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Facebook Goes Meta

Facebook renaming itself to Meta is Zuckerberg admitting crypto won.

Ryan Sean Adams
Oct 30, 2021
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Facebook Goes Meta

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Dear Bankless Nation,

This week was the beginning of the end. Web2 peaked…we’re in the crypto era now.

What on earth are you talking about Ryan?

You’ve probably already know Facebook changed its name to Meta this week. Guys this is big. This is so much more than a rebrand. It’s a pivot. A re-tooling.

“I’m metaverse Zuck and I’m an ERC721 on Ethereum”

This is Zuckerberg gearing up his $900 billion social network to completely refocus on the next wave of the internet—the Metaverse.

I’ve already seen a few views on this:

  • The political world thinks he just trying to divert attention from his PR crises

  • Silicon Valley thinks he’s doing it to go after the younger demographic

  • Crypto sees this as a direct assault on the decentralized metaverse

There’s truth in each of these perspectives. But let me add my own.

I think this is Facebook bending the knee to Ethereum.

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
Facebook renaming itself Meta is Zuckerburg admitting crypto won. The metaverse doesn't exist without Ethereum-protected property rights. This is like the Fed buying crypto for its balance sheet. Web 3 is here.
8:26 PM ∙ Oct 28, 2021
980Likes153Retweets

Zuck may not know it yet, but he just capitulated to crypto.

Let’s unpack this.

Mark Zuckerberg is smart. He sees the future and he’s playing to win. As Chris Dixon pointed out in the podcast we just recorded with him (early access here), Mark is the only major tech founder still running his company—everyone else in The Valley is asleep at the wheel.

And Mark’s dead right about the importance of the metaverse.

Hey, I’m not saying you should trust Zuck. I’m just saying he’s smart.

But when I watched Mark’s keynote I noticed something,

He gets the social element of the Metaverse. He gets the importance of digital immersion—virtual reality and augmented reality. He even understands the value of interoperability—he talks about the ability to move objects from one world to another (pay particular attention to this clip).

Do you know what he didn’t mention at all?

Property rights.

No mention of how a person can truly own something in Mark’s virtual universe.

But digital property rights are the foundation of the metaverse.

The metaverse isn’t even possible without property rights.

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
A metaverse will only exist when individuals own their own digital property. Facebook needs crypto. But crypto doesn't need Facebook.
8:51 PM ∙ Oct 28, 2021
485Likes75Retweets

In the Dixon podcast, we used the analogy of Disneyland vs New York City. In Disneyland, there are services, shops, and streets—but there’s no emergence. Everything’s planned. Everything’s sterile. Everything’s plastic.

In a healthy New York City neighborhood, you get something different. Apartments to build, coffee shops to open, art studios to exhibit. There are public parks and sidewalks and private property to be developed. People can own businesses. They can take pride in their communities.

Organic. Emergent. There’s culture in New York City.

The metaverse could never grow in a Disneyland.

This is why Facebook needs Ethereum.

If you’re going to build a metaverse you need to build it on a digital private rights system. You can’t compete otherwise.

So Zuck will build Meta on crypto.

Meta is the biggest validation I’ve seen from the tech giants yet. This is a step-level improvement from NFTs on Twitter.

Web 2 has peaked.

We’re in the crypto era now.

Here’s what’s planned for this week:

  • Podcast with Chris Dixon on 5 mental models for Web3 (early access!)

  • A guide on how to use abracadabra.money, the project behind MIM and SPELL

  • 🧠 piece on fiduciaries and their entrance into the world of crypto

Have a 👊 weekend,

- RSA


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🎙️ WEEKLY PODCAST EPISODE

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


ACTION RECAP 📚

  1. Execute on any opportunities you saw in Market Monday

  2. Try out 25 protocols that might have future airdrops

  3. Dive into the future of Ethereum scalability and modular blockchain design ☕

  4. Evaluate Ethereum’s Q3 results and key findings

  5. Ponder your exit strategy, if you even have one!

WATCH & LISTEN 🔊

  1. 🎙️ Listen to Institutions are Bullish | Eric Peters

  2. 📺 Watch Camila Russo | Layer Zero

  3. 📺 Watch Modular vs Monolithic Blockchains 🔥🔥🔥

  4. 📺 Watch BTC vs ETH | Justin Drake, Dennis Porter, & Muneeb Ali

  5. 📺 Watch ROLLUP: SHIB | Mainstream NFT Platform | Facebook Meta

METAVERSAL 🧙‍♂️

  1. Mint NFTs via creator-owned contracts with Manifold

  2. Keep an 👀 on these 5 hot NFT projects releasing in the coming months

  3. Catch up on drops, releases, and what 🐋s are buying

BANKLESS DAO 🏴

  1. Innagurate Decentralized Law, a monthly newsletter from the Legal Guild

  2. Embrace equal opportunity and diversity with NFTs

  3. Ponder systems for sophisticated problem-solving in DAOs

  4. Recap this week in Bankless DAO


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

  • Full Access: Ethereum 2025 | Market Mondays

  • Complete Breakdown: The Ultimate Guide to Airdrops

  • Exclusive Debrief: Institutions are Bullish | Eric Peters

  • Early Access: 5 Mental Models for Web3 | Chris Dixon

Bankless Badges get distributed on Monday! Last chance to get on the list…


📺 STATE OF THE NATION

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


🗞️ WEEKLY ROLLUP. Download the crypto meta to your brain in this weekly show.

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

  • Lead Engineer at Hats Finance

  • Community Builder & Developer Evangelist at Dexible (❌technical!)

  • Head of Tokens at Immutable

  • Head of Ethereum Research at Immutable

  • CTO at eAgronom

  • Founding Blockchain Engineer at Highlight

  • Community Manager at Aragon (❌technical!)

  • Community Lead at Popcorn (❌technical!)

  • Senior Software Programmer at Popcorn

  • Interim Blockchain CTO at Meryt

  • Senior Backend Engineer at SmartDeFi

  • Finance & Operations at SmartDeFi

  • General Counsel at SmartDeFi


Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.


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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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