{"id":"nf60vzR8p2Q","title":"Layer 1 Stage | Oleg Fomenko Keynote: Move2Earn Is Dead. What's Next?","description":"Oleg Fomenko Keynote: Move2Earn Is Dead. What's Next? Presented by Oleg Fomenko of Sweat Economy, at NEARCON 2023. \n\nJoin NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-12-24T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/nf60vzR8p2Q/hqdefault.jpg","transcript_text":"thank you thank you thank you thank you thank you very much um over the last two days I had so many really interesting conversations with various people in the ecosystem and builders on N that last night when I was in the taxi going home I realized that I needed to reshuffle my whole presentation and change an argument and so basically if I stutter and you know if I don't know what I'm talking about that's because this is absolutely brand new content and I've never actually delivered it so yeah my name is Al I'm co-founder of sweatcoin and the CEO of sweat economy there is a little bit of a complexity about us because we came from web 2 to web 3 sweatcoin that you see on the left there is the business that we started in web 2 and sweat wallet and sweat token is is what we've been you know kind of drumming up about and we've launched it last year actually at this event so this is actually my third nearon I realized it this morning first nearon in 2021 I tailgated somebody into the event well that somebody is actually Premier GBE uh he told me you should come with me I popped in pamier introduced me to Elia and to Alex well the rest history on next nearon at 2022 from this stage we made an announcement that we were going for our launch and while I was talking the team was furiously doing the biggest tge in history of web 3 with more than 13 million accounts created over the period of 36 hours everyone was nervous Ilia was nervous technical teams on both sides were nervous our c did not sleep for 36 hours but they delivered it and near held which is an absolutely incredible testimony to the quality of the product and Technology built by this team and today we're going to be talking about the death of move to earn and what's next and the sneak preview is it's not about move to earn it's not about segments it's not about products we need to think bigger and Bolder and we need to start building economies we need to go beyond what's out there right now so quick recap because I don't know if all of you know our history we started in 2014 with sweatcoin and the idea was it pays to walk so it wasn't charity it was hard to read uh uh to raise money because nobody could understood how could you actually pay users to walk and you know we managed to prove that it actually is working last year we launched what I believe is a true revolutionary thing because we are not thinking about tokenizing existing a uh asset we are thinking about creating an asset that did not exist before we believe that physical activity has tangible nonzero value everyone is talking about it everyone agrees with it but it doesn't have Financial expression and that's why we launch sweat which is tokenized physical activity and is our objective is not to Shield the token and is not to do utility pumps dumps Etc we would like to create it so that it's traded and we know how much our physical activity is worth now we're getting to move to earn the biggest question that I am getting asked time and time again sometimes several times a day is is it like steppen oh God you know if I could actually get near for every time this question was asked I'd you know probably be richer than uh Ilia and the next one is isn't move to earn dead so let's actually answer this question because you know definitions of what dead you know can be different but I actually went and I looked at what is constituting move to earn and of course it's actually dead you know look at Steen and this is market capitalization of projects from uh alltime High Steen lost 92% of their market capitalization Step Up minus 82% gads minus 91.8% we are not much further down actually we are minus 52.3 and then it made me think okay okay if we're thinking that move to earn is dead then let's look at the whole crypto and actually the whole crypto from alltime high is down more than even our project so that pretty much means that crypto is dead right no oh I mean last few weeks are definitely very very encouraging but you know before that small tick up we were actually just at $1 trillion now is it death or are we too early and if we dig into that question we actually see very interesting things and very interesting parallels with another industry and I am pretending to be a student of History so I went back and I looked at the Internet oops sorry and you know what I've discovered that if you actually look at the index of Internet stocks it is almost mimicking the trajectory of crypto development and if we are you know assuming that we are somehow trailing internet then we would now be roughly somewhere in year 2002 if we're looking in terms of user adoption we are now in 1996 of internet and I think that this is quite a interesting parallel because you know what this is the indust internet that between 96 and 2002 has become from Curiosity and thing that Geeks did into a truly Mass Market phenomenon and started engaging not hundreds of millions but billions of users now are we sure and is it guaranteed that we will follow that trajectory my answer is no I think that there is a lot of stuff that still needs to be done and there are major blockers and major barriers that we still need to overcome together the first one is we really do have too many Crooks and thieves in the space and I know that quite a lot of people would disagree with me but I actually agree with Gary gansler when he says that this industry needs to clean its act it is absolutely incredible how these people are damaging our livelihoods and are pushing away users that otherwise would have been engaging with us already long time ago the other barrier is we really have very very confused definition of success I mean look at this project crypto dickb $14,000 I there is there is a lot of stuff that is very very very strange and you know what it's also another parallel with internet I don't know if many of you remember 93 94 95 there were absolutely incredible number of projects building on the internet that were absolutely badget crazy and last but not least is we do not have an email those that remember 9596 97 email was that mass Market proposition Mass Market appli ation that made internet get into everyone's minds and into everyone's homes we do not have that ubiquitous product that appeals to billions of people and makes them change their habits change their lives now what does it mean how are we going to go about it and there are two things here that I'm pretty much certain and they guaranteed to happen and there is one question mark first we know that there will be regulation and prosecution like it or not there will be more regulation and there will be prosecutions we know that they're already happening you know the you know FTX um process continues but you know he's already been found guilty on seven counts and I think it is actually a good thing I hope that there will be more people that will think multiple times before doing something like that before meddling with users funds the second thing that I'm absolutely 150% convinced of that our success definition is going to shift towards active users from tvl when I see right now blockchains comparing themselves on total value locked they don't make money on locked value locked generally is not part of a metric that gives you something positive we are all talking about liquidity we are all talking about engagement we are all talking about activity something that is locked is not active is not doing anything it is just sitting there and it's a vanity metric and I think we should stop comparing projects on tvl active users will definitely win third question mark still what is going to be our email moment what is going to be that product that is going to make web 3 get into the psyche of billions and billions of people so I will focus on this last bit you know the other ones are pretty much tched and I know that some of you would not just you know would not agree with that but actually if you think about 96 to 2002 of the internet that was the biggest breakthrough that that made internet go absolutely ballistic everyone in West Coast have of the United States VCS and Founders started measuring success and you know feeding their egos on talking about active users the bigger the better the more ambitious they were becoming and that means that the founders instead of thinking about Cottage stuff that is generating profit but doesn't have necessarily scale started thinking what are the problems that we're going to solve for hundreds of Millions for billions of people Google started I believe in 2003 correct me if I'm wrong Facebook started roughly around that time so all of these monsters that we are now talking and calling big Tech were born out of these Founders chasing active users now what would be the approach to designing and creating a product for the next billion people and first and foremost is it needs to start with a problem that hundreds of millions and billions of people have and I'm not going to pretend that I have an answer I mean we have our answer because sweatcoin obviously and sweat economy is solving a real problem otherwise we wouldn't have a scale that we have right now 145 million uh plus users on web 2 and 9 million users on sweat wallet the problem that we started with is very simply people want to be more physically active it's a genuine intent huh milon no no 9 million on sweat wallet um everything good needs to start with a problem not with an idea you know why the explanation is very simple you build beautiful product you have an idea and then you need to sell it and in order to sell it you need to find someone whose problem this product would satisfy and there is nothing sadder than a beautiful product that people spend year or two building and then they are looking for someone to take it and solve their problem and the reason why they're in the situation because they did not start with a problem another benefit of starting with a problem is you never pivot you do not have to Pivot ever you don't freak out your investors you don't freak out your team because pivot when you start with a problem is an adjustment to a product because you learn something about the problem and those users that you didn't know before and you just shift around and you become more and more targeted with your product and you become better and better at solving that problem that is a lot easier narrative to sell to anyone than when you have not found the problem to solve and you need to completely pivot and go for another idea second point is simply U accent language our users do not understand hodle bidd staking we have to change this vocabulary completely and this is not to talk about seed phrases 24 words that you can't take a screenshot of or copy and put it somewhere you have to scribble it down on a piece of metal split it in half put it into two different saves in two different locations users the next billion are never going to do that they would love to be good at opsc but they are not going to jump through so many hurdles so simple ux third it has to be native mobile next billion people does not have laptops they do not have desktops they are preferring na apps to even mobile web so starting with this is absolutely an incredibly important in order to get Mass market adoption and last but not least this next billion people are not whales there are millions hundreds of millions probably billions of them but very low value and that means that we have to think all together in a completely different fashion and accepting $10 transaction cost for the next billion people is not going to work because for people in Africa that would be like half a year wages nobody's going to pay that so and you know because we're here at nearon that gives you a whiff of an idea where else would you actually be building this product what other chain can give you the combination of all of this stuff and Founders that actually understand the import of each of these uh points that I'm making now there are a lot of conversations around product Innovation and I'm getting sent quite a lot of decks and my biggest frustration that I see right now is that we continuing to innovate largely for whales and nobody or very very few projects are thinking about Minos but if you want to have a vibrant ecosystem you cannot just have whales you know it's it's not diverse enough we need to start building products for Minos because then it's going to be vibrant ecosystem we also should not forget the roots and the ethos of webs 3 because we wanted to democratize things we wanted to bank the unbanked we wanted to give products to people that are excluded by the existing Industries and existing players so Minos is the original Mission and they are terribly underserved right now what is our hypothesis what is what are we doing for the uh for the Minos we actually learn from an amazingly huge economy that everyone's familiar with but is not thinking about it in terms of XXX to earn but attention economy is actually pay attention to earn it's only about 150 years old and by some estimates it's $7 trillion it's five to six times bigger than the whole crypto that we are so proud of now what do we learn from attention economy so that we can take it and build a movement economy there are amazing similarities between paying attention and being Physically Active specifically they are it's valuable to you everything that you know and people that you meet starts with you starting to pay attention if you're physically active you benefit it both of them are also valuable to third parties advertisers are paying for your attention uh Healthcare Providers insurers employers and ultimately governments are happy and will be paying for your physical activity because it is actually good business to them let me give you an example you know why not accept some a portion of your taxes in sweat or you know let's not chill just sort of our project but tokenized physical activity if you have it that means that you're taking care of yourself that you're putting less pressure on health care costs in the country that you're in you're going to live longer in the most cynical fashion it is good business because you're going to generate more tax revenues over your lifetime it is give a little and actually benefit a lot now third one scarcity you do not have unlimited amount of attention neither you can produce an unlimited amount of physical activity and we know that scarcity is extremely important with these three similarities between attention and physical activity we can conclude that actually we should start going Beyond products we should start thinking really ambitiously and start building economies using web 3 and this technology that we have available to us as a basis as an enabler of this very very ambitious goal now what what are we doing to others Beyond ourselves to actually push for more of you and I'm saying you because there are a lot of Founders here and I hope that there are people who are thinking of building on near we are sponsoring hackathon that is happening in another venue and the Strand or the uh swim Lane that we're sponsoring is defi products for the next billion people because we believe and we put our money and our Bounty where our heart is that products need to start being innovated that are geared towards billions of users and we called it sweat pay that's a sort of code name but actually this is something that we're really really Keen to bring to reality and allow those tens of millions hundreds of millions of people that right now have smartphones but are excluded from banking system to enter into traditional finance and allow them to spend that crypto anywhere where they're spending cash right now what are we giving again we're supporting our thesis that it's all about users the winner is going to get 50,000 users put on their product so that they can understand it tested and verify that they have product Market fit and we'll definitely be very very keen to help them and of course there are some cash prices so let's really for focus on building foros and building economies not just products and perfect perfect timing I don't want to stand between you and the beverages that I served over there and now I think that we should just go and party and celebrate this amazing event and all of those amazing announcements that we heard today thank you very much","transcript_synced_at":"2026-11-03T06:09:40.776Z","segments":[{"start_seconds":2,"text":"thank you thank you thank you thank you thank you very much um over the last two days I had so many","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=2s"},{"start_seconds":11,"text":"really interesting conversations with various people in the ecosystem and builders on N that last night when I was","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=11s"},{"start_seconds":19,"text":"in the taxi going home I realized that I needed to reshuffle my whole presentation and change an argument and","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=19s"},{"start_seconds":29,"text":"so basically if I stutter and you know if I don't know what I'm talking about that's because this is absolutely brand new content and I've never actually","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=29s"},{"start_seconds":38,"text":"delivered it so yeah my name is Al I'm co-founder of sweatcoin and the CEO of sweat economy there is a little bit of a","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=38s"},{"start_seconds":46,"text":"complexity about us because we came from web 2 to web 3 sweatcoin that you see on the left there is the business that we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=46s"},{"start_seconds":54,"text":"started in web 2 and sweat wallet and sweat token is is what we've been you","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=54s"},{"start_seconds":61,"text":"know kind of drumming up about and we've launched it last year actually at this event so this is actually my third","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=61s"},{"start_seconds":70,"text":"nearon I realized it this morning first nearon in 2021 I tailgated somebody into the event","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=70s"},{"start_seconds":80,"text":"well that somebody is actually Premier GBE uh he told me you should come with me I popped in pamier introduced me to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=80s"},{"start_seconds":86,"text":"Elia and to Alex well the rest history on next nearon at 2022 from this","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=86s"},{"start_seconds":95,"text":"stage we made an announcement that we were going for our launch and while I was talking the team was furiously doing","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=95s"},{"start_seconds":104,"text":"the biggest tge in history of web 3 with more than 13 million accounts created","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=104s"},{"start_seconds":112,"text":"over the period of 36 hours everyone was nervous Ilia was nervous technical teams on both sides were nervous our c did not","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=112s"},{"start_seconds":120,"text":"sleep for 36 hours but they delivered it and near held which is an absolutely","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=120s"},{"start_seconds":127,"text":"incredible testimony to the quality of the product and Technology built by this team and today we're going to be talking","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=127s"},{"start_seconds":134,"text":"about the death of move to earn and what's next and the sneak preview is it's not about move to earn it's not","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=134s"},{"start_seconds":142,"text":"about segments it's not about products we need to think bigger and Bolder and we need to start building economies we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=142s"},{"start_seconds":148,"text":"need to go beyond what's out there right now so quick recap because I don't know if all of you know our history we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=148s"},{"start_seconds":157,"text":"started in 2014 with sweatcoin and the idea was it pays to walk so it wasn't charity it was","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=157s"},{"start_seconds":167,"text":"hard to read uh uh to raise money because nobody could understood how could you actually pay users to walk and","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=167s"},{"start_seconds":175,"text":"you know we managed to prove that it actually is working last year we launched what I believe is a true","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=175s"},{"start_seconds":184,"text":"revolutionary thing because we are not thinking about tokenizing existing a uh","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=184s"},{"start_seconds":191,"text":"asset we are thinking about creating an asset that did not exist before we believe that physical activity has","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=191s"},{"start_seconds":200,"text":"tangible nonzero value everyone is talking about it everyone agrees with it but it doesn't have Financial expression","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=200s"},{"start_seconds":208,"text":"and that's why we launch sweat which is tokenized physical activity and is our objective is not to Shield the token and","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=208s"},{"start_seconds":216,"text":"is not to do utility pumps dumps Etc we would like to create it so that it's","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=216s"},{"start_seconds":222,"text":"traded and we know how much our physical activity is","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=222s"},{"start_seconds":231,"text":"worth now we're getting to move to earn the biggest question that I am getting asked time and time again sometimes","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=231s"},{"start_seconds":239,"text":"several times a day is is it like steppen oh God you know if I could actually get near for every time this","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=239s"},{"start_seconds":248,"text":"question was asked I'd you know probably be richer than uh Ilia and the next one is isn't move to earn","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=248s"},{"start_seconds":257,"text":"dead so let's actually answer this question because you know definitions of what dead you know can be different but","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=257s"},{"start_seconds":266,"text":"I actually went and I looked at what is constituting move to earn and of course","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=266s"},{"start_seconds":273,"text":"it's actually dead you know look at Steen and this is market capitalization of projects from uh alltime High Steen","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=273s"},{"start_seconds":281,"text":"lost 92% of their market capitalization Step Up minus","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=281s"},{"start_seconds":288,"text":"82% gads minus 91.8% we are not much further down","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=288s"},{"start_seconds":295,"text":"actually we are minus 52.3 and then it made me think okay okay if we're thinking that move to earn is","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=295s"},{"start_seconds":302,"text":"dead then let's look at the whole crypto and actually the whole crypto from alltime high is down more than even our","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=302s"},{"start_seconds":311,"text":"project so that pretty much means that crypto is dead right no oh I mean last few weeks are","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=311s"},{"start_seconds":320,"text":"definitely very very encouraging but you know before that small tick up we were","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=320s"},{"start_seconds":325,"text":"actually just at $1 trillion now is it death or are we too","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=325s"},{"start_seconds":335,"text":"early and if we dig into that question we actually see very interesting things and very interesting parallels with","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=335s"},{"start_seconds":342,"text":"another industry and I am pretending to be a student of History so I went back and I looked at the","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=342s"},{"start_seconds":349,"text":"Internet oops sorry and you know what I've discovered that if you actually look at the index of Internet stocks it","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=349s"},{"start_seconds":358,"text":"is almost mimicking the trajectory of crypto development and if we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=358s"},{"start_seconds":366,"text":"are you know assuming that we are somehow trailing internet then we would now be roughly somewhere in year","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=366s"},{"start_seconds":376,"text":"2002 if we're looking in terms of user adoption we are now in 1996 of internet and I think that this","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=376s"},{"start_seconds":385,"text":"is quite a interesting parallel because you know what this is the indust internet that between 96 and","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=385s"},{"start_seconds":393,"text":"2002 has become from Curiosity and thing that Geeks did into a truly Mass Market","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=393s"},{"start_seconds":402,"text":"phenomenon and started engaging not hundreds of millions but billions of","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=402s"},{"start_seconds":408,"text":"users now are we sure and is it guaranteed that we will follow that","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=408s"},{"start_seconds":416,"text":"trajectory my answer is no I think that there is a lot of stuff that still needs","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=416s"},{"start_seconds":423,"text":"to be done and there are major blockers and major barriers that we still need to overcome together the first one is we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=423s"},{"start_seconds":433,"text":"really do have too many Crooks and thieves in the space and I know that quite a lot of people would disagree with me but I actually agree with Gary","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=433s"},{"start_seconds":440,"text":"gansler when he says that this industry needs to clean its act it is absolutely","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=440s"},{"start_seconds":448,"text":"incredible how these people are damaging our livelihoods and are pushing away","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=448s"},{"start_seconds":455,"text":"users that otherwise would have been engaging with us already long time ago the other barrier is we really have very","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=455s"},{"start_seconds":463,"text":"very confused definition of success I mean look at this project crypto dickb","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=463s"},{"start_seconds":473,"text":"$14,000 I there is there is a lot of stuff that is very very very strange and you know what it's also another parallel","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=473s"},{"start_seconds":481,"text":"with internet I don't know if many of you remember 93 94 95 there were absolutely incredible number of projects","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=481s"},{"start_seconds":489,"text":"building on the internet that were absolutely badget crazy and last but not least is we do","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=489s"},{"start_seconds":499,"text":"not have an email those that remember 9596 97 email was that mass Market","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=499s"},{"start_seconds":507,"text":"proposition Mass Market appli ation that made internet get into everyone's minds","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=507s"},{"start_seconds":514,"text":"and into everyone's homes we do not have that ubiquitous product that appeals to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=514s"},{"start_seconds":522,"text":"billions of people and makes them change their habits change their lives now what does it mean how are we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=522s"},{"start_seconds":530,"text":"going to go about it and there are two things here that I'm pretty much certain and they guaranteed to happen and there","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=530s"},{"start_seconds":538,"text":"is one question mark first we know that there will be regulation and prosecution like it or not there will be more","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=538s"},{"start_seconds":547,"text":"regulation and there will be prosecutions we know that they're already happening you know the you know FTX um process continues but you know","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=547s"},{"start_seconds":557,"text":"he's already been found guilty on seven counts and I think it is actually a good thing I hope that there will be more","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=557s"},{"start_seconds":565,"text":"people that will think multiple times before doing something like that before","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=565s"},{"start_seconds":572,"text":"meddling with users funds the second thing that I'm absolutely 150% convinced","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=572s"},{"start_seconds":578,"text":"of that our success definition is going to shift towards active users from tvl when I see right now blockchains","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=578s"},{"start_seconds":587,"text":"comparing themselves on total value locked they don't make money on locked","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=587s"},{"start_seconds":596,"text":"value locked generally is not part of a metric that gives you something positive","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=596s"},{"start_seconds":603,"text":"we are all talking about liquidity we are all talking about engagement we are all talking about activity something","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=603s"},{"start_seconds":610,"text":"that is locked is not active is not doing anything it is just sitting there and it's a vanity metric and I think we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=610s"},{"start_seconds":619,"text":"should stop comparing projects on tvl active users will definitely win","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=619s"},{"start_seconds":625,"text":"third question mark still what is going to be our email moment what is going to be that product that is going to make","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=625s"},{"start_seconds":634,"text":"web 3 get into the psyche of billions and billions of people","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=634s"},{"start_seconds":642,"text":"so I will focus on this last bit you know the other ones are pretty much tched and I know that some of you would","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=642s"},{"start_seconds":649,"text":"not just you know would not agree with that but actually if you think about 96 to 2002 of the internet that was the","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=649s"},{"start_seconds":657,"text":"biggest breakthrough that that made internet go absolutely ballistic everyone in West Coast have of the","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=657s"},{"start_seconds":665,"text":"United States VCS and Founders started measuring success and you know feeding","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=665s"},{"start_seconds":673,"text":"their egos on talking about active users the bigger the better the more ambitious","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=673s"},{"start_seconds":680,"text":"they were becoming and that means that the founders instead of thinking about Cottage stuff that is generating profit","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=680s"},{"start_seconds":687,"text":"but doesn't have necessarily scale started thinking what are the problems that we're going to solve for hundreds","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=687s"},{"start_seconds":694,"text":"of Millions for billions of people Google started I believe in 2003 correct me if I'm wrong Facebook","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=694s"},{"start_seconds":703,"text":"started roughly around that time so all of these monsters that we are now","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=703s"},{"start_seconds":709,"text":"talking and calling big Tech were born out of these Founders chasing active","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=709s"},{"start_seconds":718,"text":"users now what would be the approach to designing and creating a product for the","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=718s"},{"start_seconds":727,"text":"next billion people and first and foremost is it needs to start with a problem that hundreds of millions and","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=727s"},{"start_seconds":735,"text":"billions of people have and I'm not going to pretend that I have an answer I mean we have our answer because","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=735s"},{"start_seconds":742,"text":"sweatcoin obviously and sweat economy is solving a real problem otherwise we wouldn't have a scale that we have right","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=742s"},{"start_seconds":749,"text":"now 145 million uh plus users on web 2","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=749s"},{"start_seconds":755,"text":"and 9 million users on sweat wallet the problem that we started with is very simply people want to be more physically","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=755s"},{"start_seconds":763,"text":"active it's a genuine intent huh milon no no 9 million on","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=763s"},{"start_seconds":771,"text":"sweat wallet um everything good needs to start with a","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=771s"},{"start_seconds":779,"text":"problem not with an idea you know why the explanation is very simple you build beautiful product you have an idea and then you need to sell it and in order to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=779s"},{"start_seconds":788,"text":"sell it you need to find someone whose problem this product would satisfy and there is nothing sadder than a beautiful","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=788s"},{"start_seconds":796,"text":"product that people spend year or two building and then they are looking for someone to take it and solve their","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=796s"},{"start_seconds":805,"text":"problem and the reason why they're in the situation because they did not start with a problem another benefit of starting with a problem is you never","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=805s"},{"start_seconds":814,"text":"pivot you do not have to Pivot ever you don't freak out your investors you don't freak out your team because pivot when","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=814s"},{"start_seconds":822,"text":"you start with a problem is an adjustment to a product because you learn something about the problem and those users that you didn't know before","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=822s"},{"start_seconds":830,"text":"and you just shift around and you become more and more targeted with your product and you become better and better at solving that problem that is a lot","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=830s"},{"start_seconds":839,"text":"easier narrative to sell to anyone than when you have not found the problem to solve and you need to completely pivot","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=839s"},{"start_seconds":846,"text":"and go for another idea second point is simply U accent language our users do not understand","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=846s"},{"start_seconds":854,"text":"hodle bidd staking we have to change this vocabulary completely and this is not to talk about seed phrases 24 words","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=854s"},{"start_seconds":863,"text":"that you can't take a screenshot of or copy and put it somewhere you have to scribble it down on a piece of metal split it in half put it into two","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=863s"},{"start_seconds":871,"text":"different saves in two different locations users the next billion are never going to do that they would love","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=871s"},{"start_seconds":880,"text":"to be good at opsc but they are not going to jump through so many hurdles so simple ux third it has to be native","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=880s"},{"start_seconds":890,"text":"mobile next billion people does not have laptops they do not have desktops they are preferring na","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=890s"},{"start_seconds":899,"text":"apps to even mobile web so starting with this is absolutely an incredibly","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=899s"},{"start_seconds":907,"text":"important in order to get Mass market adoption and last but not least this next billion people are not whales there","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=907s"},{"start_seconds":915,"text":"are millions hundreds of millions probably billions of them but very low value and that means that we have to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=915s"},{"start_seconds":922,"text":"think all together in a completely different fashion and accepting $10 transaction cost for the next billion","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=922s"},{"start_seconds":931,"text":"people is not going to work because for people in Africa that would be like half a year wages nobody's going to pay that","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=931s"},{"start_seconds":939,"text":"so and you know because we're here at nearon that gives you a whiff of an idea where else would you actually be","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=939s"},{"start_seconds":947,"text":"building this product what other chain can give you the combination of all of","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=947s"},{"start_seconds":954,"text":"this stuff and Founders that actually understand the import of each of these uh points that I'm","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=954s"},{"start_seconds":962,"text":"making now there are a lot of conversations around product Innovation and I'm getting sent quite a lot of decks and my","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=962s"},{"start_seconds":971,"text":"biggest frustration that I see right now is that we continuing to innovate largely for whales and nobody or very","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=971s"},{"start_seconds":978,"text":"very few projects are thinking about Minos but if you want to have a vibrant ecosystem you cannot just have whales","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=978s"},{"start_seconds":987,"text":"you know it's it's not diverse enough we need to start building products for Minos because then it's going to be","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=987s"},{"start_seconds":995,"text":"vibrant ecosystem we also should not forget the roots and the ethos of webs 3 because we wanted to democratize things","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=995s"},{"start_seconds":1004,"text":"we wanted to bank the unbanked we wanted to give products to people that are","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1004s"},{"start_seconds":1011,"text":"excluded by the existing Industries and existing players so Minos is the","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1011s"},{"start_seconds":1019,"text":"original Mission and they are terribly underserved right","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1019s"},{"start_seconds":1026,"text":"now what is our hypothesis what is what are we doing for the uh for the Minos we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1026s"},{"start_seconds":1036,"text":"actually learn from an amazingly huge economy that everyone's familiar with but is not thinking about it in terms of","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1036s"},{"start_seconds":1045,"text":"XXX to earn but attention economy is actually pay attention to earn it's only","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1045s"},{"start_seconds":1053,"text":"about 150 years old and by some estimates it's $7 trillion it's five to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1053s"},{"start_seconds":1059,"text":"six times bigger than the whole crypto that we are so proud of now what do we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1059s"},{"start_seconds":1067,"text":"learn from attention economy so that we can take it and build a movement economy","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1067s"},{"start_seconds":1074,"text":"there are amazing similarities between paying attention and being Physically Active specifically they are it's","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1074s"},{"start_seconds":1082,"text":"valuable to you everything that you know and people that you meet starts with you starting to pay attention if you're","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1082s"},{"start_seconds":1090,"text":"physically active you benefit it both of them are also","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1090s"},{"start_seconds":1098,"text":"valuable to third parties advertisers are paying for your attention uh Healthcare Providers","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1098s"},{"start_seconds":1105,"text":"insurers employers and ultimately governments are happy and will be paying for your physical activity because it is","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1105s"},{"start_seconds":1113,"text":"actually good business to them let me give you an example you know why not accept some a portion of your taxes in","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1113s"},{"start_seconds":1122,"text":"sweat or you know let's not chill just sort of our project but tokenized physical activity if you have it that","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1122s"},{"start_seconds":1130,"text":"means that you're taking care of yourself that you're putting less pressure on health care costs in the country that you're in you're going to","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1130s"},{"start_seconds":1137,"text":"live longer in the most cynical fashion it is good business because you're going to generate more tax revenues over your","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1137s"},{"start_seconds":1144,"text":"lifetime it is give a little and actually benefit a lot","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1144s"},{"start_seconds":1151,"text":"now third one scarcity you do not have unlimited amount of attention neither you can","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1151s"},{"start_seconds":1159,"text":"produce an unlimited amount of physical activity and we know that scarcity is extremely important with these three","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1159s"},{"start_seconds":1167,"text":"similarities between attention and physical activity we can conclude that actually we should start going Beyond","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1167s"},{"start_seconds":1174,"text":"products we should start thinking really ambitiously and start building economies using web 3 and this technology that we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1174s"},{"start_seconds":1182,"text":"have available to us as a basis as an enabler of this very very ambitious","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1182s"},{"start_seconds":1189,"text":"goal now what what are we doing to others","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1189s"},{"start_seconds":1195,"text":"Beyond ourselves to actually push for more of you and I'm saying you because","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1195s"},{"start_seconds":1203,"text":"there are a lot of Founders here and I hope that there are people who are thinking of building on near we are sponsoring hackathon that is happening","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1203s"},{"start_seconds":1211,"text":"in another venue and the Strand or the uh swim Lane that we're sponsoring is defi products for the next billion","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1211s"},{"start_seconds":1220,"text":"people because we believe and we put our money and our Bounty where our heart is","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1220s"},{"start_seconds":1227,"text":"that products need to start being innovated that are geared towards billions of users and we called it sweat","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1227s"},{"start_seconds":1236,"text":"pay that's a sort of code name but actually this is something that we're really really Keen to bring to reality","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1236s"},{"start_seconds":1245,"text":"and allow those tens of millions hundreds of millions of people that right now have smartphones but are excluded from banking system to enter","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1245s"},{"start_seconds":1254,"text":"into traditional finance and allow them to spend that crypto anywhere where they're spending cash right now what are we","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1254s"},{"start_seconds":1262,"text":"giving again we're supporting our thesis that it's all about users the winner is going to get 50,000","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1262s"},{"start_seconds":1270,"text":"users put on their product so that they can understand it tested and verify that they have product Market fit and we'll","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1270s"},{"start_seconds":1277,"text":"definitely be very very keen to help them and of course there are some cash","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1277s"},{"start_seconds":1283,"text":"prices so let's really for focus on building foros and building economies","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1283s"},{"start_seconds":1293,"text":"not just products and perfect perfect timing I don't want to stand between you and the beverages that I served over","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1293s"},{"start_seconds":1302,"text":"there and now I think that we should just go and party and celebrate this amazing event and all of those amazing","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1302s"},{"start_seconds":1309,"text":"announcements that we heard today thank you very much","url":"https://www.youtube.com/watch?v=nf60vzR8p2Q&t=1309s"}],"youtube_url":"https://youtube.com/watch?v=nf60vzR8p2Q","url":"https://near-pedia.xyz/videos/nf60vzR8p2Q"}