Welcome to the Rally Digest, a weekly round-up of everything that’s happening around the Rally Network.
6AM is an experiential and digital media platform covering all facets of underground electronic music culture, resource, technology, and lifestyle. Following a humble beginnings as a Los Angeles-based local blog and club sub-promotion company, they have since seen their global outreach, industry experience, scope and knowledge expand exponentially with each passing year.
The Most Famous Artist “Stoned Elon” NFT Collection Sale Exclusively with $RLY
Over the weekend, The Most Famous Artist debuted a limited series of 69 NFT portraits from a collection of 50+ artists of Elon Musk smoking cannabis on the Joe Rogan podcast that inspired a flood of memes. Buyers can only use $RLY to purchase the pieces with the portraits listed for 420.69 $RLY each. The sale takes place April 17 — April 20 on popular NFT marketplace OpenSea.
Check out this special “Very Stoned Elon” auction in $RLY that closes on 4/20 at 4:20pm with all proceeds to be held in $ART community treasury and deployed to fund community-initiated projects.
- For Pacenotes, Joon Ian Wong highlights how uncertainty reduction theory can help us design more engaged hybrid communities.
- Investor Omar Ismail at Supernode Capital breaks down the dividing line between the gaming industry and the music business: the existence of free-to-play models. In Ismail’s analysis, it’s F2P models that have allowed gaming growth to surge while music business revenues have fallen or stayed flat. Social tokens are the innovation that enables this same F2P mechanic for any creator, Ismail says. We can get behind that!
- Marketing guru and all-round tech gadfly Scott Galloway tries to make sense of everything from Gamestop to Beeple. His “unified monetary theory of Beeple and Biden” contains an interesting forecast of where crypto-tokens could go: Brands and institutions, say, Chanel or Stanford University, could issue their own tokens, with their own money supplies and rights attached. These tokens would take advantage of the digital scarcity that blockchains can provide. “Crypto is leveraging our instincts around scarcity. They’re so powerful,” Galloway says.
- Economic historian Dror Poleg examines social tokens through the lens of risk distribution. From Bowie Bonds (the music legend’s own financial instrument) to Alex Masmej’s $ALEX tokens, Poleg sees them all as points on a risk distribution curve. The key to our new epoch, he says, is the willingness to share risks with others — bond-holders, token holders — as you develop.
- How do you build a “fiercely loyal” community? This is the question the Ethereum Foundation’s Sacha Saint Leger tackles through his critique of the oft-quoted “Progressive Decentralisation” playbook from a16z. Her prescription? Focus less on product-market fit, and more on community-market fit. From a loyal community, everything flows: a co-designer, a proxy for the market, and an engine of innovation.
- There’s a silver lining to the sea of red in crypto markets over the weekend, according to Real Vision’s Raoul Pal, and that’s more opportunity to add to new positions! Pal, for one, is looking hard at “community token ecosystems” — and Dogecoin, because who doesn’t love Dogecoin?