20VC: Should Large Crypto Funds Give Money Back to LPs | What Will the Next Generation of Crypto Funds Look Like | What Should Happen with FTX; Who Should be Held to Account | The Future of NFTs & What Happens to Opensea w/ Nick Tomaino @ 1confirmation

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 30 October 2023

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Nick Tomaino is the Founder and General Partner @ 1confirmation, one of the leading seed firms fueling the decentralization of the web and society. The fund started with $26M in backing from individuals including Peter Thiel and Mark Cuban and it has been reported that the firm now has over $1B in assets under management. Nick has led seed investments in OpenSea, dYdX, SuperRare, Polkadot and Cosmos among others. Prior to 1confirmation, Nick was a Principal @ Runa Capital and before that led business development and marketing at Coinbase in the early days of the company.

In Today's Episode with Nick Tomaino We Discuss:

From Cryptokitties to founding the Leading Seed Crypto Firm:

How did Nick first come into contact with crypto and bitcoin specifically?
How did getting fired from Coinbase catalyse his move into venture?
What does Nick know today that he wishes he had known when he started investing?

2. The Landscape Today: Funds and SBF

Are the current generation of crypto funds too large? Should they give money back to their LPs?
Will the next generation of crypto funds be smaller? Are any crypto funds able to raise right now?
Why does crypto Twitter hate crypto VCs? Who are the worst VCs for pump and dump?

3. SBF & FTX: What Actually Happened, Who is to Blame, What Happens from here?

What is the biggest misconception on SBF and FTX today?
Who should be held accountable? What else would Nick like to see?
How should FTX change the way that LPs invest into venture managers?

4. How to Build the Best Crypto Portfolio in Venture:

How large are the funds? How does Nick determine the right size for a fund?
How many investments does Nick make per fund? How do loss rates look in crypto?
What have been Nick's biggest investment hits and losses? How did that impact his mindset?

5. The Future for NFTs and Opensea:

Why does Nick remain bullish on the future of NFTs?
How is Nick able to remain optimistic about the future of Opensea given their volumes?
Where does Nick believe the fair price for Opensea should be today?
Did Nick sell their Opensea at the $13Bn round?

Transcript

Click on a timestamp to play from that location

0:00.0	way too much money was raised. People raised billion dollar funds that just had no unique insights.
0:06.5	They had a brand name and access to institutions and institutions just had FOMO and wanted to deploy.
0:14.8	Are they going to give money back? Are they just going to milk management fees and deliver poor returns to LPs?
0:20.3	The truth reveals itself in time.
0:22.1	I mean, what an intro that is, and this show does not hold back the punches.
0:25.5	This is 20 VC with me, Harry Stebbings.
0:27.5	And joining me in the Hot Seat's date is Nick Tamano found out one confirmation,
0:31.6	one of the best seed stage crypto firms in venture.
0:34.4	And this show came about after Nick tweeted his staggering returns. 5.13x cash
0:40.4	back to LPs in just six years on his first fund. Before founding one confirmation, Nick
0:46.1	started an adventure at Runa Capital and before that led business development and marketing
0:50.3	at Coinbase in the early days of the company. But before we dive into the show today, did you know that every 20 VC episode you listen to
0:58.2	is recorded with Riverside?
0:59.9	Riverside is insanely good.
1:01.6	Like, I would pay $1,000 per month for Riverside.
1:04.8	It's that good.
1:05.9	Why?
1:06.5	Well, first off, ease.
1:08.0	Your guests do not need an account.
1:10.0	One click and they're in the recording
1:11.7	room with you. It is fantastic, especially for high profile guests. Second, they record your video
1:17.1	and audio tracks separately and in the background, so they're not only higher quality, but the
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Twenty Minute VC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Twenty Minute VC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.