SHOW / EPISODE

Building in a Bear Market w/ HOGE

Season 1 | Episode 9
31m | May 31, 2022

NFTs are built on blockchains and blockchains use coins to facilitate transactions. And right now, the coin market is way, way down.

This could actually be viewed as a good thing. One of the biggest complaints about Ethereum, one of the most popular blockchains for NFTs that hosts megabrands Bored Ape Yacht Club and CryptoPunks, used to cost between $50 and $150 in ‘gas fees’, which means a payment you need to make just to cover the costs of a transaction. Now, you can regularly make an Ethereum transaction for less than $10.

For people who want a lower barrier to entry to the market, this is great. Everything is on sale.

But what about the voices BEHIND these coins. Afterall, there are a lot of people making a lot of money from these chains. As we mentioned in the last episode, the co-founder of Ethereum, Vitalik Buterin, announced that he’s no longer a billionaire due to this downturn. I’m not shedding a tear for someone losing a comma, but those representing smaller chains may be struggling a bit harder.

Does this mean the party is over for the little guys? Is this a market correction that will push out the upstarts and ensure dominance to those with the funding to weather the storm? Or is this time for the builders to come out of the woodwork so they can hit the next period of explosive growth.

I wanted to get the story first-hand from someone who lives in the more ‘start up’ sector of the blockchain world. Hayden, not his real name since he is not doxxed, is one of the leading voices in HOGE coin, which has built a strong community around not just coin sales, but retro gaming using NFTs, esports, and web3 information sharing. He’s one of my go-tos for the ‘word on the street’ in this space.

Warning: Hayden is really, really heads down so he gets a bit jargony. There’s no shame in pausing the podcast to Google a term. A few important ones: defi means ‘decentralized finance’ which is a blanket term for using blockchain-based coins like money. Farming and staking are ways to invest these coins for a return, think of gaining interest from a savings account.

Now let’s get building with the HOGE master.

FOR MORE INFO:

Phil Ranta's Twitter: https://twitter.com/philranta

Podcast Twitter: https://twitter.com/NFTStoriesPod

YouTube: https://www.youtube.com/channel/UCwuexPh0bx-6jXQMRv3iq1g

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