▹ Week's Top Signal (new section alert)
▹ Patrick Woods go-to-community growth plan
▹ Elon Twitter Takeover Plans <> DAOs
▹ Meta "Open Metaverse" Plans and 50% cut
▹ Artist DAO <> Music Industry via Superrare & Coinvise
▹ Louis Vuitton NFTs
▹ ... much more
PS: We’ll be experimenting with some new formats and content types in the newsletter over the next few weeks. If you have any ideas or feedback on how we can improve the newsletter, let us know!
Let’s get into it.
No second chances in a decentralized world! This lesson is being learned in the most unfortunate of circumstances throughout the ecosystem, as security breaches continue to make headlines on an almost daily basis.
Reports about a North Korean state-sponsored hacking group, Lazarus, have been coming out since at least last year highlighting their connection to major hacks throughout the crypto space. A report from Kapersky, a global cybersecurity firm, noted in January that Lazarus is engaging in sophisticated attacks on small and medium-sized crypto companies, often under the guise of a crypto VC firm. The group embeds malware into PDFs to track keystrokes and take screenshots.
The social engineering behind these attacks are worrisome to say the least. A recent report from CoinDesk also ties Lazarus to the $625M Ronin chain hack. These findings and many others led folks like @arthur_0x of DeFianceCapital to publish a Twitter thread publicizing their findings that Lazarus, and sub-group BlueNorOff, has a "relationship graph of the entire crypto space mapped out and know what kind of phishing emails are most likely to slip through our mental defense."
We highly encourage everyone to check out the links above and read more about how they can stay safe at both the individual and organizational level!
How to Drive Business Growth By Fostering Your Community. The recent wave of attention in web3 caught a tailwind from the trend towards community-centric GTM models in the world of tech. As folks were trying to figure out how they could engage their communities to help grow their businesses, web3 came to the scene with a simple answer: ownership. This piece from a16z Future breaks down the difference between go-to-market and go-to-community strategies across a variety of domains, offering tactical advice on how founders and operators can marry the two worlds.
Musk Twitter Takeover Plans. You’ve heard this news already: Elon Musk has made a $43 billion cash-only offer to buy Twitter and take it private, arguing that the changes that need to be made for the company to succeed cannot occur while the company is publicly traded. Amongst many other conversations, this news has re-sparked debate around what would happen if Twitter was acquired and managed by a DAO, and whether that would be a good thing. DAOs are currently governing large protocols, but could they handle one of the largest social media platforms in the world?
You can sell items in the metaverse — but Meta will keep a nearly 50% cut. The idea of an "open metaverse" is becoming more important than ever as Meta recently announced plans to take a 50% cut of any goods sold in their "metaverse". This is outrageous to say the least – not only are high extractive fees categorically against the ethos of web3, but even Apple’s App Store fee is "only" 30%, substantially lower than Meta’s proposal. Building open infrastructure for the metaverse, whatever that ends up looking like, will be critical to seeing through all of our visions for the world.
Building a Decentralized Content Engine. Web3 podcaster Diana Chen announced this week that she is stepping away from Rabbithole in a Twitter thread, but with it came an awesome post on lessons learned from building a decentralized content engine. Diana covers team size, compensation, seasons, and more, but ultimately opens up a conversation around what decentralized content looks like at an organizational level. We have no doubt she’s going to kill it in her next chapter!
The Future of Music is Web3 <> NFTs, Social Tokens or DAOs? NFTs, social tokens, and DAOs… lots of buzzwords, but when should you be focusing on what, and how do they all connect? Eliot from Coinvise highlights some of the key considerations for music artists in determining how they should leverage web3 tools in their work. Ultimately, each of these tools has a place in the equation. It all depends on where you are in the journey and what you’re trying to accomplish.
Louis Vuitton to release new NFTs. Luxury fashion brand Louis Vuitton is continuing its experimentation with NFTs with the introduction of NFT rewards in its stand-alone mobile app game Louis: The Game. The game incentivizes players to learn about the brand’s rich history. According to Block Crypto, “luxury and fashion brands have been increasingly experimenting with NFTs and blockchain gaming, with the hope of attracting Gen Z consumers.” Most recent examples have been met with lukewarm reception, but its interesting to see brands recognize that they will need to embrace web3 tech in order to survive competition from a new wave of decentralized brands.
Enjoy our weekly bi-weekly podcast roundup of the latest & greatest in social tokens, DAOs and more.
Market data on the last 7 days. Updated April 18, 2022
Updates from the FF DAO
— The Forefront Product team continues to ship! Check out the new updates to Forefront Market, including a new activity feed for listed communities, embedded token swaps leveraging Uniswap's new swap widget, and the Forefront token list. Updated with new community listings!
— The Season 2 budget proposal is LIVE on Snapshot. If you’re a Forefront tokenholder, make sure to go vote here. The proposal to update the role of Forefront’s Community Lead, Caroline (SpaceXponential), passed with flying colors. We’re stoked to continue to grow alongside Caroline’s stewardship!
The information in this newsletter is not intended to constitute legal, financial or investment advice and should not be construed or relied upon as such. Any opinions reflected are the opinion of the author(s) of the newsletter only and not necessarily of Forefront. Please DYOR.