Avichal Garg

@avichal

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1506 Followers

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Delighted to be exploring with you 🙌

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@fiveoutofnine.eth

Excited to share that I’ve joined @electric as an EIR

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Yes - happy to answer questions if anyone has any. Just dm me.

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We met the team and it was clear they were one of the best teams in crypto. @mariashen and I messaged about 10 minutes into our meeting and basically said "We need to give these guys all of our money" We followed through on this -- MagicEden is our single largest equity investment by dollars invested.

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Primarily we follow the founders. It's more likely a brilliant founder comes along and teaches us about a use case that we hadn't ever considered. Some areas I think are interesting: Social networks around NFT owners, e.g. we all own a collection and can coordinate or talk with each other, but not from a PFP lens, more of a "users want to do a thing" and the way to enforce exclusivity and community is using NFTs as infrastructure. There were some companies in China a few years ago (pre-COVID) building paid groups products that seem like they may be good proxies for what's possible onchain. Capital formation around NFTs, e.g. an asset is represented as an NFT or fractionalized NFT and we can raise money to buy that asset using onchain capital pools

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Big +1 to this as the thing I've changed my mind on -- I think there's a chance that BTC evolves to have an entire DeFi and financial ecosystem built onchain. As a second order effect, I think there's a chance this results in a philosophical schism in the BTC community where some people do not want to move beyond simple L1 base money, and some people want to build a full economy on top of sound money. This could be the basis for a chain fork, similar to the block scaling philosophical debate in 2017.

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Most non-crypto people don't understand how pixels can be valuable. They can understand shoes or watches or purses, but not "jpgs" The way I get them over the hump is asking them what they would do if their house were burning down... 20 years ago, most people would run in to get their family members + pets, and then wedding album, pictures of their kids, birth certificates. Today, if you have your phone on you, you're probably good. You have pictures and videos of your family, you can get another birth certificate, your digital identity and network and livelihood is on your phone. And if you backed things up properly, you don't even need to risk your life to get your phone. All of the most valuable things in peoples' lives are already digital, so obviously there can be monetary value that people ascribe to digital things now as well - which opens up all sorts of use cases from luxury goods/social signaling to NFTs for gaming to digital art to who knows what else.

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We're coming out of the Trough. There are many interesting experiments happening across chains. In many ways, the Eth L1 ecosystem is the quietest of these ecosystems right now so people who primarily pay attention to ETH are missing out on BTC, SOL, and L2 experiments. If you look at NFTPulse.org metrics, you'll see lots of activity across chains and marketplaces right now. I'm especially excited about what's happening in the BTC ecosystem because that ecosystem is so large (from a wealth effect perspective and global user perspective). It's unlocking even more innovation on top of BTC, i.e. OP_CAT discussions for L2 rollups on BTC L1. I would to see more experimentation with NFTs as infra for capital formation. Capital formation is one of the killer features of crypto and thinking about how NFTs can help raise capital beyond the 10k PFP drop is a big opportunity. For example, could we represent intellectual property as an NFT, fractionalize it, and crowdfund campaigns to buy critical IP as a community?

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I always thought Stealcam was very interesting as a new crypto native mechanic I think Friend.tech's core mechanics around access to people/groups intermediated with NFTs is underexplored, we saw it with "telegram for X" sorts of groups but nothing quite stuck. Something that lets people make money directly from their audience or by building a bigger audience is a good place to start. DN404 / fractionalization of NFTs is also underexplored I think and likely waiting for the right killer use cases to emerge that really make use of them (maybe something more purely financial?)

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Yes! We are building this out. V2 is coming soon with a bunch of cleaner data related to NFT lending. We found that a lot of Dune dashboards around NFT finance are out of date or incorrect. I'll post here and on X when it's live.

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#9 /nft AMA ft. @avichal & @zedd @avichal is Co-Founder & General Partner at @electric Capital. He's a serial entrepreneur, ex-Google and Facebook tech executive, and a prolific investor — NFT investments range from projects like Magic Eden and Wasabi to NFT funds like Spencer Ventures and @curated. @zedd is Co-Founder & COO at Magic Eden, the leading community-centric NFT marketplace for discovering, expressing, and owning digital culture. 📆 Fri, 16 Aug @ 10am PT — ask your questions in the comments!

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Did you ask dad?

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I will sprint at it to get it off the ground and land the partnerships that make this work. I will not be an equal cofounder in equity. Almost all of of the founding equity goes to the founding team. I have upside via the investment I make.

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Epic opportunity

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Let me know if you want to be acquired. Best I can do is three fiddy.

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Want to start a fintech + crypto company with me? It's a $10+ billion token network if it works I'll be a cofounder, put in $5m, & land the first 3 key partners Looking for 1/ Product leader with expertise in brokerage infra or capital markets 2/ CTO with L2 experience email me: [email protected]

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"0/ v1.2 of @electric's NFTPulse.org is here! We added secondary trading stats for two new chains: i) Zora ( @zora ) ii) NEAR Here is how NFT trading on these two chains look ⏬"

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MagicEden has moved into the #2 slot for unique users over the prior 12mo, behind @opensea Tensor and MagicEden are close over the last month but ordinals is driving ME & likely to compound more going forward Also very interesting how multi-chain @opensea and MagicEden both are

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