I’m sharing with whoever’s interested in what I learn as I try to remain clear-eyed about the opportunities for real estate and web3.
Did I miss important news or a great article this week? In the likely event I did, please shoot me an email (mark@hurstx.com) and let me know!
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This Week’s Musings
The subtitle quote for this week’s newsletter actually has nothing to do with web3, it came from the judge in the Elizabeth Holmes (Theranos) trial but it rang true with what is happening with FTX. It was delivered as a retort to her attorney aguing a harsh sentence would deter tech innovation and investment. FOMO usurped fiduciary responsibility and that resulted in little to no due diligence by investors. Blame certainly rests with many parties, including venture capitalists and the press, but ultimately blame always lies with the grifter.
With the Thanksgiving Holiday’s coming up later this week, next week’s newsletter will likely be briefer than normal.
Hope everyone has a great Thanksgiving!
Informative Articles I Read
Metaverse Building Concepts To Become Homes For People In Need (BuilderOnline) - Make sure to check this out. Build tiny virtual homes in Roblox and raise money for building homes for the homeless in the real world!
Web3 is in FTX's blast radius (Axios) - I’m pretty sure I wrote this headline last week :-) While I’m not ready to write the same obituary for web3 as this article’s author or Felix Salmon are, nails are coming from everywhere for web3’s coffin.
How underwriting a crypto-backed mortgage works (TheRealDeal) - A 30-year, non-QM, no-doc mortgage with 8-10 percent interest for 75-80 percent of the home value, wonder how long these terms will be available for just two times the loan as collateral.
The Messy Real-Estate Fallout From FTX’s Implosion (Curbed) - Light on detail and there seems to be confusion about whether the Bahamas penthouse has actually been legally listed. Regardless, this aspect of the FTX saga is one to watch going forward.
Podcasts/Events/Webinars/etc. That I Listened To
Crypto Decoded (PBS) - Documentary featuring Vernon J of EquityCoin and an explanation of crypto as an alternative currency.
What Real Estate Tokenization Means (KoreTalkX) - This one is on my listening list for Thanksgiving break so I’ll report back on it nextweek.
Innovative Companies I Discovered
Helio - Offering real estate solutions using cryptocurrency for property purchases.
People You Need To Follow On LinkedIn
Jey Van Sharp - Chief Strategiest at EquityCoin
Web3 Announcements From Proptech Companies
Propy raised $1.5M (EDGAR) - No formal announcement, but we caught this EDGAR filing by Propy.
Random But Important Things I Stumbled On
Plug and Play to Launch Crypto and Digital Assets Innovation Platform with Visa, AllianceBlock, The INX Digital Company, IGT, and Franklin Templeton - As a mentor in Plug and Play’s Real Estate & Construction platform, I was excited to see that PnP is leaning in to digital assets.
Oh the tangled web of FTX. Easy to see why there are 1M creditors lining up to discover if there will be anything left of FTX for them to claw back.