In the inaugural episode of the "Crypto Consumer Chronicles," Humpty sets the stage by discussing the background of Crypto Sapiens and their mission to provide a platform for creators to start their podcasts with minimal cost and expertise. As the episode unfolds, the podcast also highlights the recent success of Onchain Alpha, an exploration of decentralized data and project-building tools in the web3 space.
As the curtain rises on this groundbreaking series, Humpty introduces a lineup of thought leaders, innovators, and trailblazers in the consumer crypto space, kicking off with none other than Jonny, the mastermind behind Fabric and the creative genius responsible for projects like Crowdfi and Hypersub.
Jonny Mack, the founder of Fabric and creator of Crowdfi and Hypersub, takes center stage to unveil Fabric's primary focus: Hypersub. This groundbreaking NFT subscription service revolutionizes how creators engage with their audiences, allowing users to mint time on an NFT and unlock exclusive perks such as lists, group chats, and real-life experiences. Fabric emerges as a pioneering force, reshaping the way creators engage with their audiences through the power of blockchain technology.
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But who is Jonny, the visionary driving Fabric's innovative endeavors? A former Google employee with a diverse background in tech, Jonny shares his journey into the world of crypto. His fascination with the intersection of technology and economics led him to delve into the crypto industry, where he first bought Bitcoin in 2014 before fully immersing himself in the space in 2017. Jonny believes in two entry points into crypto: the technical or "nerdy" aspect and the economic opportunity it presents. As the industry evolves, he predicts a shift from a focus on technology to the outcomes it produces.
Fabric's Flagship, Hypersub: Democratizing Access to Exclusive Perks
Fabric's mission is to enable producers to launch their podcasts and reach a wider audience by offering a low-cost, minimal-expertise platform. Fabric's goal is realized when viewed through the prism of Crypto Sapiens, providing insights into the nexus between consumer cryptocurrency and the content creation industry. The focus shifts towards Fabric's flagship offering, Hypersub, an NFT subscription service designed to democratize access to exclusive perks and rewards for subscribers.
The Symbiotic Relationship Between Gaming and Crypto
One of the core themes explored in the discussion is the symbiotic relationship between gaming and crypto, where NFTs and decentralized organizations serve as catalysts for innovation. Jonny delves into the intricacies of this dynamic, highlighting the importance of striking a balance between economic opportunities and consumer experiences within the crypto space.
Jonny discusses the intersection of gaming and crypto, with NFTs and decentralized organizations as key examples. He explains how the attention and value in crypto tend to be driven by financialization and scarcity models, and how the concepts of casino games and computer games have influenced each other in a virtuous cycle. He then reflects on the need to find a balance between the two, and how the industry is searching for this "goldilock zone" where both economic opportunities and consumer experiences can thrive. Jonny’s background in crypto has prepared them to think about this balance and the potential for new and delightful consumer experiences in the space.
Fabric's Design Philosophy
Drawing from his background in tech and a deep-rooted passion for crypto, Jonny points out the significance of simplicity amidst the complexity of the crypto landscape. Jonny shares his unique perspective as someone who is both experienced in tech and optimistic about crypto. He believes that the best teams in crypto are those comprised of individuals who possess both qualities.
With his extensive background in design, Jonny highlights the value of simplicity in the intricate realm of cryptocurrency. He suggests simplifying things and going back to basics frequently. Jonny also talks about his experience as an IT consultant, where he was exposed to the architectural and design processes and met notable designers like Sagmeister and Saw Bass.
Genesis of Hypersub: Redefining the Subscription Model
The conversation extends to the genesis of Hypersub, born out of a desire to harness the community-building potential of NFTs during the bear market. Jonny and his team identified a gap in the market and embarked on a journey to redefine the subscription model through blockchain technology. The platform's unique features, including the subscription rewards system and on-chain referral program, highlight Fabric's commitment to fostering a vibrant ecosystem for creators and subscribers alike.
Humpty and Jonny discuss the creation of Hypersub, a web3 project aimed at building a Patreon-like platform using Fabric and NFT subscriptions. The primary motivation behind Hypersub was identified during the bear market when people were still actively minting NFTs. The team noticed that NFTs were mostly used for IP and collectibles, but saw potential in community building. They observed that people were using NFTs as a form of membership, granting access to certain benefits for a specified period. However, this was done through a hack, as the temporal dimension was not baked into the underlying contract. The team identified this as an interesting design space to explore, as there were previous attempts at subscription NFTs that never took off. They committed to creating Hypersub, adding mechanisms for sharing the upsides, and designing it to be more favorable to creators.
@thedatadood's Crypto Consumer Chronicles with @withfabricxyzThe episode exploes issues related to #NFTs, building a start-up and more.
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Jonny discusses the features of their platform, specifically the subscription rewards system. This system allows subscribers to earn a percentage share of an on-chain pool based on the length and earlier date of their subscription. It functions similarly to a bonding curve but is not priced as such. Additionally, there is an on-chain referral reward system, where referrers receive a percentage of the allocated rewards when someone they refer subscribes.
Jonny notes that these characteristics make it possible to design value into cryptocurrency and provide distinctive incentives for distributing the money that is received. They also agree on the platform's design ethos, which calls for an oddly charming look. They credit the early adoption of select artists, most notably Oxen, who took a chance and developed a Hypersub NFT, for their success, despite the market's initial lack of interest. This led to an increase in subscribers and the platform's eventual popularity.
Navigating Challenges: The Journey of Early-Stage Founders
However, the road to success in the crypto space is not without its challenges. Early-stage founders like Jonny and his team grapple with uncertainty and the need to iterate rapidly in response to market feedback. Yet, amidst the trials and tribulations, Fabric remains steadfast in its conviction to support creators and amplify their voices on the blockchain.
They discuss the challenges faced by early-stage crypto Founders in gaining insights to make decisions for their products, particularly in the small and noisy niche community. Humpty uses the example of a successful artist on Farcaster who made $100,000 but experienced a long period of uncertainty and lack of feedback. He emphasizes the importance of building both a protocol and a client on the blockchain, and the need for real users and usage to validate the protocol's value. Humpty also mentions the difficulty of building a protocol without information and the importance of having a thesis-driven approach.
Jonny shares their experience with developing a crowd-financing platform called Hypersub, which faced challenges in gaining traction and adoption. Despite their conviction in the product, they were considering abandoning it due to the lack of interest from potential users. Jonny reflects on the difficulty of determining whether to persist or pivot, acknowledging the risk of being too stubborn and missing the market's needs. They emphasize the importance of conviction and the challenge of embodying both stubbornness and humility as a founder. Humpty also touches upon the idea of a protocol and client, using Farcaster as an example, and agrees that the protocol itself can be valuable, even if the client application doesn't gain widespread adoption.
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Humpty discusses the importance of building a client, specifically Warpcast, for the success of the Farcaster protocol. Warpcast is defined as an idea collector and community organizer that helps groups of people come together around particular initiatives. Humpty gives the Farcaster team credit for their audacious plan and their ability to meet the difficulties of developing the Farcaster protocol and Warcast at the same time. Humpty draws a comparison between the development process and the process of producing a hybrid piece of hardware and software, emphasizing the significance of smaller teams concentrating on one area at a time. In addition, he shows appreciation for Fabric's technological stack and design, particularly for Hypersub, Crowdfi, and the STP protocol.
The Fabric Accelerator Program
Humpty discusses his experience as a creator and the challenges he faces in measuring attention, encouraging early engagement, and rewarding fans. He introduces Crowdfi as a solution to these problems and mentions the balance between creators and developers using both platforms. Jonny then shifts the conversation to the Fabric Accelerator program, which was started to help creators who want to be on the blockchain but are unsure of how to get started.
The program aims to work closely with selected creators, documenting and codifying the learning process to help others. Jonny expresses surprise at the high quality and diversity of applicants, numbering over 125, and shares the goal of helping them succeed by facilitating the distribution, minting, and discoverability of their work. The success of the platform, according to Jonny, depends on the subscriber experience and the happiness of both subscribers and creators.
Fabric's culture is centered on the idea of community building and teamwork. The Fabric Accelerator program is one example of an initiative that demonstrates its dedication to developing talent and encouraging innovation within the ecosystem. By providing creators with the tools and resources they require to succeed, Fabric hopes to usher in a new era of artistic expression and financial empowerment.
Jonny shares personal experiences with two creators and their unique offerings on the platform, highlighting the excitement and value they receive from physical merchandise. He expresses the team's ambition to help creators thrive and facilitate more of these meaningful connections. They discuss the various ways to follow Fabric, including Twitter, Ethereum Name Service (ENS), and their main focus, Hypersub. The team is dedicated to helping creators earn recurring revenue on the blockchain and supporting creative projects on the platform.
▼Resources:
Host: Humpty | Crypto Sapiens
Special Guest: Hypersub | Jonny Mack | Warpcast
As the episode draws close, Humpty and Jonny thank the live audience for their contributions and support towards their Web3 and Crypto Native distribution. It's a testament to the symbiotic relationship between creators and consumers, fueled by a shared vision of a more inclusive and equitable digital future. In essence, Fabric's journey exemplifies the transformative potential of blockchain technology in unlocking new possibilities for creators worldwide. By bridging the gap between creativity and crypto, Fabric paves the way for a more vibrant and interconnected digital ecosystem where everyone has the opportunity to thrive.
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