In this Twitter Spaces Summary (#TSS) of Entrepreneurship and IP in web3 – BARRELX x PunksClub, you’ll learn about entrepreneurship in web3 from multiple CryptoPunks. ICYMI, here’s the TLDR:
- BARRELX is a web3 project that’s combining real-world assets (Kentucky bourbon) and NFTs;
- The BARRELX co-founders joined this Twitter Spaces to talk about entrepreneurship in web3, including highs and lows;
- An IP lawyer joins the conversation to highlight the importance of copyright, trademark, and licensing in the NFT space;
- Other web3 entrepreneurs join the discussion, discussing product like Forever Punks and PunksClub.
n.b. Summaries are edited for brevity and inconsistencies may occur due to crosstalk or audio quality. The content presented is not financial advice. Do your own research and review the disclaimer below.
PunksClub’s Twitter Spaces about entrepreneurship in web3
PunksClub hosted Entrepreneurship and IP in web3 – BARRELX x PunksClub on Sept. 6, 2022, with a runtime of 1:34:17 and 144 people tuning in.
Here is a summary of that Twitter Spaces.
Crossroads of IP Licensing & Entrepreneurship in Web3
- Nicole (@nicolemcgrawart) says the PunksClub is trying to bring the CryptoPunks together to share about web3 and the projects they’re building. Nicole introduces herself as the CEO of Jupiter Group, a leader in art and tech integration. She used to own galleries, most recently in Palm Beach. Her entrepreneurship experience positions her well to launch BARRELX, an NFT project that aims to democratize aging spirits. A key aspect of that project is that BarrelX is collaborating with NFT holders to place their artwork on the barrel via IP licensing.
- Matt (@BARRELXER) is the CEO of All Nations Distilling. He got into the spirits game five years ago, starting with Kentucky bourbon. He’s trying to figure out how to make spirits aging accessible to more people. He got involved with BARRELX because he was looking for a solution for their barrel inventories and barrel management system. He wasn’t looking for a web3 solution specifically, but the blockchain technology just fit well.
- An important part of entrepreneurship in web3 is understanding the intellectual property landscape. Queue Vivek (@jayaram_vivek), who has advised artists on the importance of IP over the last couple of decades. NFTs provide a novel and unique opportunity to experiment with IP licensing, sub-licensing, and other interesting IP collaborations.
- VoyTech.eth thinks crypto is exciting because it reset the clock on finance, where nobody can stop you from doing a blockchain transaction. But beware: Vivek notes that copyright and trademark laws have not changed since the onset of crypto. The last few years have pushed lawyers into this space to figure out how federal laws will apply to these new uses. Folks in the crypto and art communities are excited about projects providing commercial licensing to the NFT holders. Since BAYC released their license, many other projects have used similar structures. But the burden is on the communities to figure out how existing laws can be applied to this new medium.
- Vivek notes that the lobbying (to foster creativity and innovation in crypto) appears to be working. There will be regulation addressing cryptocurrencies, but they won’t be catastrophic or harmful to the community.
Surviving entrepreneurship in web3
- Nicole says building a web3 product has been crazy. It has taken a lot of learning and iteration. But they’re happy where they are now, having built a team that executes together well.
- Matt has been building manufacturing facilities for a long time, starting in his mother in law’s basement. He started in a 2,500 square foot space, which grew into one of the largest facilities in the country. It has taken him five years to build a manufacturing facility because regulators (local and state) have their hands in what you’re doing. The hard part is finding the right people. Failures are great to motivate you and narrow potential screw ups. As the tech industry matures, they’ll have more service providers.
- VoyTech.eth notes that key attributes of a web3 entrepreneur are persistent grit. In contrast to building manufacturing facilities, you can test ideas in crypto via mockups. You can get the product out in two weeks, put it in front of users, and see if it actually works. Web3 is all about quick validation.
- foreverpunks.eth is another entrepreneur in web3. He focuses on the Forever Punk product, which is within their scope as a one-man coder. He’s been doing it for two months, meeting the people, and it’s been good so far. The product came from a problem they were experiencing when they bought a CryptoPunk. He added features that he thought were missing.
- VoyTech.eth argues that developers should use the simplest tool for the job and get consultants to jump in and judge the set up. If you just hire an agency or external CTO, they may be making technical choices that end up costing you 10x more in the long run.
BARRELX, an example of entrepreneurship in Web3
- BARRELX co-founder, Nicole, says they are building a new marketplace that’s going to democratize the aging spirits industry. Their first drop is a premium bourbon, and one 10th of a barrel equals 22 bottles. Customers can choose the mash bill, which are the ingredients that go inside the barrel to make up the bourbon.
- Nicole says the bourbon market is on fire because people started importing bourbon and the supply dried up. She notes that you cannot buy fractions of barrels on a marketplace anywhere.
- Matt notes that when they started trading barrels, they were tackling a real estate play. He learned that he would not have enough liquid to go to market. There’s 11 million barrels of liquid on the ground, and yet they could only produce 1.5M barrels a year. So they pivoted to manufacturing a plant.
- Matt says the spirits trade exists in a large, real world way. People are more interested in playing in that world. VoyTech.eth notes that the community aspect is what propels this space forward. Matt talks about how there’s an educational avenue to make sure everybody understands the bourbon-making process. VoyTech.eth has obtained great results from crypto-trading, but there is no physical aspect, like there is in BARRELX.
- Matt says there’s plenty of opportunities to collaborate with other communities – without explicitly being all about BARRELX.
Opportunities for collaboration among web3 entrepreneurs and communities
- VoyTech.eth notes that when he joined crypto, the main tools were Discord and Telegram; people were fragmented across many groups. It’s a shame not to leverage the communities.
- foreverpunks.eth is a web3 entrepreneur, and he’s having an internal debate whether to build more Punk-specific features or go wider. He’s thinking of starting a Punk podcast that interviews CryptoPunks to get their background stories. As for monetization, perhaps the podcast charges a fee to feature your Punk in a highlighted spot.
- VoyTech.eth wants to launch his PunksClub service for BAYC to get broader traction. The next step is a mobile app and chat. They started with social features to see if that aspect would catch on. They have Telegram and Discord bots, and they’re waiting for those companies to approve the bots so they can release a digests feature.
- Foreverpunks.eth (@foreverpunksnft) is adding features to Forever Punk on a weekly basis, but there’s no user generated content. Ultimately, usage appears to be tied to CryptoPunks activity. VoyTech.eth discusses expanding the map feature, enabling a CryptoPunk to be visible in both the home city and the destination city.
- VoyTech.eth highlights other roadmap items, like: giving people the ability to make their content public, a public member directory, and an events feature. Beyond the roadmap, there are many other ideas they are considering. For instance, they could set up channels to notify about specific areas of the world. All of this is made possible by web3 because without the CryptoPunks collection, it would be difficult to get the energy to build.
That’s wrap for this Twitter Spaces Summary. I hope you enjoyed learning about entrepreneurship in web3, thanks to the PunksClub and friends!
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Various CryptoPunks join Twitter Spaces to discuss Entrepreneurship in Web3, highlighting BARRELX, ForeverPunks, and the PunksClub.
Disclaimer & Risks: This summary is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The host and guest may hold NFTs mentioned on the show, but that is not an endorsement or recommendation to buy any tokens or NFTs mentioned. Please do not follow any opinion as a specific strategy. Using crypto applications, wallets, protocols, and tools may expose users to risks including, but not limited to, smart contract bugs, systemic risk, flashloan attacks, economic incentive failures, liquidity crises, admin key exploits, governance exploits, and pegged assets such as stablecoins or tokenized BTC de-pegging.