What if NFTs did more than just provide provenance and prove possession? As Dan writes in this newsletter, turning agents into NFTs would also let their holders improve their digital property.

Agents have “memories” that allow them to record their experiences performing tasks for their principals. These experiences are unique, which makes them non-fungible. An NFT could represent an agent, and holding this NFT could provide exclusive read/write access to an associated memory slot in a trustless memory layer (functioning effectively as a “license” to these memories).

Our seed investment in Pluralis Research is premised on using crypto ownership to solve the resource problem of foundation AI models.

There is a particular type of coordination problem ownership via crypto is well-suited to solve: open software with a “resource problem.”

The Reserve and Stockpile are likely good for US fiscal policy and market prices, but neither are enough to make the USA the crypto capital of the world. For that, we need new policies empowering entrepreneurs to launch protocols and products made in the USA.

On policy, Ethereum is punching way below its weight in Washington, D.C.

We’re sharing a mix of our latest thinking—along with some of the biggest product launches and fundraises from our portfolio companies.

At Variant, we believe that all of the world’s value will one day be tokenized and live onchain. This conviction is a driving factor in our pre-seed investment in Whetstone.

I've been interested in how AI agents could lead to DAOs 2.0. So Jack, Daniel and I jammed on some specific products we are actively looking to invest in.

With the rise of agents that heavily interact with Web2 applications, primitives that help users unchain their Web2 data will become increasingly important.