Memecoins have more potential upside than blue-chip governance tokens, according to VC
Li Jin is a co-founder and general partner at the crypto VC firm, Variant.
In this episode, Li analyzes the memecoin phenomenon that has recently swept over the crypto market, and explores how different types of memecoins capture and monetize attention.
OUTLINE
00:35 Memecoin Zeitgeist
04:04 The Attention Economy
10:58 Classifying Memecoins
17:40 Trading Memecoins
21:05 Are Memecoins Productive?
23:14 Memetic Analysis
29:10 Memecoins & Marketing Strategies
34:42 Closing Thoughts
Memecoins, Web3 Social Media, and the Evolution of Token Models with Li Jin
Li Jin is a prominent figure in the venture capital industry. She is the co-founder and managing partner at Variant Fund, a venture firm that invests in Web3 and the ownership economy. Before founding Variant, Li Jin worked at Andreessen Horowitz, a leading venture capital firm, where she helped to shape the firm’s views on the emerging tech landscape, including the gig and passion economies. In today's discussion, we delve into memecoins, Web3 social media, and the evolving landscape of token models, examining how these elements are shaping the future of digital economies and influencing user interaction in decentralized networks.
0:00 Intro
1:11 Variant Fund
3:20 Li Jin
4:55 Benefits of Blockchains at Consumer Level
7:55 Web3 Social Media
12:50 Speculative Media
18:20 Memecoin Products
24:24 Censorship
25:47 Web3 GTM Strategy
34:30 Token Models
47:41 Governance Tokens
52:00 Trends
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Crypto Points Systems Are a 100x Opportunity, But Founders, Be Wary - Ep. 585
Take the Unchained 2023 survey!
Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems.
Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls.
She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value.
Show highlights:
What points are in crypto and their role in rewarding user behavior
Examples of popular projects that have successfully implemented points systems
Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides
Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders
How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector
The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty
Identifying which crypto projects are best suited for using points, and the importance of product-market fit
Why keeping the economic value of points ambiguous can enhance user engagement and loyalty
Whether points are being used by projects to navigate around regulatory challenges
Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system
Thank you to our sponsors!
Arbitrum Foundation
Uniswap
Popcorn Network
Phemex
Guest
Li Jin, cofounder and General Partner at Variant Fund
Previous appearances on Unchained:
Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
Links
Points
Li’s Newsletter: Lessons on Points Programs for Crypto Apps
Li’s comments on the topic:
Tweet 1 on points entering “the crypto app zeitgeist”
Tweet 2 on points discounting the cost of the product
Tweet 3 on points and product-market-fit
Tweet 4 on how points can “distort activity”
CoinDesk:
Crypto Points: Off-Chain Derivatives That Everyone is Talking About
Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy
DL News: Why DeFi protocols love to offer ‘points’ before airdrops
Projects using points
Rainbow wallet
Friend.tech
Blast
Blackbirds
Marginfi
Parcl
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Why Resy Founder is Building in Crypto | Ben Leventhal & Li Jin
In this episode of Empire, Li Jin from Variant Fund and Ben Leventhal from Blackbird and co-founder of Resy, cover the intersection of the consumer market and crypto. They delve into the history of consumer startups, the limitations of traditional businesses in the dining industry, and the potential of crypto to transform ownership. Ben discusses Blackbird and how it addresses issues in the restaurant industry by establishing better connection and understanding between restaurants and customers. To close out Li touches on her vision for consumer crypto leading into 2024. Thanks for tuning in!
- -
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- -
Timestamps:
(00:00) End of Times for Consumer Apps
(05:58) Consumer Crypto's Advantage
(17:22) Identity Rails for Restaurants
(21:23) Balancing Blockchain & Consumer Rights
(27:45) Complexity of Building On Web3
(30:00) Toku ad
(31:16) Variant Fund Approach to Consumer Crypto
(36:23) Why Use Crypto?
(41:54) FLY Token & Progressive Ownership
(46:44) Mitigating Attack Vectors
(50:21) Consumer Crypto in 2024
- -
Resources
Blackbird Docs
https://www.blackbird.xyz/flypaper
Li Jin Barrier to Mainstream Adoption
https://variant.fund/articles/barrier-to-mainstream-crypto-adoption-is-product-market-fit/
- -
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.
194 - How Crypto Saves The Internet | Li Jin & Eugene Wei
Many of our listeners are familiar with Li Jin, an investor and co-founder of Variant Fund and is one of our favorite thinkers on crypto and the creator economy. Li is also joined by Eugene Wei. He’s a web2 product visionary. Listeners may be familiar with some of his incredible blog posts such as, “Status as a Service”, “Invisible Asymptotes”, “Why Information Grows” and more.
In today’s episode, these two gigabrains, one from web2 social, one from web3 crypto, talk about the future of status as a service, psychological ownership, and the future ties between social and crypto.
------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-li-jin-eugene-wei
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------ TIMESTAMPS
0:00 Intro 8:00 Web2 Social History 18:55 Is Web2 Ending? 24:50 Network Effect Theory 27:45 3 Paths to Break Free 32:17 The Internet’s Good, Bad, & Ugly 41:48 The Algorithm’s Constraints 46:25 Web2 to Web3 Learning Lessons 54:40 Love vs. Fame 1:00:24 Web3’s Potential 1:07:00 Crypto's Social vs. Financial Problem 1:19:30 Ethereum’s Social Network 1:25:14 Increasing Psychological Ownership 1:31:25 Price vs. Psychological Ownership 1:35:00 Eugene’s Advice to Crypto Builders 1:42:00 Li’s Take on Crypto’s Potential Closing & Disclaimers
----- RESOURCES
Li Jin https://twitter.com/ljin18 https://li.substack.com/p/the-ownership-economy-2022 https://www.youtube.com/watch?v=N6AJlmB2h8k https://li.substack.com/p/building-psychological-attachment https://li.substack.com/p/love-vs-fame-a-framework-for-social
Eugene Wei https://twitter.com/eugenewei https://www.eugenewei.com/blog/2019/2/19/status-as-a-service https://www.eugenewei.com/blog/2018/5/21/invisible-asymptotes
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Here's how the 'upheaval' of existing networks like Twitter and Threads is an opportunity for web3 social
Li Jin is the co-founder and a general partner at the VC firm Variant and has written extensively about the benefits of web3 social platforms for creators. Stani Kulechov is the creator of Aave (one of the largest decentralized finance protocols) and has been key to the development of the web3 social network platform, Lens Protocol.
In this episode, Li and Kulechov examine the problems with the existing social media landscape and explain the opportunities that exist for new web3 social media attempts such as Lens Protocol.
As Jin explains, one of the key benefits of web3 social is that "every element of the business model is totally in the creator's control."
Outline:
01:15 - Existing Social Media Landscape
08:18 - Opportunities for Web3 Social
12:35 - 'Socioeconomic Graph'
14:20 - Lens Protocol
17:44 - Financialization of Social Media
25:30 - Monetization on X (Twitter)
31:00 - Community Ownership
34:46 - 'Liquid Citizen'
38:26 - Investing in Web3 Social
40:09 - Tokens & Web3 Social
45:17 - Lens Protocol v2
Variant GPs unveil new Founder Fellowship incubator
Jesse Walden and Li Jin are General Partners at the crypto venture firm, Variant.
In this episode, Walden and Jin announce the launch of Variant's new Founder Fellowship — a three-month educational program for crypto founders at the earliest stages of their startup journey.
During this episode, Chaparro, Jin, and Walden also discuss:
Developments in web3 social networking
How token models can be more effective
Why bear markets are better for building
This episode is brought to you by our sponsors Circle, Railgun, Flare Network
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit Circle.com to learn more.
About Railgun
Railgun is a private DeFi solution on Ethereum, BSC, Arbitrum and Polygon. Shield any ERC-20 token and any NFT into a Private Balance and let Railgun’s zero-knowledge cryptography encrypt your address, balance and transaction history. You can also bring privacy to your project with Railgun SDK, and be sure to check out Railgun with partner project Railway Wallet, also available on iOS and Android. Visit Railgun.org to find out more.
About Flare
Flare is an EVM-based Layer 1 blockchain designed to allow developers to build applications that can use data from other blockchains and the internet. By providing decentralized access to a wide variety of high-integrity data from other blockchains and the internet, Flare enables new use cases and monetization models. Build better and connect everything at Flare.Network.
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! - Ep. 409
Welcome to The Chopping Block! Host Haseeb Qureshi partnered with Zhuoxun Yin, cofounder of Magic Eden, to debate Unchained host Laura Shin and Li Jin, cofounder at Variant Fund, on the topic of NFT Royalties.
Show highlights:
What NFT royalties are
Why Laura believes zero NFT royalties is a bad business decision prioritizing short-term needs over long-term ones and that it will turn creators off from the industry
How charging royalties is not sustainable, according to Haseeb
Why royalties are the best mechanism to align incentives between creators and holders, according to Li
The technical limitations of NFT royalties on a general-purpose blockchain like Ethereum or Solana
How to align incentives between NFT creators and holders
Why the prices of NFTs would go up if royalties are not enforced
Whether the NFT market will change in the future
Whether it is possible to create a standard that enforces royalties in a smart contract
The creators’ reaction to Magic Eden moving to optional royalties
The possibility of a bifurcation of the NFT market
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Guests
Laura Shin, author, and host of Unchained
Zhuoxun Yin, cofounder of Magic Eden
Li Jin, cofounder of Variant
Episode Links
Magic Eden Optional Royalties - Unchained Coverage
Post-debate poll
Tool Metashield
The standards innovation paradox by Li Jin
X2y2 flexible royalties
Previous episodes of The Chopping Block debating NFT Royalties
The Chopping Block - Ep. 405
The Chopping Block - Ep. 386
Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties
Article: NFT Royalties: Why artists love them, and traders don’t
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The Creator Economy Playbook | Li Jin & Jesse Walden
On today's episode of Empire, Jason Yanowitz and Santiago Roel Santos are joined by Li Jin and Jesse Walden of Variant. Bringing their specific expertise on the creator space, Li and Jesse discuss what it means to form a crypto creator economy that not only supports quality content but attracts players to actually invest in the concept. With Jason and Santiago, they cover mainstream adoption, NFTs, what it means to be an owner, and more.
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Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes - Ep.317
Variant Fund is a venture capital firm that describes itself as “a first-check crypto fund investing in the ownership economy.” Jesse Walden and Li Jin, co-founders and general partners at Variant, join Unchained to discuss the ownership economy, issues with web2 and web3, NFTs, the future of work, and more. Highlights:
where Li and Jesse met and how their backgrounds as investors + founders led them to the crypto space
how Li’s investing niche, which she describes as the passion economy, ended up intersecting with crypto
why Li believes that web3 platforms will be better for creators than the current web2 ecosystem
why Jesse was so inspired by Bitcoin after working in the music industry for so many years
why Jesse believes that NFTs are the “port of entry” for the mainstream adoption of crypto
what other use-cases exist for NFTs outside of the JPEG or PNG meme (and why Jesse is so excited about music NFTs)
why Li believes that web3 tools can help fix the issues inherent to the “gig economy”
Li and Jesse respond to criticisms of web3 coming from Jack Dorsey and Moxie Marlinspike
how Variant Fund thinks about investing in crypto projects
what token allocation Variant Fund targets when investing in crypto projects
why mainstream platforms are experiencing backlash for integrating with NFTs and crypto
what trends in NFTs, DAOs, and the ownership economy Jesse and Li think will pop in 2022
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Episode links
Li Jin
Twitter: https://twitter.com/ljin18
Substack: https://li.substack.com/
Li Jin on the creator economy The future of the creator economy
https://drive.google.com/file/u/1/d/1C3fBfPgWxf-zqezGlPFr7VXIetlHlnaZ/view
https://twitter.com/ljin18/status/1454096370281943041
What the creator economy is doing wrong
https://li.substack.com/p/legitimacy-lost
How to fix the “gig” style economy for creators https://li.substack.com/p/the-creator-economy-is-in-crisis
How the creator economy could power universal basic income https://li.substack.com/p/the-case-for-universal-creative-income
What labor should look like in Web3 https://li.substack.com/p/a-labor-movement-for-the-platform
Building the middle class of the creator economy https://li.substack.com/p/building-the-middle-class-of-the
Other Web3 is the “golden age” of content
https://every.mirror.xyz/y_WLA-Tk3VF5uPqHi-glDLVVfHxLUbjXakRI7SMISas
Transitioning to Web3 from a non-tech perspective
https://twitter.com/ljin18/status/1479111931977867275
Jesse Walden
Twitter: https://twitter.com/jessewldn
Website (no blogs since 2020): https://jessewalden.com/
Random Tweets DAOs https://twitter.com/jessewldn/status/1459014962207244290
https://twitter.com/jessewldn/status/1470406564582498315
NFTs
https://twitter.com/jessewldn/status/1473641606951669767
Music NFTs x Sound XYZ https://twitter.com/jessewldn/status/1471148257892044812
Commoditizing a compliment
https://twitter.com/jessewldn/status/1465713306363117578
Writing NFTs make the internet ownable https://variant.mirror.xyz/T8kdtZRIgy_srXB5B06L8vBqFHYlEBcv6ae2zR6Y_eo
Product vs. Protocol https://variant.fund/writing/balance-product-protocol-web3
Leadership in the ownership economy
https://variant.fund/writing/leadership-in-the-ownership-economyscaling-decision
How DeFi crosses the chasm https://variant.fund/writing/how-does-defi-cross-the-chasm
Crypto’s Business Model is Familiar. What Isn’t is Who Benefits
https://variant.fund/writing/cryptos-business-model-is-familiar.-what-isnt-is
Narrative Economics
https://variant.fund/writing/narrative-economics
Progressive decentralization https://variant.fund/writing/progressive-decentralization-a-playbook-for-building
Layers of blockchain computing https://variant.fund/writing/layers-not-eras-of-blockchain-computing
Variant Fund
Variant Fund Twitter https://twitter.com/variantfund
Variant Fund website https://variant.fund/
Writing:
https://variant.fund/writing
Mirror Blog (Feb 2021 article on NFTs)
https://variant.mirror.xyz/
Variant Fund + Atelier joining forces
https://variant.fund/writing/atelier-ventures-and-variant-fund-are-joining-forces
https://techcrunch.com/2021/10/19/variant-debuts-a-new-110m-fund-for-crypto-startups-announces-li-jin-has-joined-as-a-general-partner/
Variant Fund team https://twitter.com/spencernoon/status/1450500555961507844
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101 - The Ownership Economy | Li Jin
Li Jin is a co-founder and general partner at Variant, a crypto fund investing in Web3 and what Li calls the Ownership Economy. Li is full of massive ideas about the past, present, and future of digital economies.
The core thesis? Next-generation networks grow faster and bigger. The phase we're seeing emerge now with Web3 and crypto is deeply fascinating, with potential to shift power and ownership into the hands of users and creators.
In this new paradigm, everyone is a creator, and everyone is an owner. In addition to her work at Variant, Li is also a painter and an accomplished writer on Substack. After her appearance on the Creator Economy Panel, we knew she had to come back on Bankless to dive deep—this time, into the Ownership Economy.
------ ✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/debrief-the-ownership-economy-li
------ 📣 ALTO IRA | THE CRYPTO RETIREMENT ACCOUNT https://bankless.cc/AltoIRA
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🧙♂️ ALCHEMIX | SELF REPAYING LOANS https://bankless.cc/Alchemix
🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants
------ Topics Covered:
0:00 Intro 6:30 Creator vs Ownership Economy 12:58 Phases of Economies 17:34 The Web3 Renaissance 21:53 Issues with the Early Internet 27:11 Original Sin 35:11 From Attention to Ownership 38:48 Digital Scarcity 47:41 Patronage Plus vs Regulation 52:59 100 True Fans 1:01:17 Programmable Business Models 1:09:17 DAOs & Community Ownership 1:14:48 Comparing Renaissances 1:21:36 Wealth Inequality 1:29:58 What YOU Can Do 1:35:23 What ELSE You Can Do 1:38:54 2022 Predictions 1:42:35 Closing & Disclaimers
------ Resources:
Li on Twitter: https://twitter.com/ljin18?s=20
Li's Newsletter: https://li.substack.com/
The Web3 Renaissance: https://li.substack.com/p/the-web3-renaissance-a-golden-age
100 True Fans: https://li-jin.co/2020/02/19/100-true-fans/
The Creator Economy: https://shows.banklesshq.com/p/-panel-the-creator-economy-jesse
Tweets Mentioned: https://twitter.com/ljin18/status/1434964132042846208 https://twitter.com/ljin18/status/1422928459425271811 https://twitter.com/ljin18/status/1404650885788098562
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
#239 – A New Golden Age for Creatives and Founders with Li Jin of Variant
Today I'm talking to Li Jin (@ljin18). She's here to talk about the passion economy, DAOs, and why she's so optimistic about the future of tech.
Follow Li on Twitter: https://twitter.com/ljin18
Check out Variant: https://variant.fund/
Subscribe to Li's newsletter: https://li.substack.com/
The Creator Economy | Jesse Walden, Li Jin, Cooper Turley
Come learn and hear about what the Creator Economy is, and what it has in store for our industry!
Li Jin: @ljin18
Jesse Walden @jessewldn
Cooper Turley: @Cooopahtroopa
------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge ------ BANKLESS SPONSOR TOOLS:
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------ 📣 Ledger | Securely Exchange with Paraswap https://bankless.cc/LedgerYT2 ------ The Creator Economy Panelists: Cooper Turley, Li Jin, Jesse Walden
The Creator Economy naturally erupts with the internet. Specialization allows creatives – artists, content creators, and everything in between – to carve out increasingly specific niches and build curated cultural communities. Art in all forms has an opportunity to blossom with the coordinative capacity of modern technology, and every active participant is inherently a creator. Smartphones and social media make everyone journalists, photographers, actors, and commentators simultaneously.
With this budding paradigm, ownership of creations is paramount. The crypto industry lends itself elegantly to this need, blending creation and ownership. Web 2 has witnessed an explosion of distributed content, but centralized platforms determine the nature of how it plays out. Crypto offers a natural evolution to the creator economy, enriching the relationship between creator and community.
This conversation takes a wide lens to the intersection of culture and the crypto industry. From MySpace to Instagram to Patreon, the ebbs & flows of internet culture and economy moves at a blistering pace. Our experienced panelists break these things down and discuss where we're going.
------ Resources:
Li on Twitter: https://twitter.com/ljin18?s=20
Jesse on Twitter: https://twitter.com/jessewldn?s=20
Cooper on Twitter: https://twitter.com/Cooopahtroopa?s=20
------ Topics Covered:
0:00 Intro 4:30 Cooper, Li, and Jesse 7:30 What is the Creator Economy? 14:32 Evolving Creator and Community 21:31 Creator First vs. Platforms 28:35 The Internet Dream 36:16 Evolving Platforms 43:00 Sovereign Creation 47:19 DAOs and the Creator Economy 55:30 Creator Economy Platforms 59:27 Get Involved 1:02:08 Closing & Disclaimers
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
On Monetizing Community with Patreon Cofounder Sam Yam
It's clear from the growth of Patreon, Substack, TikTok, Clubhouse and many more that the power of the Creator Economy continues to build. These platforms share one thing in common: They all enable independent creators to monetize their skills and products like never before. It's a trend that’s become increasingly relevant as the demand for virtual work grows.
In this episode, first published a year ago, Patreon cofounder Sam Yam, Atelier Ventures' Li Jin (formerly a16z), and host Lauren Murrow discuss monetizing community, why creators today are effectively making more money off fewer fans, and what all of this means for the future of work.
The discussion is based on The Passion Economy and the Future of Work, a popular essay that first ran on a16z.com in October 2019. Check out that post and more creator content at: a16z.com/creatoreconomy.
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#190 – Indie Hacking in the Passion Economy with Li Jin of Atelier
When Li Jin (@ljin18) was young, she dreamed of going to school to pursue her passion in the arts. Instead she settled for little old Harvard, because common wisdom said there was no money in the passions. Today, the world has changed. The passion economy is stronger than ever, and Li is its patron saint. People are making millions of dollars on passion economy platforms like Shopify, Etsy, Teachable, TikTok, and Substack. And founders are creating millions of jobs by creating these platforms to empower other people. In this episode, Li and I discuss how she's indie hacking in the passion economy space despite being a venture capitalist; power-law distributions and their role in wealth inequality; and her massive ambition to expand the middle class.
Sign up for Li's course on the creator economy: https://www.CreatorEconomyCourse.com
Email Li about raising money for your passion economy startup: li@li-jin.co
Follow Li on Twitter: https://twitter.com/ljin18
Side Hustle Stack, Li's platform of passion economy platforms: https://www.sidehustlestack.co
Follow Side Hustle Stack on TikTok: https://www.tiktok.com/@sidehustlestack
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