Co-authored with Isaiah Washington In crypto’s nascent history, participants have experienced numerous hacks, scams and losses. Blockchain technology is hardening, but it’s still early and the learning curve to stay safe is steep. While crypto networks are focused on seamless and instant execution of transactions, the coordination of builders and…

When CoinFund released our NFT investment thesis in 2020, our vision was predicated on an assumed ease of decentralized data access and storage for developers. Yet two years later, like most nascent categories, the evolution of web3 tooling has not been linear; despite an explosion in NFT projects we estimate…

Cryptoassets as a Feature Set of Design Incentives Cryptoasset design may include many features, such as utility, payments, and coordination. This is a nascent but powerful innovation opportunity. Today, far too many projects design cryptoassets for use as a medium of exchange for “ecosystem transactions” or speculative pure currency use cases with marketing one-liners like “digital X”. …

Open Source with a Twist Blockchain technology is reformatting the investment opportunity in open source software (“OSS”). Historically, OSS development was underfunded because it was difficult to capture meaningful commercial value and contributor participation was poorly incentivized. Prior to 2014, Red Hat was one of the few notable public companies…