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Nov 27, 2021 · 18m · top-founders

NFT + SaaS Business Model Signs first 2 Customers, $5m Valuation

Alan Evans · 10m spoken Nathan Latka · 5m spoken
0:00 / 0:00

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Freeverse.io CEO Alan Evans joins Nathan Latka to discuss how his startup created 'Living Assets' (NFT 2.0), pairing dynamic digital asset infrastructure with a hybrid SaaS and marketplace revenue model. Evans breaks down their early commercial traction, fundraising history across European angel rounds, and the strategic rationale behind targeting a €10 million Series A round.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 36.3% of the talking time here. How this is scored →

Nathan as informed peer 5.8 Guest teaching 2.8 Guest disagreement 1.4 Nathan pushing back 4.2
05100:0010:000:54–4:39 · Nathan as informed peer 5/10 Introducing Alan Evans and Freeverse's Living Asset Concept Nathan introduces Alan and probes how the founding team survived three years of pre-revenue incubation. Alan educates Nathan on the difference between speculative rarity NFTs and dynamic 'living assets' driven by utility.4:41–7:54 · Nathan as informed peer 6/10 Executive Team Structure and Equity Dilution Management Nathan digs into Freeverse's equity dilution strategy and cap table mechanics. Alan outlines their business model combining monthly SaaS subscription tiers tied to NFT volume with transaction fees on secondary trading.7:56–11:32 · Nathan as informed peer 6/10 Sponsor Spotlight: Accelerating Customer Data Onboarding with Flatfile Following the mid-roll ad read, Nathan presses Alan to move past vague future pipeline projections and identify actual contracted volumes. Nathan calculates the exact current revenue baseline of around $1,000 per month per customer.11:32–16:07 · Nathan as informed peer 8/10 Dynamic Credentialing: Using Living NFTs to Track Knowledge Decay Nathan aggressively challenges Alan's target of raising 10 million euros at a 40 million euro valuation with only $24k in ARR, pointing out the extreme multiple and narrowed exit optionality. Alan defends shooting for the moon to capitalize on the hot market.16:08–18:13 · Nathan as informed peer 4/10 The Famous Five: Daily Habits, Tools, and Entrepreneurial Lessons The interview concludes with the standard Famous Five rapid-fire questions covering favorite tools and books, followed by Nathan's metric summary. The tone is relaxed and cooperative.0:54–4:39 · Guest teaching 4/10 Introducing Alan Evans and Freeverse's Living Asset Concept Nathan introduces Alan and probes how the founding team survived three years of pre-revenue incubation. Alan educates Nathan on the difference between speculative rarity NFTs and dynamic 'living assets' driven by utility.4:41–7:54 · Guest teaching 3/10 Executive Team Structure and Equity Dilution Management Nathan digs into Freeverse's equity dilution strategy and cap table mechanics. Alan outlines their business model combining monthly SaaS subscription tiers tied to NFT volume with transaction fees on secondary trading.7:56–11:32 · Guest teaching 2/10 Sponsor Spotlight: Accelerating Customer Data Onboarding with Flatfile Following the mid-roll ad read, Nathan presses Alan to move past vague future pipeline projections and identify actual contracted volumes. Nathan calculates the exact current revenue baseline of around $1,000 per month per customer.11:32–16:07 · Guest teaching 4/10 Dynamic Credentialing: Using Living NFTs to Track Knowledge Decay Nathan aggressively challenges Alan's target of raising 10 million euros at a 40 million euro valuation with only $24k in ARR, pointing out the extreme multiple and narrowed exit optionality. Alan defends shooting for the moon to capitalize on the hot market.16:08–18:13 · Guest teaching 1/10 The Famous Five: Daily Habits, Tools, and Entrepreneurial Lessons The interview concludes with the standard Famous Five rapid-fire questions covering favorite tools and books, followed by Nathan's metric summary. The tone is relaxed and cooperative.0:54–4:39 · Guest disagreement 1/10 Introducing Alan Evans and Freeverse's Living Asset Concept Nathan introduces Alan and probes how the founding team survived three years of pre-revenue incubation. Alan educates Nathan on the difference between speculative rarity NFTs and dynamic 'living assets' driven by utility.4:41–7:54 · Guest disagreement 1/10 Executive Team Structure and Equity Dilution Management Nathan digs into Freeverse's equity dilution strategy and cap table mechanics. Alan outlines their business model combining monthly SaaS subscription tiers tied to NFT volume with transaction fees on secondary trading.7:56–11:32 · Guest disagreement 2/10 Sponsor Spotlight: Accelerating Customer Data Onboarding with Flatfile Following the mid-roll ad read, Nathan presses Alan to move past vague future pipeline projections and identify actual contracted volumes. Nathan calculates the exact current revenue baseline of around $1,000 per month per customer.11:32–16:07 · Guest disagreement 3/10 Dynamic Credentialing: Using Living NFTs to Track Knowledge Decay Nathan aggressively challenges Alan's target of raising 10 million euros at a 40 million euro valuation with only $24k in ARR, pointing out the extreme multiple and narrowed exit optionality. Alan defends shooting for the moon to capitalize on the hot market.16:08–18:13 · Guest disagreement 0/10 The Famous Five: Daily Habits, Tools, and Entrepreneurial Lessons The interview concludes with the standard Famous Five rapid-fire questions covering favorite tools and books, followed by Nathan's metric summary. The tone is relaxed and cooperative.0:54–4:39 · Nathan pushing back 3/10 Introducing Alan Evans and Freeverse's Living Asset Concept Nathan introduces Alan and probes how the founding team survived three years of pre-revenue incubation. Alan educates Nathan on the difference between speculative rarity NFTs and dynamic 'living assets' driven by utility.4:41–7:54 · Nathan pushing back 4/10 Executive Team Structure and Equity Dilution Management Nathan digs into Freeverse's equity dilution strategy and cap table mechanics. Alan outlines their business model combining monthly SaaS subscription tiers tied to NFT volume with transaction fees on secondary trading.7:56–11:32 · Nathan pushing back 6/10 Sponsor Spotlight: Accelerating Customer Data Onboarding with Flatfile Following the mid-roll ad read, Nathan presses Alan to move past vague future pipeline projections and identify actual contracted volumes. Nathan calculates the exact current revenue baseline of around $1,000 per month per customer.11:32–16:07 · Nathan pushing back 7/10 Dynamic Credentialing: Using Living NFTs to Track Knowledge Decay Nathan aggressively challenges Alan's target of raising 10 million euros at a 40 million euro valuation with only $24k in ARR, pointing out the extreme multiple and narrowed exit optionality. Alan defends shooting for the moon to capitalize on the hot market.16:08–18:13 · Nathan pushing back 1/10 The Famous Five: Daily Habits, Tools, and Entrepreneurial Lessons The interview concludes with the standard Famous Five rapid-fire questions covering favorite tools and books, followed by Nathan's metric summary. The tone is relaxed and cooperative.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 50.8% · guest 49.2%0:00 · Nathan 50.8% · guest 49.2%3:00 · Nathan 14.6% · guest 85.4%3:00 · Nathan 14.6% · guest 85.4%6:00 · Nathan 41.3% · guest 58.7%6:00 · Nathan 41.3% · guest 58.7%9:00 · Nathan 53.4% · guest 46.6%9:00 · Nathan 53.4% · guest 46.6%12:00 · Nathan 26.7% · guest 73.3%12:00 · Nathan 26.7% · guest 73.3%15:00 · Nathan 27.2% · guest 72.8%15:00 · Nathan 27.2% · guest 72.8%18:00 · Nathan 85.7% · guest 14.3%18:00 · Nathan 85.7% · guest 14.3%
Sharpest disagreement ▶ 14:29 Alan defends ambitious capital raise over conservative pacing

Alan rejects the conservative approach to fundraising, arguing that aggressively raising 10 million euros despite minimal revenue is necessary to capture a fleeting market opportunity.

 Hardest push from Nathan ▶ 9:59 Nathan cuts off future projections to demand current contract metrics

Nathan interrupts Alan when he starts citing future scale projections, explicitly demanding the exact figures for the two contracts signed today.

 Biggest teaching moment ▶ 11:40 Alan explains dynamic credentialing and knowledge decay tracking

Alan educates Nathan on non-transferable NFTs that degrade over time to reflect knowledge decay, illustrating the concept with his own outdated medical physics degree.

 Nathan holds their own ▶ 14:03 Nathan breaks down valuation multiple insanity and exit risks

Nathan demonstrates financial mastery by calculating the implied valuation multiple on $24,000 in ARR and warning that a 40 million valuation drastically reduces future M&A exit options.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Alan Evans and Freeverse's Living Asset Concept 5413 Nathan introduces Alan and probes how the founding team survived three years of pre-revenue incubation. Alan educates Nathan on the difference between speculative rarity NFTs and dynamic 'living assets' driven by utility.
Executive Team Structure and Equity Dilution Management 6314 Nathan digs into Freeverse's equity dilution strategy and cap table mechanics. Alan outlines their business model combining monthly SaaS subscription tiers tied to NFT volume with transaction fees on secondary trading.
Sponsor Spotlight: Accelerating Customer Data Onboarding with Flatfile 6226 Following the mid-roll ad read, Nathan presses Alan to move past vague future pipeline projections and identify actual contracted volumes. Nathan calculates the exact current revenue baseline of around $1,000 per month per customer.
Dynamic Credentialing: Using Living NFTs to Track Knowledge Decay 8437 Nathan aggressively challenges Alan's target of raising 10 million euros at a 40 million euro valuation with only $24k in ARR, pointing out the extreme multiple and narrowed exit optionality. Alan defends shooting for the moon to capitalize on the hot market.
The Famous Five: Daily Habits, Tools, and Entrepreneurial Lessons 4101 The interview concludes with the standard Famous Five rapid-fire questions covering favorite tools and books, followed by Nathan's metric summary. The tone is relaxed and cooperative.

Statements from this episode (10)

Prediction Held up
Evans: NFT Market Heading for $20 Billion Market Cap in 2021
“It's heading for like twenty billion in, in market cap in this year, I think from a few hundred million last year.”
Alan Evans Nov 27, 2021 ▶ 1:30
Disclosure
Freeverse to Launch in Production with First Client in Ibiza Next Month
“We're launching our platform to production next month with our first client, which is a small marketplace in Ibiza, the Mediterranean island of Ibiza.”
Alan Evans Nov 27, 2021 ▶ 2:14
Disclosure
Evans: Freeverse raised $500k in 2019 and just under $1M in 2021
“We raised half a million from angel investors. Then we raised just under a million earlier on this year.”
Alan Evans Nov 27, 2021 ▶ 3:28
Disclosure
Freeverse targets 20% equity dilution across its funding rounds
“Yeah, around about 20%. So we tried to structure every single of the rounds following the standards, you know, diluting 20%.”
Alan Evans Nov 27, 2021 ▶ 5:20
Disclosure
Freeverse signs two initial clients including a major US university
“We've got two clients signed up right now. One of which is this client in Ibiza, which is one of the major universities are interested in living assets for educate, for tracking educational progress and how, and your professional training. So one of the larger…”
Alan Evans Nov 27, 2021 ▶ 6:12
Disclosure
Freeverse charges monthly SaaS volume fees plus marketplace transaction commissions
“We charge a monthly fee based on the number of NFTs that are launched, that are launched within that, the universe for the clients and also commission on the trades, reach sale of those NFTs on our platform.”
Alan Evans Nov 27, 2021 ▶ 6:37
Disclosure
Freeverse takes a 4% to 6% transaction commission on NFT trades
“Depending on the client, that usually is between four and six percent.”
Alan Evans Nov 27, 2021 ▶ 10:59
Opinion
Latka: Universities rarely teach skills valued in today's marketplace
“It's assuming the universities are giving you skills that are valued in the marketplace today, which I would argue is rare. More and more rare.”
Nathan Latka Nov 27, 2021 ▶ 13:02
Disclosure
Freeverse targets €10M funding round at a €40M valuation
“So if we're targeting ten million euros at a and want to dilute by 20%, then the valuation would be around about forty million, but we're still, are still in debate with the VCs.”
Alan Evans Nov 27, 2021 ▶ 13:54
Assertion Not checkable as stated
Evans: Freeverse currently has a team of 9 to 10 people
“We're only about nine or 10 people working at the moment. So it's still very small.”
Alan Evans Nov 27, 2021 ▶ 15:08
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