Ideas I want to write about

So if I step back, a good consumer token model in my mind:

• Releases a token early, recognizes the end state is entirely unclear, and maintains optionality on how it’ll evolve in future


• Has mechanics to distribute tokens over a long time frame to users / participants that are creating value


• Captures value from the speculation layer and funnels it into

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If Blackbird succeeds, it will succeed because it builds a product that helps restaurants in the ways that they care about. The technology under the hood is a means, not an end.

Fred Wilson pointed out that being onchain opens up the opportunity to build an AmEx-like loyalty program where all the loyalty points are onchain.

“$FLY is like a stablecoin. It’s not something like Bitcoin where you buy it and hope it goes to $100k,” he said. “But the idea of taking loyalty points onchain is a big deal.”

Specifically, it will all... See more

1. Privy makes it easy to embed wallets that users control but don’t need to think about, right in the app.


2. Base , Coinbase’s EVM-Compatible Layer-2 network, is a cheap, highly performant L2 with the trusted reputation and brand of Coinbase. (Since launching in August 2023, Base has already made upgrades that make the network cheaper and faster, whi

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We’ve talked about crypto very little thus far. Blackbird’s membership cards are NFTs, its loyalty token is $FLY, and network participants can earn ownership in the network with $F2, but we’ve focused on what those different products do for restaurants and their customers, not on the nitty gritty of the tokens themselves.

That is a great thing.

Blac... See more

While $FLY is meant to maintain a stable value or a set exchange rate, usage of $FLY earns both diners and restaurants ownership in the network, via Blackbird’s second token: $F2 . The more $FLY you hold and spend (as a diner) or hold and receive (as a restaurant), the more ownership you earn.

I did ask Ben what he thinks the experience will be like in a couple years as the network scales. Here’s what he described:

You open the Blackbird app. Based on what it knows about you, where you are, and any specific queries you make, it will suggest two or three places nearby. That will be the last experience you have with the tech. You’ll just w... See more

Blackbird Pay is a no-brainer. Lowering payment processing fees from 3-4% to 2% improves profitability in both the short-term and long-term. Faster turnover improves profitability in both the short-term and long-term. Restaurants will adopt Blackbird for Blackbird Pay, in order to get back 1-2% of margin, which in some cases, might mean doubling ma... See more

Blackbird Pay offers restaurants a flat 2% fee on payments , versus an industry average of 3-4%.

Payments is how Blackbird will make the majority of its revenue. Ben explained that, in the short-term, they’ll lose money on some transactions (when users choose to pay with credit card and Blackbird eats those fees), and make money on others (when the... See more

The key insight here is that the "regular" experience is a form of capital – social capital , to be precise. It's valuable to both the restaurant (which benefits from repeat business and word-of-mouth marketing) and the customer (who enjoys better service and status). However, this capital has traditionally been illiquid and non-transferable. You c... See more