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Extensible Games

The promise of blockchain games and non-fungible tokens (NFTs) is extensible games. Imagine if developers could build new worlds/games/experiences on top of Fortnite and you could take your character, your weapons, your vehicles, etc with you into those new worlds/games/experiences. That is what I mean by extensible games.

We are seeing the beginnings of that in blockchain games now. There are many game experiences that third-party developers have built on top of Cryptokitties (built by our portfolio company Dapper Labs).

And now Dapper Labs is pushing this idea even further by turning their CheezeWizards game over to the community.

The idea is pretty simple actually. This summer gamers will be competing to win the first CheezeWizards battle royale. But after that ends, the players will still have their Wizards because they are NFTs. The Wizards are like Bitcoin or Ethereum or any other cryptotoken. They can be stored in a wallet and used again and again in new games.

So Dapper Labs has released all of the CheezeWizards IP under an NFT license and is inviting developers to build new game experiences for all of these Wizards that are now out there.

And they launched the CheezeWizards Hackathon yesterday with over $15,000 in prizes for the winning game experiences.

I will be judging this hackathon along with a number of other crypto investors and I am excited to see the gaming experiences that developers build on top of CheezeWizards.

Funding Friday: Medicine Of Time Travel

A few weeks ago, I got an email from a reader. She asked if he could subscribe to this blog without the funding friday posts. He thought they were “spammy.” I replied to him “think about them as the ads” and politely told him that wasn’t possible.

I love funding things. And I love sharing the things I fund with all of you.

I saw this project this morning and backed it instantly. A musical art project. Awesome.

Dronebase Insights

I was sitting in my backyard this weekend looking up at the roof on my house, which I can’t see because of a parapet, and wondering how all of the solar panels we put up there a few years ago are doing. I was also wondering how the roof itself is doing.

Then it hit me that USV has a portfolio company that can help. I went to my Dronebase account and ordered a drone mission that will do an aerial inspection of my roof and also a thermal inspection of our solar panels.

Yes, one drone pilot with an off the shelf drone can do all of that for me in less than an hour.

I scheduled the flight for next week and should have a full report with aerial imagery and video and thermal scans of the solar panels within a few days after that.

And I am going to get all of that for a less than it costs me to keep my pool serviced!!

But it gets better. Today, Dronebase is announcing that it has acquired the Drone Reports business from Betterview and will turn that into a new product line called Dronebase Insights.

From that blog post:

DroneBase Insights aims to help insurers and property managers assess damage and mitigate risk for commercial properties, and we’ll expand our offering over time

So now you can get a full blown report from Dronebase in addition to aerial imagery and video and thermal scans.

I didn’t order that myself this weekend but maybe I should have. I probably will next time.

Otis

One of USV’s newest portfolio companies, Otis, had a coming out party yesterday.

The idea behind Otis is that cultural assets like fine art, rare books and comic books, jewelry and watches, sneakers and skateboards, etc are appreciated by everyone but are only collectible/affordable by wealthy people.

Otis intends to change that by securitizing these cultural assets and selling them off in shares for as little as $25 per share. These fractionalized cultural assets will be shown publicly while they are owned collectively.

You can see how this all works by downloading the Otis mobile apps here.

I did that yesterday and I have already set myself up to try to buy a share of Kehinde Wiley’s Saint Jerome Hearing The Trumpet Of Last Judgement on August 13th.

I’ve also opted to be notified when these assets “drop” so I can purchase a share of them too.

I am not a sneakerhead but for those of you who are this might be of interest to you:

This is just the start of what will hopefully be a highly liquid secondary market for the trading and collecting of shares of cultural assets. The market is starting out highly curated by Otis but that may change over time as things develop.

USV’s focus right now is on backing trusted brands that can open up access to captial, knowledge, and well-being and Otis fits in all three of those categories. We are very excited to be involved in this ambitious effort.

New York’s Climate and Community Protection Act

The lawmakers in Albany have passed legislation known as the Climate and Community Protection Act (CCPA) and it is sitting on the Governor’s desk awaiting signature.

There is plenty of debate on whether CCPA is good policy or bad policy. All you need to do is Google “New York’s Climate and Community Protection Act” and read the NY Post (against) and the NY Daily News (for) and you will see the various sides of the debate.

What this bill does is commit New York State to some of the most agressive goals of any city, state, or region:

This is a legally binding legislative act to achieve an 85% reduction in greenhouse gas emissions by 2050 and a goal of net zero.

My view is that we need ambitious goals like this and penalties for not reaching them (the stick).

But we also need new policies and new funding/investment to allow us to reach them (the carrot).

Most of the “green new deal” style legislation that is getting passed in NYC, NYS, and elsewhere, and being proposed in many other places, is long on sticks and short on carrots.

I believe CCPA is a good first step for NYS and I hope the Governor signs it into law.

But legislators and activists and the business community should not stop there. We need to follow these goal setting/penalty setting laws with more work around how we get there and there are many good ideas floating around on how to do that.

As hard as if has been to get CCPA done, I think the hard work is just starting because reaching these goals will require creativity, innovation, new technology, and a massive amount of investment and the willpower to see it through.

We really don’t have a choice. So let’s go.

Reboot: Leadership and the Art of Growing Up

Jerry Colonna‘s book, Reboot, came out this week.

He had given me the manuscript to read so many months ago that I had to go back and read it again before I could write about it.

So I bought the book yesterday and read it again over the last twenty four hours.

AVC regulars don’t need any introduction to Jerry. I’ve been writing about him, citing him, and telling stories about him since the very start of this blog.

Jerry is my friend, my former partner and co-founder of the first business I ever started, Flatiron Partners, and one of the best people on planet earth.

Jerry’s book is about two things that are really the same thing, himself and his work to help people, mostly entrepreneurs, discover themselves.

Jerry describes this work as “radical self inquiry”:

But the most challenging piece of the formula—indeed, the most important—is the notion of radically inquiring within. I define it as the process by which self-deception becomes so skillfully and compassionately exposed that no mask can hide us anymore. The notion is to recognize that, if things are not okay, if you’re struggling, you stop pretending and allow yourself to get help. Even more, it’s the process by which you work hard to know yourself—your strengths, your struggles, your true intentions, your true motivations, the characteristics of the character known as “you.” The you behind the masks, the stories, the protective but no longer useful belief systems that have been presented for so long as the “you” that you would like everyone to see.

Invariably such inquiry involves getting to know, as the poet Adrienne Rich says, “not the story of the wreck but the wreck itself.” With help, patience, courage, and guidance, we explore the wreck and retrieve the treasure. Knowing how to survive and understanding what it takes to thrive are skills that come from our childhood. Take any random group of entrepreneurs, for example, and do a quick unscientific survey by asking them to raise their hands if they grew up in an environment where at least one parent had disappeared or left or was never present. Most hands will shoot up. Early promotion into adulthood is often painful and equally often a sign of an early promotion into leadership. Probe a bit further and you may find that leaders who have built their company may have unconsciously stacked the team with other folks who experienced such early promotion.

Radically inquiring within allows us to step back and see the patterns of our lives not as random acts of a willful or even vengeful God but as forces that shape who we are. It’s this understanding that will make us not only better leaders but better, happier, more resilient people.

Reboot, the book, is about Jerry’s radical self inquiry to discover who he is and then his work to help others do the same.

He tells his own personal story over the course of the book and also weaves in the stories of others who he has worked with along the way to explain what the work of radical self inquiry is and why it must be done and the rewards that come from doing it. He is teaching by example.

Jerry started his career as a writer and he is a wonderful one. It is a joy to see him go back to those roots and exercise those muscles again.

Let me put it to you this way. You are reading AVC for a reason. Maybe you are an entrepreneur. Maybe you want to be one. Maybe you work for one. Maybe you are investing in entrepreneurs. Or maybe you are married to one. Or maybe your daughter is one. No matter what the reason, you are here at least in part because you are interested in entrepreneurs and the work they do. And so as part of that interest, I would recommend you pick up Jerry’s book and get inside the head of one. It will flip some switches on for you.

Helium

One of the areas of blockchain innovation I am most excited about is building open, permissionless, and decentralized technology infrastructure.

The three areas that seem most obvious to me for decentralized infrastructure are compute (code execution), storage (storing files, etc), and bandwidth (network infrastructure).

And today, we are excited to announce that USV has made an investment in a decentralized network infrastructure project called Helium.

My partner Nick, who led this investment for USV, wrote about Helium on the USV blogand explains why we made the investment (as is our practice with all new investments). I would encourage you to read that blog post as it explains a lot about how Helium works, how the token economics builds the supply side of the network infrastructure, and why it fits so neatly into our investment thesis.

I would just like to point out how cool Helium is.

Anyone can run a Helium hotspot in their home:

And then they can earn Helium tokens for doing so.

You can run a hotspot in your home/apartment and do the equvalent of bitcoin mining for network infrastructure.

Helium is optimized for very long distance, low power communications. It is ideal for Internet of Things (IoT) devices. Think about electric scooters needing to “phone home” over long distances. Think about your dog’s name tag. Think about figuring out when the school bus is going to arrive at the bus stop.

We plan to run a Helium hotspot or two at USV and it would be great to see people powered Helium networks popping up all over the place and providing very low cost, low power, highly reliable long range network infrastructure.

Turning Streetlights Into EV Charging Stations

Owning an EV in a dense urban city is challenging. Most people don’t have their own garages and so they park on the street or in large parking garages. We do the latter.

About five or six years ago, I walked into our parking garage and saw that the garage operator had installed a ChargePoint charging station in the garage.I literally walked back across the street to our apartment and bought our first EV. We now own three.

But charging with ChargePoint is not ideal. There are a limited number of these charging stations in our parking garage and more and more EVs. They are often filled up. And the rates that ChargePoint supplies electricity at are borderline gouging. They have a monopoly on our garage and price accordingly. I believe the rate we pay in our parking garage in NYC is literally double the rate we buy electricity from ConEdison in our NYC appointment.

In our homes in Los Angeles and Long Island we charge off our solar panels on our roofs and basically don’t pay to charge our EVs other than the depreciation on the solar installation costs. That is absolutely the way to go if you can afford the cost of a solar installation.

But back to dense urban areas like NYC. If we want more EVs and less gas powered cars on our streets, we need better charging infrastructure.

In Paris, where we have been for the last few days, they are trying an experiment with putting EV charging stations on street lights.

 

If the city makes those curb locations only available for charging and not parking, that could be a great option for encouraging more city dwellers to buy or rent EVs.

I believe the availability of charging options, whether it is a rational fear or not, is holding back a lot of people from moving from gas to electric. So anything that can change that dynamic is a good thing in my view.