Sergio Silva: Institutional Custody and Payments - [Web3 Breakdowns, EP.48]

Dec 2, 2022

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INSIGHT

Why NFT Royalties Are Vulnerable

Royalties on Ethereum NFTs relied on a social contract because the chain and marketplaces couldn't enforce them automatically.
Marketforces and new marketplaces that skip royalties push the royalty model toward 0% unless protocol-level fixes arrive.

ADVICE

Protect Income By Building Community

Build direct relationships and communities with collectors so they will pay creators outside market-enforced royalties.
Seek alternative revenue streams instead of relying solely on unpredictable royalty income.

ANECDOTE

From Skeptic To Punk Buyer

Sergio mocked CryptoPunks at first, joined the Punk Discord out of curiosity, and bought a punk within days because of the community.
The punk purchase changed his perspective and led to deep involvement in the space.

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This is Eric Golden and my guest today is Sergio Silva. Sergio is a Senior Director of Web3 at Fireblocks, a platform that helps institutions custody and transfer funds. In this wide ranging conversation, we discuss the impact of NFT royalties going to 0%, how Fireblocks helps institutions secure their wallets, and why stablecoins and cross-border payments will be adopted in emerging markets. Please enjoy this conversation with Sergio Silva.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

[00:02:11] - [First question] - His thoughts on NFT royalties dropping to 0% and the impacts of that change

[00:04:20] - Whether or not secondary sale royalties could be implemented via smart contracts

[00:05:11] - Where the industry is headed given the changing landscape and its underlying technology

[00:11:03] - His background ranging from banking all the way to Crypto Punks

[00:13:27] - What moved him from writing an article against NFTs to dropping $10k on them

[00:15:04] - The dissolution of the Crypto Punks Discord channel and where it’s at now

[00:16:41] - Overview of what Fireblocks is and what they do

[00:18:14] - What MPC is and why it makes Fireblocks so special

[00:19:22] - Fireblocks’ target audience and clientele

[00:19:59] - Why they choose to stay B2B and not launch their own exchange

[00:21:33] - Definitions of custodians, qualified custodians, self-custody, and technology layer

[00:23:00] - Overview of what crypto wallets actually are and the broad scope of them today

[00:25:54] - The different use cases of wallets writ large

[00:28:40] - How to handle wallets as an identity on blockchains in tandem with privacy

[00:30:50] - Brands building on top of crypto layers and what’s impressed him the most

[00:32:18] - How much Fireblocks deals with TradFi compared to crypto native firms

[00:33:21] - The chances of Fireblocks becoming solely a technology layer

[00:39:39] - How he lost his Punk and what he had to do to get it back

[00:43:35] - DeFi collateralization, overcollateralization, and the use cases for it

[00:45:33] - Overview of the global payments system and where crypto will have a place in it

[00:50:04] - Explaining sending crypto and NFTs to his family

[00:57:07] - Concerns for capital controls as crypto becomes more globally adopted

[00:58:25] - Thoughts on the greatest use cases for stablecoins

[01:00:10] - What he’s most excited to see built over the next six months and six years

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