Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- AI agents can utilize blockchain for various activities, raising concerns about potential risks.
- Crypto venture funding has decreased, resulting in lower valuations and a shift towards infrastructure projects.
- Resilience is the most important quality in successful founders, followed by unique insights into users and embracing AI in consumer crypto products.
Deep dives
AI agents can leverage blockchain for permissionless actions
AI agents have the ability to use blockchain as an interface for various activities such as utilizing ETH as their native currency or interacting with DeFi and gaming platforms. This permissionless access raises some concerns about the potential risks and implications.
Challenges in the current crypto market
The primary market for crypto venture funding has decreased significantly, resulting in lower valuations and startup struggles to raise funds. The private market generally lags behind the public market, and even with Bitcoin's price increase, the private market has been slowly declining. Furthermore, the macroeconomic landscape remains uncertain, adding to the unpredictability in the crypto market.
Current trends in crypto startup activity
In terms of startup activity, there is a notable shift towards infrastructure projects rather than consumer-facing products. Infrastructure includes scaling solutions, restaking, account abstraction, as well as wallet-related developments. While there is still interest in consumer-focused startups, there seems to be a decline in the number of such projects. Additionally, the number of developers actively building in the crypto space has decreased, with some developers shifting their focus to AI-related endeavors.
Resilience as the Key Characteristic of Successful Founders
The most important quality in successful founders is resilience, according to the podcast episode. While every founder is different, resilience is the common characteristic that sets them apart. However, gauging resilience during interviews can be challenging. The episode emphasizes the importance of looking for unique insights into users as the second key point. Understanding users on a deep level is crucial to building products that cater to their needs. For example, the podcast highlights Tensor's unique insight that the majority of NFT trading volume comes from speculators rather than collectors. This insight guided the development of a product that targeted these individuals, leading to success.
AI and Crypto Convergence: Hype and Disillusionment
The podcast episode also delves into the convergence of AI and crypto and touches upon the hype and disillusionment associated with it. The guest explains that AI is currently experiencing a sentiment change, with many feeling disillusioned due to decreasing performance and search interest. There are hypotheses about the cause, including the impact of user feedback on models and prioritizing AI safety over performance. However, the guest believes that embracing AI in consumer crypto products could be a game-changer. They suggest exploring AI agents that can assist developers and accepting AI bots as new users on social networks, leading to more engaging and exciting experiences.
In today's episode, Jason is joined by Qiao Wang, Partner at Alliance DAO. They start today's episode by sentiment checking the market, reflecting on the current building landscape, and the types of founders and projects currently raising funds. They wrap up the show by diving into the intersection of Crypto & AI, decentralizing AI, and consumer crypto AI products.
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Timestamps:
(00:00) Bear Market Sentiment Check
(08:23) The Stages of a Bear Market
(13:19) What Buildoors are Building
(18:50) What Layer has the Buildoors?
(21:55) Types of Founders
(29:44) Characteristics of a Successful Founder
(33:47) Where Web3 Innovation is
(37:03) Permissionless ad
(38:28) Carbon ad
(39:47) Is AI on the Gartner Hype Cycle?
(43:07) The Intersection of AI
(50:06) Decentralizing AI
(59:41) Is There a Crypto Element for AI?
(01:05:43) Consumer Crypto & AI Products
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Resources
Alliance DAO
https://twitter.com/alliancedao
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
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