Jess chats with Nick Grossman, Partner at Union Square Ventures, exploring USV's investment theses. They discuss transformative pressures in significant markets like social networks, vertical networks, crypto, and climate. They highlight the importance of long-term commitment to ideas and people, the value of long-term partnerships in the crypto industry, and the benefits of earlier liquidity for the growth of protocols. They delve into the evolution of consumer crypto, building on existing infrastructure, and the emergence of two parallel tracks: crypto native and crypto enabled. They also explore the lack of discussion around AI, the significance of open networks, and the tension surrounding value capture in crypto protocols.