Dear Crypto Natives,
We’re on this journey doing this weird internet money stuff together—and I love hearing what you’ve been up to. We level up by doing, remember?
This week in the Inner Circle (did you grab your invite btw?) we were talking about tokenized LLCs and DoctorJ tells us about an experiment he’s running—he tokenized himself!
He created 99 DRJ tokens that each represent an hour of his time. As an entrepreneur and crypto investor he has skills buyers might find useful like trading defi, raking leaves, or helping you plan world domination! Token holders entitled to 1 hour.
He’s not a programmer. He created the Personal Tokens using this template from OpenLaw. Then he created a way for purchasers to redeem his tokens using one. More than tokens and code, these are binding legal contracts.
How to distribute? An exchange! Not Coinbase or Binance, somewhere he didn’t have to ask permission. He put 10 tokens in a Uniswap pool to start—just as an experiment. He didn’t tell anyone about it.
So after sharing this with the group, guess what happens? A couple Bankless members plug the DRJ token address into Uniswap and buy his tokens. Like this:
The first token went for .09 ETH the second for .12 ETH. See the transactions here.
Why the different prices? Uniswap is based on a bonding curve, so each token taken from the liquidity pool costs more than the last. Right now 1 DRJ token costs .15 ETH, but 7 would cost 7.7 ETH—there’s only 8 left in the pool). Since DoctorJ is the primary token holder, he could add more tokens to the pool to lower costs.
This is wild stuff. What’s an hour of DoctorJ time today worth today? What if his acting career takes off? Maybe I could hold my DRJ coin for a few years until he stars in a some films and hosts the Oscars—what would an hour of his time be worth then?
Are you seeing this? A personal tokens in a few clicks. An instant marketplace. A price scheme bootstrapped by bonding curve. No permission. And we’re just scratching the surface.
The rest of the world will catch up to this at some point. But you’re already here. You’re already doing the weird internet money stuff.
Keep being weird. Keep leveling up!
- RSA