podcasts

NFT Influence, with Bored Elon of MetaMars

podcasts

NFT Influence, with Bored Elon of MetaMars

Bored Elon began his Twitter journey as a parody account of Elon Musk. Eventually, he built up a separate identity and became known as a NFT investor. In this episode of the Metaverse Podcast, he shares with host Jamie Burke on a variety of topics, including MetaMars, his upcoming online arcade with a Martian spin.

Posted by NFT Influence, with Bored Elon of MetaMars - November 2021

Background

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: twitter.com

 

  • One of the most outsized influencers in the NFT space
  • Rarible collection:
    • Created 700
    • Owned 1700
  • Have been receiving a lot of spam NFTs
  • Created a few NFTs to experiment. Realized that he is not a visual artist and shifted to partnering with artists instead
  • Would come up with concepts and work with designers and artists to create something together
  • Would split the profits 50/50
  • Acted as a gallerist, providing visibility to artists
  • Took his winnings into other investments, startups, and DeFi

Investing In Art

  • The visuals are not always the most important. It’s the story that the artist tells
  • Dabbling in art made him curious to invest in other projects
  • When Bored Ape Yacht Club launched, he thought it was a really clever story. Liked the universe they were building and bought 14 of them
  • Still holding on to them today
  • Ended up cementing his branding with the term “bored” in front of his name

“The most appealing part about that project was that they use the bored adjective in their project. That was obviously a great alignment, and had nothing to do with me. People made assumptions that I was somehow connected to it, but I wasn’t.” 

– Bored Elon

Bored Ape Yacht Club

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: twitter.com
  • People have described it as a web country club
  • His focus is on their storytelling aspect. They provided enough of a framework for their universe without creating too much guardrails
  • A project can be completely open-ended and sometimes that could lead to paralysis and the project doesn’t really go anywhere
  • On the flip side, you might have a linear video game that tells you exactly what to do. Players might be bored with the game and leave
  • Bored Ape Yacht Club created little nuggets of information that tell the story about these apes but also allow the community to expand on the universe themselves

Who Is Bored Elon?

  • Modeled Bored Elon off David Bowie
  • David Bowie was hard to describe — he is an artist, he is a singer, and he dabbles in a lot of things. He is a curious person and he changed through time
  • Bored Elon started off as a joke, as a caricature of a billionaire genius who has brilliant ideas when he’s sitting on the toilet

“I’d rather be sort of a jack of all trades, who is a solid 8 out of 10 in a lot of different things versus being an expert in one particular area.” 

Bored Elon

  • It evolved into someone who dabbles in a lot of different places today — game design, investing, NFTs, etc.
  • Lot of communities would not consider him a part of them. He’s okay being a jack of all trades
  • Was a parody of Elon for the first couple of years. Eventually, it started to become its own identity
  • The real Elon tweeted at him a few times and sarcastically said that Bored Elon is his troll account. Would get him into trouble as people would think that Bored Elon is Elon
  • Have a communications and marketing background in the games industry

Getting Into Crypto

  • Got into crypto in 2013 because he was frustrated with the difficulty of sending money to people around the world
  • Started experimenting with Bitcoin and Stellar
  • Had a pause from 2015 to 2018. Felt that crypto wasn’t going to grow to the place it is today
  • Returned to crypto when he saw more utility
  • Saw the opportunity to turn his distribution into a real business and create products. Has been a life-changing experience for him

Unpacking His Recent Tweet

💡 Recently Bored Elon put out a tweet saying that decentralized social media will be a wild west as opposed to centralized media, which will be literally nothing. What does he mean by this when he has built his profile, distribution channel, and everything through centralized social media?

  • Was a dig at Facebook
  • Knows that Twitter is his biggest distribution mechanism. If they shut him down, it would be a huge blow to everything that he’s doing
  • Appreciative of the opportunities that has been enabled by Twitter but have a sense of constant dread that he does not have control over the community he has built
  • Still a little bit bullish on Twitter. Have a wild theory that Jack Dorsey does want to decentralize Twitter down the road by buying back the company from shareholders and gifting the company to society

When Bored Jack?

  • Jack Dorsey is tweeting as if he already has the Bored Jack name
  • Thinks that Jack is beyond the point of caring about money
  • Twitter is moving faster than other social platforms. They have already introduced Bitcoin payment features and will soon introduce NFT-based profile pictures
  • There will be a steep learning curve for the masses, but once they realize that they can monetize through decentralized platforms, operate without being advertised to, and have their data sold, decentralized platforms will start to take off

Is Deplatforming A Constant Concern For Him?

  • His content is fairly light
  • Does not get into politics or say anything controversial
  • It helps that Jack Dorsey is following him
  • Fundamentally, still doesn’t like the fact that someone has the power to deplatform him
  • In the process of diversifying his distribution channels through email subscribers, Discord channels, Instagram, etc.

TikTok And NFTs

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: google.com
  • TikTok as a massive driver of culture. Played a huge role when it comes to stock volatility for stocks like GameStop and AMC
  • Can translate that type of fervour to NFTs
  • TikTok has a Chinese backer. Was surprised that they ventured into NFTs

His Investments

  • Invests in the following:
    • OlympusDAO
    • CityCoins
    • NFTs
    • Startups that are focused on decentralized identity, communication, and gaming

CityCoins

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: google.com
  • CityCoins is a combination of generating wealth but also doing good for local cities
  • CityCoins is built on the Stacks Network, a layer 1.5 on top of Bitcoin. It enables developers to build contracts and other features that Bitcoin can’t do on its own
  • When a CityCoin gets mined, 70% goes to the miners and the remaining 30% goes to a particular city
  • A wallet will be created and the 30% will sit there until the mayor of a particular city claims it
  • Mayor Francis Suarez of Miami did opt to claim the wallet
  • Instead of people being taxed involuntarily, crypto can be used to generate money and allocated to cities that have done a good job in running things

“They [CityCoins] create a wallet, and all that 30% goes to this wallet, and it will sit there until the mayor of a particular city claims it. And luckily, Mayor Francis Suarez did opt to claim the wallet. And so $10 million has already been generated through mining activities for the city of Miami that they can use for anything.” 

– Bored Elon

Involvement In DAOs

PartyDAO

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: twitter.com
  • Group of people putting in money to acquire a high value NFT such as a Bored Ape or a Punk
  • The group can then say they own part of a Bored Ape or CryptoPunk and be part of a little club
  • When the NFT gets purchased in the future, hopefully it could fetch a higher valuation for its members

SyndicateDAO

NFT Influence, with Bored Elon of MetaMars Outlier Ventures
Source: twitter.com
  • A startup he invested in
  • It helps founders and creators spin up businesses and raise money to invest in other businesses in an easy way
  • Allows founders and creators to focus on business building, networking, marketing, and deal flow without having to manage the operations involved when it comes to raising money
  • SyndicateDAO is making great progress
  • Besides community investors such as himself, they have raised money from Andreessen Horowitz and many other prominent investors
  • Love seeing people like Snoop Dogg, athletes, and celebrities getting into the NFT space

“There was 100 people who were mentioned and one of them was Snoop Dogg, and I was listed right under him as an investor. So that’s a feather in the cap for me to be a co-investor with Snoop Dogg.” 

– Bored Elon

  • Thinks that we have reached the cultural tipping point now that celebrities are jumping into NFTs

MetaMars

  • MetaMars is a metaverse, but he does not like the term metaverse
  • A combination of blockchain, gaming, DeFi, and NFTs
  • Right now, it is a private Discord. Anyone who owns a particular NFT called the Mars coin can jump into the discord and chat with him and other community members

“So for anyone who’s heard of PoolTogether, or no-loss lotteries, that’s essentially what MetaMars is going to be. You play games, you have fun, when you’re done, you get all your money back. But if you’re really good, you’re also going to get a prize on top of that.” 

– Bored Elon

  • MetaMars is going to be an online arcade that features classic arcade games with a Martian spin
  • To play the games, players have to deposit a certain amount of ETH. This ETH will be earning yield
  • The top-scoring players in a given week/month will be going to win the entire pool. Inspired by the PoolTogether concept
  • Will be launching with 4-5 games
  • Their plan is to act as a gateway to other people’s games
  • Confident that they will reveal an early version of MetaMars in spring to summer next year

Sentiment Around Gen Z

  • Jamie shared about a Gen Z founder whose whole pitch revolves around the pointlessness of saving as their generation is not able to gain any meaningful form of income
  • Hence, the trend towards gambling
  • Bored Elon responded that that sentiment around Gen Z is valid. It has become an “all or nothing” for this generation and crypto is providing the younger generation with a way to leapfrog the traditional path and obtain wealth in a more accessible way
  • Will lead to a more egalitarian society than the current system

Infographic

Too much information? We did an infographic to capture some of the highlights of the interview:

NFT Influence, with Bored Elon of MetaMars Outlier Ventures

 

NFT Influence, with Bored Elon of MetaMars Outlier Ventures

This podcast summary was prepared by The Reading Ape in collaboration with Outlier Ventures. The Reading Ape is a humble servant of the written word.

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