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Subscription Gross Profit (A): The annual subscription gross profit of a customer of The Farmer’s Dog is in the hundreds of dollars. While the company deserves an A grade at the Series A, the gross profit has increased substantially since the initial investment, particularly given improvements in product gross margins that have come through economi... See more

“Advertising is a tax on the poor” — Scott Galloway

one key way that a user-owned network can outperform a purely investor-owned one: by giving away something that’s more valuable to recipients than it is to anyone else.

Coinbase lets people buy and sell cryptocurrencies, but in every other way, it’s like a centralized exchange on which you’d trade equities, bonds, currencies, or commodities.

The rise of immersive experiences will mainstream 3D creation.

In this essay, I introduce three theoretical perspectives from which we can view the term "value" and how they relate to cryptoassets. In addition, I discuss how the power granted by governance tokens confers value. Lastly, I propose governance power as a new fundamental metric in token valuation that can be measured by a "governance premium" assig... See more

Now anyone can publish, the gatekeepers have changed. Our new navigational mechanism is largely "on demand". The audience cherrypicks from an endless feed of stories shaped by people in their network. What shows up in that feed is governed by a set of rules because there's a vast amount of content to choose from now that everybody has the mic. We c... See more

The next big movie franchise/theme park/toy line will likely come from games. Players are spending thousands of hours interacting with game characters. Many developers are moving away from a publisher-led financing model to a VC model that enables them to maintain ownership over their IP.