Cockpunch, Smurfs & Tennis
Benson Oak has a core thesis that all businesses will have some form of “Web3-enablement” to leverage the technology of a public ledger affirming ownership. From a historical perspective, this is simply the next evolution of "table stakes" technical assets akin to websites, social media pages, handles, and online checkout. All brands will adopt and promote some element of tokens, NFTs, as part of their basic loyalty and marketing programs, as well as commerce activities. From a "revolutionary" point of view, the blockchain as a public ledger will be a catalyst for the creation of all kinds of content and a bottom-up approach to community building, enabling "anyone to be a business."
This new and regular newsletter will address the question:
Is Web3 inevitable or will it go the way of Thanos!?
We will provide an insight into 3 interesting use cases, ideas, or visionary concepts around the Web3 world of tokens, NFTs, blockchain, and the like, while also addressing lingering doubts, especially if and when they accelerate.
Our 3 use cases will be a shout-out to a project involving (i) Start-up Innovation, (ii) Big Brands, and (iii) Sports and entertainment. And we will end with our fun fact of the week.
Here are our picks for this inaugural edition (hmmm, we should NFT it!)
The Thrill of Start-up Innovation - Legend Of Cockpunch
Brands are Innovators Too: The Smurfs!
Sports As Early Adopters: Australian Open
The Thrill of Start-up Innovation
Legend Of Cockpunch
Cockpunch is a creative NFT project by Tim Ferriss, the best-selling author and podcast host. Cockpunch is "a tale of a fantastical realm, a universe of the bizarre from the mind of Ferriss," told in podcast form. The project offers users the chance to own a series of NFTs representing characters, maps, artwork, and more from the podcast, which later could be characters in books, shows, movies or games. The NFTs are available in a variety of formats, including collectible cards, avatars, and digital art. The project also includes a series of interactive experiences - some user-created - such as virtual scavenger hunts and an interactive game based on the podcast.
Why Do We Like It: Aside from the name!? Ferriss is unleashing both his own creativity and that of his fans, as the use of NFTs transforms his fans from passive consumers/listeners to active participants and creators utilizing the NFT-based characters in their own right.
The project sold out and raised over $2M in primary sales, all going to fund scientific research and $7M in secondary trading. The royalties on the secondary sales cover costs and further development.
Check the project on OpenSea (Link)
Brands are Innovators Too
Meet the blue heroes of Web3 - Welcome to The Smurfs’ Society.
The Smurfs’ Society will display cutting-edge blockchain gaming experiences to fans of the popular Smurfs series. The gameplay of the release will feature quests, mixing potions, and liberating the Smurfs from the evil Gargamel. Most Web3 projects mainly offer token-gated platforms and interactions as benefits to members who have already purchased from their collection. But The Smurfs’ Society has designed an entire game accessible before the sale where players can actually connect, claim free NFTs and participate in one of the very first fully on-chain experiences.
Shameless Benson Oak portfolio shout-out: Smurfs have partnered with leading wallet ZenGo as its technical partner, with ZenGo users getting an early peak at the Smurfs Society NFTs as its preferred crypto wallet.
Why Do We Like It: Who doesn't love the Smurfs?! The artwork is gorgeous, the game is cool, and the stated mission is inspiring: an interactive NFT universe dedicated to building a positive, inclusive and influential community. In addition to making members a part of the universe and not just consumers, it encourages engagement and strengthens collaboration, building value in the community itself and leveraging the concept of collective intelligence.
Despite a ‘soft launch,’ The Smurfs Society saw over 20,000 wallets connect to the platform in less than 48 hours and execute over 200,000 on-chain transactions in a few days.ZenGo announcement (Link)
Sports as Early Adopters
Australian Open
Almost 2,500 NFTs to be released for the Australian Open, as Tennis Australia says it’s in for the long haul as ‘an innovative company’ (The Guardian).
The Australian Open NFTs will feature art and images of top players, as well as exclusive item drops and rewards. In addition to being able to purchase the NFTs, fans will also be able to use them to access exclusive rewards and experiences. These rewards will include VIP tickets, access to player meet-and-greets, and the chance to win prizes such as signed memorabilia. The NFTs will also be used to track fan engagement with the Australian Open, allowing the tournament to understand its fan base better.
Why Do We Like It: NFT as tickets is one the easiest and most scalable use cases. Scan my NFT to go beyond entry but get access, rewards, and more. For event content owners, it enables a better source of tier-based pricing, and for consumers, they can do more than spectate but engage with athletes and enhance the experience.
The "top of the first inning" stat of the week. (That’s baseball talk for "it’s super freaking early").
Currently, there are over 1 billion websites in the world.
When Amazon went public in 1997, there were just over 1 million.
Today, there are 700 NFT projects on OpenSea.
Yea, it’s early.