"tokenized startups" will be the next meta. been tracking this space since january for my "structure of ICM piece". a few thoughts:
> the goal of "tokenized startups" is to allow broader access (at least in price action) of VC-gatekept startups, creating "Internet Capital Markets" in the truest sense.
> today, the fastest growing companies (SpaceX, Anthropic, Stripe) stay private for years/decades. access is gatekept, rather than like the IPOs of 20-30 years ago, when 18-month-old companies like Netscape could IPO.
> the market has responded with adhoc fixes, the most obvious being the SPV which have grown 500% in last 2 years. the market's thirst for venture-performing assets needs to be quenched.
> the idea for "tokenized startups" is not new - it rhymes with many things, including ICOs, DAO funds, tokenized SPVs, token-equity standoffs (eg. Aave/Axelar) , ownership coins, pre-ipo perps.
> what's new is the set of primitives being used to build things (eg. closed end funds with Robinhood/USVC, tokenized SPVs with PreStocks, MetaDAO style launchpads, Ventuals styles perps). It's the wild west of experimentation.
> the design space is just getting mapped out around now - some open questions include:
1. early stage vs late stage? are founders receptive or adversarial to tokenized markets?
2. pure price exposure (eg. via perps) vs. spot backing?
3. legal entity - SPV? Delaware CEF? Cayman token foundation?
i would not be surprised if the major SF accelerators (YC/HF0/SPC etc.) are all actively experimenting on tokenization designs. having a "tokenized" basket of each batch (eg. YC W26) might unlock a ton of demand.
more research on this topic incoming.... stay tuned....
start small but think bigger.
alot of people talk about success. only a few will tell you that you WILL cry and that you WILL fall on the way there.
if you stop, that is the death of whatever vision of success you had for yourself and your future.
failure is not the end...
giving up is.
the thing about being a true builder: even with all the debris, you still have a solid foundation to build upon again.
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The richest people in crypto are always the builders.
It is easier to build your way to a billion dollars than it is to trade your way there.
Lessons in that.
Working in crypto requires knowledge in cryptography, economy, finance, game theory, politics, and sociology.
All these fields are in motion 24/7.
Maybe people are leaving crypto because they need a bigger challenge
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