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Flirting with Models
Thao Tran – Market Making Illiquid, Non-Fungible Assets (S7E14)
Feb 3, 2025
Thao Tran, Co-founding Partner at Vamient Capital, dives into the intriguing world of illiquid, non-fungible assets like NFTs and cryptocurrencies. She explores how the NFT marketplace has evolved over time and shares insights on managing inventory risk. Thao highlights the shift in crypto dynamics post-FTX and the importance of decentralized exchanges. She also discusses how on-chain transparency and metrics are reshaping trading strategies, emphasizing the need for traders to adapt in this rapidly changing landscape.
55:14
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Quick takeaways
- The NFT marketplace has transformed from basic trading platforms to sophisticated venues, significantly improving liquidity and engagement in asset trading.
- Managing inventory risk in the NFT space is complex due to asset illiquidity, necessitating adaptive strategies for market makers to balance liquidity and profitability.
Deep dives
The Evolution of NFTs and Market Making
The NFT marketplace has evolved significantly since its inception, transitioning from simple platforms like CryptoKitties to more sophisticated venues like OpenSea and Blur. Initial trading strategies were basic, with limited volume and inefficient pricing, making it easy for traders to spot mispricings. With the introduction of advanced features and competitive strategies, trading dynamics shifted dramatically, leading to increased liquidity and engagement. This transformation reflects how market makers adapt to changes in technology and trading platforms, ultimately enhancing their ability to navigate illiquid assets.
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