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June 15 · Issue #154 · View online
3 Things You Need To Know From The Convergence Ecosystem
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We will be rolling out a handful of major updates to the newsletter starting next week. Stay tuned to know more.
Fridays are for long-forms. We have 3 different stories covering Fortnite, Identity and a guide to fund-raising today. Enjoy and have a great weekend!
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1. How Fortnite Captured Teens’ Hearts and Minds
Gamers in our audience are probably looking forward to spending a reasonable amount of time in their favourite games over the weekend. For our initial story of the day, we take a look at Fortnite -a game that’s come out of nowhere to be downloaded over sixty million times and has witnessed over 3 million users playing on it at the same time. According to the New Yorker, In terms of fervor, compulsive behavior, and parental noncomprehension, the Fortnite craze has elements of Beatlemania, the opioid crisis, and the ingestion of Tide Pods. For all the criticism centred around Fortnite, it has been “refreshing” for its audience. It may be the size of the new massive, social online gatherings the game attracts. Or perhaps the culture of the community that has been built around the game itself. While addictive games are a common component of the web, none has been able to scale or create a social aspect to itself in the way Fortnite has. Social gaming apps like Farmville often rested on the platforms (eg: Facebook) they were built on and heavily relied on the viral elements of social media to thrive. Fortnite, on the other hand, did it independently and captured the entirety of the value chain. How did they manage to do this? New Yorker finds the answer to this question in their latest post. Read it here
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2. The Three Models of Digital Identity Relationships
“Self Sovereign Identity” (SSI) is an increasingly common term being used in the context of identity solutions. With the advent of blockchain based architectures being used for identity, we have seen an increasing number of startups use different approaches towards fixing identity theft and fraud on the web. However, a clear definition providing clarity regarding what all the excitement is about is hard to find without in-depth research. Timothy Ruff from Evernym provides an explanation of what SSIs are and the different approaches taken around them in his latest post. He identifies three models of digital identity. Broadly, SSI is a system where individuals carry “credentials”, which could be passports, certificates or opinions which can be used to gain access to different products on services on the web. He explores the different approaches taken towards mapping relationships in digital identities and explains the pros and cons behind each one of them. The rise of more effective mechanisms of mapping identity and empowering users to be in control will be a crucial component of web 3.0. Learn more about how SSIs can help with the same here.
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3. A Guide to Seed FundraisingA Guide to Seed Fundraising
Ending the week’s newsletters with a piece on seed stage funding. Finding the right form of capital from the perfect source is perhaps one of the most tricky parts of being in an early stage venture. As resources dwindle down and competition eats into existing consumer demand, entrepreneurs are often at risk of making bad choices with early investors. This post by Geoff Ralston from Y Combinator aims to help find answers to these questions. He provides an in-depth guide on when, where and how to raise capital from and sheds light on the different financing options available to entrepreneurs currently. Since the entire process of fundraising can often be confusing with much to learn through the process of doing one, it helps to know the key things to watch out for while pitching to investors. Simple things like the process of reaching out to a possible investor, documents to have prepared before a pitch or most crucially, negotiating and closing a deal can seem intimidating. Learn more about how to go about it from Geoff’s piece here. P.s - If you are #buidling what fits in our convergence thesis, drop in your pitches here. We are eager to hear from you. |
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