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TikTok launches new Creator Monetization and new podcast episode - #87

The Jonathan Kogan Show
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The National Basketball Association (NBA) revealed pausing minting of its new non-fungible token collection, dubbed:
  • The Association - after a major loophole was detected by BlockSec after it recognized the issues with the smart contract that triggered the “Allow List” supply to sell out prematurely
The Flaw
  • Blockchain security firm BlockSec has identified a serious vulnerability that could have allowed a malicious entity to mint a large number of NFTs, without paying any tokens.
  • The main reason behind the flaw is the incorrect use of signature verification
  • This essentially means that the contract fails to ensure that the signature can only be used by the user (and only the user) once.
The NFT Collection
  • 18,000 non-fungible tokens representing all 240 assigned NBA players
  • 75 NFTs are allocated randomly using Chainlink VRF to each player from the 16 participating teams
  • Leveraging Chainlink oracles, each player’s NFT appearance will alter automatically based on their performance
  • More accomplishments during the 2022 NBA playoffs mean more visual changes in their digital collectibles
  • The next generation of the internet - a more immersive, 3D experience
  • Its defining quality will be a feeling of presence, like you are right there with another person or in another place. It’s ultimately about finding ever more ways for the benefits of the online world to be felt in our daily lives.
We already have the internet - do we really need the metaverse?
  • Since the advent of the internet, we’ve moved from chunky computers tethered to dial-up phone lines, to laptops and tablets connected without wires, to phones that allow us to carry the internet with us wherever we go, as well as internet-accessible cars, watches and all manner of household devices.
  • Advances in speed and availability of connectivity have now reached a point that begins to make many of these three-dimensional interactions possible virtually.
  • The metaverse will constitute a shift towards live, speech-based communication that will often feel as transient as face-to-face conversations.
The possibilities for education, health and economic opportunity
  • The technology may be virtual, but the impact it will have on education, healthcare, commerce and much more will be very real
  • For example, the internet has already transformed the way we learn. We carry around an infinite library in our pockets on devices slimmer than a paperback book.
  • Classes can be taught by video conferencing or live-streaming. The metaverse promises to make learning more active. We will be able to learn by doing and not just passively absorbing information
  • Another area where metaverse technologies have the potential to be transformative is healthcare. There are endless possibilities for training healthcare professionals - from practicing surgeries without risk to patients or training first responders without putting them in dangerous situations, to making med school more accessible by removing geographical and other barriers
Ensuring an open metaverse
  • The metaverse will be a constellation of technologies, platforms, and products.
  • It won’t be built, operated, or governed by any one company or institution. It will take a range of companies large and small, civil society, the public sector, and millions of individual creators.
  • The common theme across these floors is interoperability.
What sort of rules do we need?
  • The rules and safety features of the metaverse will not be identical to the ones currently in place for social media.
  • Users will have to create new formal rules for their spaces, and informal and unwritten codes of acceptable behavior will also develop over time.
Time is on our side
  • In the past, the speed with which new technologies have emerged has sometimes left policymakers and regulators playing catch-up
  • This is not the case this time around
  • The technologies being described are ground-breaking
  • Many of these products will only be fully realized in 10-15 years, if not longer
  • While that’s frustrating, it has the great benefit of giving us time to ask ourselves the difficult questions about how they should be built
  • Meta has set out a number of priority areas that will guide their work
  • Economic opportunity
  • Privacy
  • Safety and integrity
  • Equity and inclusion
  • interoperability
  • On Monday a hacker got into the popular NFT brand’s Instagram account and posted a link to a supposed airdrop, which would give existing BORED Ape holders a free allotment of land in the upcoming Otherside metaverse.
  • But the link included in the post was a phising scam
  • People who opened it and connected their crypto wallet had their crypto wallets stolen
  • The scammer walked away with a huge haul: $2.57 million
  • OpenSea has put a “suspicious activity” label on the stolen goods, but no one can stop the NFTs from being sold
  • New Bitcoin (BTC) mining data from the Cambridge Centre for Alternative Finance (CCAF) has revealed that China has resurfaced as a leading mining hub.
  • Data from September 2021 to January 22 shows that China’s hashrate climbed to 30.47 EH/s, making it the second-largest miner, contributing 22.29% of the global hashrate.
The U.S. remains the top BTC mining hub
  • 37.84% of the BTC network’s hashrate, up from 35.40% in September 2021
  • Kazakhstan also accommodated a fair share of the mining companies that left China
  • Constant power outages and a crackdown on unregistered BTC miners discouraged mining
  • Canada’s market share also fell from 9.55% in August 2021 to 6.48% in January
A better understanding of the blockchain is one of the first steps toward becoming an educated crypto investor. However, the concept of a blockchain is still a bit muddled for many people, so it’s important to understand what it is and why it is important to invest in the first place.
A better way to buy
  • In 2008, Satoshi Nakamoto invented the blockchain public transaction ledger as a framework for his new cryptocurrency: Bitcoin
  • The goal was to create a decentralized currency and payment system that would eliminate the middleman
  • Bitcoin and blockchain were his solution to the problem
  • With bitcoin, Nakamoto included failsafes to limit currency dilution and devaluation, and with blockchain, he created a transparent transaction ledger that is nearly impossible to manipulate
Members only
  • Imagine blockchain as a kind of anonymous social club.
  • Anyone can become a member, but only those who agree to use a codeword only they can use are eligible to join
  • To verify and maintain integrity, every change in membership prompts a password check back through the chain
  • If everyone’s password checks out, then club membership is accurate and up-to-date
Putting it all together
  • At a basic level, a blockchain is a self-auditing ledger of data
  • Each entry is linked to the last, prompting the rest of the chain to verify each other and confirm the addition
  • A lack of a central administrator or governing authority means updates to the ledger are transparent and occur almost immediately
  • Database administration by consensus makes it nearly impossible for a single entity to cheat or monopolize control
Branded Mission is an industry-first ad solution that enables advertisers to crowdsource authentic content from creators on TikTok, turn top-performing videos into ads, and improve brand affinity with media impressions. It will enable creators to take part in what’s essentially branded content challenges, with the brand then able to select from the submitted clips for their promotional campaigns.
The chosen creators then get a cash payment, though the payment amounts won’t vary based on individual video performance
  • Each Mission will list earnings potential, based on how much the brand is willing to pay
  • The option will broaden the creative options for brands, and with organic-styled content performing best on the platform, it could open up major new possibilities for marketers looking for ways to tap into the app
Branded Mission is another step in this direction
  • It will ideally provide a more direct link between creating content in your own style and making money without having to incorporate merchandise sales or arrange your own affiliate deals.
  • The process could make it much easier to bring in cash for your uploads, expanding well beyond the Creator Fund.
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Jonathan Kogan
Jonathan Kogan @kogz

The Jonathan Kogan Show brings you the most important, underreports news (and hot takes) that you need to know but the mainstream media is not covering. If you are searching for the truth, and of course the cold hard facts, then this podcast is for you. But, if you are looking for fake news and distractions from the real news, then you will be better off going to CNN, MSNBC, or Fox News. We do not cater to any corporations or powerful elites, but rather everyday peasants who simple want to know what is really going on without the propaganda.

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