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In this episode of Hot Topics on Edge of NFT, Richard and Josh discuss significant developments in the Web3 space, including SoftBank-Naver's NFT unit raising $140 million, Ghostface Killer's innovative music release on Bitcoin ordinals, and California's digitization of car titles on the blockchain. They also share their excitement about attending the Korea Blockchain Week and Bitcoin Renaissance Conference.
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Key Topics Covered:
- Investment in NFTs: The successful $140 million funding for SoftBank-Naver's NFT unit, LineX, highlights a renewed confidence in the NFT space, countering claims that NFTs are dead and signaling a shift towards utility-driven applications.
- Innovative Use of Blockchain: California's digitization of 42 million car titles on the blockchain represents a significant step in utilizing blockchain technology for practical applications, aiming to reduce fraud and streamline processes, potentially setting a precedent for other states
What was your favorite quote or lesson from this episode? Please let us know in the comments on YouTube. https://www.youtube.com/@edgeofnft/
Episode Highlights:
- "It's hard to say that the largest investment so far this year by that firm $140 million is a huge statement to put into NFTs says volumes of that NFTs aren't dead." - Richard Carthon (00:01:58-00:02:08)
- "I really like the focus on community engagement. Being able to remix and share music is allowing for fans to come in and collaborate in a way that you haven't before."- Josh Krieger (00:04:28-00:04:39)
For the full transcript, see further below.
People and Resources Mentioned:
- Peter Thiel Webpage
- Ghostface Killah Webpage
- Crescendo Equity Partners LinkedIn
- Filecoin Website
- Audius LinkedIn
- TuneFM Website
- Korea Blockchain Week Website
- Bitcoin Renaissance Conference Website
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Full Episode Transcript:
Richard Carthon: Welcome to Hot Topics on Edge of NFT. I'm Richard Carthon. I'm here with Josh Krieger, and we're diving into the latest and most exciting developments in the world of Web3, blockchain and digital assets.
Josh Kriger: It's another production of the Edge of Company, a quickly growing media ecosystem empowering the pioneers of Web3 tech and culture.
Richard Carthon: Today we'll discuss some breaking news on SoftBank Naver's NFT unit raising $140 million, Ghostface Killer releasing music on Bitcoin ordinals, California digitizing car titles on the blockchain, and why we'll be hitting the road again, this time going to Seoul during the first week of September.
Josh Kriger: It's time to dive in. First up, the SoftBank-Naver joint venture NFT unit, LineX, has successfully raised $140 million from a consortium led by Crescendo Equity Partners, a firm backed by TheaterTL. This investment marks the largest blockchain and Web3 funding in Asia this year. LineX plans to use these funds to expand its global business, develop new offerings, and launch a global NFT marketplace. The CEO, Yongsoo Ko, expressed optimism about popularizing Web3 and creating a service ecosystem where users own the value of their digital goods. Richard, I don't know about you, but this news blew me away. And it certainly, you know, makes the argument that NFTs are dead fall pretty flat.
Richard Carthon: Very flat. I think we need to keep looking at the lifespan of how long NFTs have been around and how long they will be here into the future. And a lot of this technology is still being deeply created for the longer lasting side of where things are headed. To actually have a utility, to get away from the PFPs and everything else, but real utility NFTs. And if you want to put your money where your mouth is, it's hard to say that the largest investment so far this year by that firm, $140 million is a huge statement. It's to put into NFTs and says volumes of that NFTs aren't dead.
Josh Kriger: Yeah, there's a couple other interesting signals here. Obviously, Line Next brings with it a community of 5.5 million users, and they've done close to half a million dollars in transactions so far. So it'll be interesting to see what happens there. And then we have a major player, Peter Thiel, in the mix now. He certainly adds some interesting credibility. getting a lot of attention lately with his thoughts on the political climate. Clearly, you know, he's all over the map. And I think this is a really interesting signal in the perception of the space and something to look out for. What's next?
Richard Carthon: Yeah, just two other things I want to add to it is just that, there's way more partnerships with artists and creators that are coming into the NFT fold. And it's another sign of web true traditional money breaking into the web free space. So it's really cool to see a positive shift in the perception of Web 2.0 companies coming over into Web 3.0. But I do want to, on the subject of things that are being built from an artistic standpoint, we're going to talk about Ghostface Killa from Wu-Tang Clan that is set to release exclusive music through Bitcoin ordinals. So in a unique move, GhostfaceKiller announced a drop of 10,000 pieces of music through a free mint that granted holders Creative Commons zero rights, which means that fans can freely build upon and reuse the music as they please. Ghostface's foray into crypto space isn't new. He attempted a launch in crypto back in 2017, but clearly has resurged with the emergence of Ordinals.
Josh Kriger: Very cool. Yeah, so we talked about Creative Commons a while ago with the General Counsel of Filecoin. If folks want to find that long episode, it's worth a listen. But this essentially, you know, opens up the IP possibilities around sort of individual community members being creative and innovating. It's pretty unique in terms of seeing this type of royalty agreement, or I'm sorry, IP agreement, rather, with, with a traditional sort of musician. You know, there's been some creativity done with artists that have grown up in the music space within Web3. But here we have a mainstream artist using Creative Commons. So that's pretty powerful.
Richard Carthon: Yeah, I really like the focus on community engagement. Being able to remix and share music is allowing for fans to come in and collaborate in a way that you haven't before. And I think that this is going to be a trend that other artists come and try to do on top of Ordinals. Now that it is a fun new toy to explore and keep building upon the Bitcoin ecosystem.
Josh Kriger: Absolutely. We've seen the rise of platforms like Sound, XYZ, and Audius, and other projects that have sort of entered the space. TuneFM has been on the show. I think the innovation in the world of music is just beginning when it comes to Web3, and it'll be exciting to see what happens here. In other news, California has made headlines for digitizing 42 million car titles and putting them on the blockchain. This news blew me away. This has been one of the use cases that has been talked about as a possibility. for a very long time and to see one of the biggest states, if not the biggest state, correct me if I'm wrong. I'm in California, Rich is in Texas. So there's that debate. But one of the large states coming in and sort of using blockchain to fight fraud, streamline the title transfer process is really interesting. What are your thoughts?
Richard Carthon: Yes, I've been waiting for this moment to happen because it was just a clear win of ways that things could start to be put on blockchain. And I think that if this use case goes well, you're going to start seeing a lot of other states start to adopt this practice. And I think it was a very bold statement for California to go and
create this initiative. And I'm very optimistic that it's going to work.
Josh Kriger: Absolutely. So definitely a moment in history, folks, with titling by a U.S. state using blockchain technology. So looking beyond the U.S., I think we have some global news as well.
Richard Carthon: We do. So we have some travel plans coming up and we want to discuss a few of them. So first being the Bitcoin Renaissance Conference that is taking place in conjunction with Korea Blockchain Week, which brings together global leaders in Bitcoin and blockchain space to discuss the future of these transformative technologies. Some anticipated highlights from the event include discussions on the role of Bitcoin as a store of value in medium exchange and the global economy. workshops and panels exploring the potential of Bitcoin's lightning network for fast and low-cost transactions, insights into growing adoption of Bitcoin in emerging markets in developing countries, and finally, announcements of new partnerships and initiatives aimed at driving blockchain innovation across various industries. And if I'm not mistaken, someone who's speaking on this is actually speaking at that conference.
Josh Kriger: Yeah, I'm very excited to be a speaker at this event. This won't be my first time speaking in Korea. I found that the audiences there are very attentive, maybe not like other audiences globally, and really passionate about the space. So it's going to be fun to moderate a session on the Bitcoin ecosystem over at Bitcoin Renaissance and also at Korea Blockchain Week. Career Blockchain Week is one of my truly favorite events of the year. Those guys really pull off a great show with Very high quality attendees, really great talks, really nice booths, a great ambiance for deep B2B networking in the Bitcoin and overall Web3 space. They cover all the different chains. They have a great lineup of speakers this year, as usual. So that's going to be one to attend as well. If you haven't sort of looked into it, it's not too late to go to the Korea Blockchain Week website. We'll put that on our socials and whatnot and grab your ticket, book your flight, hang out with us in Korea at Korea Blockchain Week and Bitcoin Renaissance.
Richard Carthon: Yeah, it's gonna be a good time. We went last year for Career Blockchain Week, and my mind was blown. I didn't know what to expect, but it definitely surpassed all of it. The connections that we made there were long lasting. We ended up seeing a lot of these people at a lot of the other events internationally, which has been great. And we're doing more together. But then also the thought leadership, it was incredible. The stages that they have were great. And the people who are speaking on a lot of these different panels were awesome. So I'm very excited to go back and hope I can make it an annual trip and hope to see all of you guys out there with us.
Josh Kriger: Yeah, they haven't announced the speakers yet. So I guess there's some alpha there that I will be one of the speakers. And beyond that, you'll get all the speaker announcements on their website very soon. So stay tuned to that. And we'll provide some updates here as well. And hope to see many of you in Korean. That's a wrap on today's hot topics. We've covered the exciting funding for Line Next, Ghostface Killers' innovative music release, car titles on the blockchain in Cali, and why we'll be heading to Create Blockchain Week and stopping to the Bitcoin Renaissance Conference while there.
Richard Carthon: It's warming up in the world of blockchain again. And I'm curious, what was the most impactful story that we shared this week in your opinion? Share your thoughts on these developments in the comments or on social media. Your voice shapes this space.
Josh Kriger: Couldn't agree more. We really encourage our listeners to stay engaged with the community, attend events, and contribute to the ongoing evolution of this groundbreaking innovation. And please comment and share your thoughts on social media.
Richard Carthon: We want you to stay curious, stay secure, and keep pushing the Web3 boundaries. This is Richard and Josh signing off from the edge of NFT. Catch you on the flip side of the blockchain.
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