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With crypto-native crowdfunding, we could see something similar emerge for any creative project. As the next generation of social products get built on crypto rails, I believe creators will use some sort of decentralized crowdfunding to finance their projects. If so, you could see the entire cap table for the next Mr. Beast or Cardi B and build pro... See more

Most creators don’t have enough fans to be eligible for ads. Even for eligible creators, it’s nearly impossible to make a sustainable income via ads. ~97.5% of YouTubers don’t make enough to reach the US poverty line ($12,140).

It’s easy to see why NFTs inspire both excitement and deep skepticism: They’re a completely novel asset class, and we don’t see new asset classes appear that often. But what drives the value of an asset that’s really just a digital token people can pass around? To appreciate NFTs properly, we first have to think through what they actually are and t... See more

Once we solve the Social Token Paradox, capital will no longer be the primary status symbol in web3. Instead, status will be composed of how many communities you are a part of, or how many things you’ve done online. The more online history you have, the richer your own story is, and the more things you can be a part of in the future.

So my belief and hope is: participation as the core interactive model will be the wedge that a new social experience uses to disrupt Facebook Inc. I look for this in new social startups, and I wouldn’t be surprised if the biggest threat to Facebook Inc will be something that started looking like a game.

This relationship between protocols and applications is reversed in the blockchain application stack. Value concentrates at the shared protocol layer and only a fraction of that value is distributed along at the applications layer. It’s a stack with “fat” protocols and “thin” applications.