Building the Open Metaverse: Going Beyond Ready Player One

Transcript

hey there shame it won't be there in person but yeah i'm all good uh can you see a slide deck open can you see that that's it all right okay hello everybody um

as i said it's a shame i can't be there in person i was hoping this would be my first uh crypto get together but sadly uh coverts um conspired against me it'd been great to catch up with many of you many friends there um so for those that don't know me i'm jamie burkham from outlaw ventures and founder and ceo and we describe what we do as accelerating the open metaverse and i'm going to explain what i mean by the open metaverse and why i think it's important that we are thinking about what we're doing with web3 in that context over the course of the presentation um quick disclaimer just because we're regulated

in the financial services industry as investors and accelerator nothing here is investment advice so do without what you will so for those that don't know us we've been around since 2014 since 2017 alone we've made 70 investments we'll have 100 buy this fall and we were one if not the most active investor in europe during the last bear market by volume not by deal size um i don't know whether you'd call this a bear market or not but we believe will also be the most active in this one too uh and by that i mean we're effectively evergreen so

we invest irrespective of the cycles we all love to burn as much as anybody else um but we're as active in a bear market as we are in a bull market um and you know this this year we'll probably speak to about 2 000 startups plus who will apply to join our accelerator program um and from this year onwards we'll be investing in at least 100 startups a year so um within the next 12 months we'll double um what we did over our entire life cycle so we're growing um a great rate and i think that's really representative of the ecosystem the health of the ecosystem the health of the venture ecosystem and health of the early stage ecosystem

and we've helped launch lots of different networks seven in the last 12 months and we're now at stage where we'll be launching one or two a month again irrespective of the market conditions so that's as much uh me telling you about the market as it is we telling you about outlier so before we get into the metaverse the open metaverse and what i propose is the openmetabus os operating system um it's worth just taking some minutes to reflect on the last 10 years of web 3.

and then i'm going to move through that into the meta versus this today i'm going to try to define it um and in that context i'm going to look at how web3 as an infrastructure can allow it to be more open it can serve as an operating system for a more open metaverse um i'm going to talk about where i believe the low-hanging fruit is for the open metals os and in particular defy um and it's perhaps not where most people think it is and then finally i'll talk a little bit about base camp if i have time how you can apply to work with us to accelerate this open methodless os so first reflecting on

10 years of web 3. um i'm sure many of you already fairly familiar with if not this entire thing what you would refer to as a web3 stack or toolbox at least elements of it hopefully you're already deploying aspects of it within your own applications of your startup um but effectively we've we've kind of you know realized this web3 stack that's kind of finally coming into its own um and a lot of the use cases that were promised when i first joined into the crypto space that were kind of concepts are now um becoming a reality um and again especially so in what i refer to as the meta versus the

open metadas um equally you know we're reflecting back on the last 10 years and of course we're now um we've just suffered another market correction albeit i believe one that was overdue um the same could be said for 2017 and a lot of people look back on 2017 with a lot of negative feelings um and of course there was a lot of scams and various other things that happens but i think there's this general sense that somehow there was this massive misallocation of capital um and a lot of it was uh ineffective and therefore it went to waste and i would argue that's not true

um especially when you look at it in a venture context 90 percent of startups fail traditionally um in a venture model and i would argue that out of uh 2017 in the whole ico mania we have a huge amount of open source technology that would have not otherwise been open source um and that is now being kind of combined into this highly composable web 3 stack i would also argue that we now have whilst of course a huge amount of development and activity is still centered on ethereum we have the beginnings of activities on other protocols that i believe are

complementary and of course increasingly uh interoperable and so in combination what all of that equals really is is two things in my mind um a kind of bottom-up proto-capital market which of course we refer to as d-phi um but then also with the event of nfts kind of a native for so if that is like a native form of money and native capital market to the internet but nfts represent a kind of native social media um for the internet and web without a platform without social media platform and those two things are very powerful especially in combination nfts plus d5 i'm going to talk a little

bit later about how that forms part of our thesis when looking at the metaverse but more importantly than all of that is the principles that we've managed to seed into all of this infrastructure this open source infrastructure that's centered around self-sovereign identity and self-sovereign data and self-sovereign wealth a digital form of wealth and so if people adopt this infrastructure they have to adopt those principles if not in whole in part and again i think this is a huge achievement for the last 10 years and you know many of

you have participated in that and i think now we're going to see that really come into its own so what is the metaverse today you know if you google or go into youtube and try to find a coherent explanation for what is the metaverse it's actually very difficult um and often you've kind of got competing conflicting definitions so i'm going to take a stab at giving you my definition and of course that is significantly influenced by other thoughts especially coming out of science fiction 80 science fiction but effectively if i were to try to come with a really simple

description of what is the metaverse uh in in a singular it is the interface layer both a combination of software and hardware that makes the physical and the virtual or the digital indistinguishable kind of one and the same from an experience perspective and if you go back to science fiction it actually and you try to find out kind of common threads um on defining the metaverse it seems that the defining characteristic of the metaverse a metaphase was that somehow it was an economic system independent of and that enjoyed supremacy to old fiat based economies controlled by

nation states now of course if you go to something like ready player one and of course you know snow crash but i think ready player one really brings it to life you have a single corporation that wants to own and control the oasis servers and databases to have the ability to be able to delete people so you know platform people access any information change the rules of the world the t's and c's about how users engage with it and print themselves infinite currency and actually if you think about that it sounds a lot like the web today let alone this future vision of the metaverse that sounds like the web it sounds like gaming and most

gaming platforms it sounds like how we experience the internet um today and you know i think that's really telling because one of the problems when people start talking about the metaverse and of course it's only really been it's only really re-emerged in the last couple of years um they're often talking about it as some far-off destination and i think that's really dangerous because if we think of it as a far-off destination then we're more likely in fact i would say guaranteed to sleep walk into either extending the web to paradigm into the metaverse um or potentially deepening it um and it's that deepening part which is

which is also very worrying because we are kind of an inflection point so i'll talk about that a little bit later it's also really telling that probably the one person who has the most to gain from that dystopic um vision of a metaverse or the metaverse which is really a process of capturing control is is this statement that he made here you know he says that the metaverse is going to be far more pervasive and powerful than anything we've seen and if one company gains control of this they'll become more powerful than any government or god on earth now as the person that runs the company that has maybe the best shot to do that you would think well

why why would he be saying that surely his shareholders are going to be pissed off well you know he's seen ready player one for starters and he knows that companies have a life cycle beyond their founder and therefore he's probably as concerned about the legacy he leaves behind us as to what's in front of him right now um and so the point around why this is really important now why tim sweeney thinks it's really important right now and he just announced a billion dollar fund specifically to help epic and unreal transition to become more open and to support a more open metaverse we've had personal dealings with him through um not tim personally but epic through our accelerator where they are

giving grants to projects working in the open metaverse non-equity grants so they're really kind of committed to this vision and the reason why this is important is if you think about the hardware component of that definition of the metaverse we are increasingly through things like vr and ar bolting things onto our heads that can effectively go inside our body so rather than them capturing biological data you know through as being click monkeys like how we respond to content on the internet they can actually even now see how your retina reacts to visual stimuli

so it can see your emotional responses before you're even aware of them maybe before you're ever aware of them you know with vr headsets like oculus we are mapping inside our homes if you put it on it will ask you to map your space what's it doing with that data you don't know um so this is a really really important point for us to think about the metaverse that we want and in that context to think about how we can fix what's broken about web 2 and make sure that we can imbue the metaverse with the kind of principles that of course we already hold dear within web3 so put simply and of course it's not quite this simple and i'll expand upon it a little bit later

but there are crudely two versions of the metaverse emerging there's only one metaverse but there are perhaps two pathways or there are kind of two ends of the spectrum one dominated by closed proprietary platforms owned by big tech and others built on open source protocols and principles such as decentralized and many that will be already i'm sure close to a heart within web3 but as i said it's not binary it's not open or closed just like it's not centralized or decentralized and i think open is more important term than decentralized because actually it extends well into um making sure that much of the software

that is being used for example with hardware devices is open source unfortunately there's already a very strong open source drive within um even the more kind of closed platform parts of the metals but there's also another dimension to assess this on it's not i don't believe as important as open and closed um but it but it reinforces it and this is hi-fi to lo-fi so there are um hardware devices and of course the software component to that which are pushing the experience of the metaverse to kind of draw more people into it to to buy these devices to pay for content but of course that is only a very small

percentage of the global population now and maybe for the next decade that we'll be able to constantly experience that hi-fi version of the metaverse um and that's why it's important that there is a there's also a lo-fi instance so where it is the the kind of accessibility lowering the friction the economic barrier to participate is prioritized over use experience i think crypto voxels again is a good example of that and the reason why i think projects like crypto voxels are important is because these if we go back to the definition of a metaverse this kind of economic system that enjoys supremacy to fiat systems in the nation state then

that economic system needs to be as inclusive as possible both globally socially and on any spectrum that you like to consider it so now we've tried to define the metaverse generally um i'm going to talk about the open metabours i'm going to propose why i believe web 3 serves as an operating system for a more open metabus um and you know as i've said previously it's not that we believe everything will be open necessarily everything should be open you know working in accelerator we appreciate pragmatism we appreciate certainly in early stage

startups the ability to discover product market fit to be relatively centralized um but at the same time and we we kind of buy into this progressive decentralization which i know not everybody subscribes to um but for us it is important that there is experimentation in approach of how open or when or where one should be open but putting that aside beginning part of this year when we were thinking about the metaverse you know we're starting to see these innovations happening um within nft and virtual worlds and gaming and blockchain gaming we wanted to come up with a framework to be able to assess the

openness of a given instance of the metaverse which we would call a verse also a kind of way to build out or design for a verse to to be more open and again um on a kind of pathway so this is kind of the beginnings of a framework we called it the openmeta versus osh you can find the paper on our website outlet ventures.io but as you can see in the top left it starts with the user and the user's persona because the difference for us in the open metaverse as opposed to the closed metabolism is that it is user-centric it is not biased towards the platform and their shareholders it is biased towards the user um and

they give permission and they are in control of all of these things that you can see in black now that doesn't mean there isn't a platform that doesn't mean there won't be platforms but what it means is the platform is subordinated to the user platforms will exist we invest we invest and we'll continue to invest in several every year that are kind of bundling together elements within this stack and making it usable or applying it for a particular experience or vertical use case but that platform and that platform will charge a fee but it only does so where it is delivering value and ideally the user can leave and they can take with them all of these things or at least some of these things um

and so that could be you know content data and metadata associated metadata it's also you know who's in control of the economics of the system you know are they able to be manipulated from a currency perspective um what are the rules of the marketplace um we start to look at kind of the assets associated to the user they're objects avatars spaces 3d models all these kind of things who is in control of the physics of the verse you know who is in control of identity um who's in control of reputation are these assets is the identity is the associated data is that identity

portable and transferable but it also goes all the way down to the infrastructure that enables that experience both in terms of cloud and compute so what you might call you know this kind of cloud infrastructure we're already seeing lots of innovation coming through in web 3 that allows for more decentralized instances of these things so it might be that you have um like most of web3 now a reliance upon relatively um centralized and kind of closed systems around your cloud architecture um and you may choose to kind of control um very tightly the experience and kind of who can create

characters rather than user generated content um but you might want to allow for transferability of an asset once it's been minted on the platform and one kind of important thing as well is for this to be truly an anatomy of the metaverse you need need to enable these kind of bridges between virtual and physical and we'll talk about that a little bit later um so again we're not expecting or necessarily even proposing that that whole every single instance of every verse is blue blue here denominating open and kind of shared but what we expect to happen is um that with every verse that comes

along whether it's an established verse um like fortnite or an entirely new franchise that's developed native to web3 there will be increased levels of interoperability increased sharing of standards increased transferability of assets um and you know we can kind of begin to already see that play out in nft marketplaces you know you might participate in a primary sale on one marketplace but you'll choose to transfer that asset into a different secondary market where you could resell it or go and do something in d5 and fractionalize it and that's

all possible because of the adoption of these standards the same with identity you know this idea that you can log in with metamask across any of these platforms and this is kind of just the beginning of what we believe will extend well outside of what we would traditionally define as web 3 both across the metaverse and we would argue that kind of extends across the wider web um so i won't go into to all of these here but for for each one of these elements there are already several examples of where this is possible now some of this technology might be

fairly nascent um some of it might struggle to scale but kind of because of the composability of this it's not reliant upon any one protocol any one bit of technology and therefore the the kind of ecosystem as a whole can find workarounds can develop new primitives um and that kind of accelerates i believe the open version of the metaverse over what might otherwise have to be developed by a single corporation or a small group of corporations um and so you know i mentioned earlier you've got anything from far coin for storage qdos for compute i know both on protocol

one of our portfolio are there with you um in paris they're working on this physical to digital redemption and which as i said is critical for this being a true metadata has to extend into the physical world but then of course um a platform may take on an entirely new meaning um with implementations of dows we believe this year just based upon the deal flow that comes with us as i said we'll probably have about 2 500 startups apply to the accelerator um this year and that gives us this really unique window on the market where we can see what's coming at us from early stage startups and there's a huge amount of interest

coming from dows especially in the context of nfts and the metals so um we may entirely redefine what it means to be a platform versus what we experience in web2 so ultimately what i'm proposing is that we believe with time an open metaverse built on shared open source protocols this kind of open infrastructure um will allow and have a single unifying yet open financial system that doesn't necessarily mean that all of that economic activity happens or consolidates on any one protocol but in combination as part of a stack

that's interoperable it can be thought of as one open economic system and we believe that will erode or eat using the a16 software it's the world kind of vernacular and eventually replace closed platforms due to this powerful network effects that we gain um from tokenized systems and so you know if you look at what we've seen with either bitcoin or ethereum that the power of tokens as incentives to bootstrap um this kind of open infrastructure this decentralized systems um is incredibly powerful the course will extend across uh the whole of that open metadas os

stack um in the same way it's mobilized billions of dollars of capital to go into you know hardware to effectively secure these networks that we believe the same will be true for many other levels of that open metaverse os um and actually this is really in line with how you would think of the metaverse the metaverse has always been thought of in a gaming context and of course that's i believe low hanging fruit but actually through tokenization and game theory really what we're doing is we're gamifying the web we're gamifying the metaverse the open metabours but of course the open metabolism for me um is effectively what the web is becoming has become or will become

so in an evolutionary sense it could be said that the open meta vs os um by by leveraging by virtual worlds leveraging the openmeta vs they become pregnant with web3 and i don't mean pregnant with just the technologies but those principles as principles of self-sovereignty of identity data and wealth um and of course this is you know now more important um than ever as i described previously so where do we go with that let's see if that's like a high level framework like what's the go to market for the open metaverse what's the low hanging fruit well it's actually important here to kind of just

reflect on what's going on in the world of d5 and maybe to define what i mean by metaphy so for me metaphy is when there's two ways of looking at it um and the term was coined by a lady called um rumi morales who's a partner at outlaw ventures based in the us and the way that we've kind of developed this thinking is really metifies both when d5 can be leveraged or deployed within the metaverse but again if you think about what the metaverse is it's this um economic system that enjoys supremacy to all other fiat-based nation-based systems

therefore you could argue it becomes the meta economy and so you know i'd argue what we're building with d5 when applied to the metaverse and when combined with nfts nfts as forms of collateral but also as incentive mechanisms that just happen to be non-fungible rather than fungible um then we end up with um metaphy and i think metaphy is the most interesting thing that anybody could be working on in d5 right now because you know there's a lot of attention and focus on well how do we make d5 accepted by regulators uh how do we allow for institutions to use it

and you know these are all great things to do we also invest in startups that do those but they're operating on a much longer time horizon you know for many of you who already know like if you've ever tried to get a government or a large company incumbent of any kind to begin to adopt this stuff you have been in the space near a decade it's it's very painful and it's almost not worth doing um and so you know rather than trying to um integrate these these kind of incumbents into d5 i actually think the low hanging fruit is to look at how can d5 be deployed in the context of the

metaverse i'm going to expand upon that a little bit later but let's define what i mean by that a little bit more so for me the kind of two characteristics um one of them is unstoppability in that it can't be controlled by a single centralized entity going back to that dystopic definition that i offered around ready player one and that it is user centric so that means the user is in control but also the value is better distributed to where it is created and that is generally not the platform the platform might be the venue but it is not the source of creative output and so we are looking for systems that

bias towards distribution of value and again this is the great thing about leveraging the power of d5 because it is both of these things you know it is both unstoppable and it has this um almost insatiable thirst to remove inefficiencies um and to try to deliver yield so to reward um creational or positive participation in the system um and to remove um rent seeking or burdensome brent seeking and so metaphy solved for two problems the application of d5 into the metaverse it stops full and this is not newly used in context of web through course but platform and optimization so again

coming back to this idea of value creation in the metaverse today or the web generally whether it's search social e-commerce streaming or gaming generally the platform uh the venue where value is created um takes all or almost all of that value and very little is given to the creator um and therefore you know often this is thought of around the kind of creator or creative economy um and what's really exciting is through our accelerator now we're starting to see brilliant applications of new forms of social media that reward the creator economy would be that

influence as bloggers vloggers um we're seeing of course in in the blockchain gaming environments this idea of increased user generated content where unlike say roblox where i think it's close to 80 percent of all value is divided between a number of stakeholders other than the actual creator of games so we're going to see much greater forms of user-generated content both in terms of indie developers all the way down to actual users now the reason why this is really important is if you think about the billions trillions of dollars of value that's created across those areas today that goes to corporations and their

shareholders rather than the creators of that value even the slim bit of value that does go to that end user barely forms an income at least a stable income um but that aside if you think about all the value that's currently locked in these platforms this is value that can't be monetized it can't be moved out of that platform so if you invest in something you invest in instagram your time and energy and instagram or you invest that in a particular game um it only really that value only really exists in that environment it can't be it can't be taken out of it it can't be sold it can't be monetized but more importantly it can't be used as collateral

and so if you think about there are whole generations now i mean i'm 40 but i know if i look at my daughter and you know how she interacts with media and the internet and the kind of people that she follows um and the kind of younger founders that are coming to our accelerator you know that there will be whole generations whose primary form of wealth and i'm not talking about crypto i'm talking about other forms of wealth will be digital um and they can't go to a bank they can't get a loan against that um they can't get a mortgage on a house you know you could have a million dollars worth of gaming skins no bank is going to lend to you for that but d5 can and d5 will and the idea that this value can extend

beyond any one platform becomes incredibly powerful because when creations wealth and assets have a life off platform and can be exchanged almost infinitely between themselves you know i could use my reputation on instagram as a to apply for credit in d5 on something else i can use access to that account um as collateral so it's not just about creating new forms of digital value that are purely native and on a blockchain already it's actually looking at all the value that's currently tracked in web 2 and gaming platforms um that we could somehow

unlock and the really interesting thing is we don't even necessarily need the permission of the platform because we can create synthetics we can create derivatives we could have representation on-chain representations of off-chain value that exists within web 2 and we could allow for that to be borrowed and lent against or exchanged and so because of this openness because of this the dynas dynamism that's then allowed between exchanging value across platform um and then combining that with the idea that most native platforms in the open metaverse by default allow you to transfer value we end up with something you could consider value

squared and so that's why i believe the open metaverse will win out over the closed metadas and we can already begin to see the beginnings of this and what you might call metaphy 1.0 again many of these projects you'll you'll already be aware of whether it's play-to-worm with axes and gaming whether it's open c in the digital art platforms whether it's data monetization um through idos initial data offerings and ocean um virtual worlds um but even things like um meme assets so we had a project called meme.com go through the accelerator they launched the network um a few months ago and if you think about the meme economy memes drive the majority of attention on

the internet most platforms make huge amounts of advertising revenue around memes but nobody actually monetizes memes themselves not the creators not the remixers not the people that participate in it going viral and so they've done something which is kind of at the most bonkers end of the open metaverse which is to allow for a mimetic asset protocol where you can effectively create tokens associated to memes and you could trade them based upon the the direction of that meme uh and then you can participate by marveling and bookmarking so um you know when these things these assets begin to be combined into ave compound yearn um we can create as i said derivatives

of off-chain assets um but that are yet still digital and through things like synthetics we can start to create indices um for combinations of these things all of a sudden this is the most inclusive financial system that we've ever experienced and any form of value creation that is digital can immediately be deployed borrowed against and turned into a meaningful form of wealth within metaphy um and yet we've just got started and so these are like several areas that we're actively looking at

investing in um whether that's you know tools allow for the fractionalization of nfts of course interoperability across that stack where things that can improve liquidity a big thing now is data and off the back of that price discovery of nfts how can you begin to fully quantify the value of an nft and beyond a very crude understanding of a of a floor um so you know that's kind of the vision around the open metaverse metaphy metaphy as i say we believe there are many great things you can be doing with d5 but we believe the low-hanging fruit is applying it in the

context of the meta that's both native um assets and kind of over the top going into creating derivatives for um off off-chain assets um so finally i just want to kind of close off by introducing you to basecamp encouraging you to apply to join us and our portfolio in the mission of creating an open metaverse os as i said we're nearing 100 startups in that now um ranging from you know very low level protocols primitives solving for digital to physical redemption or whatever it may be data marketplaces um all the way through to d5

infrastructure and of course innovations around nft's royalties price discovery um but you know we're now at the stage where we're um actively recruiting again we're effectively perpetually recruiting and we're running parallel programs both our kind of protocol agnostic accelerator which is base camp proper and then we also have several ecosystem accelerators that we're running we've just announced one um with falcoin we've got several more in the pipes and effectively we help you early stage projects early stage doesn't mean that you are you just have to be

a couple of people um with an mvp we we have had spin outs from a lot very large organizations we've had startups that have already raised you know series a and b but that want to begin to explore either fungible or non-fungible um tokens how that can optimize their technology how can it allow them to open source more of that technology and we've kind of got all the competencies that you would require there from regulatory oversight and advice from securities lawyers through to how you select your technology stack your pathway around governance descent around decentralization and all these various things um finally um we're currently recruiting for far coin accelerator so

if you are using either far core and ipfs in any way at all but especially around the financialization of the open data economy nft experience and metaverse persistence or cloud 2.0 not just storage but also compute then both outlier and file coin will give you money and both of us will help accelerate you leveraging our combined ecosystem so we're actively recruiting for that now um and you can apply to both the protocol agnostic or the basecamp far coin accelerator through the same url outlier avengers dot io slash base camp um we've got many of the leading web 3 founders who come on as mentors um and do drop-ins you can see many of

them on what was the founders of web 3 podcast which is now the metaverse show where i've introduced i've interviewed over 80 of them today to many of those coming our mentors in the accelerator and then finally and thank you for giving me a few moments to do this we have our graduation day for the latest cohorts which is next week um and you can come along that's very it's a virtual event and we have several panels with leading investors and founders from across web 3 alongside the graduating portfolio companies and this year we've got some brilliant people from epic games galaxy digital we've got crown from protocol labs and

ipfs robbie from animoka so please do go to the url um below you can also go to diffusion.events sign up there it'll be two-day conference and we'd love to see you there so that is it from me i don't know how i did for time um or whether we've got time for q a okay

sure sure thanks for the question well firstly um you sound like a very metaphy project so um you should definitely apply um and you know coming back to this lo-fi hi-fi i love the idea of pixelated worlds because again it just allows um more people to enter these economic systems um i think game play is a great way to make d5 more accessible you know and i think there are several projects that have shown that from other gotcha and so that all sounds really really exciting um so base camp specifically you know we're the money in and of itself is really a

stipend you know so for most projects um as i said we generally work with early stage projects but we have some that enter the program they've already raised you know half a million a million some several million they're not necessarily coming to us directly for the money um what they're coming into the program for us is um both to do a lot of like conventional startup stuff so not necessarily to treat you know teach you how to be a founder but to look at product market fit to develop the pitch and to help you fundraise and to help you fundraise at a higher valuation you're more money at a higher valuation more quickly um but then also there's kind of the nuances of course of being a

metal starter which is you know thinking around the the mix or the role of equity fungible and non-fungible tokens in terms of where value accrues how you're going to finance your organization alongside that thinking around governance you know pathways to decentralization and you know a big part of what we do with base camp is ready projects to go into something we call ascent ascent is where we work with later stage networks who have already closed several million um and based on a readiness score are anything from six to kind of 12 weeks away from token launch so we kind of basecamp is about using

that mounting and mounting analogy to ready you for for that and if you go through base camp subject to being meeting a readiness score you can also go through ascent it's all included in the same terms we do also take third-party projects directly into ascent but they have to be very progressed um but i guess kind of the way that i would answer the question with with limited amount of time you know so we've got accelerator is about two things one internal competency you know we've got over 30 people now um who have done this a lot uh working with projects in every dimension whether that's selecting technology stack thinking through governance token design um you know the launch of a token

um how you do that in a compliant way um and these kind of things um but actually uh we also then have this very large extended network we've got over 1 500 investors now from all the top tier one vcs both crypto native and otherwise through to community pools and um and dows and so we effectively get you in front of those right people many of those investors see us as a filter of how they engage with the market of course they don't exclusively invest to us but they know if it's gone through the program firstly got selected and we do a lot of due diligence but then we've helped refine it and de-risk it for that investor and that's what allows the project to

raise more money and kind of finally how i describe it is um there's a lot to do as a web 3 founder i would say an order of magnitude greater than a traditional founder these are so many more things you have to consider when you're launching um a startup in the space um and it's very difficult for you to have all of those competencies in-house as a startup you know like you're lucky if you've got a handful of people and often you're just trying to do the basic startup stuff you know which is like acquire users acquire customers manage fundraising um not run out of money um and so effectively how i describe it is you know what would take a project

perhaps 12 to 24 months to kind of build up the competencies to work through these things to have the learning curve to build the networks and relationships we fast track all of that so we know all the exchanges we know the investors you know we know the token engineers that you need to meet with and we know the community pools that you should work with and how and how you should structure that um and so effectively in startup world time is money i think i said in the presentation ninety percent of startups fail um generally um and most of them run out of money in their first year um so time is money and we shorten we both get you more money and we shorten the time you spend on solving the problems and launching a network and

stuff so i believe like the combination of those things makes us good good value for money but what i would always say is um you know speak to our portfolio they're our best advocates increasingly we try to speak through them and their success good luck guys have fun you