Prediction Not checkable as stated
McKeon: 99% of all crypto assets could be NFTs long-term
“We think there's a very plausible scenario where 99% of all crypto assets are NFTs in the longer run, especially as minting costs come down into the few cents or perhaps fraction of a cent.”
Prediction Not checkable as stated
McKeon: Yuga Labs could become the Web3 version of Disney
“You could see Yuga basically becoming a web three version of Disney, and all of it is going to trace back to these holders of the original board eight pictures.”
Prediction Not checkable as stated
McKeon: Investment DAOs will displace a portion of traditional VC over time
“The ones we've been talking about are investment DAOs, and those really mimic a venture capital fund, and in fact, we think will displace a portion of venture capital over time.”
Prediction Open · timeframe Jun 2035
McKeon: Digital wallets will become as ubiquitous as email addresses
“I don't know if it's five years or nine years or 13 years, but I do know that our north star at the fund is that everybody is going to have a digital wallet. They are going to be as ubiquitous as email addresses. It's gonna be the way you receive your paycheck…”
Prediction Not checkable as stated
Digital wallets will eventually hold stocks, bonds, and real estate
“That really is the big innovation, is this idea that digital wallets will be able to hold all different kinds of assets. You'll be able to hold shares of stock and bonds and pieces of real estate, maybe the mortgage to your home, like all these different sorts…”
Insight
Top VC funds could monetize future access rights via tokenization
“Well, all of a sudden, to raise a dollar of capital, somebody might pay a dollar 25, because not only are they putting the dollar into this current fund, they're also buying the access right to the next fund.
It actually would allow benchmark to raise more cap…”
Prediction Not checkable as stated
McKeon: Token-gated access might be the next generation of site authentication
“We know we're going to move past this, and we think that
Tokens and token gated access control might be one of the mechanisms which would be the next generation of authenticating into sites.”
Insight
McKeon: Profile picture NFTs are placeholders to bootstrap communities
“Board Apes and a lot of the other what we call PFP projects, so profile picture projects, I think the right way to think about them is that they are effectively placeholders. To be able to bootstrap a community, and in the long run, will be much more than a pi…”
Prediction Not checkable as stated
McKeon: Crypto's biggest use cases will map the social graph, not finance
“We think that actually the biggest use cases in crypto are not going to be purely financial in nature. They're actually going to be things that map the social graph.”
Prediction Not checkable as stated
McKeon: Vast Majority of NFT Items Will Probably Go to Zero
“The vast majority of collections don't trade, and the vast majority of items are probably going to go to zero.”
Insight
McKeon: DAOs collapse governance and voting coordination costs to near zero
“The coordination around governance and voting mechanisms Has been collapsed to almost nothing when you're using these digital environments with provable ownership.”
Assertion Not checkable as stated
McKeon: Web3 founders often prefer DAO capital over traditional venture firms
“When you talk to founders, many times they prefer to take capital from DAOs as opposed to traditional venture firms.”
Prediction Not checkable as stated
McKeon: Metaverse will evolve into infinite plots rather than fixed maps
“This is probably the way the metaverse looks because a fixed map is very skeuomorphic, as they say. It's kind of like if we were to imagine regular real estate in a digital environment, it would look like a fixed map. But this is cyberspace. There's no reason …”
Insight
McKeon: Web3 asset ownership enables cross-game reuse for first time
“The interesting thing about Axie is it started out as a singular game, but because people own the characters and because people own the board, you can repurpose these assets into new games. This has really never been possible in gaming before.”
Opinion
McKeon: Trust-minimized ledgers represent an irreversible technological shift
“Now that we have these trust-minimized ledgers, we're not going back to siloed databases. It's just not happening. Just like once we had the personal computer, we're not going back to typewriters. This has been a technological state change.”
Opinion
McKeon: NFTs are probably crypto's least correlated asset to the S&P
“Out of all the things in crypto, NFTs are probably the most uncorrelated with things like the S&P, because they're really more like a consumer product.”
Insight
McKeon: NFTs shifted crypto's focus from speculative trading to utility
“The big difference over the last 12 to 18 months, NFTs are the ones that caused this paradigm shift. The mentality went from trading to using. That's a really important shift that probably most people who are outside the industry haven't fully grasped. The rea…”
Insight
Tokenization offers secondary liquidity for locked-up fund capital
“And so that I think is one of the promises of tokens is this idea that funds or various types of assets can raise capital and the capital is locked up, yet the investor can achieve some degree of liquidity through a secondary market transaction and not through…”
Insight
Smart securities could allow investors to unbundle and sell voting rights
“So to the extent we could unbundle the voting rights from the cash flow rights, you could actually sell off the voting rights
Separately, while retaining the cash flow rights.”
Opinion
Crypto security token issuances are not cheaper than traditional IPOs
“Today, I'm not sure it is cheaper. Because if you look at the costs around an IPO, yeah, there's some legal costs, there's some accounting costs, like there's some things you could probably automate, but the really big costs are the bankers that are selling it…”
Insight
Programmable securities will embed regulatory compliance directly into assets
“We're not doing compliance at the exchange level anymore, we're now doing it at the level of the security, which is actually a fascinating concept, and I think, like, one of the major sort of innovations we're gonna see with programmable securities.”
Opinion
McKeon: Crypto Innovation Has Materialized in NFTs and Tokens, Not Regulated Securities
“There's still lots of people working on bringing regulated assets on chain, but it's really been the fungible tokens, the network tokens, the NFTs, where we've actually seen most of the innovation and most of these features come to life.”
Disclosure
McKeon: Token Investing Forced Collab+Currency Spin-Out Over VC Exemption Rules
“By late 2019, early 20 20, it was clear that we were going to trip up something called the venture exemption. Because as a crypto fund, we invested both in equity and in tokens, as opposed to traditional venture funds, which are obviously primarily equity. So …”
Disclosure
McKeon: Collab+Currency invests in NFT platforms rather than direct NFT assets
“Our fund historically has not taken a lot of direct NFT exposure in terms of the underlying, but we are perhaps the most active investor in the world in NFT related platforms.”
