A lot of crypto startups in 2021 pivoted to AI in 2022

It takes little effort to launch a product in a hot market, but seeing little results while consistently shipping incremental improvement is more challenging

building far.quest & @wieldlabs.eth. cofounder at miy.com ventures. FID #274. Previously Square/Cash App. https://hiimnico.xyz/

What is PMF in crypto given the recent events?

incremental shipping doesn’t mean anything if you don’t have PMF and/or a GTM strategy

I can’t recall on top of my head but buildspace.so and kontour.io have been heavily incorporating AIs

Branching out is good, I just think it’s very challenging to keep building in crypto during these times. Those who do have my respect

Could you give some examples? Genuinely curious to see this

Co-founder at @banklessconsult, the leading strategy-to-execution global consultancy in crypto. I write on paragraph.xyz/@mc10

Definitely have a better shot to achieve mainstream adoption as chain usage still seem to be correlated with market instead of utility. 

Take the internet as an analogy - usage was doubling week over week in the 1990s because of utility, not monetary incentive

I agree with your sentiment. But do you think results are faster achieved in AI?

It's a bit hard to test out product market fit in a market that is so small and not well defined yet.

Also, do you build for "degens" or for "normies". If "degens" like it, will "normies"?

You have limited runway so you need to get numbers fast. Can't wait for the sector to mature.

I think we only have to look at normie consumer interest for AI (there is an almost iphone-level 'wow' moment) compared to Web3 (huh? what are these $1 m monkey pictures?) to understand why the pivot is occuring. Whether that leads to greater PMF/monetisation given the fragile moat in AI remains to be seen.