Burnt Banksy, CEO of XION, Discusses the Decision to Incinerate a Banksy Artwork and the Industry’s Proximity to Widespread Adoption Through Chain Abstraction | Episode 353

In a unique discussion with the Cryptonews Podcast, Burnt Banksy, the creator of XION, a blockchain tailored for consumer engagement, shared insights on the burning of Banksy’s ‘Moron’ and labeled the act as “dumb.”

He elaborated on the development of the first walletless Layer 1 blockchain, entirely focused on consumer requirements, and criticized the competition among L1s, especially with the anticipated emergence of more specialized L4s, L8s, L12s, and others.

Finally, Burnt Banksy addressed the reasons behind the impending mass adoption of cryptocurrency.

‘We Were F***ing Stupid’

In 2021, Burnt Banksy gained attention when he incinerated a Banksy print titled ‘Morons’ during a livestream.

He expressed his admiration for Banksy but was open to experimentation.

Before the surge in popularity, very few were aware of NFTs. Even as these digital assets gained global recognition in recent years, many did not perceive them as having any real value.

Critics dismissed them as worthless, merely simple JPEGs that could be easily replicated.

Burnt Banksy and his two associates selected a highly valuable piece of art to destroy, aiming to explore the impact on the value of the NFT counterpart.

The trio purchased the artwork for $95,000 and later sold it for $380,000, setting a new NFT sale record, surpassing the previous high of $90,000.

“And if I’m being honest, we were fucking stupid. It was dumb,” Burnt Banksy remarked.

“We set the minimum bid, I think it was around $40,000, and we thought, you know what? We had a lot of fun with this. Regardless of the outcome, it was a fantastic experience. And if we don’t profit, that’s fine.”

Moreover, the trio was unaware of the challenges involved in actually burning the print. They faced difficulties igniting it with a lighter.

“I recall standing there trying to set this thing ablaze, thinking, hey, this is paper. It should catch fire easily. But if you watch the video, it appears as if I’ve never done anything like this before,” Burnt Banksy stated.

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Abstracting Everything!

Burnt Banksy noted that prior to XION, he was already “pretty crypto native.”

He expressed a desire to continue his work in this sector. However, like many in the field, he recognized a significant problem: “UX is terrible.”

“Unless you know precisely what you’re doing and why, you can’t utilize this technology,” he contended.

What is Chain Abstraction?

It is XION’s approach to making Web3 accessible to everyone, everywhere by eliminating complexities and technicalities that hinder user experiences.https://t.co/IhTvSL2UuQ

— XION (@burnt_xion) July 18, 2024

He aimed to create a product that anyone could use without needing to comprehend the underlying technology. “I want my parents to be able to use this.”

Indeed, XION’s was the first testnet he had ever worked on that his parents could actually navigate, Burnt Banksy mentioned.

Thus, XION is “the first and only walletless Layer 1 blockchain designed to completely abstract everything related to crypto and focus on consumer applications,” its founder stated.

more like i’m HYPE-erlane to push the boundaries of chain abstraction https://t.co/kMFIDWgEBi

— Burnt Banksy (@BurntBanksy) July 17, 2024

Meanwhile, XION recently revealed a successful beta launch of the EarnOS platform, which attracted over 200,000 verified users and more than 1,300,000 unique brand interactions.

Central to EarnOS’ user-friendly experience is XION’s chain abstraction framework, as stated in the announcement.

Users can log in using their email and engage across all devices without the need for seed phrases, plugins, wallets, gas fees, popups, or complicated transaction signing.

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The First Non-Competitive L1

The XION team asserted that this is the first non-competitive L1. “It’s so lame to be competing at this level,” Burnt Banksy remarked.

There is no rationale for L1s to battle each other over a limited space. “We can all win,” he stated.

It would be more beneficial for the industry if projects directed their efforts towards expanding rather than consolidating.

“Why XION?” pic.twitter.com/em1FXWhQtE

— Burnt Banksy (@BurntBanksy) July 16, 2024

“I believe the tribalism and the notion that if I want to succeed, someone else must fail, is not an effective way to operate a business,” Burnt Banksy argued.

Decisions should not be influenced by tribalism or grants. Instead, projects should seek a blockchain that aligns with their needs.

“If I’m a DeFi project, I could choose something like Injective. If I’m a gaming project, I might opt for Immutable X or a similar platform,” he suggested.

Furthermore, the XION team anticipates that projects will become more specialized.

There will be “other L1s, 2s, 3s, 4s, 8s, 12s,” Burnt Banksy argued.

Crossing the Chasm to Mass Adoption: ‘We’re Extremely Close’

Burnt Banksy indicated that crypto adoption is likely to follow a trajectory similar to that of Facebook, with exponential growth expected.

He asserted that,

“With everything that’s happening, I genuinely believe that we’re very close. And I think in the next bull market, we’re going to flourish even during the bear market.”

For the purpose of adoption, what matters to people is the actual product, not the technology behind it.

Consequently, the focus will be product-driven. “There’s no reason for individuals to casually enter crypto.”

We will have practical products that attract users, offering a seamless experience with all the complexities abstracted away.

The XION ecosystem supports builders at the earliest stages of their development throughout the entire product lifecycle

Looking forward to working closely with the DappLaunch teams to continue bringing the world on-chain https://t.co/370WpTEyhv

— XION (@burnt_xion) July 6, 2024

That said, “currently, crypto is highly solutionist, as is typical with most immature technology narratives.”

The founder referenced a book titled Crossing the Chasm (1991) by Geoffrey A. Moore.

Among other points, it posits that to achieve mass adoption of the Internet, we needed to ‘cross the chasm.’

Indeed, the Internet has become an essential part of our daily lives.

This “mirrors crypto perfectly,” Burnt Banksy stated.

Builders usually have to decide:

Distribution or cutting-edge technology?

This tradeoff doesn’t exist on XION

— XION (@burnt_xion) July 16, 2024

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That’s not all.

In this interview, Banksy also covered:

• the significance of burning a Banksy painting for his personal brand and XION;
• the concept of chain abstraction, addressing UX and fragmentation;
• issues with prevailing narratives: ‘chain abstraction is not for the Web2 people, it’s for the Web3 people’;
• the crypto industry catch-22 and the drawbacks of accepting grants;
• the industry’s vulnerability to grifting and change;
• the inevitability of short-term volatility alongside long-term growth;
• the transition of money from private to public through Web3 projects: teams working for the benefit of the community;
• the evolution within the sector and among project founders.

You can watch the complete podcast episode here.

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About Burnt Banksy

Burnt Banksy is the founder of the XION blockchain specifically designed for consumer adoption.

His goal is to democratize Web3, making ownership accessible to everyone by eliminating unnecessary barriers and complexities through chain abstraction.

This will simplify blockchain technology for a broader audience.

In 2021, Burnt Banksy burned a physical Banksy artwork. This act sparked global discussions on NFTs and Web3.

Major publications reported on the event, and it is frequently referenced as a catalyst for the NFT revolution.

The post Burnt Banksy, CEO of XION, on Being ‘Stupid’ for Burning a Banksy Painting and Industry Being ‘Extremely Close’ to Mass Adoption Via Chain Abstraction | Ep. 353 appeared first on Cryptonews.