Creators + DAOs = Unstoppable
I feel like I've been having an identity crisis since my last email a month ago.
After selling a paid substack publication last year and transitioning it into a paid community, my thought process was to build something else up and exit again.
This is the playbook I've done a few times now:
1) Start under my own name / personal brand
2) Transition into its own brand
3) Scale the business
4) Exit the business.
Indeed, it's what I was doing with this newsletter.
It started out as 'Richard Patey's weekly newsletter' and then, after realising my interests were moving the newsletter down a crypto x creator rabbit hole, I picked up the domain lesspermission.com and switched to that.
Then, because I know that community is the most defensible media model in terms of copy cats (who make it a race to the bottom), I had set up and started promoting a community.
This all changed as I went further into tokenized communities and DAOs and realised that I was operating with an ego-driven web2 mindset.
Setting up my own crypto newsletter, podcast and community is a -EV move in 2021 vs contributing to existing media DAOs such as Bankless and Forefront.
The collective, hive-mind coupled with its own micro-economy will simply out-compete 99% of individual creators.
The Forefront newsletter, for example, is simply the best resource on the social token / DAO landscape. You would be losing value by competing with it vs owning the $FF token and contributing to it.
Likewise, I had on my to-do list to launch my own social token podcast. This would be another -EV move now that Bankless and Seedclub (a DAO to DAO partnership) are proposing to create the best content out there.
And I now see that building my own community would also be a dumb move, even if I was planning on tokenizing it:
As David states in the tweet below, any insights I have are more valuable shared across multiple communities than in my own.
The Gary Vee Web 2.0 approach (video I've watched countless times over the last decade) is being replaced by web3. Gary recognizes that we are at the start of something revolutionary in his conversation with Kevin Rose on Modern Finance.
No more brands from me, just your good old Brit friend Patey(.eth).
My emails will be about how I'm contributing to DAOs and the future of work.
It's only a matter of time before a community DAO achieves a market cap of over $1bn and gets to page 1 on Coin Gecko.