►
Description
Leading venture capitalists in the web3 space discuss current opportunities and their take on what the industry will look like as it grows.
A
B
Thank
you
jeff
and
thank
you
so
much
gavin
for
joining
us
hi
again,
I'm
vanessa
pastrito,
I'm
director
of
partner
programs
at
agoric
and
we've
put
together
this
panel
of
investors
on
web
3
as
we're
looking
to
bring
more
vcs
to
the
table,
to
create
an
understanding
for
a
lot
of
you,
folks
that
might
want
to
be
able
to
build
in
web3.
As
some
background
I
raised
a
fund
in
2016..
B
I
made
15
investments
in
that
role
where
I
got
to
co-invest
with
a
few
of
the
panelists
that
are
here
today,
so
I'll,
ask
doosan
chris
and
shores
to
just
give
a
short
intro
and
then
we'll
dive
into
a
discussion
on
opportunities
in
the
web
three
space
and
what
they
think
will
be.
The
next
big
thing
do
son.
Can
you
please
introduce
yourself
yeah.
C
Yeah,
thank
you.
Vanessa.
Welcome
everybody.
My
name
is
dusan
kovacicha,
I'm
leading
a
fund
called
rbf
rokay
blockchain
fund.
We
are
investors
in
blockchain
since
2017.,
so
we
invested
initially
in
the
infrastructure
space
where
we
see
you
know
that
there
will
be
a
problem
in
scaling
ethereum,
which
has
materialized
actually
recently
from
the
most
notable
investments
that
we
did,
that
are
quite
popular.
These
days
are
solana
terra
one
inch.
We
are
quite
happy
investors
of
algorithm
as
well.
Originally
my
background
was
is
in
software
engineering.
C
D
E
E
We
are
an
investment
firm
specializing
in
investments
in
emerging
crypto
assets
and
blockchain
startups,
and
my
role
there
is
yeah
setting
out
the
technical
vision
and
strategy
together
with
taking
care
of
the
european
region.
My
background
is
technical.
So,
prior
to
leverage
cap,
I
used
to
work
for
a
large
e-commerce
company
where
I
was
a
technology
director
and
prior
to
that
I
used
to
be
a
network
and
infrastructure
specialist.
B
Wonderful
well,
I
want
to
thank
you
all
for
joining
us
here
today
and
there's
the
audience.
Here's
a
lot
of
web
2
developers
that
are
looking
to
get
into
web
3..
We
had
miko,
give
us
a
really
wonderful
overview
of
opportunities
in
early
ecosystems
and
the
growth
of
what
he
was
calling
gummy
corns,
but
unicorns
decacorns,
whatever
they
might
be.
But
it
would
be
helpful
if
you
share
a
bit
on
and
anyone
can
answer.
E
Yeah,
I
can
start
with
that.
I
mean
what
I'm
really
personally
excited
about
in
web3
is
really
anything
that
comes
to
interoperability
and
yeah.
Basically,
multi-chain
communication.
It's
it's
a
problem
that
we
have
been
seeing
for
years
where
you
basically
have
one
blockchain
platform:
that's
yeah
not
able
to
communicate
with
any
other
blockchain
platform.
So
yeah
generally,
I'm
very
excited
about
editing,
interoperability
and
multi-chain
communication.
C
So,
as
for
myself,
I
mean
interroba.
Interoperability
as
yours
is,
is
excited,
I'm
excited
as
well,
though
it's
like
very
technical.
I
I
would
say
there
is
a
lot
of
like
security
assumptions
that
need
to
be
considered,
and
I
think
it's
it's
it's
something
that
will
take
years
to
develop
properly
like
from
the
interoperability
protocols.
I
see
you
know
that
I'm
most
excited
about
xlr,
probably
which
is
like
the
general
purpose.
C
Communication
platforms
between
blockchains
now
like
in
addition
to
that
one
of
the
areas
that
I'm
like
super
excited
about
are
nfts,
and
especially
in
the
social
context,
and
I
really
I
I
I
like
to
compare
the
era
of
nfts
into
the
era
of
bitcoin
early,
where
it's
like
very,
I
would
say,
the
the
it's
like
very
polarizing.
You
know
like
some
of
the
people
think,
and
these
are
are
just
jpegs.
You
know
like
stored
on
blockchain.
C
I
I
totally
disagree
for
me
it's
more
about
like
if
you're
buying
an
nft
you
are
becoming
part
of
the
club
and
and
the
nfts
are
serving
as
as
like
an
entry
tickets
to
those
clubs
like
if
you
buy
a
ferrari.
You
are
part
of
the
ferrari
club
and
these
clubs
are
now
purely
digital,
where
the
distribution
is
like
in
fine
it
compared
like
where
you
are,
where
you
are
having
a
ferrari
and-
and
you
are
just
you
know,
coming
to
a
place
with
your
ferrari.
C
D
You
know
and
agorik
being
one
where
you
know
as
we
we
get
that
experimentation
and
hopefully
maturation,
we'll
get
better
capital
efficiency,
we'll
have
fewer
hacks,
we'll
have
better
user
experiences,
and
it's
not
that
ethereum's
defy
is
going
away.
It's
just
there's
room
for
other
ecosystems
to
complement
the
maturation
of
defy
along
the
lines
of
what
was
just
said
around
nfts.
I
think
you
can
look
at
2021
for
nfts
as
similar
to
what
2017
was
for
icos.
D
So
in
2017
there
was
a
big
boom
of
capital
raising,
it
was
pretty
static.
The
capital
was
raised
on
a
bunch
of
promises,
but
that
capital
raising
boom
in
2017
is
what
then
financed
the
development
of
defy
in
1819
and
20..
And
so,
if
you,
if
you
take
that
progression
and
look
at
nfts,
nft
nfts
in
2021
were
mostly
static
and
they
are
going
social
now.
B
That's
that's
fantastic,
a
really
great
overview.
Thank
you
all
three
of
you
for
your
input,
I'm
as
you
describe
and
walk
through
this
d5
ecosystem
growth
and
interoperability
and
gaming,
and
all
these
areas.
It's
just
this
huge
broadening
that
of
an
opportunity
where
we
need
people
to
come
and
build
here
and
work
with
us
as
well.
Are
there
any
expert
types
or
skill
types
that
you
think
we
need
to
the
ecosystems
would
benefit
from.
C
Honestly
think
that
the
ecosystem,
like
all
of
the
ecosystems,
will
like
it's
like
mr
obvious
yeah,
but
but
from
the
innovators
yeah,
they
try
to
you,
know,
get
their
hands
dirty,
I
mean
I'm
like
you.
Guys
in
us
are
probably
much
better
than
that,
for
example
us
in
europe.
I
am
now
in
in
prague,
and
I
I'm
leaving
this
for
the
past
10
years,
and
here
you
know
that
the
environment
is
is
is,
is,
I
would
say,
very
static
in
regards
like
building
new
platforms
and
protocols
and
innovating.
C
E
D
D
But
then,
as
you
start
to
mature,
I
think
there
is
a
great
thirst
for
experts
and
people
with
a
lot
more
experience
to
come
into
crypto
on
the
tech
side
on
the
economic
side
on
the
political
side.
On
the
you
know,
social
structuring
side,
which
overlaps
with
political,
but
the
the
tricky
thing
there
is.
I
I
don't
think
that
experts
can
come
in
and
say
we
have
to
do
things
this
way,
because
it's
how
it's
always
been
done.
D
And
so
I
think,
there's
a
huge
opportunity
there,
but
it
has
to
be
done
without
condescension
right,
because
the
second
there's
condescension
crypto
has
been
has
been
fighting
for
a
long
time
for
relevance
and
for
people
to
say.
Okay.
This
is
here
to
stay
and
I
think
it's
finally
getting
to
that
place.
But
the
people
who
have
been
around
for
a
long
time
are
going
to
be
very
allergic
to
anyone
who
is
condescending
to
them,
because
it's
been
so
much
of
the
experience
to
date.
C
And
if
I,
if
I
can
follow
on
on
chris,
I
would
say
it's
a
I.
I
agree.
There
is
a
lot
of
experts
that
needs
to
be
brought
in
the
in
the
crypto
space,
though
they
are
trying.
You
know
like
when
I,
when
I'm
seeing
in,
in
my
view,
they're
always
trying
to
frame
it
the
way
they
understand
it,
without,
like
understanding
the
core
principles
of
krypton,
the
the
three
and
and
but
I
think
it
should
be
the
other
way.
A
C
Said
like
we
have
like
these
core
principles
of
web
three,
like
the
decentralization
of
ownership,
which
I
would
like
to
highlight,
though
it's
it's
like
today.
It's
like
most
of
the
products
are
about
distributing
the
ownership
without
actually
focusing
on
whether
the
product
is
good
or
not
yeah.
So
so
I
would
say,
like
we
need
experts
that
can
that
are
coming
from
that
web
too,
which
are
really
great
at
building
products
that
that
customers,
love
and
use
and
apply.
B
I
appreciate
a
lot
of
what's
being
said
here,
especially
you
know.
Experts
can
bring
some
contribution,
but
you're
correct,
where
they
have
to
be
quite
open-minded
and
understanding
a
lot
of
what
is
at
stake
and
what
is
open
to
them,
and
I
think
that
you
know
it
would
be
helpful
if
each
of
you
could
share
that
what
stage
you
guys
invest
in,
but
also
for
people
who
have
raised
capital
web
2.
D
I
I
can
kick
it
off.
I'd,
say
it's
different
in
wed
3,
because
you
have
the
choice
around.
Are
you
going
to
raise
based
off
of
your
equity,
or
are
you
going
to
raise
based
off
of
a
crypto
asset
that
you
might
launch
in
the
future,
and
some
people
combine
the
two?
So,
for
example,
let's
say
you
have
a
development
company,
that's
going
to
launch
a
protocol
within
the
agorik
ecosystem.
D
These
days
is
to
sell
equity
alongside
a
warrant,
and
the
warrant
is
the
thing
that
gives
the
the
right
to
the
token.
But
there's
still
you
know
a
discussion
around
okay.
What
is
that
that
network
value,
I
would
also
say
in
terms
of
raising
crypto,
is
so
boom-bust
that
the
private
markets
follow
the
public
markets
with
some
lag.
So
last
year
was
a
super
hot
year
for
the
public
markets.
D
The
private
markets
are
still
riding
off
of
that,
and
so
valuations
are
still
very
strong,
but
were
the
public
markets
to
to
fall
apart
here
you
would
see
private
market
valuations
start
to
come
back
in,
and
so
that's
just
a
consideration
for
dilution.
You
know
when
times
are
good.
You
can
raise
more
with
less
dilution
as
an
entrepreneur
in
terms
of
placeholder.
We
invest
in
the
private
markets
at
the
seed
and
series
a
stage
anything
that
goes
past
those
types
of
valuations.
A
C
C
We
can
also
do
secondary
market
investments
similar
to
what
placeholder
does
we
also
do
purchase
tokens
on
secondary
market
if
we
have
a
conviction
on
the
ecosystem
which
which
we
are
going
to
support,
for
example,
we
have
as
an
rb.
We
have
a
lot
of
interest
into
the
cosmos
ecosystem,
which
we
perceive
algorithm
is
part
of.
So,
as
a
result
of
that,
we
build
our
investment.
This
is
about
atom
and
we
purchase
atom
on
secondary.
E
All
right,
yeah
and
lenny's
cap,
we
are
mostly
doing
pre-seed
or
seed,
that's
where
we
feel
the
most
comfortable
and
do
follow-up
tickets
in
in
series
a
of
our
previous
investments,
so
where
we
really
like
to
deploy,
is
if
there's
just
yeah
a
founder
with
a
good
idea
that
they
want
to
build
out
on
paper
and
then
start
supporting
them,
yeah,
basically
from
from
there
in
the
in
the
precede
stage
and
what
is
really
different.
I
I
think
to
come
back
to
your
question
vanessa
on
yeah.
E
What
makes
investing
web3
different
than
web
2.
yeah.
I
think
right
now.
Capital
is
really
not
the
not
the
issue
in
the
space.
I
think
we
have
all
been
seeing.
You
know
the
amount
of
funds
that
have
been
launched
over
you
know
last
couple
of
months,
so
it's
really
about
yeah
sticking
to
your
investment
thesis
and
then,
together
with
trying
to
add
value
early
on
to
the
to
the
projects
and
companies
that
you
are
investing
in,
I'm
not
sure
how
much
that
is
different
from
from
web.
E
To
I
mean
I
haven't
been
around
in
investing
in
web
2
or
being
part
of
an
investment
firm
there,
but
I
guess
that
is.
That
is
definitely
something
that's
applicable
in
web3,
together
with
like,
like
you
said
chris,
is
that
yeah
you
either
have
equity
or
tokens
and
in
case
it's
an
investment
with
tokens,
it
actually
gives
you
rights
to
actively
participate
in
the
projects
and
the
companies
that
you
are
investing
in,
whether
that
is
a
decentralized
finance
protocol
or
a
blockchain
layer.
C
So
if
I
can,
if
I
can
add
on
top
shares,
but
sure
said,
is
yeah,
the
I
think
the
difference
is
is
between
the
web
2
and
battery
web
3
is
really
the
the
value
out.
We
are
speaking
with
a
lot
of
web
2
investment
funds,
for
example,
index
ventures
or
credo
here
that
are
that
are
local
in
czech
republic
and
and
and
comparing
to
us
that
the
traditional
web
to
investing
has
never
been
so
technical
like
like
web3,
for
example.
C
If
we
are
investing
into
a
cosmos
project,
we
are
straight
away
starting
a
validator
and
start
to
support
the
network
from
also
like
running
it.
We
are
not
running
it
on
aws
or
any
like
cloud
service
where
we
have
our
own
rack
in
in
the
data
center
of
our
investor
and
and
we
we
start
to
understand,
not
only
the
the
high
level
goals,
but
also
like
what
is
happening
from
the
from
the
technological
level,
which
gives
us
like
much
more
insight
on
what
is
happening
on
the
chain.
C
C
C
But
I
think
I
think
you
know
over
time
as
as,
as
has
said,
the
valuations
will
will
come
down
right
now.
We
are
seeing
the
private
markets
raising
at
1
billion
on
products
which
are
pre-lounged,
which
is,
I
would
say,
very
much
overhyped.
So
as
soon
as
the
public
markets
come
down
a
little
bit,
we
will
see
hopefully
also
these
private
markets
coming
down,
which
will
give
us,
as
a
vcs
again
a
better
opportunities
to
support
founders.
B
All
right,
thank
you
so
much.
I
realized
we're
at
time
here
and
I
wanted
to
thank
our
panelists
for
joining
us.
You
can
follow
them
on
twitter.
They
share
the
stages
that
they
invest
in
if
there's
any
final
thoughts
or
things
that
you
would
like
to
share,
how
they
can
get
best
in
touch
with
you
or
what
you're
most
interested
in
seeing
next,
I
invite
our
panelists
just
share
those
final
thoughts,
and
then
we
can
wrap
up.