According to the product preview, @AstariaXYZ is promising borrowers "no liquidations," which is unheard of. We are interested in learning more about how @AstariaXYZ is achieving this without compromising the financial interests of lenders.

@zCloakNetwork shifts computation of user data from centralized servers to client devices at the architectural level. Unfortunately, this technical nuance will fly over the heads of most consumers, which is why @zCloakNetwork may need to re-assess its market size & buyer personas.

We are used to prescribing value to 3D assets, which is why AR NFTs hold tremendous promise. @kaleidoco_co has developed patent-pending AR technology to build social, space-time synchronous AR experiences that integrate AR NFTs.

Although @nftport_xyz is operating in a crowded market dedicated to developer tooling, it has still managed to secure high profile customers such as Nifty Gateway. The search engine currently fails to recognize popular NFT collections and will require further investment.

@DaoLens is operating in substantial whitespace as it hopes to resolve the friction in discovering DAOs. Its top-of-funnel DAO discovery platform also serves as a compelling wedge for selling additional value-add services to DAOs (e.g. DAO onboarding and contributor management).

No-code tools associated with NFTs are expected to be in high demand given most NFTs are created by artists/creators as opposed to programmers. In order to compete in this fragmented market, @KairosNFTs will have to find the perfect balance between ease-of-use and customizability.

Berlin-based @nefta_io has a direct competitor in the United States that has raised 100s of millions of dollars, which means it has enough capital for internationalization efforts. In order to overcome this competitive threat, @nefta_io will need to pursue product-led growth.

@hastearcade is setting a great example on how to seamlessly integrate player-centric cryptoeconomic benefits into traditional game design. It is worth noting however that pay-to-play arcade games are not major contributors to the overall gaming TAM.

Web3 can provide users sufficient economic incentives to share data from their devices, which was previously inaccessible to developers/researchers. While its leading competitors are building vertical-specific solutions, @machinefilab is building general purpose infrastructure.

With this operating model, operating costs scale linearly with customer count, which makes it difficult to scale the business with venture capital. With that being said, @2MRLabs can leverage its high-touch consultancy work as a wedge to build a VC-scalable business down the line.

For professionals, there is not any friction in storing career credentials in the cloud and sharing them on professional networking sites. With that being said, @VelocityFdn may streamline background checks for employers if it gets buy-in from credential issuers.

By limiting its focus to Solana, @VybeNetwork is hoping to provide developers more expansive data coverage on the Solana ecosystem than functionally equivalent competitors with a diversified focus across multiple blockchains.

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There are 100s of customer-facing self-custody products in the market. In anticipation for this number to keep growing, @entropydotxyz built a protocol that streamlines product development. Gnosis Safe has proven just how lucrative this business plan can be.

It will take quite a long time for web3 development to enter the curriculum of K-12 education even though engineering careers in web3 are already quite lucrative. @proofoflearn offers parents/kids a fun solution to be ahead of the curve.

The market landscape for NFT analytics is becoming increasingly fragmented. In order to build high switching costs, @curiotools will need to maintain best-in-class NFT data indexers and support as many NFT collections as possible.

Biopharma research may be capable of sparking grassroots movements at scale since it can attract patient communities that are emotionally invested in the IP. @Molecule_dao is hoping to draw in high quality researchers by streamlining the fundraising process for them.

Vietnam rose to prominence as a hub for P2E gaming courtesy of Axie Infinity (headquartered there). Although Axie Infinity's economy has hit a road bump, Vietnam remains strategic for crypto given it ranked #1 in Chainalysis' 2021 Global Crypto Adoption Index.

Data marketplaces have the potential to substantially expand the gig economy. @NVG8official is structuring a win-win for:

• Users by aggregating users data into vaults that can generate meaningful returns
• Developers by delivering curated data

NFT collections are proudly used for status signaling or as extensions of our digital identities today, which is why @sealcred's primitive has limited utility. Areas where zero-knowledge NFTs could pick up traction in the near-term include governance & NFT-gated IRL experiences.

As a proxy for demand, Lolli (@gosatsapp's American counterpart) has managed to secure 300k+ users and 1k+ retail partners. Compared to white label token rewards programs, Bitcoin rewards programs offer shoppers more liquidity.

The platform is functionally comparable to Patreon. The added advantage of gating community membership with a cryptocurrency is that fans have the opportunity to profit from selling their tokens. This functionality may primarily attract speculators as opposed to true fans however.

Although blockchain tech has the potential to disrupt real estate investing, Parvis will face difficulties in building consumer trust in its platform (especially without the endorsement of traditional service providers) given how pervasive security breaches are in crypto.

@Souqdotgg is a first mover on providing consumer-facing analytics for crypto gaming economies. Although there are strong incumbents in the market for gaming NFT analytics, aggregation, and oracles, @Souqdotgg is the first to bundle these solutions together into a single product.

There is rising demand for synthetic assets in the retail sector. With this latest fundraise however, @WAX_io is hoping to penetrate the gaming industry, where synthetic assets currently have little to no traction/utility.

The market for DAO tooling has been heating up and each sub-vertical now has multiple startups with functionally equivalent offerings. In spite of this, @deworkxyz has managed to secure some of the most high profile DAOs (e.g. Bankless DAO) as customers.

Points from rewards/loyalty programs are highly illiquid. @TYBXYZ solves for this by packaging these points as cryptocurrencies. Although the market for sharing rewards points may be too niche, @TYBXYZ may unlock a new paradigm in which consumers pay for points & sell for profit.

Film/TV studios develop character IP by organizing salaried creators into collectives. @Adimverse is unbundling this creative process from studios via crypto-economic incentives and democratizing opportunity.

@infstones' leading competitors have raised significantly more money. While @infstones may have difficulty competing with them on margins (due to economies of scale) and marketing, @infstones can still grow faster than them by placing stronger emphasis on product-led growth.

Incumbents in the market like DocuSign have spent years in R&D and have yet to commercialize comparable offerings. Meanwhile, Dedoco has secured 150+ clients and partners across governments, banks, financial institutions, etc.

Plug-and-play IP is critical to materialize the Metaverse. In order to deliver venture scale returns, Village Studio will need to establish strategic partnerships with top gaming platforms/studios, build a strong community, and possibly seek revenue streams beyond NFT (re)sales.

The valuation of physical goods can be calculated by multiplying the (ask price per token) and (# of outstanding tokens). The shortcomings include valuations that reflect speculator interests as opposed to market pricing and an inability to democratize physical custody of assets.

NFTs on @FanTiger_com allow fans to earn royalties from songs and exclusive access to select perks (e.g. backstage passes & meet-and-greets). While competing marketplaces are primarily targeting American/European markets, @FanTiger_com is targeting the Indian market.

@ayokenlabs is hoping to compete with African web3 super-apps by establishing exclusive partnerships with strategic African creators. Additionally, @ayokenlabs has designed a create-to-earn model to attract creators to its platform.

ERC-721 tokens grant ownership rights to datasets and ERC-721 token holders can mint/distribute ERC-20 tokens to share access to their datasets. Through tokenization, this protocol allows data to be bought/sold through marketplaces and leveraged as an asset for DeFi.

As more and more DAOs get funded by institutional investors, their method of work organization becomes increasingly legitimized & their accounting requirements become increasingly inescapable. @utopialabs_ is trusted by some of the most high profile DAOs, including YGG and FWB!

While @StarkWareLtd already has $1B in TVL and an impressive lineup in its ecosystem, it still has challenges to overcome including:

• Building network effects (the rollup is not EVM compatible and does not have a native token) and

• Resolving concerns of centralization

We are used to prescribing value to 3D assets, which is why AR NFTs hold tremendous promise. @JaduAVAs has built distribution by establishing strategic partnerships with other NFT communities (Meebits, FLUFS, etc.) and celebrities (Snoop Dogg, Lewis Hamilton, Grimes).

The IRS trusts @ZenLedgerIO for its crypto tax accounting needs, which speaks volumes about the quality of the product. In order to maintain its momentum in this fragmented market, @ZenLedgerIO needs to continue supporting more and more blockchains, wallets, and exchanges.

@hicommonwealth has an impressive list of clients including dYdX, Aave, and NEAR Protocol. In order to remain competitive in this fragmented market, @hicommonwealth will need to continue shipping more features, such as payroll automation and compliance-as-a-service.

Unfortunately, @energi's security is not backed by technological innovation. We would be happy to share more feedback with the team!

There is high demand but low liquidity for carbon credits in the market. By creating a cryptocurrency for carbon credits, @weareflowcarbon can harness the power of DeFi to bootstrap liquidity. And with enough liquidity, $GNT can inform the 'fair market price' for carbon credits.

Selling counterfeit NFTs is as easy as copying an image and minting it on a blockchain. While NFT marketplaces help brands prevent in-platform fraud (e.g. via profile verification markers), brands can use @DoppelXYZ to identify cross-platform fraud.

Popular web3 protocols and networks (e.g. Polygon) receive a high volume of developer grant applications, which is why they have trouble filtering through all of them in a timely manner. @questbookapp is taking the initiative to tackle this problem and we wish them the best!

In theory, developers, consumers, and marketers can all benefit from social graphs that consumers can port from one platform to another. In practice however, demand for this infrastructure may lag until big social platforms are disrupted, digital wallets grow mass awareness, etc.

Music artists and creators at large need landing spaces as opposed to landing pages for their communities. With that being said, managing these spaces on a full-time basis is understandably difficult for creators so we hope to learn more about how @medallionfm solves this.

In the traditional gaming guild model, borrowers have to share their gaming income with lenders. @joystickpros is hoping to disrupt this model by allowing borrowers to keep 100% of their income in exchange for fixed, recurring payments to the platform/lenders.

The democratization of real estate investing is underway with the rise of metaverse land investing, fractional ownership properties, and synthetic asset investing. At a time when the housing market is skyrocketing, @parcl can enable anyone/everyone to participate in the upside.

@EvaluateMarket is one of the first public NFT marketplaces to natively integrate NFT analytics. We hope that the team can capitalize on this momentum!

@CertoraInc's security verification tool is only as smart as the verifier who is writing the verification rules. This should not take away from the fact that @CertoraInc has prevented 100 DeFi hacks and has an impressive list of customers, including Aave and Maker.

@0xCoinshift has functionally equivalent competitors. The market in which @0xCoinshift operates may grow big enough to have multiple winners if crypto organizations increasingly prefer to decentralize control over their treasuries.

Crypto-native social networks enable users to participate in the upside of the platform and use token-based incentives (e.g. create-and-earn) to generate network effects. Regardless, it is worth noting that web2 counterparts (e.g. Powder) have yet to achieve a breakthrough.

@MetatheoryInc has already released several mini-games for NFT holders to enjoy, which in turn has boosted the community's confidence in the company/team. Full disclosure: we own Duskbreaker NFTs!

Fungible tokens allow communities centered around non-fungible tokens to expand their growth prospects as proven by ApeCoin/BAYC.

@Highlight_xyz goes above and beyond offering baseline services like NFT minting with high touch services like custom design work and strategic planning. Of course, it is difficult to provision these high touch services at scale.

Cloud-native games and gaming platforms (e.g. world of worlds like Roblox) are testing our ability to keep up with everything that's happening. Many experiences in the Metaverse are transient and we hope that @Lighthouse_xyz (in stealth) helps streamline experience discovery.

Compared to immutable counterparts, mutable NFTs are superior records of ownership for assets designed to evolve (e.g. gaming character assets). The missing piece of the puzzle in @Freeverseio's solution is on-chain storage of NFT metadata.

@MoralisWeb3 has developed an industry-leading platform to make building dApps as easy as building web2 apps. Its product momentum is significant given it has raised much less money than its leading competitors (e.g. Alchemy).

@ArianeeProject is allowing luxury brands like Audemars Piguet and Mugler to:

• Combat counterfeiting by issuing NFTs that act as authenticity certificates to buyers
• Grow deeper relationships with their customers through NFT-gated community building efforts

@papercheckout is one of many startups that are offering developers this functionality and we are hoping that @papercheckout is able to differentiate its offering with time.

Similar to NestCoin, @JamboTechnology is hoping to begin onboarding Africans to crypto with play-to-earn opportunities. While crypto can certainly put more money in the hands of Africans, the challenge will be in building income streams that are sustainable.

@Limitless_Hold is one of the first companies to try to scale adoption for a metaverse similar to how L1/2 blockchains build network effects. In providing back-end technology for independent metaverses, @Limitless_Hold is competing with startups that have spent a decade in R&D.

The fact that @dirtxyz was able to amass $100k in NFT sales for a newsletter unrelated to crypto speaks volumes about the growing awareness for NFTs. A concern: @dirtxyz sources funding for production from fans but does not let the fans participate in the company upside.

The crypto market is filled with scams and other sources of noise so the need for a platform like this cannot be understated. With that being said, we are unsure how accurate @Xangle_official's due diligence is because we do not have access to the platform.

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@Solidus_Labs has secured prominent clients including FTX, Fidelity Digital Assets, and Anchorage Digital. Additionally, it has spearheaded crypto regulation efforts, including the DACOM Summit and the CMIC, by establishing partnerships with industry leaders and regulators.

@IrreverentLabs is hoping to funnel capital from the controversial, multi-billion dollar cockfighting industry into a healthier alternative that does not involve animal abuse. It is going above and beyond to make each NFT unique by leveraging ML.

@BundlrNetwork provides smart contract developers more convenient access to decentralized storage compared to Filecoin's virtual machine. It goes without saying that @BundlrNetwork's success is intertwined with Arweave's.

This flow makes crypto games more financially accessible by allowing gamers to rent NFTs. On the flip side, it allows NFT owners to earn passive income by leasing their NFTs just like guilds.

@crowdpadcrew is hoping to differentiate from competitors like Rally by releasing a mobile app for user-friendly community discovery. We are concerned that the mass majority of users that invest in the tokens of these communities will not receive risk-adjusted financial returns.

Betting technology has had a track record of being non-inclusive: it has primarily serviced hardcore sports fans. Platforms like @playwithstakes that are making the fun of betting accessible to other gamer profiles are operating in a market with substantial whitespace.

The white paper is not public yet. Our guidance to the team would be to develop an ultra-premium AR/VR offering that will attract wealthy gamers with discretionary incomes to donate, especially if the NFTs have limited utility.

@gamergains_ has yet to reveal the incentives for amassing $GAMER. In any case, AAA gamers have been quite vocal about their distaste for gaming NFTs so it is unclear whether this product can pick up traction in the near-term.

Developers need to maintain index node infrastructure to extract meaningful insights from blockchain data. Financial institutions are not accustomed to maintaining this infrastructure, which is where @Amberdataio comes in.

Borrowers have to over-collateralize in DeFi because they don't have access to credit scores that reflect their on-chain reputation. Decentralized credit scoring protocols are aggregating on-chain and off-chain data to solve for this at the expense of DeFi users' anonymity.

@zoralabs has an impressive list of customers including Mirror, FWB, and PartyBid. With that being said, it still has a lot of work to do to build out a more comprehensive NFT toolkit (e.g. martech) and support more nuanced features (e.g. different auction types).

@SNACKCLUBgg is the sister organization of LOUD, one of the most popular esports teams in Brazil. Crypto gaming titles lend themselves well for esports competition because they have passionate communities. LOUD is one of the first esports teams to green light crypto gaming.

State legislators are determined to make Texas a hub for crypto mining and local communities are welcoming crypto mining facilities with open arms because they create jobs. Per @ArgoBlockchain, mining operations in Dickens County will mostly be powered by wind energy.

@decryptmedia reportedly has up to 2M more monthly unique visitors than its leading competitors. Of course, we do not have the full picture here because we do not know retention rates, month-to-month variance, etc.

Although @IndicioID describes itself as a decentralized ID startup, its offerings in this space are unclear beyond email verification. We are unable to read the white paper on your website, team! (We use Chrome).

PayPal and Square have already streamlined B2B payments in fiat and have either already launched or plan to launch support for B2B crypto payments. @CorechainTech will have to better articulate its value proposition/differentiator to take share in this market.

@Ribonapp thinks that donors can increase their impact by letting users deploy donations on their behalf and inspiring them to donate (instead of directly donating to NGOs). The major disadvantage with this approach is that donors lose control over where their money goes.

We appreciate @cxiplabs' efforts to democratize NFT marketplace development using a no-code minting interface. However, we have concerns about the:

• Centralization risks posed by bridges.
• Utility of omnichain NFT minting.

Users are unable to buy/sell NFTs on the mobile apps of some of the largest marketplaces, including OpenSea. By allowing users to buy NFTs with a debit/credit card on mobile, @oursong is hoping to reduce friction in the buyer journey and grow mainstream adoption for NFTs.

@Venly_io has the most comprehensive NFT toolkit in the market with use cases spanning martech, gaming, data analytics, e-commerce, and more.

@OneFootball is in competition with Sorare, a crypto native fantasy soccer game that has secured the rights to top soccer teams/leagues. Outside of gaming, @OneFootball has substantial whitespace to explore applications for soccer NFTs, such as NFT-gated experiences.

Less than 2% of mobile gamers purchase in-game items. Mobile game developers are hoping to lift conversions by integrating crypto-economies. Although these new economies may have no effect on non-spenders, they can attract speculators and increase the ARPU.

Although co-creation may help make reality shows more reflective of reality, it remains to be seen whether these shows can achieve mainstream success and deliver meaningful returns to NFT holders.

Like SSI providers, @privy_io is betting that users will value granular control over their data. It is unclear how @privy_io helps users preserve their privacy if on-chain data is ultimately available on public blockchains. Hope we can get access to the developer docs soon!

Permissioned blockchains are growing in popularity for use cases that require cross-enterprise collaboration (e.g. patient identity, CO2 tracking). @blockapps has developed an impressive tech stack that dramatically reduces the barriers to blockchain adoption in the enterprise!

The idea that we should be gating access to our data using self-sovereign storage is perfectly sound but we are not used to assigning value to our data. Assuming wallets are not ultimately abstracted away, ETH sign-in may successfully grow awareness on that front & popularize SSI.

Crypto projects have to crowdsource technical work through bounties on occasion simply because there is not enough technical talent working in crypto yet. With this in mind, @flipsidecrypto also inadvertently serves as a scout for technical talent.

@afterparty is providing bang for the buck to NFT holders by hosting elite experiences, including a music festival headlined by The Chainsmokers and The Kid LAROI. Using NFTs, @afterparty can turn club memberships (which are traditionally expenses) into profit generating assets.

@rariohq is competing with FanCraze to secure exclusive partnerships with league operators, teams, and athletes and become the central hub for cricket NFTs. As these marketplaces expand to build a metaverse, they will face increased competition from cricket games with native NFTs.

@soundmintxyz is targeting quite a niche audience given generative music still has not seen mainstream success. We hope @soundmintxyz is able to partner with top artists and achieve commercial success!

@epnsproject is the only service that incentivizes users to receive notifications and holds notification senders accountable for sending meaningful notifications. The risk: an assumption that wallets will serve as the hub for crypto notifications as opposed to email/social media.

Gaming NFT owners can earn yield by putting their NFTs to use in scholarships and gameplay. They would lose out on this yield in traditional lending protocols in which the collateral is made inaccessible to the borrower, which is where @MetaLend_DeFi differentiates.

@CrusoeEnergy provides an exemplary win-win for both the environment and crypto: its flare gas utilization efforts are helping oil production companies make progress towards Zero Routine Flaring by 2030, an initiative developed by the World Bank and launched by the UN.

Ink is in direct competition with @Autograph. The market has enough whitespace for both market players to co-exist with @Autograph growing the $4B+ sports collectibles market and Ink growing other less established segments of the collectibles industry (e.g. artist autographs).

In web3, users' money is on the line as opposed to their data, which is why security issues are a non-starter. Leading security-as-a-service platforms like CertiK are going to win big along with security solutions servicing other areas of the tech stack (e.g. L0/1 protocols).

Trading requires transacting with sub-second scale precision, which is why the efficiencies unlocked by @bloXrouteLabs directly contribute to improved profitability for traders.

Borrowers have to over-collateralize in DeFi because crypto native alternatives for credit scoring have not been widely adopted. @ReputationDAO meaningfully differentiates from existing offerings by placing more emphasis on wallet analytics over SSI to assign 'credit scores.'