This is a special episode of the a16z podcast — it's an audio history, told through the voices of the a16z crypto team, about what crypto is, how it really works, and why it matters. This "innovation overview" is meant as a resource, and it features hallway-style conversations with the a16z team as well as outside experts.In brief segments, we’ll take you from the ground up — from the basics, to the most current developments, and beyond that to a look at what we might see in the future. Here are the topics and voices you'll hear:The BeginningIntroduction — Zoran Basich, a16z crypto editorBefore bitcoin: previous attempts to create digital money, 1:45 — Dan Boneh, computer science professor at Stanford and a16 advisor The core innovations of Satoshi’s white paper, 3:36 — Dan Boneh Proof of work, 5:36 — Alex Pruden, chief strategy officer at Aleo Systems and former a16z crypto partner Mining and why it’s important, 7:10 — Alex Pruden The history of mining, 8:20 — Alex Pruden Value in monetary systems, or why bitcoin is worth anything, 9:53 — Arianna Simpson, a16z crypto partner Bitcoin as store of value, 11:30 — Arianna Simpson Security in crypto, 12:45 — Alex Pruden ExpansionWhy is it called a blockchain? 14:00 — Eddy Lazzarin, a16z data scientist Why the blockchain matters and what you can do with it, 15:09 — Chris Dixon, a16z general partner Beyond bitcoin, 17:01 — Eddy Lazzarin Ethereum as logical extension of open source, 17:36 — Eddy Lazzarin Tokens: What are they? 19:04 — Eddy Lazzarin Tokens and the functions they serve, 19:53 — Scott Kupor, a16z managing partnerTokens and the ownership economy, 21:19 — Jesse Walden, Variant Fund founder, former a16z partner, and Mediachain founder What tokens enable for creators, 22:18 — Ali Yahya, a16z general partner Right NowWhat DeFi means, 23:58 — Eddy Lazzarin Yield farming: What is it? 25:16 — Eddy Lazzarin NFTs: What they are and why they matter, 27:15 — Linda Xie, Scalar Capital managing director, and Jesse Walden Developer ecosystems, crypto, and composability, 30:17 — Jesse Walden Decentralized networks, value capture, and what it means for builders, 33:05 — Ali Yahya The FutureThe big picture, web3, and DAOs, 35:38 — Chris Dixon For more crypto resources, please see our Crypto Startup School page, our documentary about the program, and our NFT Canon.###The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

Given all the activity and interest recently around crypto and web3, as well as in upcoming holidays and art events, we’re re-running our episode all about NFTs (from March 2021) -- where we covered everything you need or want to know about NFTs. You can also find a curated list of resources to learn all about NFTs at future.com/nftcanon. That list, and this episode, has something for everyone -- from artists and creators and other builders to big companies and institutions or just anyone seeking to understand or even explain to others NFTs.Here, we’ve cut through the noise around NFTs to share the signal, covering everything from: what NFTs are and the underlying crypto big picture, before we dig into specifically what forms they take;common myths and misconceptions -- from confusing overlaps with other concepts to addressing commentary like it’s “just a JPG” or that it’s just hypeto the question of energy use, also covering briefly how NFTs workproviding a quick overview of the players/ ecosystemand throughout, covering various applications too.Joining host Sonal Chokshi are Jesse Walden, now of Variant Fund, and formerly co-founder of Mediachain Labs, which was acquired by Spotify; and Linda Xie, now of Scalar Capital, and formerly an early product manager at Coinbase. As a reminder, NONE of the following should be taken as investment advice, for more important information please see a16z.com/disclosures.[If you’re also interested in DAOs (which we touch on briefly in this episode), we just recently published a list of readings -- in the vein of our famous crypto canon resource, then NFT canon, and now DAO canon -- all about DAOs. It’s for anyone seeking to understand, build, and otherwise get involved with these “decentralized autonomous organizations” -- which represent the future of community, coordination, work, and much more… so we’ve curated resources on this list for people at different levels of interest, from dipping one’s toes in to going deep. You can find that at future.com/daocanon.]This episode was originally released in March 2021: https://future.a16z.com/podcasts/nfts-explainer/  

This episode is all about NFTs. It seems like nothing has caught on and spread into mainstream interest like NFTs, where one hears everything from "I've never seen anything like this before" to "is this like ICOs all over again" to "it's just a jpg I don't get it" to "but what about the energy use!"So, in this special deep-dive episode from the a16z Podcast network, we break down everything you need or want to know about NFTs -- while cutting through the noise for what’s hype/ what’s real, as well as where are on the long arc (and sometimes seemingly sudden tipping point!) of innovation (apparently, Google trends data showed that interest in NFTs recently surpassed interest in cryptocurrency). Editor in chief Sonal Chokshi interviews friends of a16z crypto Linda Xie, co-founder of Scalar Capital and former Product Manager at Coinbase; and Jesse Walden, founder at Variant Fund and former co-founder of Mediachain Labs (which was acquired by Spotify, where he was then an R&D lead).Posted on both the a16z Podcast show and 16 Minutes -- as one of our "2-3x explainer episodes" of topics that keep coming up over and over again in the news (past such episodes have covered everything from Section 230 and Tiktok to GPT-3 and the opioid crisis) -- this episode covers:what NFTs (non-fungible tokens) are -- as well as the properties of crypto that enable them, just to set some big-picture context;what forms they take, and what is and ISN’T an NFT -- including where “social tokens” and the creator economy do and don’t come in;common myths and misconceptions -- from ‘just a jpg’ to the frequent question of energy use & NFTs;how they work -- as well as the broader ecosystem around NFTs, and different players;various applications, now and next -- touching briefly on how to think about NFTs, whether you’re an artist/ creator, developer, or institution....This episode is for everyone!transcript available at: https://a16z.com/2021/03/27/nfts-explainer-faqs-hype-reality-innovation-crypto-creator-economyimage: Mona Lisa/ Creative Commons 4.0; changes made by Greg Truesdell per Sonal Chokshi, who dubbed it "The First 500 Years" as a nod to Beeple's "The First 5000 Days"The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.