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  • Description
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About the talk

Jess Sloss, summoner of Seed Club and Zach Herring, product designer and tinkerer of all things crypto, dive into the journey that is Seed Club is on in the social tokens space.

About speakers

Jess Sloss
Instigator at Seed Club
Zach Herring
Co-Founder, COO at NiftyApes

Jess is the instigator at Seed Club, the social token incubator. Backed by leaders in the crypto and creator economy space, Seed Club helps creators and communities launch and grow successful social tokens. Previously Jess was the co-founder at Blimp, a collaboration space for real estate professionals and led Community for Protos Asset Management, a leading provider of systematic crypto and Defi exposure. In a past life Jess was the Director of Digital Media at Artist Booking and Management company The Feldman Agency where he led the digital launch of its US subsidiary Parallel 49 Agency, and has consulted on digital initiatives for Feldman clients such as as Sarah Mclaughlin, Diana Krall, Hedley, Mother Mother and more. He’s driven a TukTuk across Indonesia, helped an indie band get a major label record deal, put 20m+ views on a poetry video (and get the poet on the main stage of TED just 3 days after we launched), helped launch one of the first Security Tokens and founded a cryptocurrency startup at the height of the crypto bubble (ouch).

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Zach is a Designer of products that delight, organizations that execute, and companies that raise.

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Soap for everybody else, who may not be familiar with sea Club. You want to kind of just introduce yourself talk a little bit about Your journey to the space. How many people here? Have heard of sea Club can do some market research. Circle token, incubator, but a real Focus right now is helping to unlock the superpowers. I told him to bring to two communities. Excellent 2017xx. Basically, like, how far did you start on the sea club? During I think it started, just you and some friends, right? And right now. Okay, for me faces. I see your I see from Berlin,

2019. I think one of the first met a cartel damaged demo days or so, a lot of fun. But yeah, babe August of last year. OK, Google to stop to you early social tokens like, do and the jam token cuz I start to work, I was like what's going on here? Because there's just us, three simple bill. W r, i t e. Z, e, l m, in tokens, the automated market makers. Making it easy for any love. Look what he tells us to have value. And then I saw James kicking around here at Calabria and making it easy for you to sort of have the experience of being in a community or out of the community, if

you hold onto tokens and we just brought like 11 people together into a telegram group and now you guys know about it. So, it was there. I guess like whenever you whenever you are talking about, like, bringing people in and kind of getting started. I think everybody has started those sort of group chats, and everything in there is like, almost a moment of minimum viable Community, right? And I'm kind of curious. What was that moment for you and and like weird. When did you start seeing things like Cole s? Weather like in inciting incident or did it wasn't just a

slow Evolution, I guess. Yeah, I don't know if there's a mission and a time and and people were just excited about it from day one and and it just kept building from there. But our Core Business is identifying for a community. Second use tokens to do something cool ass. And so there's a big mess and a lot of time thinking about what what is proof of community and I don't think there's a great answer to that. You can have five people that are leaning in together on a mission and then that's great. And you can have five million people of that. Don't share same Mission. It's not so much a

community. So know that we had a very clear interest in the world, I guess, and, and 11, 12 people on a telegram group quickly turned into 20 and another thousand that are in there right now and have a core group of 62 down members and really excited to expand into the future. Could you could you talk a little bit how you thought about scaling sea club, right? Like I think the thousands thousands is kind of like a great great point, right where you're you're thinking through how to I mean how to talk to all these people have a Cadillac start building that community. And how did it

happen naturally? Or you just kind of thinking strategically? What? How does that work? yes, I didn't resist tension between like, open and accessible in in big and like Small and Nimble and centralized exact axisa to find it on but very much lean in to Lexi. Club is a permission to have weed. We have our token, holders are non-transferable there in the hands of people who are contributing and so we can have our doubts over here. And then we have for Community, which is Discord and Telegram, and Twitter of many thousands of

people until they're very much. Distinct groups that we talked with and interact with in a different way. And I think our job in the next allow us to bring us together, but we purposely designed for a smaller group of people to be able to get things done. And you know, what are I see? What some of the work like that, the folks a tankless or it for friends, or any of these other organizations are doing it done. Such a great job in bringing so many people in industry and energy work, or we work with projects who are early or Trying to come up with in a

tough decision design. These communities design tokens. These are conversations with mostly shouldn't happen in public. We bring the power of these sort of open. Large the hive mind to work on individual projects and I think we're getting close to it. So pretty exciting there at 1 or 1 to 10. That's where that's where the window, right? Likely. Is that how you're thinking about it. Yeah, we're most interested in in communities that you're the one with their tokens. So I think any others, there's a number of

communities are working with that are thousands millions of people, but there's any Challenger comes with, putting it hooking up to the world. Was just a million people and I pay attention to it. If you been in anybody, if I airdrop telegram groups to go, maybe not the place. I want to go hang out with people all the time. No disrespect to any of you that are in here that love that, but yeah. The one with the token is really where we want to play and design space. So I don't know if it's actually super helpful and filtering down too much.

I guess that would be another Direction. Take this as I am really curious, right? Like whether you're starting with ten people in your community or a thousand or a million people in your community. How do you kind of encourage people to start thinking about that initial token, sort of design or the template to go do it? So I always say it's like the case studies Bay is not the template phase and I think these Community tokens and Dad's going to look a lot more like startups and they're going to look like push button in token. Play in

a Nowell interested economic model. So, everything from distribution to economic design to you, not the Bible. You have your community these worlds for the creative aspects that you have to play with. And so, We like that we get to get into the trenches with individual Founders project leaders creators to create something. So I don't really see our job is like, how do we bring back the as much of the three generations of illegal distribution design at cetera, to these creative human beings that have a vision for where they want their Community to go or the mission that they're on. If we

can bring us together cool things going to happen more often and I are you I guess like are you a personal token maximalist? Like you think that everybody likes to think? Ultimately like every every Community is going to have a token or do you think there are attributes said people should be considering it's a crazy thing to go, do to put a token into the world and people to buy it. And then you'll like what I have responsibilities for this thing is going to continue on most of that. I'm sure there's some folks in here at that. We chatted before and ended like I want to go do token

and my first like two conversations is trying to convince him, not to go do it and it's Sea Club basically helped launch tokens, and we earn tokens for the for that store. Treasury is tied to the success of all these projects. And so if you've of working with somebody, who's in it for a part-time, no, not not fully committed ways. Quite terrifying to me. And actually, if we think that the long-term value of what we do is being a picture rater of the projects and so supposed to come through a program. It so the first week is like, If you walk away, thinking of this is going to be an easy fun

thing to do. Then you just haven't pay attention. Likely people are most majority values and vision base, and I think that's what they're doing. So I could see a world where there's a lot more personal tokens and Community cousins out there, but it's a very different thing to gocreate and just take me to be well, and I think you even at one point like you just be talking about the time Horizon for personal tokens is actually a lot. It's not like starting of stuff sack or something where it's like I'll do it until I'm tired of it. Then I'm going to stop like when you're creating

and that's like a Perpetual community that you're sort of pushing out into the world, right? With Jason did not purchase sometimes expectations unreasonable so I can set them off to the side. But the most popular earnestly wanting to see what is the commitment that I'm making to you? As somebody was putting a token out. Receipt for the is in community tokens in and so separate from like a traitor, client or a personal token because we think that communities can have longevity Beyond any

individual person. In fact, the only benefit from this idea, but let's come together and go on this journey together. So you have like a I don't know investment thesis on those type of communities or is like, how how do you think about that? How do you approach to look at Community? That's a great question that we just did it work retreated for a third cohort, the sticking out the end of this month. We at 80 applicants. We work with usually 12 and we actually work with the team over the last few weeks to build a general version of the right race. So our token holders are

actually voting on which which products come in. So it's like you in the right race, but the club tokens for the deciding factor. But of course it's like they're still at home. If you do not have the information asymmetry. We have an opportunity to speak to do. We have the whole committee that focused on helping you to choose a project. So, you know, we're looking for proof of community were looking for there to be some big mission that that filters are on. But also said that on the person or people that are behind it. So I think it looks a lot more like what big how do you choose a great

start up? Probably the same thing, as how you choose to drink me to token resistance, some different variables in there. Crows are, how are you thinking about a tie for 12th Place? This time? There, will always be a tension between large and We're just taking it slow. But there's there's a lot of things we need to figure out before we go do. That only makes sense of community side of growth. Like, where are you saying? I feel like the space is kind of exploded over the last 6 months, at least right? Like it's been awhile. It's been crazy

at where are you kind of where you been surprised lately? Like, in terms of, like, every week about that every week. I'm surprised even categorize it like where you sitting kind of like that interest, but I think that is really real until and now it's a good start to feel like Let me know what's for right now is sustainable, when people are excited. So I think the whole being in the middle of those a 10ft way that happened in February was quite a shock, even

though no, we had been building with them in and out of left field for us, which is interesting. I think right now to steam the the amount of sort of mainstream people that are interested in the house is like shocking. So every week from your conversation with some person that you just never would have ever thought I would be interested in regular probably aren't truly interested in guys are interested more in like the idea of it right now, but if a big shift Sounders wanted to get a duet 3 and like Executives at large, companies going home. This is a thing. Should we should

figure out his dad? A strategy? I think I'll be most surprised, like you said recently is that? Next million users are going to come from Kanye, not compound, right? Yeah, that's a good one. Right? Because I said something that you've talked about something. I'm really interested in specifically to be raising funds and kind of become self-perpetuating. Do you see? And if he's as like, if he message, you see it like other other components to it, as well as

their house that space evolving you from your perspective, Value Inn in community tokens without there being a core Revenue driver. I think token some cells access or like like it's in website or subscribing or following and web free. I think we're learning or buying and thought I'd bet a shilling coin. I guess. Those are the belief in a thing but without a doubt, revenue's what drives do Billy is missing. John was talking about sustainability of of these organizations. The big ship this year is that we have a few way was artist, earning a shit

ton of the and I was new and exciting and I think that was going to be away for many new people to earn those. Well, so we're in the very different phase of, I think that the market now and that people can you don't have to be an investor to be able to participate. In a big difference. With hoping I have never seen some early examples of I'll bring the other models in. So subscription tied into tokens is kind of interesting to think. There's still a whole lot of interesting things to be done within if he's so, like a question earlier, like what are you looking for? You

know, we think we're still very, very, very early in the idea Mays. And so I'm looking for a weird interesting things and luckily, the spaces, kind of full of it still. So I would say especially like around 2018 and I think, 2020 is starting. And I think I think like within the last 12 months we've gone from you could almost have kind of an interesting, what kind of the view or perspective on everything that is happening in space to work. It's almost like a Cambrian explosion to where you have to start focusing. I think which has been really fascinating kind of fascinating sort of

evolution of the space and basically like the date that is required to understand all the Innovation going on in the nfc's alone. Then you stack on top of that, the community-driven aspects of it are just crazy. Yeah, I think right now there's a lot of people working on a lot of different things and I think that's probably going to change memory and it's like somebody in here and and I was like, yeah cool. Like that's going to work with a lot of work into it and pay for

them, sounds too. Like it a lot of fun but most of us are like probably better at down monogamy or or maybe somebody else right in and so going really deep into something really craving. A lot of value. I think it's like the old still, a ton of outsized Ali beat to be learned through deeply. So yeah, it is empty containers of the level up and I'm so grateful for is the sense-making network that I seem to be a part of. And I think I think that was her like a shortcut to that or no. When people ask me. Like, why is that You're connected, but

engineering this like, ozmosis of information to sort of flies through. So I think we'll just be part of the way of keeping up with what's happening there and hopefully go T-Pain on one or two things. I agree with that different problems. That's like it was suddenly becomes like you have to start doubling down on those. I totally makes sense. I also wonder if there's like a Just like essentially the the amount of time that it takes to study up on the space is kind of going to necessitate at least like some sort of specialization

within within sort of like these can be so many people are trying to figure out what this is all about. And so bad, you feel and it does move a lot faster and it's all done out in the open and some are some differences there. But I think like the movie that's like, how do I am boarding to Dows? How do I go from webpt web 3 as far as the Builder? A product manager or whatever? Like this probably the largest number like that the biggest growth in you communities focused on that or it's

just happening that space. So like two or three months I were launched this week around trying to see if you do find out as are all about this sort of education and I think we're going to throw That this problem specifically. And so there will be any there's through Packer schools focused on this. There's like it is a huge hot space. And so I think right now we're in this awkward face or just realizing that you can actually make a living doing this and it's a sustainable thing, hopefully. And now the educators are coming into making that that on ramp a lot clearer and it's hard to

somebody who runs an organization to even identify the roles that we want to have to go to match with people and stuff like that. Mechanisms that will be developed. That will make that a lot easier, which will make you in Chinese year for for individuals to get in and start creating value of a super connectors. Right? Like is that do you feel like even more of a crucial role within these type of community is like, identifying, what needs to be done in knowing the amazing people that kind of have an alignment at skill

alignment or or is there still a way to do it? I was a heads up. Axie King on an FWB chat. We did a few weeks ago and he was making the argument. That Community managers will be the highest paid job in. Phone number years and somebody just manages the community to moderate that separates. Somebody who knows? What's going on in this crazy thing and can make the connections actually drive deep relationship. If I think like, we have a long way to go in and really formalizing and training and and no building that skill, sets, something that we're really focused

on, but I still think we have a long way to go in an Indian really great at that as well. And I think the right now, lives in the hands of love, you know, great bearded men but the time and effort and work into it and I think it will be supported by software, but no Vibes matter and there's the human component to this very stage on that. That's awesome. I was going to ask about distracted by the Beards the extrinsic vs. Intrinsic. I think one of the biggest differences between

and what Explosion of indices and 1,000 of communities is like this. I suppose were everything fundamentally fundamentally like an extrinsic motivators right? Like I buy coin coin goes up. I make money off of coin, right? Like where is with Dallas and was supposed to work for me, but I've told some people have experienced it. Where is like when we're seeing with enfps with it with communities, like we're talking more about like this intrinsic sort of like been

longing to a community like almost like an endowment effect going on. Where are you get? Like you contribute to a dollar or Community, you get those back and you start actually valuing that because it doesn't just represent. Like a coin of a thing that represents into a lake showing in to that committee, which I think is kind of dope. Got any pet everything with her burns, like a social or Community token before? Nice people. And you say, I'll give you five bucks for you bake. Buy them at each other separate different through the emotional resonance. I think that's a good

question for posting. Maybe not in it. Is like they're actually be sort of the mixture of extrinsic and intrinsic motivation to these communities answer is yes, but I also think that still so much of it is driven by, you know, Prophet right now. And so they're the ones that will sustain or are those that are able to like deep in that meaning a lot. And I think there's more art than science in that right now and then we'll see how that plays out previous panel. They were talking about like paying people right? Like you people have different risk profiles and different time Horizons. And I

think it's important to take care of people's next feel like January one rent do certain things so that they can start thinking and longer longer time Horizons communities. Raising the value that you're helping to create not across the board, but I think these are organizations or the evolution of a corporation communities or just the natural way that we've come together on the internet to create value. Now. I have a bank account now, they have a cap table. Let's go do some cool things with it as a

survivor. Treasury diversification in luxury management right now talk to shreyas and they were thinking deeply about this across. No, dozens of different communities. So he's the guy, I talked to you about it. I think we we raised money so that we could deal with any bear Market that might happen. So just like any organization, you wanna make sure you can cover your bills for a set period of time. But I think I would be out of town a lot more nuanced in my conversation that I would just think you should go talk to an expert foreign to me, but maybe I definitely think about

it during the bull run, right? And so it's it's a big country diversification for front of the treasury. Diversification stocking, some capitals, look at a people. And and a lot of interesting things that we should assume that that you know, it's be going good right now. I'm very bullish on the near future in the distant future. Think the middle ground, who knows. This is crypto living in network world. Let's get weird quickly and get fun quickly again. So the ride was tied up to. So yeah, we preach. Being conservative than and I wanted to stick around for for

many years rather than many months. I love that. So I think we're do you like what? Snacks like, where are you? Staying kind of like C C, Club, explain expanding and then like, how are you kind of thinking in terms of like, I guess that growth that long for mindset or are they Focus right now is just making sure we do what we do right now really? Well? And I think that's probably the biggest challenge we have. Is he look at it, like, all of you and I know all the cool things that you're doing right now and I'm like,

yes, I want to do that. And so how do I feel like we have a team who's were very Do the look in your eyes? I realize. All right. Maybe we shouldn't go do these ten other things, you know, we should just stay focused in the process of relieved to find a reward in the end maintained that the courts will be run. And there's just an amazing group of talent that are coming into to work with us right now. And so we want to make sure that we can put them suited to work in the highest value way. And just as that a ton of

work to do that and yet we want a scale that that's our Core Business that we have. But the others I think about inside of, think around starting see Club as we just wanted to learn faster than we would by herself. And so people came together to go do it and now we're scaling that slowly but steadily. And so, my guess is all the most interesting, cool things are not going to be done by us will be done by the communities that we help set up and, and it probably needs to they help set up. And so, sooner or later, we'll just be like the old people that were

like a 2021. And the cool stuff happening at the edges. And and that hopefully, you will come and tell me about it. So I can a 10. Close to that. I did I would say like last last question or maybe one of last questions would be like if you could put a bounty on any, any Community are like a different direction. If you could do like it, I mean like if they're like, what what community would do? You wish you could have on board is like a community token, do any business development. I'm not ever never going to try

to go. Convince somebody to go do a token. I think they earn his desire to want to go to. This is absolutely essential to be aligned with like the the long-term Vision we have. And Yeah, so I'd like whatever if you just give it up to me today and you're doing cool things like come talk to us would probably want to work with you. I think there's a lot of interesting musician. So cute YouTubers, like a lot of cool things happening are coming to us and I think as long as I think it's the course, I don't know what I mean. Maybe, maybe to dry out, then I'll be out your Shilling for everybody. But

right now it's like you have to really want to do this and and most people really don't want to do it. And that's fine. That's cool. But the people who do you really want to do it? Those are the folks who want to work with, that's awesome. Seems to be go into building the token in her. Look at a lot of influence over communities or YouTube recommended. For example, like the idea of like we supposed to make a ton of money to be running a membership site in and yet, they don't because running a membership site is really hard and not fun to that.

Out of curiosity like whenever you look for kind of like those characteristics or the the folks that are approaching you should they be looking at Sea Club? I know you guys had any applicants last time. Like what? I guess, I go to the touch points. I think one of the biggest joys of my life is I got to talk to you, smart people who want to do cool. Things with my life is zoom call actors in Carthage New call him and somehow I still love it. And so yeah, if you want to do something cool in the space, anything if you're

looking for money, if you're looking for support and looking for advice, hit me up. I am that tall guy on. Twitter handle for when we are still hanging out in real life and it makes a lot more sense. It on the internet. People. Like are you really talk? I'm stuck behind my computer. My DM's are open or teams. The answer. Open Sea Club on Discord and on Twitter and real podcast coming out. So if you want to talk about. Related to the community tokens, maybe we should do that. After in

Friends with Benefits, every Thursday afternoon video, social token chat and should come hang out there, but I was kind of laughing a little bit about like coming up here and then I'm going to talk about cuz I have absolutely no idea because I'm on the internet all the time talking about it already. So I tried to find some new questions. Hopefully you got a couple good, right? Thank you so much.

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Jess Sloss
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