It was with some excitement, almost anticipation, that last weekend I opened A-Magasinet from Aftenposten, to see how they had handled their recent journalistic encounter with the crypto industry in Norway. I myself had contributed background information about the crypto industry and web3 in Norway.
Morten is CEO and founder of the Media startup Kaupr. Background as a journalist (Dagens Næringsliv), communication advisor (Cox Kommunikasjon & Dinamo), and digital business consultant (The New Company). Today exploring Web3, the Metaverse, and the Next Generation Internet as a founder and editor of Kaupr.io.
A few weeks ago I received this question from an Aftenposten journalist - “Who is it that has succeeded in this industry in Norway?” - an invitation I openly accepted by sharing insights, background and tips. Almost like an industry colleague, as I was a stock exchange and financial journalist at IDAGENS Næringsliv and today I am an editor in the online newspaper Kaupr.
When I opened the article in A-Magasinet, and was greeted with the title “Wealth, piece by piece”I guess I knew which way it went. All credit to those within various Norwegian crypto communities who kindly stood up and allowed themselves to be interviewed! But at the same time, I am disappointed that we have once again received a skewed reportage that focuses on speculation, gambling and greed. And that alone!
This is what Kaupr's editor Morten Myrstad writes in a comment, which continues below.
Sure, I know, of course, that speculation is part of an immature crypto industry, in many ways similar to what we recognize from speculation in single stocks, derivatives, and algorithms of classical economics. And from my own professional career: Yep times, stock market crashes and financial scandals, But what strikes me when it comes to the crypto industry is the lack of will and ability to look past the elements of speculation, and ask oneself: What can this be used for? Could these be building blocks of the internet of the future or the banking and financial system of the future? Simply adopt the most important quality of journalism: Curiosity and the ability to ask and search?
The world I encounter every day, as an editor and journalist at Kaupr.io, differs sharply from the mood picture that A-magazine paints. Here I constantly meet entrepreneurs, creators, developers, businessmen and investors, who are trying to innovate and create new businesses based on emerging technologies, which are referred to as web3, blockchain technology, decentralized finance, etc. In parallel, the headlines in international financial newspapers right now are dominated by the fact that the world's largest asset management company, Blackrock, has turned over 8 other classic global asset managers. Dig 180 degrees in its view of Bitcoin, and now refers to Bitcoin as “a new asset class”, “a store of value” and “digital gold”.
I think that this other side of the story of the “crypto industry in Norway”, which is also well known to Aftenposten's journalist, deserves to be told. I do so in this article, which I have deliberately chosen to publish as a comment.
Sure, there is no doubt that the crypto industry has been characterized by ups and downs, and that speculation has for periods been dominant. But hasn't this story actually been written already, up to several times? When the question was “Who has succeeded in this industry in Norway”, I interpreted it as a willingness to look at this as an industry, with all the challenges and opportunities that are often inherent in the industry concept. But what is found of Business-related clues in the A magazine article is, to put it mildly, hidden very well. Here it is rather words like “Bold apartment and Porsche in the garage” and “Today he calls himself an artist”, which help and shape the impression and mood of the article.
What Aftenposten has even done is to use Robert Næss, investment director at Nordea, Aftenposten's art reviewer, financial economist Hallgeir Kvadsheim and MDG man Eivind Trædal, as the only sources from a more classical economic point of view. No comments from Savings Bank 1 or DNB, which investigates what they call digital assets. None from Norges Bank, which investigates digital central bank money based on blockchain technology. Or from Brønnøysund Registrene, which has developed a blockchain-based shareholder book, which 400,000 companies are ready to adopt, if the politicians say yes. No curious people with analogous art backgrounds like Bjarne Melgaard or the auction house Sotheby's, which also has representatives in Norway. None from sustainable concepts a la the returnable plastics platform Empower, which NRK has highlighted in an article under the title “The valuable trash”, built on blockchain technology. None from supply-chain actors who are now trying to embed product information into digital product passports, built on the blockchain, to document sustainable origin and production.
Now Kaupr does not use a lot of space to talk about the classical economy either. But that's simply because it makes the whole Norwegian press nice already. At Kaupr, we therefore aim to highlight what is NOT being written about emerging technologies and economies in other media, while at the same time trying to cover what we have called for “The meeting between crypto and traditional finance”. We are thus filling a small but important void in the Norwegian media image.
Nevertheless, it was with great pleasure that I was apparently able to help Aftenposten also to highlight another story, about the innovative, building and industrial part of the industry. I therefore openly shared how the trends can be understood, both backwards and forwards in time, but also specific tips on exciting companies, projects and people.
The first thing I did was question the concept of industry, in this context. “In terms of terms, there is no industry definition, as this industry spans finance, technology and culture (including gaming and entertainment). I like to use web3 as an overarching term, in my head both over blockchain technology, AR/VR/XR, AI and Internet of Things/Data. However, some use the term web3 as more synonymous with blockchains, but then include NFTs (which are so much more than art!). If you are more financially oriented, you prefer to use crypto instead of blockchains. Here, banks like to talk about “digital assets”. Fintech is usually defined separately, but some crypto players (such as Firi) are also a member of Fintech Norway.
The next thing I did was share tips on people with industry insights, and with significantly longer speeds than me (I began my first proper research within web3 in 2021/22).
I mentioned Ernst & Young's Magnus Jones, who has been active in the industry for many years, who is a recognized and frequently used speaker internationally, and who is an expert on the EU's new regulatory framework, MiCA, which is probably also coming to Norway. Jones also sits with in-depth knowledge of many entrepreneurial businesses and individual projects.
I tipped about Ken-Erik Ølmheim, who, among other things, through his YouTube channel Krypto Labs hosts a streaming program three days a week. But who is also a developer and central to several blockchain projects.
Of course, I mentioned Torbjørn Bull Jenssen, who has a very good overview of Bitcoin's history in particular, and highlighted him as a particularly good analyst and educator. (Bull Jenssen is interviewed in A-Magasinet). I also mentioned Sophia Adampour, which I assumed they were aware of, but highlighted not only her NFT gallery Verse, but also her contributions on learning (Adampour is also interviewed in A-Magazine).
On the industry side, I tipped both about theFactory accelerator and Finansförbund, both of which have done annual FinTech surveys, where some blockchain players are included and described.
The next thing I did was tip about investment companies with web3-related investments, like Schibsted Ventures, Skyfall Ventures, Snö Ventures, and Antler. But I specifically mentioned Klein Group, as the clearest Norwegian investment company within web3 and the main owner Morten Klein as an open spokesperson for blockchain opportunities.
I also mentioned some retail concepts, including the social shopping concept QRTD and about the entrepreneurial company Monuse. Of course, it was also natural to mention the crypto exchanges Furry (CEO Thuc Hoang is interviewed in A-Magazin), K33 (where Bull Jenssen is CEO) and NBX. But these are not only exchangers of cryptocurrencies, they are also companies that are in the process of being newly registered and that may even become important export companies from Norway. I also tipped about the crypto exchange BareBitcoin, started by two young entrepreneurs.
These are some of the other companies and projects I mentioned: Finpeers, which wants to democratize Private Equity, Tvvin, which works on the tokenization of metals, The Mint, a tokenization platform acquired by NBC, Enter.Art, a marketplace for NFTs, and Centaurify, an NFT-based music platform. I stopped by Iaogon, a platform for handling data. On the service page, I mentioned the Crypto Pack, which helps investors with tax returns. I briefed on Presail, an infrastructure for investments, and also shared an article stating that Presail is now making money and increasing its staff by 55%. In my book, Presail is a crowning example of companies “that are about to succeed in this industry in Norway”.
Of course, I also visited the international successes Dune Analytics, Nansen and Axie Infinity, all of which have Norwegian entrepreneurs. I see those three are mentioned in A-Magasinet, but all three had almost merited a magazine article on their own.
I also highlighted Norwegian development communities, such as Nahmi, Symfoni and NBX, all of which have provided technology solutions to Norges Bank's Digital Central Bank Money project.
All that I shared, A-Magazinet's reporter could go further on. I was also open to deepening my reflections, beyond the initial conversation which was primarily a background to one that did not follow the field of substance on a daily basis.
Although I probably expected to be interviewed more closely, after the journalist had done his other research and wandered around the crypto industry, I was still not surprised to be presented with a quote proposal.
The citation proposal entered into a paragraph, like this:
“In recent weeks, bitcoin has been heading for a new peak. New fortunes are being created in boys' rooms across the country. Most are lost at the next rate drop. Morten Myrstad, editor of the news website shop.io, comparing it to stock trading or currency speculation, where there are also some who make “a bullet”.
“The great fortunes in crypto were created until 2021. In 2022, there were too many losses. By 2023, there will certainly be some new people who have served well,” he notes.
I was not at all misrepresented, by no means, but nevertheless immediately responded like this: “This was more background to you. To highlight the differences in the media image that most people have, with what is otherwise happening of development. Would rather want to be quoted on the long term, about web3 as building blocks to the internet of the future”. And then another message from me: “In addition, what is happening now in the borderland between traditional finance and crypto is by far the most exciting thing to happen.”
The journalist replied that the article was a puzzle of various sources, something I had respect and understanding for:
“Watching it. At the same time, surely that story has already been written, in some sense, by others? To substantiate my point. I am now emerging from a chat with the head of an investment company. They see what is happening now as a paradigm shift that is going to overrun traditional finance. Big words. And maybe it's not going so fast, or so upheaval. But anyway: they're miles from the boys room and the carpenter from Mandal, which I guess I also used as a sort of picture for you. The same goes for Presail, which just wants to create a useful service. Or as I wrote on my own LinkedIn profile, about them:
Web3, blockchains and crypto? Isn't that just speculation and spam? Is it really possible to create a normal business based on web3 that makes money and creates new jobs? Yes it is possible! The Norwegian startup Presail is leading the way in a development that we will probably see more of in the years to come.”
The next day, I gave the journalist tips on others he could talk to, if he wanted to quote someone else about the archetypal crypto investor, such as the researchers behind a report that showed how women and men separate teams on financial mastery and hubris.
The same day I sent this suggestion for quote at me:
“Many people are happy to associate crypto trading with a young man in his 20s. These still exist, but gradually completely different investor profiles dominate. We have hardworking entrepreneurs who want to create something new (based on blockchain technology), we have asset managers who come from classical finance, in the US there are “baby boomers” who have entered the new listed Bitcoin funds and globally also women, who want independence and who are often better than men at saving long-term, are at full speed in. I therefore believe that in a few years it will be as natural for most Norwegians to save in crypto as to save in stocks or mutual funds.”
Neither the proposed quote, nor any other references to me, are included in A-Magazinet's article. Which, of course, can be interpreted as me being disappointed not to be in it. Of course, you would like to have a voice. But in media analysis, it's not quite that simple.
I am a journalist, both by education and practice. So I don't have any trouble seeing the temptation in choosing a slant that apparently sells best. And Aftenposten is by no means alone in doing so. But what is sad to see, also on behalf of the journalism profession, is that Norwegian - and Nordic - media - in their coverage of crypto, web3, blockchains - continue to be characterized by what is called “tunnel vision”. That is, the media is moving in tandem and building new stories based on previous media reports and angles, rather than trying to find a separate, new and unique story.
Aftenposten, of course, has its full editorial freedom to highlight whatever issues they want. They are, of course, also in their full right when it comes to making their own selection of sources, citations and final slanting and editing of a case.
At the same time, I too am free not to allow myself to be used in a skewed or incomplete way in an article that, in my view, only captures a smaller part of the new digital economy that is now unfolding.
I am also free to continue to conduct independent, outreach and analytical journalism via Kaupr.io, with an additional focus on topics that Norwegian and Nordic mainstream media do not cover, other than superficially: new and emerging technologies and new business models that these new technologies make possible.
If you would like to hear more about my thoughts and analyses, in an interview, in a podcast, an event or a workshop, then you are also free to ask!
Morten Myrstad is the editor of the online newspaper Kaupr, which is run by the editor poster. This time Myrstad has written a blog comment that stands at his own expense.
Kaupr's blog post is open for posts, analyses and debate in Norwegian, Danish or Swedish, and in some cases also in English. Send your article or idea to morten@kaupr.io.