Financial flash mobs meet fundraising memes
Hello and welcome back to Equity, a podcast about the business of startups where we unpack the numbers and nuance behind the headlines.
This is our Wednesday episode when we niche down to a single topic, looking to expand our understanding of one particular technology trend or another. And this week, it was all about the ConstitutionDAO.
For those who weren’t online last week, here’s what you missed: a not-so-subtle group of strangers on the internet banded together to try to buy one of the remaining 13 copies of the Constitution. With crypto. The bold bid eventually fell short, but many saw it as an inspiring onramp into how communities can mobilize around a shared goal in a web3 world. The whole movement, from its meme start to its poetic, and billionaire Ken Griffin-themed, end, was just too interesting for Equity to not dedicate an entire episode to.
We talked about what a DAO is, and what they might be used for. We dug into the question of just how many folks the effort really brought to the larger “web3” space. And, of course, we had to talk about gas fees, NFTs and the pace of innovation in crypto more broadly. Lucas even broke out an excellent analogy to explain level-two chains!
The crew were generally bullish on the blockchain economy, if skeptical of some of its current uses. In short, the potential remains potent in crypto even if some of its projects, today at least, are a bit more boring than breakthrough. Crypto, we’re told, is going to shake up the world. More of that, we reckon, and less of the meme-wars wouldn’t be amiss.