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The Non-Fungible Token Landscape

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A Primer, Landscape, and Thesis.
A New Class of Digital Assets: Non-Fungible Tokens (NFTs)

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The Non-Fungible Token Landscape

  1. 1. @underscorevc Primer, Landscape, Thesis A New Class of Digital Assets: Non-Fungible Tokens (NFTs) Richard Dulude
  2. 2. @underscorevc Primer 2
  3. 3. @underscorevc Fungible Assets : assets that are capable of mutual substitution, interchangeable e.g. oil, a penny, and bitcoin are all fungible assets. Non-Fungible Assets : assets that are incapable of mutual substitution, not interchangeable e.g. art, deeds, and diplomas are all non-fungible assets. What the heck is a “non-fungible” asset?
  4. 4. @underscorevc . Why is this a big deal?
  5. 5. @underscorevc This is a big deal. ASSETS NON-FUNGIBLEFUNGIBLE TANGIBLEINTANGIBLE DIGITALPHYSICAL UNIQUEINTERCHANGEABLE “Non-Fungible Tokens” on public blockchains are the first provably Unique Digital Assets without a central intermediary
  6. 6. @underscorevc 6 ASSETS NON-FUNGIBLEFUNGIBLE TANGIBLEINTANGIBLE DIGITALPHYSICAL UNIQUEINTERCHANGEABLE This will fuel an entirely new wave of tokenization and market efficiency. Tokenization 1.0: Created Fungible Digital Assets Tokenization 2.0: Created Non-Fungible Digital Assets “Non-Fungible Tokens” on public blockchains are the first provably Unique Digital Assets without a central intermediary
  7. 7. Confidential & Proprietary @underscorevc ● Identity: ● Certification: r ● Collectibles: ● Physical Assets: ● Tickets & Coupons: 7 Use Cases NTFs enable trustless verifiability of uniqueness and authenticity (+ new forms of fractional ownership and tradability)
  8. 8. @underscorevc Landscape 8
  9. 9. @underscorevc OtherBroad Marketplaces Narrow Marketplaces Direct Swaps Transact Layer Publish Layer ERC-721 ERC-998 ERC-420 Mint Layer Layer 2, Sidechain Platforms Layer 1, Smart Contracting Platforms Layer 0, Propagation Networks Enabling Infrastructure Existing Cloud Infrastructure Custody Layer The Non-Fungible Token Landscape
  10. 10. @underscorevc Investing Thesis 10
  11. 11. @underscorevc Transact Layer Publish Layer Mint Layer Enabling Infrastructure Custody Layer Investing In Enabling Infrastructure, Data, & Wallets Layer 2: Interesting to Invest: Layer 1: Interesting to Invest, but Challenging Layer 0: Hard to Invest Other: Interesting to Invest Hard to Invest Hard to Invest Interesting to Invest Hard to Invest
  12. 12. @underscorevc A Few Years Out “... NFTs are A Pretty Big Deal” “The next big thing will start out looking like a toy…” (Chris Dixon, 2010)
  13. 13. @underscorevc What did we miss?

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