It’s build mode!
I’m not going to sugarcoat it: It’s tough out here.
Recession is looming. There’s a political divide in the U.S. that makes water cooler conversation nearly impossible. A war is going on overseas that feels like the door to a nuclear abyss. Inflation is the highest it’s been in 40 years and it’s going to be painful on the economy to slow it down. Supply chain issues continue to be a factor and ruthless sonsabitches are using the confusion to further price gouge.
Interest rates keep going up, meaning access to cheap capital keeps going down. That’s going to affect the real estate market soon. Stocks are way down and net worths are halving. Crypto winter came mid-Summer and it’s causing carnage. There will be a lot of damage and repercussions from this time. There’s no sign of a bounce back anytime soon.
I, however, have some good news.
There was a lot of froth in the market (do you like overly frothy coffee? I don’t). Valuations were sky high. A correction was not only imminent, but needed. Historically, economic heart attacks have spawned great American companies.
The dotcom boom led to the formation of Google, Amazon, eBay and the entire e-commerce explosion. Even the ‘08 crash had a silver lining. Uber, Airbnb, Venmo, WhatsApp, Instagram, Pinterest, Slack, and Spotify were all born out of that brutality. These were paradigm-shifting businesses built with the technology of Web 2.0.
This is why I believe our current crash conundrum will lead to the next era of great U.S. innovation. It might be hard to see the light right now, but there is no question that the world is going through another massive shift. It’s the dawn of Web3 and the dominant players have not yet taken the field.
It’s time to innovate, to hunker down, and to create. What happens in the next 18 months will define a generation.
Of course, there are factors you can’t control, like broader macroeconomic shifts, timing, and international geopolitics. Let’s leave that to the suckers and experts. This is not the time to get caught in the weeds (unless you’re in the Cannabizness, which is thriving :0). This is the moment to plant your stake in the ground. It’s build mode!
For some, the big question is: what do I want to make?!?
In the spirit of answering that question, the Web3 community is taking to NYC next week for NFT NYC. I can’t wait to be back in the city to learn, lead, and lay the foundation for the future.
We lived through 2008. We thrived through Web2. Now, it’s Web3’s turn. The potential is exponential. We need to forge a brave new world.
If you want to connect in person, I have limited slots for our NFTalks on Sunday, June 19th at 630pm. Come have a glass of wine and be a part of the conversation. We’ll have our Lyricist Lounge DAO family on hand, led by the amazing Ant Marshall. Expect to see hip-hop stars from both the golden era and the new school. RSVP here RSVP@NueAgency.com.
I’m also speaking at the conference on Tuesday, June 21st in the afternoon. Hit me for deets. Hope to see you next week.
Also published on Medium.