Welcome back, Pilgrim. Here’s what’s happened in town since you’ve been away…
These past weeks we have seen the world of Web3 and the Metaverse ride on high highs and low lows. Markets are still (way) down and even more high profile crypto funds tanked, faced insolvency, and even engaged in questionable trading practices with their clients’ money. Yet at the same time the Web3 community kicked off a major event at NFT NYC, and there appeared to be a corresponding bump in the market giving us a few days’ respite from the numbers in red. Ups and downs prompt us to follow St. Thomas Aquinas and pray:
“Give us, O Lord, a steadfast heart, which no unworthy affection may drag down.”
Remember that cryptocurrencies, the Metaverse, and Web3 are tools: imperfect, unstable, and, frankly, still very ill-defined. We are called not to ride the peaks and troughs of emotion, but to rest steadfastly in Him. Continuing Aquinas:
“Bestow upon us, O Lord our God, understanding to know you, diligence to seek you, wisdom to find you, and a faithfulness that may finally embrace you.”
Bad actors are leaving and underhanded dealings are coming to light in this fiscal separation of wheat from chaff. We will hold to our principles, continue to build for the Kingdom, and come through this season as a trustworthy community of creators and owners recognized because we can ‘meet with Triumph and Disaster, and treat those two impostors just the same.’
Around Web3
Celsius and 3AC Insolvency : The Bull Run of 2021 brought to the fore various funds promising astronomical returns and interest on investments. The practices used to achieve these high paybacks for investors were opaque at best, and prompted much criticism from within the transparency-focused crypto community. How could a firm claim to be better than a traditional bank, and then engage in the shadiest practices of banking without the user protections in place for financial institutions? Those voices of caution were ignored while everything was going well, but as markets turned south the system came crashing down. These articles highlight two examples of this (disturbingly recurring) trend.
CeFi Broke. DeFi Didn’t: An alternative and somewhat positive take on the stories above. Read those and see two high profile examples of centralized finance (CeFi) institutions engaging in shady practices and ignoring the foundational promises of the Web3 world: transparent transactions and decentralized finance (DeFi). We see organizations engaging in the worst of both worlds with questionable trading practices taking advantage of the unregulated nature of cryptocurrencies. There is another way. Do your own research, manage your own assets or deposit them with investment vehicles which are clear on how they handle your funds, and be wary of any deal that seems too good to be true. DeFi has a place in the future, but it requires diligence and responsible planning.
NFT NYC 20222: What bear market? The NFT community is not only weathering the storm, but they are singing in the rain (my apologies for that metaphor). Over 16,000 fans of non-fungibility came together in New York to showcase projects and connect. Industry leaders gave talks on the potential use cases for NFTs and how that market will affect the larger crypto trends, and A-list performers showed up to help the hype. Two years of Zoom fatigue and Slack/Discord channels have led us to a surprising place— a digital tool (NFTs) being used to connect people in real life, and in a really big way. Did not see that coming…
Around the Kingdom
Christian, Get Involved: Interesting piece on civic engagement for a faithful Christian. We are called to live fully in this world as a blessing to our communities and not retreat into a detached, “spiritual-only existence.” Though this reflection focuses on politics, I believe engagement in the technical economy is equally relevant. Read this article and think what it means for the beginning of the still-nascent Metaverse. Someone needs to define policies, institutional structures, and goals of implementation. Why not us?
Trust in God in Times of Transition: I don’t want to over-index on the idea that our spiritual journey is reflected in our current economic conditions. There is more to life than our financial portfolios. Yet as we see generation-defining transitions around us and seek to be a force for Gospel Truth, and we continue to contend with our own short-term transitions in jobs, families, and communities, it is good to reflect on building a firm foundation so we can weather the trials ahead.
Wisdom for Dissidents: Jeff Meyers joins Michael Bowyer on the Meeting of Minds podcast to discuss his new book exploring the true significance of the Epistle of James. When the author of the letter comments on war and murder in the community, was he hyperbolically referring to daily strife within the church (as some popular views take it), or was he literally calling on Christ’s disciples to rise above the political strife between the Jewish Zealot movement and Roman puppet Sadducees? Taken within the larger historical context and the impending Jewish civil war, Pastor Meyers makes a case for the far more dire consequences James warned against.
Around the Community
Below are a couple projects which members of our community have introduced. Check them out, support your fellow Reformers and ask them questions, and let’s build something great!
Patrick Bezalel’s Drawn to Reality: Amazing collection of digital artwork inspired by Biblical themes.
booklight.app: You’ve heard of play-to-earn games. How about read-to-earn books?
Weekly Scholar’s Edition: Do you enjoy these Pilgrim’s Edition Newsletters and want more than a monthly release? Collect a Reformer NFT and get access to the weekly Scholar’s Edition Newsletter as well. In that we dive deeper into the world of Web3 projects and seek to educate and enable community members to build for God’s Kingdom.
The Call
The Reformers is a community of Christ followers who want to continuously explore new tools which can extend the reach of His Kingdom. If you want to lean in and support that mission, check out a Reformers NFT, become a patron of the community, get news and updates to start building with us, and help us run this race with endurance.