More on Web3 & Crypto
OnChain Wizard
3 years ago
How to make a >800 million dollars in crypto attacking the once 3rd largest stablecoin, Soros style
Everyone is talking about the $UST attack right now, including Janet Yellen. But no one is talking about how much money the attacker made (or how brilliant it was). Lets dig in.
Our story starts in late March, when the Luna Foundation Guard (or LFG) starts buying BTC to help back $UST. LFG started accumulating BTC on 3/22, and by March 26th had a $1bn+ BTC position. This is leg #1 that made this trade (or attack) brilliant.
The second leg comes in the form of the 4pool Frax announcement for $UST on April 1st. This added the second leg needed to help execute the strategy in a capital efficient way (liquidity will be lower and then the attack is on).
We don't know when the attacker borrowed 100k BTC to start the position, other than that it was sold into Kwon's buying (still speculation). LFG bought 15k BTC between March 27th and April 11th, so lets just take the average price between these dates ($42k).
So you have a ~$4.2bn short position built. Over the same time, the attacker builds a $1bn OTC position in $UST. The stage is now set to create a run on the bank and get paid on your BTC short. In anticipation of the 4pool, LFG initially removes $150mm from 3pool liquidity.
The liquidity was pulled on 5/8 and then the attacker uses $350mm of UST to drain curve liquidity (and LFG pulls another $100mm of liquidity).
But this only starts the de-pegging (down to 0.972 at the lows). LFG begins selling $BTC to defend the peg, causing downward pressure on BTC while the run on $UST was just getting started.
With the Curve liquidity drained, the attacker used the remainder of their $1b OTC $UST position ($650mm or so) to start offloading on Binance. As withdrawals from Anchor turned from concern into panic, this caused a real de-peg as people fled for the exits
So LFG is selling $BTC to restore the peg while the attacker is selling $UST on Binance. Eventually the chain gets congested and the CEXs suspend withdrawals of $UST, fueling the bank run panic. $UST de-pegs to 60c at the bottom, while $BTC bleeds out.
The crypto community panics as they wonder how much $BTC will be sold to keep the peg. There are liquidations across the board and LUNA pukes because of its redemption mechanism (the attacker very well could have shorted LUNA as well). BTC fell 25% from $42k on 4/11 to $31.3k
So how much did our attacker make? There aren't details on where they covered obviously, but if they are able to cover (or buy back) the entire position at ~$32k, that means they made $952mm on the short.
On the $350mm of $UST curve dumps I don't think they took much of a loss, lets assume 3% or just $11m. And lets assume that all the Binance dumps were done at 80c, thats another $125mm cost of doing business. For a grand total profit of $815mm (bf borrow cost).
BTC was the perfect playground for the trade, as the liquidity was there to pull it off. While having LFG involved in BTC, and foreseeing they would sell to keep the peg (and prevent LUNA from dying) was the kicker.
Lastly, the liquidity being low on 3pool in advance of 4pool allowed the attacker to drain it with only $350mm, causing the broader panic in both BTC and $UST. Any shorts on LUNA would've added a lot of P&L here as well, with it falling -65% since 5/7.
And for the reply guys, yes I know a lot of this involves some speculation & assumptions. But a lot of money was made here either way, and I thought it would be cool to dive into how they did it.
CNET
3 years ago
How a $300K Bored Ape Yacht Club NFT was accidentally sold for $3K
The Bored Ape Yacht Club is one of the most prestigious NFT collections in the world. A collection of 10,000 NFTs, each depicting an ape with different traits and visual attributes, Jimmy Fallon, Steph Curry and Post Malone are among their star-studded owners. Right now the price of entry is 52 ether, or $210,000.
Which is why it's so painful to see that someone accidentally sold their Bored Ape NFT for $3,066.
Unusual trades are often a sign of funny business, as in the case of the person who spent $530 million to buy an NFT from themselves. In Saturday's case, the cause was a simple, devastating "fat-finger error." That's when people make a trade online for the wrong thing, or for the wrong amount. Here the owner, real name Max or username maxnaut, meant to list his Bored Ape for 75 ether, or around $300,000. Instead he accidentally listed it for 0.75. One hundredth the intended price.
It was bought instantaneously. The buyer paid an extra $34,000 to speed up the transaction, ensuring no one could snap it up before them. The Bored Ape was then promptly listed for $248,000. The transaction appears to have been done by a bot, which can be coded to immediately buy NFTs listed below a certain price on behalf of their owners in order to take advantage of these exact situations.
"How'd it happen? A lapse of concentration I guess," Max told me. "I list a lot of items every day and just wasn't paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone."
"And here within the beauty of the Blockchain you can see that it is both honest and unforgiving," he added.
Fat finger trades happen sporadically in traditional finance -- like the Japanese trader who almost bought 57% of Toyota's stock in 2014 -- but most financial institutions will stop those transactions if alerted quickly enough. Since cryptocurrency and NFTs are designed to be decentralized, you essentially have to rely on the goodwill of the buyer to reverse the transaction.
Fat finger errors in cryptocurrency trades have made many a headline over the past few years. Back in 2019, the company behind Tether, a cryptocurrency pegged to the US dollar, nearly doubled its own coin supply when it accidentally created $5 billion-worth of new coins. In March, BlockFi meant to send 700 Gemini Dollars to a set of customers, worth roughly $1 each, but mistakenly sent out millions of dollars worth of bitcoin instead. Last month a company erroneously paid a $24 million fee on a $100,000 transaction.
Similar incidents are increasingly being seen in NFTs, now that many collections have accumulated in market value over the past year. Last month someone tried selling a CryptoPunk NFT for $19 million, but accidentally listed it for $19,000 instead. Back in August, someone fat finger listed their Bored Ape for $26,000, an error that someone else immediately capitalized on. The original owner offered $50,000 to the buyer to return the Bored Ape -- but instead the opportunistic buyer sold it for the then-market price of $150,000.
"The industry is so new, bad things are going to happen whether it's your fault or the tech," Max said. "Once you no longer have control of the outcome, forget and move on."
The Bored Ape Yacht Club launched back in April 2021, with 10,000 NFTs being sold for 0.08 ether each -- about $190 at the time. While NFTs are often associated with individual digital art pieces, collections like the Bored Ape Yacht Club, which allow owners to flaunt their NFTs by using them as profile pictures on social media, are becoming increasingly prevalent. The Bored Ape Yacht Club has since become the second biggest NFT collection in the world, second only to CryptoPunks, which launched in 2017 and is considered the "original" NFT collection.
Marco Manoppo
2 years ago
Failures of DCG and Genesis
Don't sleep with your own sister.
70% of lottery winners go broke within five years. You've heard the last one. People who got rich quickly without setbacks and hard work often lose it all. My father said, "Easy money is easily lost," and a wealthy friend who owns a family office said, "The first generation makes it, the second generation spends it, and the third generation blows it."
This is evident. Corrupt politicians in developing countries live lavishly, buying their third wives' fifth Hermès bag and celebrating New Year's at The Brando Resort. A successful businessperson from humble beginnings is more conservative with money. More so if they're atom-based, not bit-based. They value money.
Crypto can "feel" easy. I have nothing against capital market investing. The global financial system is shady, but that's another topic. The problem started when those who took advantage of easy money started affecting other businesses. VCs did minimal due diligence on FTX because they needed deal flow and returns for their LPs. Lenders did minimum diligence and underwrote ludicrous loans to 3AC because they needed revenue.
Alameda (hence FTX) and 3AC made "easy money" Genesis and DCG aren't. Their businesses are more conventional, but they underestimated how "easy money" can hurt them.
Genesis has been the victim of easy money hubris and insolvency, losing $1 billion+ to 3AC and $200M to FTX. We discuss the implications for the broader crypto market.
Here are the quick takeaways:
Genesis is one of the largest and most notable crypto lenders and prime brokerage firms.
DCG and Genesis have done related party transactions, which can be done right but is a bad practice.
Genesis owes DCG $1.5 billion+.
If DCG unwinds Grayscale's GBTC, $9-10 billion in BTC will hit the market.
DCG will survive Genesis.
What happened?
Let's recap the FTX shenanigan from two weeks ago. Shenanigans! Delphi's tweet sums up the craziness. Genesis has $175M in FTX.
Cred's timeline: I hate bad crisis management. Yes, admitting their balance sheet hole right away might've sparked more panic, and there's no easy way to convey your trouble, but no one ever learns.
By November 23, rumors circulated online that the problem could affect Genesis' parent company, DCG. To address this, Barry Silbert, Founder, and CEO of DCG released a statement to shareholders.
A few things are confirmed thanks to this statement.
DCG owes $1.5 billion+ to Genesis.
$500M is due in 6 months, and the rest is due in 2032 (yes, that’s not a typo).
Unless Barry raises new cash, his last-ditch efforts to repay the money will likely push the crypto market lower.
Half a year of GBTC fees is approximately $100M.
They can pay $500M with GBTC.
With profits, sell another port.
Genesis has hired a restructuring adviser, indicating it is in trouble.
Rehypothecation
Every crypto problem in the past year seems to be rehypothecation between related parties, excessive leverage, hubris, and the removal of the money printer. The Bankless guys provided a chart showing 2021 crypto yield.
In June 2022, @DataFinnovation published a great investigation about 3AC and DCG. Here's a summary.
3AC borrowed BTC from Genesis and pledged it to create Grayscale's GBTC shares.
3AC uses GBTC to borrow more money from Genesis.
This lets 3AC leverage their capital.
3AC's strategy made sense because GBTC had a premium, creating "free money."
GBTC's discount and LUNA's implosion caused problems.
3AC lost its loan money in LUNA.
Margin called on 3ACs' GBTC collateral.
DCG bought GBTC to avoid a systemic collapse and a larger discount.
Genesis lost too much money because 3AC can't pay back its loan. DCG "saved" Genesis, but the FTX collapse hurt Genesis further, forcing DCG and Genesis to seek external funding.
bruh…
Learning Experience
Co-borrowing. Unnecessary rehypothecation. Extra space. Governance disaster. Greed, hubris. Crypto has repeatedly shown it can recreate traditional financial system disasters quickly. Working in crypto is one of the best ways to learn crazy financial tricks people will do for a quick buck much faster than if you dabble in traditional finance.
Moving Forward
I think the crypto industry needs to consider its future. This is especially true for professionals. I'm not trying to scare you. In 2018 and 2020, I had doubts. No doubts now. Detailing the crypto industry's potential outcomes helped me gain certainty and confidence in its future. This includes VCs' benefits and talking points during the bull market, as well as what would happen if government regulations became hostile, etc. Even if that happens, I'm certain. This is permanent. I may write a post about that soon.
Sincerely,
M.
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Alex Mathers
2 years ago
400 articles later, nobody bothered to read them.
Writing for readers:
14 years of daily writing.
I post practically everything on social media. I authored hundreds of articles, thousands of tweets, and numerous volumes to almost no one.
Tens of thousands of readers regularly praise me.
I despised writing. I'm stuck now.
I've learned what readers like and what doesn't.
Here are some essential guidelines for writing with impact:
Readers won't understand your work if you can't.
Though obvious, this slipped me up. Share your truths.
Stories engage human brains.
Showing the journey of a person from worm to butterfly inspires the human spirit.
Overthinking hinders powerful writing.
The best ideas come from inner understanding in between thoughts.
Avoid writing to find it. Write.
Writing a masterpiece isn't motivating.
Write for five minutes to simplify. Step-by-step, entertaining, easy steps.
Good writing requires a willingness to make mistakes.
So write loads of garbage that you can edit into a good piece.
Courageous writing.
A courageous story will move readers. Personal experience is best.
Go where few dare.
Templates, outlines, and boundaries help.
Limitations enhance writing.
Excellent writing is straightforward and readable, removing all the unnecessary fat.
Use five words instead of nine.
Use ordinary words instead of uncommon ones.
Readers desire relatability.
Too much perfection will turn it off.
Write to solve an issue if you can't think of anything to write.
Instead, read to inspire. Best authors read.
Every tweet, thread, and novel must have a central idea.
What's its point?
This can make writing confusing.
️ Don't direct your reader.
Readers quit reading. Demonstrate, describe, and relate.
Even if no one responds, have fun. If you hate writing it, the reader will too.
The woman
2 years ago
The best lesson from Sundar Pichai is that success and stress don't mix.
His regular regimen teaches stress management.
In 1995, an Indian graduate visited the US. He obtained a scholarship to Stanford after graduating from IIT with a silver medal. First flight. His ticket cost a year's income. His head was full.
Pichai Sundararajan is his full name. He became Google's CEO and a world leader. Mr. Pichai transformed technology and inspired millions to dream big.
This article reveals his daily schedule.
Mornings
While many of us dread Mondays, Mr. Pichai uses the day to contemplate.
A typical Indian morning. He awakens between 6:30 and 7 a.m. He avoids working out in the mornings.
Mr. Pichai oversees the internet, but he reads a real newspaper every morning.
Pichai mentioned that he usually enjoys a quiet breakfast during which he reads the news to get a good sense of what’s happening in the world. Pichai often has an omelet for breakfast and reads while doing so. The native of Chennai, India, continues to enjoy his daily cup of tea, which he describes as being “very English.”
Pichai starts his day. BuzzFeed's Mat Honan called the CEO Banana Republic dad.
Overthinking in the morning is a bad idea. It's crucial to clear our brains and give ourselves time in the morning before we hit traffic.
Mr. Pichai's morning ritual shows how to stay calm. Wharton Business School found that those who start the day calmly tend to stay that way. It's worth doing regularly.
And he didn't forget his roots.
Afternoons
He has a busy work schedule, as you can imagine. Running one of the world's largest firm takes time, energy, and effort. He prioritizes his work. Monitoring corporate performance and guaranteeing worker efficiency.
Sundar Pichai spends 7-8 hours a day to improve Google. He's noted for changing the company's culture. He wants to boost employee job satisfaction and performance.
His work won him recognition within the company.
Pichai received a 96% approval rating from Glassdoor users in 2017.
Mr. Pichai stresses work satisfaction. Each day is a new canvas for him to find ways to enrich people's job and personal lives.
His work offers countless lessons. According to several profiles and press sources, the Google CEO is a savvy negotiator. Mr. Pichai's success came from his strong personality, work ethic, discipline, simplicity, and hard labor.
Evenings
His evenings are spent with family after a busy day. Sundar Pichai's professional and personal lives are balanced. Sundar Pichai is a night owl who re-energizes about 9 p.m.
However, he claims to be most productive after 10 p.m., and he thinks doing a lot of work at that time is really useful. But he ensures he sleeps for around 7–8 hours every day. He enjoys long walks with his dog and enjoys watching NSDR on YouTube. It helps him in relaxing and sleep better.
His regular routine teaches us what? Work wisely, not hard, discipline, vision, etc. His stress management is key. Leading one of the world's largest firm with 85,000 employees is scary.
The pressure to achieve may ruin a day. Overworked employees are more likely to make mistakes or be angry with coworkers, according to the Family Work Institute. They can't handle daily problems, making the house more stressful than the office.
Walking your dog, having fun with friends, and having hobbies are as vital as your office.
Navdeep Yadav
2 years ago
31 startup company models (with examples)
Many people find the internet's various business models bewildering.
This article summarizes 31 startup e-books.
1. Using the freemium business model (free plus premium),
The freemium business model offers basic software, games, or services for free and charges for enhancements.
Examples include Slack, iCloud, and Google Drive
Provide a rudimentary, free version of your product or service to users.
Google Drive and Dropbox offer 15GB and 2GB of free space but charge for more.
Freemium business model details (Click here)
2. The Business Model of Subscription
Subscription business models sell a product or service for recurring monthly or yearly revenue.
Examples: Tinder, Netflix, Shopify, etc
It's the next step to Freemium if a customer wants to pay monthly for premium features.
Subscription Business Model (Click here)
3. A market-based business strategy
It's an e-commerce site or app where third-party sellers sell products or services.
Examples are Amazon and Fiverr.
On Amazon's marketplace, a third-party vendor sells a product.
Freelancers on Fiverr offer specialized skills like graphic design.
Marketplace's business concept is explained.
4. Business plans using aggregates
In the aggregator business model, the service is branded.
Uber, Airbnb, and other examples
Marketplace and Aggregator business models differ.
Amazon and Fiverr link merchants and customers and take a 10-20% revenue split.
Uber and Airbnb-style aggregator Join these businesses and provide their products.
5. The pay-as-you-go concept of business
This is a consumption-based pricing system. Cloud companies use it.
Example: Amazon Web Service and Google Cloud Platform (GCP) (AWS)
AWS, an Amazon subsidiary, offers over 200 pay-as-you-go cloud services.
“In short, the more you use the more you pay”
When it's difficult to divide clients into pricing levels, pay-as-you is employed.
6. The business model known as fee-for-service (FFS)
FFS charges fixed and variable fees for each successful payment.
For instance, PayU, Paypal, and Stripe
Stripe charges 2.9% + 30 per payment.
These firms offer a payment gateway to take consumer payments and deposit them to a business account.
Fintech business model
7. EdTech business strategy
In edtech, you generate money by selling material or teaching as a service.
edtech business models
Freemium When course content is free but certification isn't, e.g. Coursera
FREE TRIAL SkillShare offers free trials followed by monthly or annual subscriptions.
Self-serving marketplace approach where you pick what to learn.
Ad-revenue model The company makes money by showing adverts to its huge user base.
Lock-in business strategy
Lock in prevents customers from switching to a competitor's brand or offering.
It uses switching costs or effort to transmit (soft lock-in), improved brand experience, or incentives.
Apple, SAP, and other examples
Apple offers an iPhone and then locks you in with extra hardware (Watch, Airpod) and platform services (Apple Store, Apple Music, cloud, etc.).
9. Business Model for API Licensing
APIs let third-party apps communicate with your service.
Uber and Airbnb use Google Maps APIs for app navigation.
Examples are Google Map APIs (Map), Sendgrid (Email), and Twilio (SMS).
Business models for APIs
Free: The simplest API-driven business model that enables unrestricted API access for app developers. Google Translate and Facebook are two examples.
Developer Pays: Under this arrangement, service providers such as AWS, Twilio, Github, Stripe, and others must be paid by application developers.
The developer receives payment: These are the compensated content producers or developers who distribute the APIs utilizing their work. For example, Amazon affiliate programs
10. Open-source enterprise
Open-source software can be inspected, modified, and improved by anybody.
For instance, use Firefox, Java, or Android.
Google paid Mozilla $435,702 million to be their primary search engine in 2018.
Open-source software profits in six ways.
Paid assistance The Project Manager can charge for customization because he is quite knowledgeable about the codebase.
A full database solution is available as a Software as a Service (MongoDB Atlas), but there is a fee for the monitoring tool.
Open-core design R studio is a better GUI substitute for open-source applications.
sponsors of GitHub Sponsorships benefit the developers in full.
demands for paid features Earn Money By Developing Open Source Add-Ons for Current Products
Open-source business model
11. The business model for data
If the software or algorithm collects client data to improve or monetize the system.
Open AI GPT3 gets smarter with use.
Foursquare allows users to exchange check-in locations.
Later, they compiled large datasets to enable retailers like Starbucks launch new outlets.
12. Business Model Using Blockchain
Blockchain is a distributed ledger technology that allows firms to deploy smart contracts without a central authority.
Examples include Alchemy, Solana, and Ethereum.
Business models using blockchain
Economy of tokens or utility When a business uses a token business model, it issues some kind of token as one of the ways to compensate token holders or miners. For instance, Solana and Ethereum
Bitcoin Cash P2P Business Model Peer-to-peer (P2P) blockchain technology permits direct communication between end users. as in IPFS
Enterprise Blockchain as a Service (Baas) BaaS focuses on offering ecosystem services similar to those offered by Amazon (AWS) and Microsoft (Azure) in the web 3 sector. Example: Ethereum Blockchain as a Service with Bitcoin (EBaaS).
Blockchain-Based Aggregators With AWS for blockchain, you can use that service by making an API call to your preferred blockchain. As an illustration, Alchemy offers nodes for many blockchains.
13. The free-enterprise model
In the freeterprise business model, free professional accounts are led into the funnel by the free product and later become B2B/enterprise accounts.
For instance, Slack and Zoom
Freeterprise companies flourish through collaboration.
Start with a free professional account to build an enterprise.
14. Business plan for razor blades
It's employed in hardware where one piece is sold at a loss and profits are made through refills or add-ons.
Gillet razor & blades, coffee machine & beans, HP printer & cartridge, etc.
Sony sells the Playstation console at a loss but makes up for it by selling games and charging for online services.
Advantages of the Razor-Razorblade Method
lowers the risk a customer will try a product. enables buyers to test the goods and services without having to pay a high initial investment.
The product's ongoing revenue stream has the potential to generate sales that much outweigh the original investments.
Razor blade business model
15. The business model of direct-to-consumer (D2C)
In D2C, the company sells directly to the end consumer through its website using a third-party logistic partner.
Examples include GymShark and Kylie Cosmetics.
D2C brands can only expand via websites, marketplaces (Amazon, eBay), etc.
D2C benefits
Lower reliance on middlemen = greater profitability
You now have access to more precise demographic and geographic customer data.
Additional space for product testing
Increased customisation throughout your entire product line-Inventory Less
16. Business model: White Label vs. Private Label
Private label/White label products are made by a contract or third-party manufacturer.
Most amazon electronics are made in china and white-labeled.
Amazon supplements and electronics.
Contract manufacturers handle everything after brands select product quantities on design labels.
17. The franchise model
The franchisee uses the franchisor's trademark, branding, and business strategy (company).
For instance, KFC, Domino's, etc.
Subway, Domino, Burger King, etc. use this business strategy.
Many people pick a franchise because opening a restaurant is risky.
18. Ad-based business model
Social media and search engine giants exploit search and interest data to deliver adverts.
Google, Meta, TikTok, and Snapchat are some examples.
Users don't pay for the service or product given, e.g. Google users don't pay for searches.
In exchange, they collected data and hyper-personalized adverts to maximize revenue.
19. Business plan for octopuses
Each business unit functions separately but is connected to the main body.
Instance: Oyo
OYO is Asia's Airbnb, operating hotels, co-working, co-living, and vacation houses.
20, Transactional business model, number
Sales to customers produce revenue.
E-commerce sites and online purchases employ SSL.
Goli is an ex-GymShark.
21. The peer-to-peer (P2P) business model
In P2P, two people buy and sell goods and services without a third party or platform.
Consider OLX.
22. P2P lending as a manner of operation
In P2P lending, one private individual (P2P Lender) lends/invests or borrows money from another (P2P Borrower).
Instance: Kabbage
Social lending lets people lend and borrow money directly from each other without an intermediary financial institution.
23. A business model for brokers
Brokerages charge a commission or fee for their services.
Examples include eBay, Coinbase, and Robinhood.
Brokerage businesses are common in Real estate, finance, and online and operate on this model.
Buy/sell similar models Examples include financial brokers, insurance brokers, and others who match purchase and sell transactions and charge a commission.
These brokers charge an advertiser a fee based on the date, place, size, or type of an advertisement. This is known as the classified-advertiser model. For instance, Craiglist
24. Drop shipping as an industry
Dropshipping allows stores to sell things without holding physical inventories.
When a customer orders, use a third-party supplier and logistic partners.
Retailer product portfolio and customer experience Fulfiller The consumer places the order.
Dropshipping advantages
Less money is needed (Low overhead-No Inventory or warehousing)
Simple to start (costs under $100)
flexible work environment
New product testing is simpler
25. Business Model for Space as a Service
It's centered on a shared economy that lets millennials live or work in communal areas without ownership or lease.
Consider WeWork and Airbnb.
WeWork helps businesses with real estate, legal compliance, maintenance, and repair.
26. The business model for third-party logistics (3PL)
In 3PL, a business outsources product delivery, warehousing, and fulfillment to an external logistics company.
Examples include Ship Bob, Amazon Fulfillment, and more.
3PL partners warehouse, fulfill, and return inbound and outbound items for a charge.
Inbound logistics involves bringing products from suppliers to your warehouse.
Outbound logistics refers to a company's production line, warehouse, and customer.
27. The last-mile delivery paradigm as a commercial strategy
Last-mile delivery is the collection of supply chain actions that reach the end client.
Examples include Rappi, Gojek, and Postmates.
Last-mile is tied to on-demand and has a nighttime peak.
28. The use of affiliate marketing
Affiliate marketing involves promoting other companies' products and charging commissions.
Examples include Hubspot, Amazon, and Skillshare.
Your favorite youtube channel probably uses these short amazon links to get 5% of sales.
Affiliate marketing's benefits
In exchange for a success fee or commission, it enables numerous independent marketers to promote on its behalf.
Ensure system transparency by giving the influencers a specific tracking link and an online dashboard to view their profits.
Learn about the newest bargains and have access to promotional materials.
29. The business model for virtual goods
This is an in-app purchase for an intangible product.
Examples include PubG, Roblox, Candy Crush, etc.
Consumables are like gaming cash that runs out. Non-consumable products provide a permanent advantage without repeated purchases.
30. Business Models for Cloud Kitchens
Ghost, Dark, Black Box, etc.
Delivery-only restaurant.
These restaurants don't provide dine-in, only delivery.
For instance, NextBite and Faasos
31. Crowdsourcing as a Business Model
Crowdsourcing = Using the crowd as a platform's source.
In crowdsourcing, you get support from people around the world without hiring them.
Crowdsourcing sites
Open-Source Software gives access to the software's source code so that developers can edit or enhance it. Examples include Firefox browsers and Linux operating systems.
Crowdfunding The oculus headgear would be an example of crowdfunding in essence, with no expectations.