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NFTs Are a Scam, But Also the Future

Plus: Tim Cook's Riskiest Move Yet, Startup Skips the "Web3" Part

Happy Friday! Welcome to The Web3 Marketer, where I help brands and marketers stay ahead of the web3 curve. Every week, I bring you top stories on web3 & digital collectibles across consumer & loyalty.

Today's write-up is 841 words, a 3½-minute read.

This week’s TL;DR:

  1. Bobby Hundreds thinks “NFTs Are a Scam

  2. Tim Cook finally comes up with his own bold idea

  3. In crypto startup land, the “web3” part is silent

PLUS: Lufthansa, LG, Red Bull, Henessy, Assassin's Creed, Man City, HBR, Miami, and more!

📅 Upcoming events: VeeCon, Indianapolis (ongoing until May 20); GameBeat Summit, LA (May 22-24), Next Block Expo Warsaw Summit (May 24-25); NFT.Brasil, Sao Paulo (Jun 2-4)

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The Big One

In his new book, streetwear legend Bobby Hundreds explores the promise and perils of NFTs

Bobby Hundreds, the founder of The Hundreds streetwear brand, released a book, “NFTs Are a Scam”, which recounts his experience in the space including his “Adam Bomb Squad” project, which sold out 25,000 NFTs in 40 minutes driven by speculators. Read more 

The Takeaway: Instead of writing another NFT bible-thumper, Hundreds hopes to bring more people to NFT space by combining cynical hot takes with vetted use cases from his personal experience.

Bold Strokes, Long Marches

Tim Cook’s riskiest move yet: a mixed-reality headset when the world seems tired of the metaverse

CEO Tim Cook, previously a supply chain expert, so far has been building on top of Apple’s existing success, and has yet to come up with a bold new idea of his own. In June, at Apple’s annual developer event, he is expected to unveil the next big bet - a mixed-reality headset. Read more 

The Takeaway: Cook believes Apple has made something as remarkable as iPod or iPhone and that, in time, billions will agree. Exciting times.

Consumer Crypto

This web3 platform co-creates beauty products with members, but the “web3” part is (trendily) silent

KIKI, which describes itself as a “community-driven beauty platform”, has announced its first community co-created product - a $29 nail polish with an NFC chip. Membership is offered through KIKI World Pass NFT, which qualifies for member-only loyalty points redeemable for perks and insider access.

What’s notable is the subtle avoidance of almost any web3 wording in its press release and on the landing page. Read more 

The Takeaway: By downplaying web3 aspects, KIKI signals an authentic focus on co-creation and co-ownership instead of another NFT money grab with no roadmap. A strategy we’re already seeing replicated by other bear market entrants.

Top Headlines

🛍 Consumer & Mainstream

  • Lufthansa, Eurowings, and travel industry push forward with web3.

  • LG Electronics seeks patent for TV which lets users trade NFTs.

  • Red Bull Doodle Art Competition will reward participants with NFTs.

  • EU finance ministers approved “Markets in Crypto Assets” regulation.

💍 Fashion & Luxury Goods

🎬️ Entertainment, Culture & Media

🏈 Sports

🤖 Metaverse

Marketer intel

🛠️ MarTech & CreatorTech

💰️ Deals

  • Red Beard Ventures raised $25M to fund DeFi and web3 gaming.

  • Tabi raised $10M to expand its NFT marketplace platform.

  • AnotherBlock raised $4.3M to enable trading music rights as NFTs.

  • Artizen raised $2.2M to crowdfund niche art through tokenization.

  • Tessera, a collective ownership NFT platform, will shut down.

  • Adidas lead thought she “could get fired” for signing Bored Ape deal.

🗃 Additions to the Web3 Tools database (304 total)

🎓 Guide of the Week

  • 5 ways to clean your collection from unwanted NFTs

For the Weekend

  • There’s No Real Plan for Preserving Internet Content. Here’s Why That’s a Problem (dot.LA)

  • What Every CEO Should Know about Generative AI (McKinsey)

  • How AI Could Finally Give Crypto its Use Case (Fast Company)

  • Keith Grossman brought NFTs to 99-year-old Time magazine—why he’s now all in on Web3 (Fortune)

  • The Future of Golf in Web3 (🎙️Apple Podcasts)

  • Why Bobby Hundreds Thinks It Is Still Early for Web3 and Why We Need to Give It Room to Grow (🎙️Apple Podcasts)

Meme of the Week

That’s all. See you next week!

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Author Bio

Kuba Szewczyk is an NFT Product Strategy Lead at ConsenSys, helping build NFT tools for brands and creators. He previously worked at Bain & Co. Digital Assets and earned Harvard MBA.

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