Flirting with Models Thao Tran – Market Making Illiquid, Non-Fungible Assets (S7E14)
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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.
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NFT Market Evolution
- The NFT space evolved from single markets like CryptoKitties to sophisticated venues like Blur.
- This evolution includes changes in volume, venues, offerings, and NFT types.
CryptoKitties and Neopets
- Thao's first NFT experience was CryptoKitties, reminding her of Neopets.
- She got hooked by the idea of permanent on-chain ownership.
Getting into NFT Market Making
- Thao started market making in NFTs after sniping a collection at a good price.
- She wanted to sell her inventory strategically, starting with the ask side.