Thursday Thoughts - 06/23/2022
In this short newsletter, I share the most interesting things that I’ve read, heard, and/or watched over the past week.
What I’ve Heard:
Celebrities Loved Cryptos and NFTS. Then the Markets Crashed. | The Journal.
This short 21 minute podcast dives into celebrity endorsements of NFTs and their response during this current market downturn.
I found it surprising that celebrities were paid to endorse NFTs. Although, in hindsight, maybe this was expected. There was no way that so many A-list celebrities loved NFTs when it is still an obscure subject with the general public. I am curious how much each of these celebrities were paid for their sponsorships.
The point about whether celebrities should endorse financial products is a good one. For the most part, these athletes and celebrities don’t know much about the underlying product. What’s to happen if it crashes, like it did now? Are they ultimately responsible? Does it tarnish their brand?
What I’ve Read:
The Rise of the Internet’s Creative Middle Class | The New Yorker
In this article, Cal Newport argues for One Thousand True Fans by Kevin Kelly and its return due to the culture around paying for digital content.
This read was a surprise to me because I didn’t know that Kevin Kelly’s premise fell out of favor with the general consensus. I always thought that the internet is a good thing. It made making money easier. The internet promised that anyone could write, sing, or talk their way into a sufficient living.
Mr. Newport also makes an excellent point on his podcast expanding on the essay. He says just because the internet allows anyone to make money on the internet, it doesn’t mean that everyone will get rich starting a blog, podcast, or YouTube channel. You still need to work at it and, ultimately, be good at what you do.
What I’m Pondering:
“You’re not going to get rich renting out your time. You must own equity—a piece of a business—to gain your financial freedom.”
Naval Ravikant, The Almanack of Naval Ravikant