JD

@darkstar

65 Following

2527 Followers

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think IP on chain is consistently interesting, but where many focus on content/IP/data on blockchains I think bigger play is how capital/revenues/dividends kick back to consumers/investors. so the media itself isn't as critical to be on chain, whereas capital formation is.

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crypto has pushed the boundaries of capital formation, now we'll see it pioneer capital distribution-- business on the internet has mostly been unilateral, crypto will show the means by which it becomes bilateral. all possible now because of current time & space.

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read: consume write: contribute own: capitalize

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starting to see more bilateral "subscription" attemps by way of crypto. hold token > get access vs. pay > receive service. creates a more reciprocal environment: buy token (incentive to stake?), receive service, tiered access based on holding, participants become owners.

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consumer crypto's asymmetric upside is its intersection with another (massive) secular trend. like AI. & like we've seen with finance.

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gn. https://youtu.be/U0nlEcKSjmY?si=hIer_-IKht66OO-3

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apps are taking > 50% of the global blockchain fee pool (SOL + ETH) & we're still debating consumer?

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Just as private data lock in drove web2 product development, perceived liquidity lock in has led to web3 consumer use cases developed to optimize for economic capture over value creation and ephemeral experiences over durability. While network liquidity is essential for transacting, recent infrastructure advancements have made liquidity homogenous, removing its strong hold on applications. Now that data and liquidity are not the moat, applications must be in service of the user, not the chain.

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a code to code media model.

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'24 Sturgill Simpson is like '01 Jack White. "Oh you all forgot about rock and roll? I'll show you fucking rock n roll." Carrying it on his back. https://youtu.be/vexOpL550mA?si=pB_1qyuN-KyTVyr_

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the next media business model is code to code. & crypto is on one side of that equation.

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Skeptics undersize the TAM of Consumer Crypto because they fail to acknowledge the second-order effects of blockchains. 👇 https://x.com/jonmoore202/status/1836893215116443969

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crypto is a universal, global business model. most apps/products today need to target based on Geo-- factors include discretionary income, credit cards, payment support. Display & mobile products have different features & restrictions on their model not crypto. & that's the TAM

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blockchain's big unlock in consumer is providing services to individuals that were previously impossible or prohibitive. the tech NOW makes it available. i think that's why we'll see an explosion of applications integrating & leveraging stablecoins, w/ a focus on global first.

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one of those songs that you gloss over or scroll past & then months down the road, your buddy sends it to you and you're like "this is amazing!". so don't waste time & just press play now. https://open.spotify.com/track/3cY2nHVVX2ZER1ttxGzLav?si=909220592f8a4daf

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the challenge of consumer applications & experiences in crypto can be attributed to who these companies are building for -- mainly developers. & if you build for devs with hopes that they will build for consumer, you still need to understand consumer GTM, product and models.

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most crypto cos should have vastly different metrics that drive their success. each company should define their own lead metrics, and measure against those -- vs. today, measuring against industry-wide KPIs. lag metrics lead to building short term capture, lead metrics drive towards product durability.

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"optimizing for value capture today feels premature." https://hackmd.io/@mikeneuder/ethesis

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think most of the consumer bottleneck in crypto could be attributed to the industry over indexing on bottom of the funnel mechanics. traditionally, markets scale and the biggest businesses are built through capturing the bottom (data, revenue). crypto started there & has maintained 99% of its energy there. when really TAM is about expanding outside of the presumed metrics of "Crypto" by providing valuable technology & experiences to consumers they aren't getting elsewhere. or said differently, the only reason "crypto" remains a separate consumer category is that the development is fostering the existing customers & perceptions of what they want. it's a cycle to spin out of.

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consumer crypto should be gauged less on value captured and more on value created. the former provides short term wins, capturing high velocity moments through behaviors which already exist. the latter creates or expands markets, catalyzing new behaviors which can have significant longer and more durable markets.

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