Peter / ‘pet3rpan’
@pet3rpan_
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investing in consumer crypto @1kxnetwork
Lisbon, Portugal
Joined December 2012
Founded 6+ years ago, @1kxnetwork's style of investing has needed to grow and evolve several times, but today the firm's core identity and operating mode is unmistakably clear. For those less familiar with us, here's an overview of what we do and how we operate.
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Jesus christ wtf . "Chinese venture capitalists are hounding failed founders, pursuing personal assets and adding them to a national debtor blacklist when they fail to pay up, in moves that are throwing the country’s start-up funding ecosystem into crisis.". "in its recent report.
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I write about the process of community building, and the necessary process that goes into fostering a sense of ownership - the key ingredient that drives the success of the emergence of contributor ecosystems.
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Within 5 years, Lisbon will become the web3 capital of Europe. Crypto seeds are being planted into the city right now: DAO run co-working spaces, art/culture spaces, lobbyists groups & more. Lisbon DAO. We will need help to build this city, DM me get in on the ground floor.
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We are on the brink of a revolution in venture capital. This is @1kxnetwork's vision of a future cryptonative venture capital ecosystem that we want to accelerate. > Investment DAOs .> Incubation DAOs.> Service DAOs.
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Instead of thinking about play to earn (P2E) as building standalone games or 'apps', we believe it is about building economies that community members can trust, collectively operate, own, and build on top of. This is @1kxnetwork's thesis on play to earn.
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While $TRUMP short term is bullish for crypto, long term it may just be the catalyst that eventually nukes crypto and sets off the worst bear market we've yet to see emerge. It first starts with @realDonaldTrump launching a token. Other celebrities also follow suit without.
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BREAKING: @VitalikButerin announces ETH 3.0 roadmap during Zuzalu core development presentation. Bonus, it's a video NFT.
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Thesis: $PENGU . While it might be easy to classify $PENGU as 'just another memecoin', in reality, it's a one-of-a-kind token that is completely different from anything else we've ever seen before in crypto. Here are some personal conclusions I've come to and why I’ve
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A big step for crypto today:. 🔒@UnlockProtocol is now live on @Forbes in the crypto section. Check it out and try it!.
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@VitalikButerin I got excited when I read “Execute some kind of ideological / vibez pivot from feminized wef soyboy mentality to bronze age mindset” until I realized it was a non goal.
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At 1kx, we have never been more excited to back teams building products at the forefront of consumer crypto. To date, we've written 30 checks into consumer teams and continue to invest very actively, even today. #0 / Overview of what we've backed (below)
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It's not failure that will destroy you in crypto but the unearned wealth that comes at you quick. To stay in the game long term, you really need a 'why' that is more than money or even 'success'.
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Even after 3 years of being in this space, I still feel like a complete beginner with most weeks trying to keep up with what is going on. It is a space that can wear you down over time, but at the same time so rewarding too. Some reflections on my experiences so far. .
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Bitcoin Maxis are literally the trump supporters of crypto.
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At @1kxnetwork, we've been one of the most active lead investors in supporting consumer crypto founders & teams during this bear market. We have incredible conviction on crypto consumer and are looking to expand our team to deepen our focus here.
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Hmmm yes, hosting a techno party at a crypto conference is really going to accelerate the adoption of your protocol infrastructure.
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To compete against IP giants such as Disney, new players are held against incredibly high barriers of entry (capital, content, distribution). Web3 is disrupting this. 🔮 Thesis: We believe that the next generation of the world's valuable IP will emerge first as crypto-native IP.
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I've curated a list of 46 of the most competent and high-impact DAO (and crypto community) summoners in the space. I write and explain my thinking here:.
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What if I told you everything you see is fully onchain and programmable?
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DAO History/timeline:. - The DAO / DAO Hack, MakerDAO.- Aragon/Daostack's work.- Moloch DAO's summoning.- MetaCartel, DAOhaus, Raidguild, MetaFactory, Orochi.- MetaCartel Ventures DAO, The LAO.- Compound Finance.- Karma DAO, Collab land.- Snapshot, Flamingo DAO
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Thesis: Blockchains are an entirely new content medium for entertainment
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Padawan DAO ⚔️. Funding scholarships to young padawans to attend their first crypto conferences - highschool and college students, etc. LFG!. Will be personally pledging funding. Who else?. thanks for inspiring us all @ricburton .
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There has never been a better time to build a crypto consumer product as a founder. Your chances of success rate are far better than it seems and there are several unfair advantages that swing in your favour:.
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The EF is so cooked, just received from a mid level EF employee
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I'm not sure that CT understands you can make way more money as a degen investing and trading liquid during a bull market than the average vc in crypto. Early stage venture investing is the 'get rich slow' path and you really need to be in it for the love of the game.
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One of the biggest mistakes a web3 consumer product team can make during a bear market when trying to discover pmf is overly focusing on web 2.5 user groups first over web3 native ones.
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MCON @Meta_Cartel sept. 15th-17th, Denver, CO. More details soon. Axie Infinity. Seed Club. Rarible DAO. Gitcoin DAO. Bankless DAO. Collab Land. Venture DAO. MetaFactory. RaidGuild. And all things DAOs.
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Everyone on the internet will eventually work for/with a DAO.
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Are you willing to work on crypto and push web3 forward for years on end without any promise of making money? To remain in the game, vital, creative and excited, you must truly love crypto and the fundamental possibilities it brings to the world.
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Today, most NFTs represent static assets with little room for iteration and experimentation. As a as a tool and blank canvas alone, they're not enough to properly retain and engage community attention over time. #0 / Thesis: Dynamic NFTs
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"play to earn already existed before crypto". okay true, but explain to me why @AxieInfinity wasn't built by a traditional game publisher but instead by cryptonatives.
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#1 / A thesis on the emerging multiplayer creator economy of web3. With web3 acting as a coordination layer, creators are able to co-create with others as well as their own communities in a deeper and more multiplayer way than we've seen before. Multiplayer is the future.
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Well, we’re back to uncapped 2017 ICO style raises. Sorry but it is gross negligence.
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I'm consistently blown away by the thoughtfulness and creativity that goes into onchain games and the collective effort to bring autonomous worlds to life. #1 / Thread: A compilation of the best content I've found to be critical in building an understanding of Autonomous Worlds.
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Putting together a web3 social investment DAO. ✨🪩👚📀🏰🧶🐬🤖🌈 🍣🔮✨. :: > reply with /join to express interest in participating < ::.
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Any DAOs want to co-own a co-working space in lisbon?. HMU (and yes, it will be run as a DAO).
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In 2018, I had a huge argument with a game dev about how the metaverse/crypto would disrupt trad gaming's biz models via a shared economy. He saw every way in which it wouldn't succeed, I saw every way it would but had no good guesses as to how. Now the path is clear.
We've raised a $152 M Series B led by @a16z for @SkyMavisHQ! . ✨The funds will be used to fuel the expansion of Axie Infinity and Ronin, our scaling solution for digital nations.
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I may be late to the party but better than never. It was time for a new PFP anyways. Found my forever squiggle. It's beautiful 😍
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Pudgy's $PENGU is the only major memecoin that's made in America.
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One of Ethereum's biggest oversights that is now glaringly obvious in hindsight was its complete dismissal of its application layer. Story time. For context, I started my journey in crypto 7-8 years ago with the Ethereum community and have since spent the entire time focused.
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GTM via Supply and demand side DAOs (Thread🌿). Most decentralized networks are marketplaces that coordinate supply and demand to produce a product, service, economy, or platform.
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Introducing the whitepaper of MetaCartel Ventures .👑@VENTURE_DAO 👑, a for-profit investment DAO focused on DApps. Working with @lex_node + @ameensol, we bring code, law, and community together; and share how MetaCartel is able to bring this DAO to life.
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The next biggest economic opportunity larger than Ethereum itself is not going to be in launching another L1/2 but building consumer products and virtual worlds that have never existed before.
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Majority of VCs who invested in web3 games are down massively. Most have given up on investing in games, and only those that have a deep passion or understanding are still investing. That said, I'd keep a close eye on gaming closely as not many investors are anymore. Opportunity.
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If you're running groups/syndicates through @echodotxyz or @legiondotcc and want to get access to @1kxnetwork's best deal flow or even an existing portfolio project, get in touch! We'll be prioritizing public crowdfunding access to the community as possible in our captable.
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Proud to lead the funding round for the team behind the cutest penguins in not only web3 today but soon to be recognized worldwide. Proud to be backing @LucaNetz and the team here and couldn't be more excited about NFT IP than ever right now ❤️🐧🔥.
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Two weeks ago, we held 'The Summit' hosted by @1kxnetwork, a gathering of 54 onchain game builders and community members who came together to hang out and discuss all things onchain games & autonomous worlds. I haven't had so much fun in years :)
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Only launch a token when you have figured out:. 1. How the community can participate towards meaningful objectives for the network (give tokens for work to be done). 2. Who to distribute ownership to (making sure you are distributing ownership to those that create the most value).
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Digiphysicals bring onchain interactions and experiences to offline IRL environments via NFC chips and other mediums, extending web3 into the real world. IMO one of the most exciting design spaces for new onchain experiences with. #1 / A short deep dive into digiphysicals:
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good times create weak communities.hard times create strong communities.
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I've learned that when you meet hungry ambitious founders who have demonstrated ability to execute, just write the check. Some things about early stage investing are as simple as that.
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Crypto is in the best place its ever been in years. 1. It's no longer the hot frontier tech narrative, nowhere to hide.2. Public markets are no longer tolerating high fdv/low foat BS. There's only one way forward and its to swing big and innovate on the application layer.
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Would anyone be interested in a MetaCartel conference in September later this year? Thinking of September in Denver. Bringing together @Meta_Cartel @VENTURE_DAO @RaidGuild @nowdaoit @MetaFam @TheMetaFactory @lex_DAO.
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You can raise $100m+ funding rounds from the most prestigious VCs in the world but you still cannot buy authenticity, trust and a real community.
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Funds wanted low valuations in the bull but are yet now too scared to deploy and invest during the bear. Pay attention founders, the investors that are still willing to back founders now are the investors that you want to work closely with.
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The end game is to build self-sustaining community owned economies.
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Idea:. Scale progress horizontally via KPI-driven orientated sub-DAOs. Governance is minimized to focus purely on two areas:. What are the KPIs/metrics and OKRs of the DAO?.What work proposals should be funded?. Would appreciate thoughts/feedback ~.
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If you are striving to become a world class community builder and operator, hit me up. I am looking to help existing junior community leads/ops upskill fast. Have a potential opportunity. DM.
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I don't think people realize how much of a legend @thegrifft is to the space. Been a personal huge supporter of everything I've done in the DAO space and others too, giving relentlessly. Thank you.
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Who you're working with is a lot more important than what you're doing.
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Hey everyone, so I have this new onchain game that I'm launching and I'd appreciate everyone's feedback. Playtest this friday at 3:30pm GMT
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I remember heavily regretting that I did not work harder in the last bear market once I realized that it was over. I had a front-row seat to innovation and was able to build relationships with people who would go on to change the face of the internet. It was a real privilege.
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Financial nihilism or internet degeneracy? Or both?. Let's zoom out a bit. Memecoins are not new.
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Breakdown and comparison of social protocols (Farcaster, Lens, CyberConnect, Matrix, Scuttlebutt, ActivityPub, Nostr, AT Protocol). Understanding these protocols aren't difficult but does take some time to ingest respective documentation to do so. Here's an overview / summary:
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On-chain games ⮕ Autonomous worlds. On-chain games are where all game state & logic are stored on-chain and are able to be accessed by anyone. #1 / Autonomous worlds are a vision of on-chain games that enable the participants of such a world to shape what it ultimately becomes.
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The best consumer platforms are building with zkSync:.@pudgypenguins @Abstract_Eco @LensProtocol @Treasure_DAO.
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When building DAOs/or anything decentralized, what matters more is the quality and sophistication of your active network participants as opposed to short term userbase and revenue. web2 = optimising for users and revenue.web3 = optimising for long term value + a better service.
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If you're doing this whole web3 thing well, you will leave more money on the table to users and community, own much less of what you built, while all at the same time created a far bigger pie for everyone involved than you could of ever achieved with a centralized company.
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have early invites to a new social / casual gaming web3 app from one of the best consumer founders in web2, dm for an early invite.
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Hyper financialized social apps such as Friend tech and Fantasy top are like really fun single ride amusement parks. No matter how fun these rides may initially be, once you go on them once or two, they get boring. These amusement park rides are actually content, not products.
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I invite you down our rabbit hole. To join our legion and discover all its treasures. Excited to make our first play to earn investment into @Treasure_NFT.
We are thrilled to announce a $3 million investment in $MAGIC ✨ led by 1kx. With these strategic partnerships in place, Treasure DAO will be well positioned to achieve its vision of creating cross-metaverse economies.
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Tutorial island for DAOs. (community builder path). Ways to get involved + contribute to DAOs when you are fairly new to crypto and just want to learn. 1. Take notes for the DAO's regular community calls. .
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Just right now, @Meta_Cartel grants DAO's last community proposal passed with the last of the DAO's funds sent to @FreeAlexeyRoman as funding support for the ongoing legal trial that is unfolding as we speak. A fitting way to end a journey of a lifetime.
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got island boi'd by @HenryBrodie.
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Last week, 132 builders came together in Lisbon for @Worlds_AA, a game jam that was focused on modding fully onchain games. For the first time, the highly theoretical ideas discussed in the autonomous worlds space began to feel real and pragmatic. It was incredible!
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Settlers, explorers, town planners. A post outlining a mental model for thinking about the different aptitudes/roles required to successfully build and foster a community.
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It's taken a while but time to reinvent and evolve with a new PFP.
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Anyone building the Cs:Go Lounge for Axie infinity?. I wanna bet my NFTs on some tournaments . cc: @Jihoz_Axie @AxieInfinity @brycent_ @ElijahCTG.
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The smartest move you have likely made so far is not what investment you’ve made that went up, but rather your decision to get into crypto in the first place.
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We are forking 🍴 @MolochDAO 👹 and we are going to be operating our own DAO ⚙️ (@meta_cartel) -> focused on accelerating the product success 📲 of the Ethereum application layer 🤩
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Technical risk and cost are slowly no longer a moat for L2s and appchains, and a major hierarchical shift is underway as the PMF and distribution emerges as the one truly scarce resource. Apps are already becoming infrastructure king makers.
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Shout out to all the OGs of 2017 who have continued to grind and most importantly: reinvent oneself over and over again. Most never last their first cycle, not mention a second. This is the true super cycle.
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People who play crypto games & participate in crypto economies today aren't just passive consumers, but look like entrepreneurs, willing to take on upfront risk to earn, desire to coordinate socially, and more. Feels a little odd for what was mean to be entertainment.
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Abstract (@abstractChain) is going to show people what is possible when the a world class growth and marketing team puts all their energy behind growing a chain. Base and Solana will seem like a warm up in hindsight. Those that understand how elite Igloo Inc. get it.
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And why Lisbon?. My investment thesis is simple:. It has the best weather in Europe.
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Some of the nicest people in crypto are in the NFT crowd.
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The EF (2018-2025) may emerge as the most catastrophically incompetent leadership group ever to manage something of such high importance.
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