WAGMI (or not) - but Making It in what? What is it we're early for?
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
I invite you to look more broadly than "crypto trading" or "NFT projects" or whatever specific bit you're looking at, at the overall field. We're early for something currently loosely called "web3".
What is it?
I believe web3 is a huge wave of innovation in the technological, social, economic and political world, that will transform our lives over the next 2-3 decades as much, if not more, as the internet itself transformed our lives in the last three.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Web3 is a Tsunami.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Now, a rising tide lifts all boats. But make sure you're in a fricken boat, not clinging to a tree or getting washed out to sea alone in your pyjamas. Tsunamis are big violent things.
Web3/crypto isn't just investing, trading, speculation and ponzi games, though it may sometimes feel like that.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
In fact it's mostly not that.
Web3 has the potential to disintermediate most of the economy. And it will be driven by the stuff people are building right now.
This is huge. The disruption web3 will bring to the world creates an enormous pool of opportunity for anyone willing to take part.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Most people won't take part. If you're reading this thread, this is what you have a chance to be very early for: the next giant wave of innovation. pic.twitter.com/HEZXE6Rjin
There are millions of ways to take advantage of this wave of opportunity coming with web3. They have different requirements, pros, cons, etc.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Most ppl rn are fixated on flipping jpegs and coins, but those are, imho, not the main ways to GMI in this context.
Let's look into it.
1) Investor
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you have the money and you're willing to learn the fundamentals of some of the market, then being an investor can be a way to GMI.
What does it mean to "have the money"?
"You should only invest money you can afford to lose" is a bit vague.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
I say: you should only invest money that, if you lose it, will make no substantial difference to your lifestyle.
The reason is simple: if your lifestyle is tied into it, you'll make emotional decisions.
Entering and exiting investments should be based on rational calculation, looking at the fundamentals (or the TA if that's what you're into), making an informed bet and then riding it to its conclusion. pic.twitter.com/h26gMLrtnn
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you have enough money you can risk, investing is a good path to GMI.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
But most people don't have enough money to invest. Most ppl have $0 they can afford to lose without impact.
You're NGMI starting with $100. If you don't have money already, this path is not for you.
If you do have at least, let's say $10k that you can afford to flush down the toilet, then my suggestions for GMI through investing is to become an expert at some area of web3 and then invest in the good stuff there.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
There are so many scammers, you have to rely on yourself.
2) Trader
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Trading is an art and a science. Not everyone's good at it. It seems simple, but it's hard. Most ppl suck at it (I do). But some people can get really good at it.
Trading can be a fruitful way to GMI. But... like investing, it requires capital. pic.twitter.com/RIKDj4EqCL
Even more than with investing, you need to have a strong stomach for losing, because plenty of trades don't work out. And if you get emotional while trading, you're gonna get rekt. Other, less emotional traders will just steal your lunch.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
Even if you're good at trading, it's always possible you'll get hit by an unexpected bear and, in something illiquid like NFTs, you'll lose everything. It's a risky path, but it can be very profitable for some.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
So it needs money and mad skills. Trading is not for most, imho.
3) Art
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you have ambitions to be an artist... this is your time.
Whatever your art is... the opportunity is banging down your door.
Right now, only visual arts have really been figured out, but we're just getting started. pic.twitter.com/RVxtCg9Nvz
Disintermediating the "art industry" is probably one of the biggest benefits web3 will deliver upfront.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
I don't just mean art galleries, but record labels, publishing houses, even YouTube and TikTok, hell maybe even twitter threads? 🤔...
Yeah, music and books and movies haven't been NFT-ized yet, the models haven't been developed. But it will happen.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you're a creator of some kind, this is your moment.
Jump in, figure out how you can create on web3. Some stuff will work, some won't. You'll figure it out.
Best part for artists is: you don't actually need much to get started. No capital. Just an urge to create, some skills, and willingness engage with this new medium.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you're getting involved in art/creation and web3 in 2021, chances are YGMI.
4) Makers, builders, devs, enterpreneurs, marketers, salespeople...
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
This is a big one. It's HUGE.
Imagine being alive in 1995 as the web was just beginning, and *knowing* that this huge thing is coming?
That's where you are right now.
Imagine then continuing with your day job and watching from the sidelines.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
There's a reason why, as @cdixon put it, so many smart people are quitting their jobs and moving full time into web3.
They don't want to sit on the sidelines.
If you can't quite your job because <responsibilities> at least find ways to get involved in building stuff in your spare time. There are entire cryptonations being built from scratch, they'll take all the help they can get. https://t.co/5GGzSgMGjq
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
The best part about this new startuppy world of web3 is that it's more inclusive than ever before. The tech world has been plagued by discrimination based on gender and race. But web3 is often pseudonymous. Everyone's on blind audition if they want to. pic.twitter.com/jgXVNVq9rR
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
And learning to contribute to building something costs only your time and your smarts.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you're rolling up your sleeves and participating in building the third wave of the web? YGMI. pic.twitter.com/FPQiTriUm3
As an entrepreneur, this last option is of course one of my favourites.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
If you don't have lots of money to invest or trade with, and you don't think of yourself as an artist, it's a great path to success.
It doesn't happen overnight. But as I said, web3 is here for decades.
WAGMI doesn't mean we're all going to luckily stumble on the right get-rich-quick scheme and win the lottery.
— Daniel Tenner (swombat.eth) (@swombat) December 4, 2021
It means we're building the future, and anyone who wants to help is welcome, and all of us building this *future*: we are literally going to make *it*.
gm & gl