Let’s start with the breakout asset class of the year: NFTs. Yes, they’re like the ICOs of this cycle: sky highhype, crazy volatility, lots of early lottery winners and complete garbage. But as a new asset type and class,

Collapse in institutional trust: Whether you’re here as a missionary or a mercenary, you’ll find that one of the primary unifying forces behind this movement is the belief that decentralized technologies with embedded financial incentives (a good shorthand for Web3) offer a compelling, often lucrative, alternative to our decaying legacy institution... See more

Eric Peters at One River Capital, he argued that we live in a period of social upheaval, where young people are keen to invest in technologies that disrupt (and potentially bankrupt) older generations’ preferred institutions, while pushing investments that benefit themselves at the expense oF the old guard. The best part about being young and broke... See more

Even if the mega-airdrops are unsustainable in size, they’re likely in their infancy in practice. DAOs have money...lots of it, and want users. And we know how lucrative this market can be for those willing to make the market: Coinbase Earn is doing $60mm+ annualized in revenue in what is arguably the most underutilized part of its business.

To recap the meta NFT thesis: attention is finite, the internet is vast, we’re tribal creatures driven by mimetic desire, and we’re building an insane parallel financial system that may have found a bridge to celebrities and mass retail adoption via crypto-enabled art and collectibles. When you add all of that up, NFTs allow you to “own a piece of ... See more

The challenge we’ll have in the West is understanding whether this is accelerating offshoring and farming out white collar work to the lowest cost bidder. Will DAOs worsen the poor labor dynamics that already plague other marketplace providers in the gig economy?

If you take the 10 year view that open, token-governed marketplaces will replace companies (as I do); and recognize that their communities will need 100x improvements in collaboration tools in order to operate more efficiently than centralized competitors; and understand that every DAO treasury transaction is essentially subject to a board-level pr... See more

Yes, Zuckerberg might be the only roboticon on the planet who could have made an earthshattering announcement like Meta’s feel more cringe than exciting. But $10 billion per year is a mammoth, necessary investment that will lay the foundation for the metaverse much like the rollout of fiberoptics in the early aughts. Meta could brute force the path... See more

That comes later. The toy version will come first: