you decide to gamble in crypto.

The most successful traders use tools and techniques such as Technical Analysis to evaluate risk before pulling the trigger.

Even if you don’t have the time or resources to study charts and analytics, make a habit of researching any potential investment. You don’t want to end up like this guy.

Stage 3: Disillusionment

Capitulation. The magic word that sends crypto maxis into a hissing frenzy like garlic to vampires.

If you’ve weathered enough winters, you’ve watched some of the most hopeful defenders of crypto lay down their swords and descend into the fiery depths of Web2 normalcy. I shudder to think of it.

But I have been thinking of it, lately. The current crypto winter has taken its toll, but what hit closer to home was finding out the true characters of notable figures in the sector. Even if you live in a cave, you’ve probably heard of SBF.

I often joke that the bear market is going to drive a character development arc for some, while creating a villain origin story for others. In my case, it’s a bit of both.

Two months ago, I made shocking discoveries about an NFT project which I had supported for several months. It shook my core beliefs about people in Web3. I was left feeling hurt, betrayed and jaded.

Again, that’s a story for another day but everybody will inevitably go through this phase. Growing pains aren’t pleasant but they’re a part of life. How you choose to channel that energy is ultimately your choice.

So, what comes next?

I can’t tell you that everything is going to be okay. Maybe your therapist will, but I’m not a therapist. After the past few months, I probably need therapy myself.

What I will strive to do, is continue documenting my journey in hopes that it helps someone along the way.

In parting, here’s the TL;DR version of my message to you. Stay safe!