I was up in NYC for the big annual NFT event last week. There were easily 10K+ people running around NYC at the conference and outside parties/events. They expanded the speaker list from around 500 previously to over 1,500 this year, and many of the conference halls were empty throughout the day. Like many conferences I have attended across multiple industries, the action is in one-on-one meetings outside the official event. I didn’t have a conference badge, and I didn’t need one.This year’s event came only seven months after last year’s event in November. You can read my report from the 2021 event here.

I highlighted three themes at last year’s event, let me quickly recap those. 1 – NFTs will be everywhere. This one is proving out quickly as NFTs have hit the mainstream since end of 2021. From their prominent role in pop culture on Saturday Night Live to the expansion of NFT collectibles into the NFL, MLB, and much more, NFTs are certainly popping up everywhere. 2 – The user experience will get much better. This one is still a work in progress. Dapper has opened up the Flow ecosystem and other platforms are now accepting credit cards and hosting custodial wallets, but there is a still a huge opening for a company to make the process easier for consumers. 3 – Regulation is badly needed here. This one also has a long way to go. We have seen a few criminal cases brought against some of the bad practices in the industry but still no comprehensive regulation we can point to.

Here are the updated themes from the week.

1 – The Crypto winter didn’t end the party.As I told people I was heading up to the event this year, many that I spoke with expected things to be toned down. Given the huge selloff in the Crypto market and the collapse of NFT valuations, that would’ve been a fair guess. One of the bigger participants in the market told me they decided not to host an event this time since they felt it would be a bad look. They were the outlier. The top event again this year was Ape Fest, from the Bored Ape Yacht Club team. They doled out tickets to their project holders over a multi-day party that featured top tier musical performers like Lil Baby, Eminem, and more. Madonna performed at the World of Women party. The highlight for me was the Knights of Degen event with a slamming set from Ja Rule. The NBA draft was also happening in NYC this week, so there were a ton of current and former NBA stars in town. A good number of NFL players could be found at the event as well. The party was on at NYC NFT.

2 – Builder gonna build. Dozens of great teams are still working on cool projects in collectibles, gaming, music, movies/TV and more. The market may be disrupted, but people will keep building. I heard several people talking about building products for the mainstream where the crypto component will be less prominent to users, ala NBA Top Shot. I wrote about this last month, more here. Last year, funding was abundant and just about any project could find investors. Now everyone is cautious on funding. There is a ton of cash available, but it’s not getting deployed quickly. Valuations are down, even at Seed. Less cash is available at each stage. There are still big deals being announced, i.e. $100mm+ for Magic Eden at the start of the week, but those deals were done months ago. Strong projects with great teams can still get money, the VCs are not going to return their billions back to their LPs, but the tone has changed from last year.

3 – Ponzi-like projects can still gain mass adoption, but not for long Last year, I spoke with a bunch of smart people about the ponzi-like features of the popular Axie Infinity blockchain game. Everyone knew it was bound to come crashing down, and it eventually did. This year, the same is being said of Stepn, the popular move-to-earn game of the moment. It seems like hype cycles and dreams of riches can push any project up fast, but it becomes a game of hot potato that always ends the same way. If you want to build an enduring project, you need to get the tokenomics right from the start. You need to design your project to have lasting token demand and value add to your users, or it will not survive. I did hear several people working on new ideas for move-to-earn. Someone will have a hit here soon that can stand the test of time.

4 – I’m like the only one bearish on DeFi. I still don’t get this. People still believe it’s OK to make non-recourse loans on illiquid and volatile assets like Cryptocurrencies and NFTs. Let me tell you again, it’s not. Maybe the advance rates will go lower and the interest rates will go higher, but DeFi lenders will keep doing it. I think it’s nuts. There is no way to properly charge for this type of risk, and the disclosures are inadequate. People are chasing high yields with little understanding of what they are getting themselves into. We will see more DeFi programs crash. This is only going to work by large players like Coinbase or FTX restructuring these programs to be like more traditional stock lending. These groups will need to credit check their counterparties and stand in the middle between the borrowers and lenders, like a traditional bank does. I wrote on this last year, and I stand behind it.

Overall, it was a fun and productive week, but really tiring. I’m far too old to be out until 1 or 2am multiple nights in a row. Back home now and looking forward to resting up.

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Here are the top web3 stories from this week.

Market Update

Another Volatile Week in Crypto Markets

📉 Prices found some stability, but the hits keep coming in the Crypto world.  Troubled DeFi platform BlockFi had rumors of cash problems, until FTX stepped up and lent them $250MM.  Alameda Research, a Crypto trading firm run by FTX’s founder, also provided a $200MM loan to a Crypto broker called Voyager Digital.  A big DeFi lending company attempted this week to liquidate a large Solana position, which seemed to violate their decentralized tenets.  And early this morning news hit of a $100MM hack from a Crypto asset bridge called Horizon.  Tough week!    

New Products

Immutable Launches $500MM Gaming Fund

🕹️ Immutable ($IMX) is making a big move to establish their Layer 2 solution as the leading option for blockchain gaming.  This $500MM investment fund is done in partnership with some of the leaders in gaming investment including Animoca Brands and BITKRAFT.  $IMX groups transactions and writes them to the Ethereum blockchain, and their protocol is already used by big players like GameStop, Gary Vee, and GreenPark Sports.   

PartyDAO Raises $16.4MM for Fractional Ownership

🧩 PartyDao is one of the leaders in onchain fractional ownership.  Last year, I joined groups on their platform to buy little pieces ($250 each) of a Bored Ape and a CryptoPunk. The company raised $16.4MM led by A16Z to power growth.  I’m not exactly sure how these smaller chunks of NFTs are not securities under U.S. law, but it’s a fun way to get exposure to high-cost assets.          

Content to Check Out

My Fave Web3 Podcasts

🎙️ I was asked for my favorite podcasts in the web3 space.  The Pomp Pod gets excellent guests including leaders of top startups and investors.  He’s a Bitcoin maxi, but a fun listen.  Bankless is another great interview show.  They’ve had the founders of Ethereum, Solana, and most of the big blockchains.  The Delphia Digital Podcast is an interview show hosted by a leading web3 investors.  Most of the guests are startup founders.  Very thoughtful questions.

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Here are the top web3 stories from this week.

Market Update

Crypto Markets Hit with Liquidation Fears

📉 Coming off the huge losses from Terra/Luna, the Crypto markets are down big again after two new hotspots flared up this week. The week started with news that DeFi lender Celsius was pausing withdrawals.  Things got worse midweek when rumors that a large Crypto trading firm called Three Arrows Capital (3AC) was facing a liquidity crisis.  The lack of transparency and poor risk disclosures in the Crypto markets are likely to lead to more problems in the coming weeks as prices fall and additional collateral is required to support lending activity.

New Products

DraftKings and UFC to Partner on NFTs

🥊 DraftKings has already made a big push into the NFT space. The sports betting leader has been live with athlete NFTs sales for nearly a year with Tom Brady’s Autograph company.  They have more recently announced a partnership with the NFL for an NFT-based fantasy sports game called Reignmakers.  This week, they added the UFC as a new partner for the Reignmakers platform.  You gotta figure more announcements are coming from DraftKings.

Jack Dorsey and Jay-Z Partner on Crypto Education

👩‍🏫 Twitter and Square founder Jack Dorsey has had a long relationship with Jay-Z.  Square purchased Jay-Z’s music streaming service Tidal last year, and the pair worked together on Crypto education in Africa and India last year.  Now, the duo announced Bitcoin Academy, an initiative to provide teach people of all ages at the Marcy housing project in NY about Crypto.        

Content to Check Out

My Fave Newsletters

📧 Someone recently asked me for recommendations of other newsletters in the web3 space.  You should check out Not Boring, a newsletter by a VC named Packy McCormick.  Another newsletter I really like is Digital Native by Rex Woodbury.  For basic news on the markets, you can subscribe to Inside Crypto.  The Milk Road is a fun daily about new products with a good sense of humor.

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Here are the top web3 stories from this week.

New Products

Illivium Sells $72MM in Virtual Land

🏠 A blockchain game called Illivium sold 20K parcels of virtual land this week for $72MM in proceeds.  The game features “players in an alien world capturing and battling creatures, known as Illuvials.”  Not my cup of tea, but still a big step forward for the NFT gaming world.  This follows the $320MM sale earlier this year by the Bored Ape community for Otherside, their virtual world.  I’ve written about virtual real estate before here, keep an eye on this hot space as new competitors enter each month.      

Gala Games Bringing First NFT Offering with Epic Games

🕹️ Gala Games announced this week that their upcoming GRIT Wild West-themed battle royale game will feature NFTs and be launched on the Epic Games Store.  Epic is the creator of the hugely popular Fortnite game, and this is the first time a game on their platform will include blockchain assets.  Gala is helmed by Eric Schiermeyer, was the co-founder of Zynga and CTO of Intermix where MySpace was born.  The company announced bold plans for a $100MM gaming fund and more when their $GALA token sported a $2.5Bn market cap.  With the Crypto market selloff, it’ll be interesting to see where this goes.  Either way, Gala Games is one to watch.       

Content to Check Out

A16Z Weighs in on Web3

🎙️ The leaders of A16Z were on the Bankless podcast this week.  In this wide-ranging conversation, Marc Andreessen and Chris Dixon discuss their new $4.5Bn Crypto fund.  They also cover the stark parallels between web1 and web3.  Marc shares his experiences from building Netscape when the new internet was criticized as a security risk, too slow, too expensive, and many other things that are being said about web3 today.  They say the long list of problems with web3 right now are like a punch list for the strong group of people building in the sector now.   

Regulation

Crypto Bill Starts in Congress

⚖️ This week we got a first Crypto bill from a bi-partisan group of Senators - Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.).  You can read this summary article or check out the full bill here.  Lots of encouraging stuff in here.  No taxes on small Crypto purchases.  Crypto as commodities and not securities.  Stablecoin oversight.  And more.  Nothing is going to happen quickly here.  There will be lots of committee talk, and it is unlikely this gets any serious chance of passing before the Midterms.  Still a good first shot at this important legislation.  We also saw the first insider trading case in the NFT space, more on this here.

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Back in March, the U.S. Department of Justice (“DoJ”) brought criminal charges against two creators of a failed NFT project for a “rug pull”.  A rug pull is where a project makes lots of promises of future benefits to NFT buyers and then they run off with the proceeds of the sale, pulling the rug out from under the buyer community.  At that time, I pointed out that the DoJ chose to prosecute this case without calling the alleged nefarious actions securities fraud, which would have opened the question of whether NFTs are securities under U.S. law.  I wrote about this here.  It will take a year or longer for this case to work its way through the court system, but it will have far reaching implications when it concludes.

Last week, another landmark prosecution was brought by the DoJ in the NFT sector.  Let’s start with the history, since it’s a wild story.  Back in September 2021, a pseudonymous account on Twitter posted a note below:

Lots to unpack here.  OpenSea is the leading marketplace for NFTs.  Need a refresher, check out this post I wrote.  OpenSea gets huge website traffic.  Items featured on their home page get millions of views from potential buyers, and they typically shoot up in price.  Nate Chastain was Head of Product at OpenSea at the time, a high-level job just below the executive level.  He likely had access to the confidential information on which projects were going to be next up to be featured on the OpenSea website. 

OxZuwu is an account on Twitter run by an individual that has established an identity on Twitter, but the person is still anonymous.  This pseudonymous account has 10K Twitter followers, and the person behind it did some blockchain detective work and published the results.  If you want to learn more about pseudonymous people, read my post here.

Since everything on the blockchain is publicly available, OxZuwu went through transactions in NFT projects that were featured by OpenSea.  OxZuwu then found instances where wallets not identified to a specific person were buying ahead of the announcement and earning a quick profit.  After the profit was locked in, the money was sent back to a Crypto wallet controlled by Nate Chastain.  OxZuwu figured this out since the wallet that received the profit also owned a CryptoPunk that Chastain used as his profile picture on social media.  Yikes.

OpenSea CEO Devin Finzer acted quickly and fired Chastain the next day. The company posted this statement, stating that Chastain’s actions violated OpenSea’s obligation to act “responsibly and diligently”. They also implemented new policies to limit team members from buying or selling NFTs based on confidential information.  Amazingly, no such policy existed at OpenSea before this event occurred. 

For the last nine months, everyone in the market thought this was the end of the story…. until last week when the DoJ dropped the hammer.  U.S. Attorney Damian Williams said: “NFTs might be new, but this type of criminal scheme is not.  As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself.  Today’s charges demonstrate the commitment of this Office to stamping out insider trading – whether it occurs on the stock market or the blockchain.”  In total, Chastain is alleged to have made about 45 trades and earned a profit of about $40,000.  He is charged with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison.  In theory Chastain could go to jail for 40 years for this activity, which seems way too harsh.  In practice, even if convicted on both counts, his sentence would likely be less than 5 years.  This is still terrible for Chastain and seems heavy handed given the relatively small amount of money involved here.

It is important to remember that Chastain has just been charged with these crimes.  As with all Americans, he is innocent until proven guilty and will get the chance to defend himself in court.  Like the rug pull case referenced above, this is a complex financial criminal case that is unlikely to see a court date in 2022. 

As with the rug pull case, Chastain’s prosecution will open important precedence for the legal treatment of NFTs.  Again, the DoJ chose to prosecute without alleging that NFTs are securities which would be subject to their more complex laws and regulations.  They are going after Chastain under more general wire fraud statues, like fraudulent behavior in the market for art or collectibles or cars or something else not on the blockchain. They tacked on money laundering for the attempt to hide his actions by shuttling the profits between anonymous Crypto wallets.  It’s possible that Chastain’s lawyer can argue there is no insider trading since NFTs are not securities. We’ll see how this plays out.

The U.S. government has failed to act and define what is and isn’t a security in web3 and Crypto. Shame on them for taking so long to address this important issue.  I wrote about this back in February here.  Hopefully after the midterm election later this year, Congress can make serious progress and get a bill into the pipeline.  If not, this will play out in the courts as the DoJ and SEC prosecute people under an uncertain regulatory structure.  One side or the other will lose these important cases, and they could then be appealed up the court system.  Maybe in 2-3 years a case makes it to the Supreme Court, who could choose to update the 1946 Howey Test for the modern digital world we live in today.  I hope that is not how this goes.  I would rather see Congress clarify via a bill. 

Which of these slow processes do you think will happen first?  Hit me up with your vote.  I’ve asked a few dozen industry participants, and they vote is currently split about evenly.

I’m going to wrap this one up here.  Lots more to come on this topic in later posts. 

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Back in January 2022, Ethereum creator Vitalik Buterin wrote an interesting post called “Soulbound”.  You can read the full article here.  The concept originated in the video game world, where certain weapons or items were tied to a specific person’s game identity.  These items were soulbound and could not be lost or transferred to another person within the game.  Often in games like World of Warcraft, these very special gaming items could only be earned by winning increasingly complex quests.  They couldn’t be purchased or given to you by someone, you had to prove yourself worthy.

Vitalik expanded on this concept from gaming to the NFT world.  He asked, “what if we want to create NFTs that are not just about who has the most money, and that actually try to signal something else?”  He referred initially to something called Proof of Attendance Protocol (POAP).  POAP describes itself as “a new way of keeping a reliable record of life experiences.  Each time they take part on an event, POAP collectors get a unique badge that is supported by a cryptographic record.”  It is basically a digital NFT ticket that memorializes your participation in an event to the blockchain. The company building this raised $10MM back in January from an impressive mix of sports, media, and web3 investors.

Vitalik went further on the concept of soulbound rights and discussed how this could be applied to governance of a DAO or Crypto protocol.  He posited that these governance rights could be tied to a specific individual elected by a DAO or other group.  The concern with some DAOs is that a wealthy participant or one with malintent could buy up the tokens of a DAO and then takeover.  Vitalik talked in this earlier article about how making rights soulbound to an individual could stop this.  We saw something like this happen with the $182MM hack of Beanstalk in April.  Bad actors acquired temporary control of the entity by purchasing their governance token.  They then approved a loan of the company’s treasury to themselves and ran away with the money.

Vitalik talked a bit more in his original article about how to stop the transfer of assets on a blockchain.  Just a few weeks ago, he partnered with two researchers on a much more comprehensive report entitled “Decentralized Society: Finding Web3's Soul”, which you can read in full here.  In this report, the authors discuss non-transferable “soulbound” tokens (SBTs).  Let’s state the obvious, this is yet another terrible name for an important Crypto concept.  Will these people ever learn to make the names of important ideas more approachable?!?!?  I digress. 

The idea of Soulbound Tokens is that each person would have a single NFT to which different groups would be able to post important information about you.  They discuss how this will move us closer to a “Decentralized Society” (DeSoc).  This could take us from a government and large entity (credit agencies, banks, etc) controlled world to one better control by the people.  This idealistic version might not resonate with everyone, but I really like the thought that you would own your own identity in web3.  Everything from educational credentials to employment history to proofs of your writings or works of art or creation would be stored to your individual identity. 

I touched on this concept in my article “Breakthrough Ideas in Crypto”.  I wrote previously that maybe we will see a new type of ID card on the blockchain that evolves over time.  Or some form of digital resume where all the items are validated and verified onchain.  Maybe you’ll be able to submit your personal info and get it independently checked.  Then you’ll be able to attach your wallet somewhere and everything will be easily ready to go. The DeSoc authors covered these ideas in their paper.

They went a step further than me, when they theorized that DeSoc could allow for uncollateralized lending in web3.  Currently, you are able to borrow money for a credit card or a term loan by allowing a lender to search your name and access your credit report.  Lenders use a variety of government sources, institutional data from the credit bureaus, and your own attestations to decide if they want to extend you credit.  This article discusses how DeSoc could “unlock a censorship-resistant, bottom-up alternative to top-down commercial and “social” credit systems.”  Really cool concept.  It’ll probably take several years before enough verified information is on your Soulbound NFT for someone to extend you any meaningful credit, but I could see how this could emerge in the future.

The article meanders a bit further into how you’ll protect your Soulbound NFT from being stolen and how you’ll recover access if you lose your keys.  It gets lost a bit in the details of identity theft and related areas. Important, but not very exciting.  They also spend a bunch of time around how info will get written to your Soulbound NFT and whether everything will be public or not.  This one is easy for me. For this concept to work, you’ll need complete control over this data. It’s yours, and you’ll decide how and when you disclose the info to someone else.  The paper drones on for another 20 pages around security, pseudonymity, and various other topics.  You can stop reading somewhere around page 12 and be good on this topic.  This article from the Defiant summarizes all the main points if you want more.

I’m going to bring this post to an end, so I don’t lose anyone here.  This is a really cool topic, and I am certain I’ll have more on this for you later as we see cool applications of this tech soon.

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I was on a panel a few weeks ago with a large group of web3 startups.  One of the questions we spent a bunch of time on was around how web3 startups are being considered and valued in today’s market.  This was asked before the tech stocks got crunched in May, so I thought it was a good time to revisit and elaborate on this topic.

Let’s start with some basics.  Whenever a VC is looking at a startup, there are a few big categories being considered.  For me, it starts with the team.  Have you got the right team members already onboard or at least identified to start after a capital raise is completed?  Do you have the right mix of skills for the stage of your business?  This needs to include product, dev, marketing, and whatever else is needed to win.  For a web3 startup, I also want to see that the founders are imbedded in the web3 world.  Are you active holders of similar NFTs?  Have you experimented with related products?  What is your experience level in Discord and on Twitter?  Do you know other founders that are active in the space?  When I see founders that haven’t red pilled into web3 trying to build in the space, it seems inauthentic and looks like a cash grab.  I’m looking to end that call quickly.  Lastly, does the founder understand that web3 is moving at a lightning pace?  One year in Crypto can be like seven years in any other market.  Do you have the right mindset to move fast and execute? Do you have the right people to do that?  It’s going to be a hard, fast race to success.

Now that I like the team, the next thing I’m looking at is the size of the market.  Are you going after something really niche with only a small group of potential customers?  Or have you entered a market with a potentially massive audience?  Who are the other competitors trying to hit up that market?  How susceptible are they to losing market share, or can your product effectively increase the size of the market?  Are you doing something that might have regulatory concerns or other reasons you can’t break into your chosen market?  These are all standard startup questions. For web3 startups, I’m really trying to figure out if you’re going after people that are already Crypto native or if you need to bring in customers without that comfort level.  If it’s the Crypto natives, why are they going to try your product?  How will you break through the noise?  If it’s newbies, then why will they go through the hassle of opening a wallet, buying Crypto, and interacting with your product?  Or do you have a better go to market plan?

Just like any other startup, after I get comfortable with the team and market, I am going to breakdown the product.  Is this something new or just a knockoff of a close competitor?  Does your solution offer any competitive moat that will be difficult for someone else to follow?  Are you building something that will have enduring network effects?  If I get the right answers on this, then I want to be sure you have a team that can deliver on the solution and a roadmap to make it happen.  When it’s a web3 startup, the product discussion goes further into the tokenomics or NFT supply/demand dynamics.  Is this just a one-off sale opportunity? Do you have follow-on products to expand the market?  Have you thought through the long-term supply/demand challenges to make sure there will be buyers for this project for a long time?  If not, you might make some money on one sale, but you’ll never be able to build an effective business.  One flop these days is enough to doom a web3 company.

The last big area of evaluation is around the financials and deal terms.  I want to know how much cash you have in the bank and how quickly you are burning.  I want to understand how this looks today and what it will look like after the capital raise closes.  In today’s difficult funding environment, I am looking to see if you realize that assuming you’ll be able to raise again in 9-12 months is dangerous. I’m hoping you have a plan to make the cash last 18+ months unless the market environment improves.  I want to know that you have a strong understanding of the levers you’ll pull to produce revenues and manage your expenses as the business grows.  Not much difference between a web3 startup and one that isn’t on these financial points, other than maybe the revenue assumptions are more aggressive in web3.

When it comes to valuation, this is probably the biggest point of difference.  Valuations for the other categories I invest in are definitely getting hit by the tech stock selloff.  If you’re a consumer subscription app, there are plenty of market comps on value multiples to revenue to help set the market.  If you’re a media company relying on ads for your revenue, the same applies.  In the web3 space, things get difficult.  We have seen companies like OpenSea, Dapper Labs, Sorare, Yuga Labs, Axie Infinity, and several others see extraordinary revenue growth.  I’m not sure there are good comps for companies going from zero to hundreds of millions of dollars in revenue in less than a year.  New markets are being created seemingly overnight, and the best companies are reaching one million paying customers at an incredible pace.

This is leading to pre-product companies still raising $10-20MM rounds at valuations approaching $100MM if they have the right team, market, and product.  When I look at these types of companies, it comes down to belief that they have a product that can really change the market and pop fast.  I’ll be honest, this is the hardest part of my job as a web3 VC, and I’m sure others would agree with me. On these types of companies, you either believe and live with the high valuation or you pass on the deal.

Will this end in the next month or two as even web3 VCs come to grips with the new tech pricing environment?  I don’t think so.  There are too many VCs that have raised dedicated Crypto funds, and there is still plenty of optimism that we will see dozens of breakout hits as the number of consumers in web3 grows exponentially.  Time will tell if this was the correct investment strategy or a bubble waiting to burst.

I’m going to wrap this post here, hopefully this helped you get some insight into how VCs are looking at new web3 companies.

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