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🔷 Why I was wrong about the Token Market (and what I learned from it)

The Web3 Club
Hey I’m Matt, and welcome to my monthly newsletter for top web3 resources, incredible hidden gems, actionable life advice, & powerful startup principles - directly to your inbox 📬
🚀 TLDR (for this month);
  • Personal Update (March + April)
  • Raising Capital -> Strategic Exit
  • My Favourite Things This Month
  • Top Reads This Month (worth your time)
  • What’s Next For Me
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🆕 Personal Updates
It’s now Mid-May!
I skipped the April update (mostly cause I was focusing on exams), but I’m excited to dive into too cool things I’ve up to recently!
Did a Y Combinator interview, finished my Envision Founder Cohort, partnered with Curious Cardinals (Forbes 30 Company), been binging The Drop Out w/ Inner Circle, participated in a pitch competition at Visible Hands, joined Republic as a venture fellow, did a pre-mint for the Dolce&Gabbana, and created an investment thesis around the tokenization of startups.
Right, let’s get to it - time for this months roundup 🚀
~ Matt
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🧩 Raising Pre-Seed -> To Strategic Exit
This past couple weeks made the exciting decision to go for a strategic exit with my web3 company.
We had a pre-seed of $550K+ with some of my dream venture capitalists and angels, but before taking in much more capital we decided to truly evaluate the market.
I chatted with Sunita Rao who was previously head of tokenization and crypto at Republic and we had a deep dive on the current token market. We ultimately came up with the 3 main stages we believe the token market is headed:
1) Token Investment in Companies (Republic is leading this charge and democratizing access to wealth)
2) Token Investment in Organizations (Multiple DAO tooling options here)
3) Token Investment in People/Creators (We were leading this charge)
I believe it was summed up perfectly with one line:
“You’re building the equivalence of Virtual Reality in 2012, it’s genius but the market just isn’t there (yet).”
Eliot from Coinvise also shares his similar thoughts on why Social Tokens are doomed in 2022
I also had a chat with my investors, and it was super heartwarming to hear that they would invest the same amount of capital in whatever I build next. Especially in pre-seed stage, it’s truly betting on the founders succeeding instead of the main startup idea.❣️
I learned more this past year building a true startup, raising capital, building the team, etc. than I ever could have otherwise. The startup gave me a reason to break into the web3 space, and x1000 my network in the tech world.
Planning on taking (at least) a 9-11 month hiatus from building another impactful startup, and currently working on some smaller projects, and working on some new aspects of myself (will update monthly on this newsletter).
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💠 My Favourite Things This Month
🎬  YouTube Video - 10 Years of Coding Everything I’ve Done - a great motivator for those getting into the development space. It gives a great overview (+ motivation) towards getting into coding and building projects
🎧 Audiobook - Bad Blood - in complement to watching the HBO Series The DropOut, I wanted to do some additional research about Theranos. This gave me a great in depth analysis on the the entire Theranos story and startup crime
🎧 Audiobook - Before Happiness - analysis and prequel to the Happiness Advantage that I read the previous month.
🔗 Top Reads This Month (worth your time)
Community Catalyzing Web3 Companies: Analysis of the Token Market
Thinking of Dropping Out? Here's What You Need to Know.
Preventing Burnout: A Cautionary Tale – The Blog of Author Tim Ferriss
The Technium: 103 Bits of Advice I Wish I Had Known
📬 Tweet of the Week
Matt Espinoza (mattespoz.eth)
At this point, the most important thing is leaving a legacy
Harsh Agrawal | itsharshag.eth
Super excited to join the ZFellows May Cohort (by @cory) 🥳

Met the cohort members today and was mind-blown🤯For the next 1 week, I will learn alongside a global group of folks from top companies & colleges and work on my ideas

Big thanks to @MattEspoz for the interview tips 🙏
🛠 Ending Remarks + What's Next?
That’s it for this month!
For those curious, after exiting my web3 company, I’m currently building projects on buildspace, completing a full-stack course, teaching web3 at Curious Cardinals, and just really focusing on building stuff
Thank you to everyone that’s been a part of my life and with me on my journey (especially the investors!)
If you made it this far, hit REPLY and tell me what you thought of this newsletter. Was this 🚀 or 🗑. I read every response 🤩
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Until next month,
Matt | @mattespoz 👨🏻‍💻
P.S. I’m going to be at Collision Startup Event next month! If are a developer and want free tickets, you can get them here. Shoot me a message if you plan on going, we can meet up IRL!
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Matt Espinoza
Matt Espinoza @mattespoz

👋 Hey I'm Matt, and welcome to my monthly newsletter for top web3 resources, incredible hidden gems, actional life advice, and powerful principles for building startups - directly to your inbox

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