Gm, I’m so excited to officially launch Double Down @DoubleDownFund!! A consumer-oriented early-stage venture firm focused on mainstream adoption of web3 👀
Why consumer?
Mainstream adoption is key to realizing web3’s full potential, and I believe that the best way to achieve wide adoption is through consumer culture - startups building real, unique utility aligned with consumers’ existing interests & needs.
For 10yrs I worked for Steve Pagliuca (@pagsceltics), the billionaire Bain Capital Co-Chair & Boston Celtics co-owner, on PE/VC/sports investments
I learned A LOT about investing
I learned MORE about handling difficult situations
I asked him to summarize his leadership lessons:
1. Always be authentic, people can sense if you are not (or worse, if you’re manipulating them).
2. Practice Ubuntu: “a person is a person through other people,” you are where you are because many others helped you, not because you are a gifted genius.
3. Lead with empathy.
Aug 26, 2022 • 12 tweets • 3 min read
The tale of two (sports collectible) cities, or how Sorare actually grew through the bear market while NBA Top Shot continued collapsing and what it means for the market going forward…
Let’s look at headline facts i.e. USD-based sales (i.e. what investors might care about):
• Top Shot has been declining before the market turned (part due to NBA off-season in Q321) while Sorare grew
• Dapper’s efforts to diversify (UFC, NFL) are VERY early & not same pop as TS
Feb 5, 2022 • 18 tweets • 4 min read
.@BoredApeYC is the biggest brand in web3 today… but also one w/ a huge risk of brand dilution
What made BAYC so successful could also be its undoing if the team isn't careful🧵
(Not a FUD but a friendly warning to all top projects; but prob also the🌶️ thread I’ve written LFG)
Important disclaimers to start:
• I’m a v happy holder of BAYC, MAYC, and BAKC
• I sincerely believe @BoredApeYC is a revolutionary startup brand
…but so was Under Armour taking on Nike, but then various brand misfires resulted in UA selling 80% off at Marshalls 😱
Jan 11, 2022 • 13 tweets • 5 min read
When we discuss crypto/web3 adoption challenges & pace, it's helpful to look back at the projects that most contributed to mainstreamization of crypto so far.
Top 10 developments that imho drove *general consumer* crypto hype & adoption in 2021 the most & lessons learned 🍵👇
10. @RTFKTstudios x @Nike: while RTFKT might still not have much of general awareness, Nike sure does, and this acquisition by Nike in many ways legitimized NFT-based business models (on top of Nike already making noise about digital sneaker patents). Watch this partnership 👀
Dec 29, 2021 • 4 tweets • 2 min read
In 2022 I’m esp excited for NFTs that evolve based on user behavior/transactions.
There’s so much potential for NFTs to become our personal, thematic inventories as wallet sign-in proliferates — a real life leveling up record as a student, professional, fan, customer, etc. 🚀
As a student/professional—
NFTs can evolve as users acquire specific hands-on skills, qualifications & reviews, becoming a verified digital resume for their holder that’s a better credibility signal than traditional skill proxies
Every year during Thanksgiving week I think w/ particular gratitude about the man who completely changed my life in 2005 and allowed me to flourish from a quirky teenager in rural Poland into the boss bitch (💁♀️) I am today
Let’s have a little story time—
Mags: The Origin Story🧵
I grew up in a small town in Southern Poland – and I mean small, at ~2,000 inhabitants. My parents had a small transportation business and I spent my childhood playing with real cars, with a gutted 70s bus in my backyard instead of a playground. I’ve always loved cars.
Nov 22, 2021 • 20 tweets • 4 min read
Music industry is broken:
• v under-monetized vs other entertainment
• musicians keep just ~10-15% of revenue due to middlemen leakage
• fans have limited options to financially support their faves
Let’s talk about how web3 can fix that (& why I’m obsessed w/ @join_royal!) 🧵
Problem #1: Music is a severely under-monetized entertainment category.
It’s the most universally consumed form of entertainment, yet non-live music is just ~$34B industry (vs. gaming of $170B, incl. casual gaming of $100B; even low frequency cinema business is $36B!!).
Nov 12, 2021 • 9 tweets • 2 min read
Why do we need *tokenized* loyalty programs if we have perfectly well-functioning regular loyalty programs?
Let me explain the benefits of tokenizing using one of the most popular loyalty programs in the US: Starbucks Rewards 🧵
First, let’s talk similarities. In both cases:
• Fans can earn points/tokens for purchases/activities (UGC, surveys) and redeem for branded rewards (Sbux stars ➡️ free bevs/food/merch)
• Brands can use diff loyalty tiers to offer exclusive access (Sbux Gold ➡️ addtl gifts)
Nov 8, 2021 • 9 tweets • 3 min read
✨FAN TOKENS ✨
• What are they?
• Why have teams like @Arsenal & @ManCity jumped on board?
• Why is NBA wary of them?
• Why am I excited about the *idea* of fan tokens?
• Where do they fall short rn?
Let’s talk about this underrated corner of the crypto x sports world 👇 2/ What are fan tokens?
Think special shares in teams that don’t represent ownership but *in theory* track franchise value and grant fans certain benefits (like voting rights or pre-sale access). Fans get to vote on some team decisions and sell tokens when no longer interested.
Oct 2, 2021 • 7 tweets • 2 min read
Forget the hype, buzzwords, acronyms, speculators, and hard-to-grasp estoteric use cases.
Here are 5 things I’d like the general population to understand about crypto:
1/ Crypto: it’s not just bitcoin/cryptocurrencies; it’s first & foremost a new tech AND IT’S IN ITS INFANCY; in the early days of Internet ppl didn’t see the full potential either, esp bc it was fairly technical until browsers & there were few use cases
In my current role I’m a consumer VC, crypto investor, and LP all rolled into one (which in practice means that at any given moment I dunk on 2 of my 3 “work personalities”)
It's a unique vantage point on the tension between trad VC & crypto and how crypto investing evolves 🍵
As everyone & their mom is raising a crypto fund (I have 6 in LP pipeline right now 👀) and trad VC firms race to hire crypto partners (y’all should see my DMs 👀), I’ve been trying to step back & reflect on a key Q:
What are sources of comp adv in crypto investing? Who wins?
Sep 26, 2021 • 8 tweets • 2 min read
the upside of crypto: no protectionism
the downside of crypto: no protectionism
... so you have to protect yourself!!
here are 5 common scams that can cost you your v valuable ETH/NFTs, and tips how to protect yourself
stay smart 🤓🤑
1. Scam copy of a popular project
what: a hot project drops and quickly sells out at mint, so ppl rush to OS to buy on secondary. scammers exploit that by copying the project name/assets and selling fake NFTs
protection: check the project Discord to confirm official OS link
Aug 25, 2021 • 26 tweets • 5 min read
NFT Glossary—
If you’re seeing NFT chatter (or just bunch of 🦍😸🐀🐧 in profile pics) on your timeline and are confused by the lingo, here’s a running analogy-based NFT glossary thread 👇
P.S. Comment with any words I should add 🤗
• NFT = non-fungible token = certification of uniqueness stored on the blockchain that can represent any digital (photos, videos, gaming skin, etc.) or physical (e.g. basketball game ticket) good
Jul 29, 2021 • 12 tweets • 3 min read
FAANGs + friends want you to believe digital ownership doesn’t matter.
That’s obviously wrong (wouldn’t be the first time big tech puts its needs ahead of its users’ needs, would it?)
🧵: How did we get here, why ownership matters, and where are we going next.
Forget about virtual goods for a bit. Do ppl fundamentally care about ownership?
Studies show 70-90% of Americans (yes even millennials) state that home ownership is a top priority (despite many LT rental options) bc it means stability AND it’s a way to preserve & grow net worth
Jul 16, 2021 • 8 tweets • 3 min read
1/ Let’s talk about direct listings, IPOs & SPACs.
This 🤯 chart from @bgurley's 🔥 post partially explains why VC investors are eager to sell to SPACs while PE investors shun them*–SPACs are an expensive way to go public (too exp for PE) but still a better deal than IPO for VCs 2/ *Imho many PE investors are critical of SPACs for 3 reasons: 1) Economics: from portco perspective, SPACs just aren’t a good deal compared to the IPO exit *as experienced by PE funds* 2) Competition: from new investment perspective, SPACs are addtl competition for assets
Jul 16, 2021 • 13 tweets • 4 min read
1/ Thesis Thursday #3: @manscaped, or how diligence surprises led me to becoming obsessed with men’s below-the-waist grooming lol
• What did I love?
• What did I NOT underwrite?
• What worried me?
• Things I learned since investing?
Let’s revisit my 2019 investment memo 🧐 2/ What’s Manscaped?
It’s a men’s DTC brand originally focused on below-the-waist grooming (hero product: The Lawn Mower, a below-the-waist dedicated trimmer–waterproof & impossible to injure yourself with); since expanded into adjacent products (nose trimmer, body care)
Jun 7, 2021 • 6 tweets • 2 min read
1/ Turns out over the last couple yrs I’ve dropped some meaty threads about consumer so here is a thread of threads putting it together, incl. my consumer investment philosophy, how I evaluate brands, critical view at over-funded DTC startups, and 2c on brands leveraging content.
2/ My consumer investment philosophy: how I define consumer, why I’m a consumer investor, what I look for, how I approach diligence, etc.
1/ I have received a lot of bad advice over the course of my career. I have also received some stellar advice, particularly from 3 individuals: my boss @pagsceltics, NBA boss @samhinkie, and boss boss @tyrabanks.
Their drops of wisdom I think about all the time 👇
2/ @pagsceltics:
"You don’t have to plan your career many yrs ahead. Figure out what you are solving for as of right now and what opportunities best match that, then re-evaluate every few yrs: Is that still what I’m solving for? Am I still doing what best allows me to get there?”
May 2, 2021 • 16 tweets • 3 min read
1/ Sharing one LP’s perspective (family office w/ 16 fund portfolio, look at 5+ new funds/week), in case helpful, esp. for emerging managers:
• Pre-fundraising
• GP commit
• LP decision making & co-invest
• Post-close
(Yes, big 🧵time bc I’m too lazy for a blog post).
2/ Disclaimers:
• All perspective informed by my exp both investing in funds & collaborating with other family offices but it’s still n =1 (treat accordingly)
• I spend ~25% of my time on funds & 75% on direct startup investments – not an expert, just sharing my knowledge 🤗
Jan 19, 2021 • 8 tweets • 3 min read
Raymond Loewy–the “father of industrial design”–believed "consumers are torn between two opposing forces: neophilia, a curiosity about new things; and neophobia, a fear of anything too new.” This push/pull btwn familiar & new is a helpful framework to explain human + org behavior
Loewy said that to “sell something surprising, make it familiar; and to sell something familiar, make it surprising." He called his theory MAYA – “Most Advanced Yet Acceptable.” It’s an interesting lens for viewing modern business world, consumer preferences, culture, etc.
