$FB | Minimally Extractive Meta - Not Boring

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Today’s Not Boring is brought to you by…. Masterworks

Once you realize what’s happened in the past week, the only thing you can say is: HOLY SH*T

  • Someone made $8 billion buying Shiba Inu coins
  • Tesla surpassed $1T market cap
  • Bored of reality, Zuck officially went all in on the Metaverse

Quality chaos does keep things interesting. But when it comes to your financial well being, less is more. Despite popular belief, you don’t always need to take big risks to get big rewards.

Recently I added one of the most consistent and overlooked investments in history to my portfolio. It’s one that billionaires have used to grow but also protect their wealth for generations. This is an asset class that will explode by over $1 trillion dollars in under 5 years. And, it beat the S&P 500 by three fold from 1995-2020 with nearly 0 correlation to public equities.

Most billionaires are bullish on this asset class. In fact, they allocate roughly 10-30% of their overall portfolios to it.

This might shock you, but this asset class I’m talking about is contemporary art. New York City’s newest $1B fintech unicorn, Masterworks.io, has revolutionized the lucrative art market by making multimillion-dollar paintings investable like a company’s stock.

With already over $250M AUM, Masterworks is off to the races. I’ve invested in eight of their offerings and will be allocating more soon.

Hi friends 👋,

Happy Monday!

On Thursday, when Mark Zuckerberg announced that his company was changing its name from Facebook to Meta, I missed it. I was filming a video with a portfolio company, talking about, of course, the Metaverse. Whether it should be open or closed. What its currency might be. How web3 ties into the whole thing.

When I got out of the shoot, I opened up Twitter and saw that it had happened. My whole feed was Meta jokes. I didn’t want to miss out, I quickly fired off a Meta joke myself.

In the intervening four days, many of my favorite tech writers have put out Meta content; Ben Thompson and Matthew Ball both got direct access to Zuck himself. My first instinct was: don’t write something on Meta. It’s been done, everyone did it, they did it well, and Zuck didn’t even slide into my DMs.

But who am I kidding? There’s no way I’m not writing about Meta.

This isn’t a piece about whether it’s a good name, or whether Facebook just wanted to change the narrative to get out of trouble after another recent scandal. Those have been written.

But I’ve written about the Value Chain of the Open Metaverse and have defended Facebook’s business even though Everybody Hates Facebook, and this is a major development on both of those fronts.

Maybe the question isn’t whether the Metaverse will be open or Facebook-run, but whether there’s room for Meta in the Open Metaverse.

Let’s get to it.

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It’s unbelievable how much better AI has gotten in the past decade. Look.

Here’s Mark Zuckerberg on-stage with Kara Swisher and Walt Mossberg talking about Facebook’s privacy issues back in 2010:

My Facebook, I promise I haven’t visited since the last time I wrote about FB

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Chris Dixon

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Facebook Connect

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Facebook Connect

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2021 Verge Tech Survey

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2021 Verge Tech Survey

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Roblox

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The Information

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Facebook Portal Story Time

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Quest II

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Facebook Connect

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Facebook Connect

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