Issue #7 - Coachella Is Selling Lifetime Passes As NFTs 🎤

Good morning Shifters,

We feel like newsletters & twitter threads are like Jordan and Pippen. They can succeed on their own, but together they're a whole different beast. Along with our newsletters, we've started releasing Web3 deep dives in the form of twitter threads. Our latest one featured Kernel, a peer-to-peer Web3 learning community.

Check out our thread to learn about their incredible work and how to contribute:

1. Coachella is Tapping Into The World Of NFTs (& Making 💰)

The wildly popular music festival Coachella, which will feature Harry Styles, Kanye, and Billie Eilish, partnered with crypto exchange FTX US to launch an NFT marketplace for three collections of NFTs.

Coachella will auction the Coachella Keys Collection, 10 NFTs that will allow holders lifetime tickets to the festival. The two other collections allow buyers to collect a physical Coachella photo book or fan-favorite festival photos.

Our take: NFTs are verified ownership. The music industry tapping into Web3 will allow artists and fans to engage, grow, and monetize like never before. Coachella's NFTs will allow fans to participate in the festival's success, while Coachella artists, photographers, and designers could receive a royalty with NFT resales.

Buy their NFTs here:

2. Sequoia Leads A $450M Investment in Polygon

Polygon, a layer 2 scaling solution for Ethereum, just raised a $450M round from investors like Sequoia, Softbank, and Tiger Global.

Wait, WTF even is a layer 2 scaling solution? Basically, Ethereum (the largest platform for decentralized applications) has become increasingly congested with increased demand. This has resulted in slower transactions times and higher fees.

Polygon sits on top of the Ethereum platform. Think of it as 5G powering faster WiFi an iPhone. In order for transactions to be verified on Polygon, stakers, or 'validators', just need to show the network that they own some tokens, resulting in much faster transaction times.

Watch this video from Whiteboard Crypto for a more in-depth explanation of Polygon:

3. Super Bowl? More Like Crypto Bowl.

Super Bowl commercials, the real reason why most of us watch football, are the epitome of mainstream marketing. Crypto companies are ready to take full advantage of this on Sunday, with Web3 exchanges Coinbase, FTX, and Crypto.com all purchasing 30 second advertisements for up to $7M a pop.

web3 content we’re munching on 🍿

1. The Future of NFTs 🧵 by Chris Cantino

2. Why Axie Infinity is Rising by Shaan Puri and Ben Levy (subscribe to their newsletter!)

3. Social Token Background by Austin Robey

4. Soulbound by Vitalik Buterin

5. Web 3.0 Explained For Dummies

Jobs 🤓

1. Data Engineer @ Polygon (the company that just raised half a bil)

2. Head of Event @ Polygon (same company)

3. Product Designer @ Zapper

4. Protocol Partnerships @ Rarible

5. Distributed System Backend Engineer @ EPNS

Bounties 💸

1. Create a flywheel graphic for the Braintrust network ($370) 

2. Get someone from the Solace team on Bankless or UpOnly podcasts ($3,740)

3. Write an article that explains what an Automated Market Maker is ($375)

Have a great rest of the week!

Sincerely, 

Noah from Shift