Ideas start as fringe ‘culty’ clubs. Why was personal computing being talked about in Steve Jobs’ garage and not at IBM?<ul><li>A lot of ideas stay as hobbies and don’t catch the exponential mainstream</li><li>Businesses of scale plan on the execution of incremental improvements, not disruptive innovations</li></ul> <a href="https://en.wikipedia.org/wiki/Hill_climbing">Hill Climbing</a> an algorithm that keeps building on itself to continue making incremental improvements. People apply this too literally in their careers, ending up at the top of the hill they didn’t even want to climb. Allow randomness into your life so you’re always climbing the right hill at the right time

Frontier Of Innovation

Web1<ul><li class="ql-indent-1">Dominated by<a href="https://en.wikipedia.org/wiki/Hypertext_Transfer_Protocol"> protocols (http)</a>, built on top of the web, you controlled your platforms</li><li class="ql-indent-1">Read-only</li></ul>Web2<ul><li class="ql-indent-1">You created content under a closed network using a social media platform</li><li class="ql-indent-1">Read & write under centralized ownership</li></ul>Web3<ul><li class="ql-indent-1">Internet owned by builders and users, orchestrated with tokens</li><li class="ql-indent-1">Read & write & own</li></ul> Tokens are a mechanism to give value and control to the user rather than a centralized company.The tokens are self-marketing which is why it will eventually beat web2.

The Evolution of Web

NFTs are creating a vibrant digital economy within the gaming community. Games like League of Legends have monetized off of aesthetic add-ons, nothing that increased performance, a status flex. These virtual good purchases were being bought from the company, not individuals. Axie Infinity: by playing the game, you create and improve NFTs which can be purchased by other players on a marketplace (like eBay) as an add-on Yield Game Guilds : play-to-earn gaming, opportunity to get loaned access to a platform like Axie Infinity to participate in the marketplace without paying the entrance fee

NFT in gaming community

Steve Jobs coined this concept that applies aesthetic designs to innovations to make them feel more familiar. For example, the first automobile mimicked the horse and buggy. But the native internet has taken over, people who use technology are comfortable embracing new ideas There is no point in packaging blockchain as a new ‘supply chain management’ tool. Familiar products may work, but disruptive tech is what is going to last over the next 10 years You don’t need to replace products, people can adapt very quickly to the native functionality of products.

Skeuomorphism

Benefits<ul><li>Your data will be secured with private keys, where we can give selective access to our data to whom we choose</li><li>Contributors own the platform rather than corporations</li><li>Defeats the corporate selfish use of leverage on copyright and intellectual property</li><li>You want people to recompose your content!</li><li>The codebase is open-source, developers can co-opt creation in a way truly best suited for users</li><li>It is composable, use one piece of an application to help build another</li></ul> Challenges<ul><li>Security and storage – functioning correctly as your own bank</li><li>Maintaining your anonymity</li><li>Usability</li><li>Messaging of utility</li></ul>

Benefits and Challenges of Web3

Web3 has gotten twisted to be a political argument over centralized vs decentralized but the main utilitarian goal is to make the internet a better place for users and creators

Anything that is in fashion can hold value through a community context. People are attaching their identity to their NFTs, large sentimental value. Web2 companies convinced you to give away your creations in exchange for little hearts,NFTs allow you to tokenize your value as a creator. NFTs are the core concept of ownership of the internet, there will be a broad utility. Creators can provide first access to products or exclusive services through the ownership of an NFT for accessibility.

NFTs

Regulators regulate through policy or enforcement. We’ve only seen enforcement on Web3 so far because no one knows what to do. Policy needs clarity and goals need to be aligned.There needs to be a balance from the SEC to crack down on obvious scams but also let true innovations naturally grow. Fairness must be defined before this is possible

Regulation

﻿What the smartest people do on the weekend is what everyone else will be doing during the week in 10 years

crypto

Cryptocurrency

moneyandinvestments

Money & Investments

Confused About NFTs?

Tim, Chris, and Naval discuss what the frontier of innovation looks like as it relates to Web3, NFTs, and decentralization.

creativity

Creativity

podcasts

Podcasts

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!*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.Whether you’re an athlete working on managing your fitness or you need healthy, efficient calories to get you through your day, UCAN is an elegant energy solution. My listeners can save 30% on their first UCAN order by going to UCAN.co/Tim.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*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.Go to Therabody.com/Tim right now and get your Gen 4 Theragun today, starting at only $199.*For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast 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.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

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

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