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GIGAMΞSH
@gigamesh
Bluesky has raised a total of $23m with a reported 13m users. Merkle Manufactory has raised nearly ~10x more with a user base ~1% as big. Is embracing crypto just that much more enticing to investors? What am I missing?
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Zach
@zherring
1. Bsky probs won't have a token. Merkle raise def has at least a SAFET. 2. Whatever you raise, generally have to 10X/ARR to justify. Economics much more difficult to make sense without inventing a token for an exit event 18-36 months in. Equiv Web2 Businesses Profits Patreon: $50-90MM/ARR, 8M MAUs Twitter: $3.4B/ARR (2023), 335M MAUs Landing somewhere above Patreon and Twitter makes sense for Bsky target + valuation.
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